Country practices towards managing financial risks on a sovereign balance sheet continue to evolve. Each crisis period, and its legacy on sovereign balance sheets, reaffirms the need for strengthening financial risk management. This paper discusses some salient features embedded in in the...

The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches-liquidity tranche and investment tranche-especially for those with adequate reserves. Incorporating reserve tranching, we have developed in...

As the hedge fund industry has grown over the last decade, alpha has become more elusive. This paper examines several properties of the U.S. small-cap equity market and identifies a number of structural inefficiencies that may be exploited to generate alpha.We show that small-cap equities are...