How public pension plan assets should be invested is an important but unsettled question. Some observers endorse the standard practice of investing heavily in higher yielding but riskier equities, reasoning that the higher average returns will reduce future required tax receipts and also help to...

Financial product ratings are intended to summarize relevant information in a manner that assists in decision-making. Ratings, however, have the potential to be either helpful or harmful. Ratings are often assigned within categories; ratings across categories then may or may not be comparable....

This paper explores both theoretically and enirically the role of nominalbonds of various maturities in investor portfolios in the U.S. One of its principal goals is to determine whether an investor who is constrained to limithis investment in bonds to a single portfolio of money-fixed debt...