State and local government pension funds in the United States collectively manage a very large and diverse pool of assets to meet the even large sum of accrued liabilities. Recent research has emphasized that widely-used accounting practices, like matching discount rates to expected asset...

Examining the demographic and socioeconomic factors in investor behavior is important to understanding how investors choose their portfolios. The extant literature suggests that men invest more aggressively than women and white investors invest more aggressively than African American investors....