We relate time-varying aggregate ambiguity (V-VSTOXX) to individual investor trading. We use the trading records of … an increase in ambiguity is associated with increased investor activity. It also leads to a reduction in risk …-taking which does not reverse over the following days. When ambiguity is high, the effect of sentiment looms larger. Survey …

This study presents a hedge fund portfolio choice model for an investor facing ambiguity. In the empirical section, we … measure ambiguity as the cross-sectional dispersion in Industrial Production growth and in stock market return forecasts, and … we construct the systematic ambiguity factors from the universe of S&P 500 stocks. We estimate ambiguity betas for long …

optimal allocation to fixed-term securities, and provide a representation of trading strategies in terms of a liquidity …

plans. We document an inverse U-shaped relationship between a plan's allocation to fixed income securities and its funding … funding ratios over the past three decades, and the more recent shift toward fixed income securities in their allocation …