On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...

Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical...

On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...

Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical...

There has been considerable research into dynamic global tactical asset allocation (GTAA) strategies driven by simple measures of Valuation and Momentum applied to a baseline balanced portfolio of equities and fixed income (see Blitz and van Vliet 2008, Wang and Kochard 2011, Gnedenko and Yelnik...

Societal inequalities – mainly, economic – are a topical subject. Given the dominance of large business corporations in the US and Canada, an important question is about corporations’ role in shaping the socioeconomic trends, including inequality. "Beyond Shareholder Value - A Framework...

We study the direct impacts that long-run experiences of climate change have on individual risk preferences. Using panel surveys from Indonesia and Mexico (total N = 25,000), we link within-person changes in elicited risk preferences to state-level, lifetime experiences of climate change. In...

This paper offers a framework for regulating internalities. Using a simple economic model, we provide four principles for designing and evaluating behaviorally-motivated policy. We then outline rules for determining which contexts reliably reflect true preferences and discuss empirical...

We investigate the temporal variation of individual investors' tolerance towards financial risk by focusing on changes in tolerance associated with the global financial crisis of 2007-2009. Financial risk tolerance is measured from a psychometric scale administered to individual investors and...

Using representative US investor data, we investigate whether automated financial advisors, also referred to as robo-advisors, reduce investors' demand for human financial advice offered by financial service providers. Our results provide a strong negative relationship between using...