Ramping Up a PE Allocation Over Time
Many investors with long horizons are increasing their allocation to private equity funds: to extract the gains from managerial skill in that field, to reap the illiquidity premium, and simply to...
View ArticleOne Year Left to Run on Critical No-Action Letters for Investment Managers
The Securities and Exchange Commission issued three no-action letters on the issue of research payments, in light of developments on that issue in Europe in 2017. Specifically, they dealt with the...
View ArticleRestrictions on Pension Plan Investments: A Global Survey
A new report from the Organization for Economic Cooperation and Development surveys the main quantitative investment restrictions to which pension funds and other pension providers are subject in both...
View ArticleTick Size and High-Frequency Trading
A lot of hopes have been placed on changes in market tick sizes. In the 1990s there was a big push to reduce the tick sizes of securities, allowing them to get down to one cent or fractions thereof. In...
View ArticleThe Audacity of Opacity
By Bill Kelly, CEO, CAIA Association Why are we still talking about this? No, itâs not the central bankers and their insatiable easing tendencies, trade wars with China, or even the Womenâs World...
View ArticleESG: WHAT’S UNDER THE HOOD?
By Nicolas Rabener of FactorResearch (@FactorResearch) ESG INVESTING â SIMPLE OR COMPLEX? Investing is complicated as it is simple and complex at the same time. Common advice for new investors is to...
View ArticleQuantum Computing Will Mess Up all Expectations
There are reports that Google is preparing an announcement of âquantum supremacyâ for later this year. If true, this is the biggest tech story since the transistor replaced vacuum tubes. It could...
View ArticlePrivate Equity and the Law in India
A forthcoming article in the University of Pennsylvania Journal of International Law discusses the investor control rights typically negotiated in the private equity context in India. The article, by...
View ArticleMinutes of the 2019 Annual Membership Meeting
The Journal of Finance, Volume 74, Issue 4, Page 2133-2135, August 2019.
View ArticleReport of the Executive Secretary and Treasurer
The Journal of Finance, Volume 74, Issue 4, Page 2137-2137, August 2019.
View ArticlePresidential Address: Collateral and Commitment
ABSTRACT Optimal dynamic capital structure choice is fundamentally a problem of commitment. In a standard tradeâoff setting with shareholderâdebtholder agency conflicts, full commitment...
View ArticleISSUE INFORMATION FM
The Journal of Finance, Volume 74, Issue 4, Page 1583-1585, August 2019.
View ArticleISSUE INFORMATION BM
The Journal of Finance, Volume 74, Issue 4, Page 2142-2143, August 2019.
View ArticleWords Speak Louder Without Actions
ABSTRACT Information and control rights are central aspects of leadership, management, and corporate governance. This paper studies a principalâagent model that features both communication and...
View ArticleAn application of fractional differential equations to risk theory
Abstract This paper defines a new class of fractional differential operators alongside a family of random variables whose density functions solve fractional differential equations equipped with these...
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Acquiring and sharing high-quality data
The O'Reilly Data Show Podcast: Roger Chen on the fair value and decentralized governance of data.In this episode of the Data Show, I spoke with Roger Chen, co-founder and CEO of Computable Labs, a...
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