The empirical relation between happiness and religiosity is considered from the perspective of basic utility theory. An unbalanced cross-country panel data set is used to study whether religiosity can be considered as a substitute in the happiness function, which itself is held to be a proxy for...

Dynamic portfolio choice has been a central and essential objective for institutional investors in active asset management. In this paper, we study the dynamic portfolio choice depending on multiple conditioning variables, where the number of the conditioning variables can be either fixed or...