Background: Defining the optimal fleet portfolio is a crucial process in airline planning. The published efforts in literature provide ways to anticipate the disruption effects on the passenger demand; however, the proposed solution in this paper provides visibility on the impact of sustainable...

In Our Lives in Their Portfolios, Brett Christophers provides an account of the rise of 'asset manager society' - a world in which the infrastructures of public life are converted from public to private ownership. Here I use Christophers' analysis to comment on growing calls for asset manager...

Dieses Arbeitspapier befasst sich mit der Analyse der Erfolgsfaktoren einer krisenresilienten Immobilienanlage und setzt diese in den Kontext der Asset Allocation. Das Hauptaugenmerk liegt hierbei in der Analyse der derzeitigen Abschwungsphase der Immobilienmärkte und deren Auswirkungen auf ein...

This technical note explores the advantages and disadvantages of establishing state-sponsored centralized asset management companies (AMCs) to address high levels of bank asset distress during financial crises. AMCs may offer potential benefits like mitigating downward price spirals or achieving...

This study investigates the association among management fees, ESG scores, and investment performance of ESG funds in China. It explores the significance of comprehending the cost-benefit analysis and long-term yields associated with sustainable investing. The investigation specifically...

Employing the exogenous scenario of the "New Rules on Asset Management" in April 2018, this paper tries to explore the impact of the contraction of Chinese shadow banking on corporate investment behavior. This paper finds that the regulation leads to a 18.3% decrease in capital expenditure for...

Throughout history, gold has played a vital role as a financial asset in the global financial system. It has been prevalent as a currency in many civilizations, including Ancient Greece, Rome, and Egypt. In the modern era, gold continues to play a critical role in the global financial system,...

Asset managers have assumed a position of unprecedented power and influence in the control of essential infrastructures of social life, with broadly negative ramifications. But as the commentaries assembled here all insist, it did not - and does not - have to be this way. In this reply, I...

We summarize seven fundamental innovations that would be required for participants to have greater confidence in decentralized finance (DeFi) and to obtain wealth appreciation coupled with better risk management.The conceptual ideas we discuss outline an approach to: 1) Strengthened Security...

Using the regulatory policy on cash dividends implemented in 2013 as the research context, this study develops a difference-in-difference (DID) model using the data of Chinese A-share non-financial listed companies from 2011-2019, and found that cash dividend smoothing reduces the wealth...

This paper introduces DivFolio, a multi-period portfolio selection and analytic software application that incorporates automated and user-determined divestment practices accommodating Environmental Social Governance (ESG) and portfolio carbon footprint considerations. This freely available...

We investigate the returns to specialized knowledge in asset management, by comparing the performance of medical specialists and generalists in managing health care sector mutual funds. Specialist alpha is nearly 5% higher on an annualized basis, after controlling for fund and manager observable...

This survey report represents a collaborative effort between Reserve Advisory and Management Partnership (RAMP) and central banks worldwide to advance the understanding and practice of reserve management. The cooperation of all central banks involved is greatly appreciated, and we anticipate...

We propose a normative strategic asset allocation model for long horizon sovereign wealth funds (SWFs) subject to a sustainable spending constraint and background risks. SWFs should have lower stock market exposure as they mature and should use the SWF to smooth business cycle shocks, rather...

Machine-readable (clean and structured) data facilitate algorithm-driven investment decisions. Do financial analysts in asset management firms benefit from an increasing amount of machine-readable data? Exploiting an exogenous regulatory shock that makes corporate filings more machine-readable,...

The lingering pandemic and associated lockdown measures have undoubtedly an impact on banks’ balance sheets. It is expected that the ratio of banks’ non-performing loans (NPLs) will raise significantly once Member States fully unwind the support measures introduced to contain the impact of...

Der Siegeszug von Indexfonds stellt eine Herausforderung für die Corporate Governance von Publikumsgesellschaften dar. Auf Basis umfangreicher eigener Datenauswertungen dokumentiert die Arbeit zunächst den Bedeutungsgewinn passiver Vermögensverwalter in den Beteiligungsstrukturen....

