The basic purpose of this study is to test for the existence of an investment life cycle for individual common stock investors. It is hypothesized that the life-cycle theory of investment incorporates relevant socioeconomic attributes of individual investors, which, in various combinations,...

A highly developed system of financial markets and institutions is characteristic of a modern market economy. These markets, institutions and their financial instruments facilitate the efficient allocation of resources and thereby contribute to society's standard of living. The financial system...

Because of the scope of the study, it is not possible to make general statements about the exact variables which should be used in client-specified valuation models. However, the interpretation of the results of the study suggests several tentative conclusions.First, the investor's investment...

This chapter discusses the structure of and distribution channels in the mutual fund industry. Expenses, loads, and other costs are also explored. The coverage also includes investment and redemption provisions, tax effects, the relation between fund flows/size and performance, and governance issues

Using a unique money manager database that allows managers to identify their own investment styles, we examine 4,754 non mutual fund value- and growth-oriented portfolios over the period 1999-2003. Consistent with style definitions, we find that on average, growth funds have price-earnings...