We describe a Tax-Aware Defensive Equity Long-Short (TADELS) strategy, including its construction and pre-tax and after-tax performance. TADELS closely replicates the pre-tax performance of a similar tax-agnostic strategy and has the potential to achieve a meaningful tax benefit for a taxable...

In this paper we examine whether sustainability characteristics of stocks and bonds affect asset allocations of wealthy retail investors. Using a large proprietary dataset of a private bank with monthly investment holdings of European private wealth investors, we document significantly larger...

The role of cash-back credit cards in personal financial strategies is highly debated. For example, Dave Ramsey (Ramsey 2019) urges consumers to avoid even the most lucrative cash-back cards, while others argue that these cards offer significant savings. Herein, we construct models to analyze...

Individual investors, policy-makers, and members of the financial services industry are struggling to figure out how best to help individuals prepare for a financially secure retirement; namely, allowing individuals to continue their pre-retirement standard-of-living post retirement. We propose...

There is a looming retirement crisis, as individuals are increasingly being asked to take responsibility for their own retirement planning and a majority of these individuals are financially unsophisticated. They cannot perform basic compounding calculations and do not understand the impact of...

This comment letter responds to a proposed rule issued by the Office of the Comptroller of the Currency (OCC), which would “codify” an alleged federal common-law “principle” known as “valid-when-made.” The proposed rule would amend two of the OCC's regulations – 12 C.F.R. 7.4001...

Our methodology of quot;complete identification,quot; using simple algebraic geometry, throws new light on the continued commitment of Galton's Error in finance and the resulting misinformation of investors. Mutual funds conventionally advertise their relative systematic market risk, or...

This study shows that interest rate differentials have minor impacts on overall capital flows into the Korean bond market. They are significant factors for private bank capital, however only for short-term interest rates, which takes up ignorable amounts in total capital balances. The most...

Science progresses by improving its measurement apparatus. This holds true in finance too. The new methodology of quot;complete identification,quot; using simple algebraic geometry, throws new light on Galton's Error in finance and economics and the resulting mis-information of investors. Mutual...

We examine the investment performance of over 160 thousand U.S. private pension plans. We find significant economies of scale in performance and administrative expenses, which are more prominent for defined benefit (DB) plans than for defined contribution (DC) plans. DC plans outperform...