Recent work suggests that sentiment traders shift from safer to more speculative stocks
when sentiment increases. Exploiting these cross‐sectional patterns and changes in share …

Network theory proved recently to be useful in the quantification of many properties of
financial systems. The analysis of the structure of investment portfolios is a major application …

Using a unique dataset that covers United Kingdom defined-benefit pension fund asset
allocations over the past 25 years, we present robust evidence that pension funds display …

Target date funds (TDFs) provide retirement investors, many of whom are unsophisticated or
inattentive, with age-appropriate exposures to different asset classes like stocks and bonds …

This paper sought to develop a literature review-based framework for fitting research
projects into philosophies of research. The philosophical underpinning of the study to …

Are portfolio managers skilled or do they trade too much? Using a marked-to-market based
“fair-value” method for measuring fund manager skill, we find that institutional managers can …

We describe the narrative framework called modern portfolio theory, including mean-
variance optimization, the capital asset pricing model, arbitrage pricing theory, and the …

Network theory proved recently to be useful in the quantification of many properties of
financial systems. The analysis of the structure of investment portfolios is a major application …

This Article analyzes the relationship between flows to institutional investment managers,
corporate financing decisions, and institutional ownership of US public equity. In so doing, it …

This study investigates the family-fund strategy in target date funds (TDFs). We find that fund
families often create TDFs by bundling existing mutual funds and use TDFs to increase non …