Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the U.S. and Canada. We find that younger households’ participation decisions in assets are more responsive...

Conventional risk management frameworks for investment portfolios rely on a set of mostly mathematical methodologies that make strong assumptions about the long term behavior of asset prices. These assumptions are based on the modern finance belief that there exists a long term, albeit...

This article reviews the institutional characteristics of hedge funds based on their comparison with traditional collective investment schemes and investment funds. The study arrives at the conclusion that hedge funds are highly leveraged boutique investment funds of a quasi-open nature that...