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Diversification Bias and the Law of One Price : An Experiment on Index Mutual Funds
Mauck, Nathan - 2016
diversification in some settings may be beneficial, in the case of assets with identical payouts, fee minimization is the only …
Persistent link: https://www.econbiz.de/10013005429
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What's in your 403(b)? Academic retirement plans and the costs of underdiversification
Angus, John; Brown, William O.; Smith, Janet Kiholm; … - 2005
opportunity losses are economically significant. Depending on loss-aversion, and diversification constraints, over a forty … even unsophisticated investors. TIAA-CREF equity funds offer little meaningful diversification and are no less risky than … the alternative index funds. Even when a naïve diversification strategy of equally-weighting (1/n) all available funds is …
Persistent link: https://www.econbiz.de/10010276762
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Do financial advisors provide tangible benefits for investors? : evidence from tax-motivated mutual fund flows
Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph - 2015 - [This version]: July 2015
Rationality would suggest that advice-seeking investors receive benefits from costly financial advice. However, evidence documenting these benefits for U.S. investors has so far been lacking. This paper is the first to document that U.S. mutual fund investors indeed receive one of the many...
Persistent link: https://www.econbiz.de/10011308611
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Are financial advisors useful? : evidence from tax-motivated mutual fund flows
Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph - 2013 - First Draft: November 2012, This Draft: August 2013
We are the first to show that financial advisors generate tangible benefits for their clients in the form of useful tax advice. Investors who purchase mutual funds through financial advisors exhibit a stronger tendency of avoiding taxable distributions than those who do not. Our calculations...
Persistent link: https://www.econbiz.de/10009785986
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Do financial advisors provide tangible benefits for investors? : evidence from tax-motivated mutual fund flows
Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph - 2014 - This Draft: March 2014
Whether financial advisors provide useful services for clients that seek to invest in mutual funds remains an open question. We are the first to show that financial advisors generate tangible benefits for their clients in the form of useful tax advice. Specifically, financial advisors help...
Persistent link: https://www.econbiz.de/10010336401
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Art as an investment in Poland : the first 20 years after the collapse of the central planning economy
Potocki, Tomasz; Rogozińska, Anna - In: E-Finanse : finansowy kwartalnik internetowy 11 (2015) 3, pp. 22-33
investment as an important element of portfolio diversification? To provide an answer, the Authors analyzed auctions in Poland …
Persistent link: https://www.econbiz.de/10011455334
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Do financial advisors provide tangible benefits for investors? : evidence from tax-motivated mutual fund flows
Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph - 2014 - This Draft: November 2014
Rationality suggests that advice-seeking investors receive benefits from financial advice that are comparable in value to the fees paid for such advice. However, empirical evidence documenting these benefits for U.S. investors has so far been lacking. We document that U.S. mutual fund investors...
Persistent link: https://www.econbiz.de/10010436486
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What's in your 403(b)? : Academic retirement plans and the costs of underdiversification
Angus, John; Brown, William O.; Smith, Janet Kiholm; … - 2005
opportunity losses are economically significant. Depending on loss-aversion, and diversification constraints, over a forty … even unsophisticated investors. TIAA-CREF equity funds offer little meaningful diversification and are no less risky than … the alternative index funds. Even when a nai͏̈ve diversification strategy of equally-weighting (1/n) all available funds …
Persistent link: https://www.econbiz.de/10003231314
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An Optimizing Framework for the Glide Paths of Lifecyle Asset Allocation Funds
Pfau, Wade D. - 2010
In choosing a glide path strategy for asset allocation over their working lives, retirement savers face a tradeoff between the higher expected wealth provided by strategies that maintain or increase equity holdings over time, against the greater potential security offered from shifting into more...
Persistent link: https://www.econbiz.de/10013150606
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Glide Path and Dynamic Asset Allocation of Target Date Funds
Yoon, Youngjun - 2009
The glide path of typical target date funds is based on the relatively simple assumption of risk. If an explicit term structure of risk is present or risk is time-varying, the conventional glide path may not be adequate to fulfil the purpose of target date funds. We introduce a new approach to...
Persistent link: https://www.econbiz.de/10013154860