Using previously unexplored custodial data, we examine the use of alternative investment vehicles(AVs) in private equity over four decades. By 2017, AVs reached 40% of all PE commitments.Average AV performance matches the PE market, but underperforms the main funds of thepartnerships sponsoring...

We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities:...