Die Rechtslage ist unklar und in ihrer Komplexität schwer zu entwirren. Diese Dissertation gibt Antworten und neue Impulse für die einkommensteuerrechtliche Behandlung von Optionsgeschäften. Das Werk hilft dem Rechtsanwender und vertieft das Verständnis des geltenden Einkommensteuerrechts...

We now know that research findings favorable to the sponsor of the research should be discounted on the grounds of conflict of interest (e.g., tobacco companies or pharma companies). Incentives distort research findings. Is the same true in the field of finance? I argue that economic incentives...

We propose a model of asset management in which benchmarking arises endogenously, and analyze its unintended welfare consequences. Fund managers’ portfolios are unobservable and they incur private costs in running them. Conditioning managers’ compensation on a benchmark portfolio’s...

The conventional view of regulation is that it exists to constrain corporate activity that harms the public. But amid perceptions of government failure, many now call on corporations to tackle social problems themselves. And in this moment of dissatisfaction with government, powerful asset...

This paper aims to analyze the performance of profitability and asset management of selected Scheduled Commercial Banks in India during the period 2006-2019. This study investigates the impact of credit risk management on the profitability of Indian Public sector commercial banks. Data from 20...

We present models of asset management by the elderly. We focus on saving, spend-down of assets, and gift-giving, and the influence of health on these precesses. We also study the evolution of elderly health and the impact of economic variables on health outcomes. We present results from...

This paper provides a review on machine learning methods applied to the asset management discipline. Firstly, we describe the theoretical background of both machine learning and finance that will be needed to understand the reviewed methods. Next, the main datasets and sources of data are...

We investigate the relationship between the transactional activity of asset management companies (AMCs) in the non-performing loan (NPL) market and their corresponding debt issuances in a niche bond market in Borsa Istanbul. We analyze the determinants of the trading volume of AMC bonds to...

We set up a general equilibrium model of Chinese wealth management products (WMPs), which are deeply rooted in traditional Chinese commercial banks. According to this model, we proposed two hypotheses, namely, the regulatory arbitrage and information asymmetry hypotheses. We tested the...

It is impossible to analyze an asset taken in isolation, without taking into account the wider picture of the market. This fact is behind the extensive use of copulas or vector autoregressive models in finance, which allow to model dependencies between assets. In this paper, we look at the...

This paper addresses errors in mean return estimates in continuous-time asset allocation models. A standard approach postulates that stochastic factors explain expected asset returns. The problem is then to estimate these factors from observed asset prices via filtering. Recent advances have...

We study the role of race and ethnicity in the investment decisions of mutual fund managers and investors. Funds managed by white-dominant teams allocate larger portfolio weights to firms led by white CEOs compared to funds managed by minority-dominant teams. Nevertheless, white-dominant fund...

This study aims at analyzing the ability of managers of Alternative Risk Premia (ARP) portfolios to outperform benchmarks and to deliver alphas. Using a sample of more than 200 ARP indices, we first distinguish performance between allocation strategy and picking ability. Our first results show...

Italian Abstract: L’impiego di sistemi di intelligenza artificiale (IA) nell’intermediazione mobi-liare è oggetto di un intenso dibattito istituzionale volto ad analizzarne opportunità e rischi per investitori e operatori di mercato. Nel presente lavoro, dopo aver delineato le principali...

The paper is fictional account of how big tech might disrupt the wealth management industry. Wealth management’s existing investment framework was originally developed half a century ago for pension funds.This pension fund “operating system” (PF OS) works well for “agents” but not...

Using a unique dataset on the sectoral ownership structure of euro area equity mutual funds, we study how different investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual funds, are the main contributors to the flow...

This paper provides a targeted review of machine learning methods that are impacting the field of wealth management. This is an area of great breadth and dynamic growth, and we focus on applications that in our experience are delivering benefits in practice to wealth management businesses by...