Similar Search Results

Ang, Andrew - 2014

American university and college endowments now hold close to one-third of their portfolios in private equity and hedge funds. We estimate the implied beliefs of endowments about alternative assets' returns relative to equities and bonds. At the end of 2012, the typical endowment believes that...

Persistent link: https://www.econbiz.de/10013051220

Pension Regulation and Investment Performance : Rule-Based vs. Risk-Based

Boon, Ling-Ni - 2014

real investment performance of their pension funds. Pension systems in countries with more mature risk-based regulatory … regimes tend to demonstrate superior investment performance. The benefit of implementing risk-based regulation is more … pronounced in countries with low regulatory quality. The core of rule-based regulations, i.e., quantitative investment limits …

Persistent link: https://www.econbiz.de/10013056471

Financial Education, Literacy and Investment Attitudes

Brugiavini, Agar - 2015

Based on a sample of university students, we provide field and laboratory evidence that a small scale training intervention has both a statistically and economically significant effect on subjective and objective assessments of financial knowledge. We show also that the intervention increases...

Persistent link: https://www.econbiz.de/10013018449

Time Preferences and Career Investments

Alessie, Rob J. M. - 2015

This paper examines the role of time preferences in career investments. We focus on the effects of impatience on two types of career investments: work effort and on-the-job search. Whereas the former increases the probability of obtaining a promotion, the latter affects the chance of receiving...

Persistent link: https://www.econbiz.de/10013027099

Network Centrality and Delegated Investment Performance

Rossi, Alberto G. - 2016

We document a positive relation between network centrality and risk-adjusted performance in a delegated investment … management setting. More connected managers take more portfolio risk and receive higher investor flows, consistent with these … managers improving their ability to exploit investment opportunities through their network connections. Greater network …

Persistent link: https://www.econbiz.de/10012997314

Stock Returns and Inflation Risk : Implications for Portfolio Selection

Katzur, Tomek - 2010

This paper focuses on the exposure of common stocks to inflation risk and assesses the impact of this exposure on portfolio choice. We show that the relation between real stock returns and inflation rates, as well as the parameter uncertainty involved with this relation, has substantial...

Persistent link: https://www.econbiz.de/10013136105

A Meta-Analysis of the Equity Premium

Van Ewijk, Casper - 2010

The equity premium is a key parameter in asset allocation policies. There is a vigorous debate in the literature regarding the actual measurement of the equity premium, its size and the determinants of its variation. This study aims to take stock of this literature by means of a meta-analysis....

Persistent link: https://www.econbiz.de/10013136113

A New Method to Estimate Risk and Return of Non-Traded Assets from Cash Flows : The Case of Private Equity Funds

Driessen, Joost - 2013

We develop a new methodology to estimate abnormal performance and risk exposure of non-traded assets from cashflows. Our methodology extends the standard internal rate of return approach to a dynamic setting. The small-sample properties are validated using a simulation study. We apply the method...

Persistent link: https://www.econbiz.de/10013090944

Stocks, Bonds, T-Bills and Inflation Hedging

Spierdijk, Laura - 2013

– 2012 period, for investment horizons between 1 month and 10 years. Bonds other than T-bills turn out poor inflation hedges … during the entire sample period, regardless of the investment horizon. Stocks in both cyclical and non-cyclical industries … and across industries, maturities and investment horizons …

Persistent link: https://www.econbiz.de/10013092092

Asset Pricing in the Dark : The Cross Section of OTC Stocks

Ang, Andrew - 2013

Over-the-counter (OTC) stocks are far less liquid, disclose less information, and exhibit lower institutional holdings than listed stocks. We exploit these different market conditions to test theories of cross-sectional return premiums. Compared to premiums in listed markets, the OTC illiquidity...

Persistent link: https://www.econbiz.de/10013093551