A Radical Endeavor: Joseph Chamberlain and the Emergence of Municipal Socialism in Birmingham

Joseph Chamberlain, an industrial entrepreneur, proponent of the “civic gospel,” and emerging British Radical Liberal leader of the 1870s, established Birmingham as one of the most influential models for municipal socialism in Europe and North America. Arguing gas and water ought to be in public hands and city officials ought to take a role in securing inhabitants’ health, he set the stage for continued mayoral activism and municipal socialism in the late 19^th and early 20^th century.     

Behavioral portfolio selection and optimization: an application to international stocks

The behavioral approach of decision making has emerged as a diversified solution in the presence of risk and uncertainty. Using the popular cumulative prospect theory as an objective function for portfolio selection, this study implements the classical mean–variance model to compare the portfolio performance of high behavioral stocks with that of stocks with lower behavioral values. Based on a sample of 37 international stocks over the period from October 1998 to November 2017, empirical results from D-vine pair copula GARCH-GEV indicate that the portfolio of high behavioral prospect stocks outperforms the portfolio of stocks with low behavioral scores. This finding may suggest that portfolios with high behavioral values coincide with rational efficiency sets.