We examine whether the value of active investment management can exceed its cost, and find that it can, by a … known active investment strategy. For a “passive” benchmark, we develop a 225 year index of monthly U.S. equity market … an active investment strategy based on an actual 11-year investment strategy. We present a new performance model …

investment decisions. Emphasis is given to mistakes made by individuals, although evidence suggests all categories of market …

theory. I cannot recommend enough the insights provided in Modern Portfolio Theory and Investment Analysis, 8/e, by Edwin …The core of the theory behind portfolio construction was developed in 1956 by Harry Markowitz. Many pages have been … the original integrity behind Markowitz's insights and addresses many of the criticisms of the theory …

The special, dual nature of property as both a consumption and an investment goodmakes it salient for portfolio choice …. In fact, the theoretical literature predicts a con-straint imposed by property on investment and the empirical literature … differentiate between owner-occupied and investment property. Withreference to the predictions of a stochastic control model, we …

When should you harvest a tax loss? Tax-loss harvesting is a strategy used to improve the net of tax returns of a … portfolio, where an investor deliberately sells assets that have incurred a loss in order to use these losses to offset current … or future capital gains. However, an important unanswered question is at what threshold should an investor harvest a loss …

hypothesis that the cross sectional variation in persistence captures latent human capital effects on investment decisions …