This paper suggests a solution to what has become known as the "private equity premium puzzle" (Moskowitz and Vissing-Jorgensen (2002)). We interpret occupational choice as a dynamic portfolio choice problem of a life-cycle investor facing a liquidity constraint and imperfect information about...

A portfolio manager employing a top-down/bottom-up method who seeks to capture the value premium long promised in academic literature would want to first determine whether the premium exists across industries and not just observed in firm-specific book-to-market (BE/ME) relationships. Next, the...

The object of this study is to analyze investment efficiency of pension funds by examining the portfolios of four mandatory pension funds (AZ, Erste Plavi, PBZ Croatia osiguranje and Raiffeisen). In this study, the pension system is analyzed through two step procedure. The study will first focus...

Stock markets around the world experienced a massive collapse during the first wave of COVID-19. Roughly in the month of January 2021, the second wave of COVID-19 struck in India, reaching its peak in May, and by the end of May, the active cases started to decline. A third wave is again...