A large 'day-of-the-week' literature shows abnormal losses on Mondays. Recent articles for US stocks focus on the role of the type of investor. The central idea in these articles is that the marginal-price setting changes on Monday. To identify the type of investor, these articles look at the...

The principal seeks a portfolio manager to manage funds. The principal uses a tracking-error constraint that restricts the portfolio's volatility. Without the constraint, the manager may increase the portfolio return by adding high-variance assets. Tests assume that the benchmark is the...