We report results from an incentivized lab-in-the-field experiment on delegation behavior among a sample of 64 Australian couples aged 60 years and above. Participants were required to complete a series of decision-making tasks, which they had the option of either completing independently or...

We examine the delegation behavior among Australian heterosexual couples aged 60 years and above using an incentivized experiment which requires participants to complete a series of ten financial decision-making tasks independently or delegate to their spouse. There is evidence of a strong...

Asset allocation is the most influential factor driving investment performance. While researchers have made substantial progress in the field of asset allocation since the introduction of mean-variance framework by Markowitz, there is little agreement about appropriate portfolio choice for...

Fundamental indexing based on accounting valuation has drawn significant interest from academics and practitioners in recent times as an alternative to capitalisation weighted indexing based on market valuation. This paper investigates the claims of superiority of fundamental indexation strategy...

Hedging against tail events has been forcefully advocated in the aftermath of recent global financial crisis. Whether this is beneficial to long horizon investors like defined contribution (DC) plan participants, however, has been subject to criticism. We conduct historical simulation since 1928...

Lifecycle funds offered to retirement plan participants gradually reduce their exposure to stocks as they approach the target date of retirement. We show that such deterministic switching rules produce inferior wealth outcomes for the investor compared to strategies that dynamically alter the...

We compare the performance of the commonly nominated default retirement investment option, the lifecycle fund, to alternative investment strategies during retirees' decumulation phase. Under different shortfall risk measures, we find balanced portfolios with constant exposure to equities, equity...

We find negative relationship between historical price-earnings (P/E) ratio and following year's stock returns in Australia and New Zealand. The existence of P/E effect is consistent with prior research in US market but the effect seems to be stronger and short-lived. Whilst the excess returns...

We compare the performance of the commonly nominated default retirement investment option, the lifecycle fund, to alternative investment strategies during retirees' decumulation phase. Under different shortfall risk measures, we find balanced portfolios with constant exposure to equities, equity...

We examine the information flow between the equity and credit default swap (CDS) markets using firm level returns data before and after the Global Financial Crisis (GFC). Prior to the crisis, the information flow is unidirectional with equity returns leading CDS returns. While equity returns...