The Black-Litterman model enables investors to combine their unique views regarding the performance of various assets with the market equilibrium in a manner that results in intuitive, diversified portfolios. This paper consolidates insights from the relatively few works on the model and...

Key theories of financial economics seem to be at odds with one another and with observed personalized portfolios. The Popularity Asset Pricing Model serves as a unifying theory by allowing for both rational and irrational investors, individual risk and return expectations, a multitude of...

The role of ESG characteristic in equity performance at firm-level is investigated. The analysis covers private, primary, and secondary markets. A comprehensive dataset is constructed to link three markets. Non-green equity outperforms green equity in both private and secondary markets. The...

For nearly three quarters of a century, the lifecycle models stemming from Fisher (1930), Friedman (1957), Modigliani (1966), Samuelson (1969), Merton (1969, 1971, 1992), and others, and the single-period optimization models of Roy (1952), Tobin (1958), and Markowitz (1952, 1959, 1987) have...