In this paper, a model of bounded rational investors investing their portfolio in a passive investment vehicle (e.g., an Exchange Traded Fund replicating a broad index) or an actively managed fund is presented. The model proposes that the quick reswitching of these short-term oriented investors...

This report summarises the main ideas, proposals, scientific achievements, consensus and conflicting issues that emerged at the Second EFIEA Policy Workshop, held at Fondazione Eni Enrico Mattei, Palazzo delle Stelline, Corso Magenta 63, Milan, Italy, March 4th-6th, 1999. EFIEA, the European...