Many college and university 403(b) plans restrict the menu of investment choices to funds offered by TIAA-CREF, the current manager of over half of all 403(b) contributions. Further, in the face of Internal Revenue Code changes that will take effect in 2006 and will make 403(b) plan ERISA...

On July 31, 2017, S&P Dow Jones Indices announced it would no longer add companies with multiple share classes to its flagship S&P 500 index. This decision was designed to protect index fund investors against unequal voting rights structures, but it has already lowered investors’ returns and...

Many college and university 403(b) plans restrict the menu of investment choices to funds offered by TIAA-CREF, the current manager of over half of all 403(b) contributions. Further, in the face of Internal Revenue Code changes that will take effect in 2006 and will make 403(b) plan ERISA...

Led by the growth of direct lending, private debt assets under management almost tripled over the past decade. What do we know about it and why has it grown? Using a proprietary dataset, we present new empirical facts about direct lending funds and investigate the demand and supply drivers that...

Financial regulation is a much debated topic for some time. The history of financial instruments started at a time when people started giving value to physical objects over and above its inherent utility. Right from the very beginning of their existence, it has been acknowledged that financial...

Like the United States, Denmark relies heavily on capital markets for funding residential mortgages, and the Danish covered bond market bears a number of similarities to U.S. agency securitization. In this paper we describe the key features of the Danish mortgage finance system and compare and...

Like the United States, Denmark relies heavily on capital markets for funding residential mortgages, and its covered bond market bears a number of similarities to U.S. agency securitization. This article describes the key features of the Danish mortgage finance system and compares and contrasts...

The US mortgage market is of paramount economic and financial importance. While the causes of the Global Financial Crisis (GFC) remain a subject of vigorous debate, lax lending standards and opacity surrounding innovations in securitization are often cited as central issues. A decade following...

Retirement system sustainability is defined as the ability of plan boards and managers to be responsible investors, active stewards, and allocators of capital to economic activities with desirable social and environmental outcomes. In this paper, we examine the policy frameworks and important...

Like the United States, Denmark relies heavily on capital markets for funding residential mortgages, and the Danish covered bond market bears a number of similarities to U.S. agency securitization. In this paper we describe the key features of the Danish mortgage finance system and compare and...