This paper analyzes the important time variation in U.S. aggregate portfolio allocations. To do so, we first use …, and strategic portfolio allocations. We then compare these rules to the data through formal statistical analysis. Our main … results reveal that i) purely tactical and myopic investment behaviors are unambiguously rejected, ii) strategic portfolio …

This paper gauges consumption and portfolio shares for aggregate assets (i.e. financial, tangible, and human assets …

This paper analyzes the important time variation in U.S. aggregate portfolio allocations. To do so, we first use … portfolio allocations are strongly supported, and iii) the Fama-French factors best explain empirical portfolios shares. …

portfolio containing both domestic short-run assets and foreign short-run assets, exposed to exchange risk, will always have … less portfolio risk than a portfolio of either domestic short-term assets, or foreign short-run assets covered in the …

We show that optimal delegated portfolio management contracts-which serve to screen out uninformed agents and reward …

portfolio with excessive weight assigned to illiquid assets, the optimal consumption path, and wealth decumulation. According to … our findings, higher financial literacy substantially reduces the portfolio imbalance of people aged 50+ by reducing the …

This paper explores how a put option changes the probability distribution of portfolio value. The paper extends the … portfolio distribution to measure riskiness and compare different put options. I report a so-called ‘quantile surface’ that … decrease the quantile, which is equivalent to increasing the riskiness of the portfolio, and leads me to ask: what return will …