Full coverage of ETF investments from an expert in the field The initial edition of Gary
Gastineau's The Exchange-Traded Fund Manual was one of the first books to describe and …

This chapter summarizes the current state of research on how taxation affects household
decisions with respect to portfolio structure and asset trading. It discusses long-standing …

This paper derives optimal asset allocations (which assets to hold) and asset locations (in
which accounts to hold them) for a risk-averse investor saving for retirement. The investor …

Private wealth management is the investment management specialization focused on high-
net-worth individuals and families. Portfolio design and investment solutions in private …

Many papers have recently pointed out that institutional investors allocate only a very small
fraction of their portfolio to real estate, much smaller than theory would dictate. This raises …

We study the effect of incorporating heterogeneity into default rules by examining the choice
between retirement plans at a firm that transitioned from a defined benefit (DB) to a defined …

A practical guide to adapting financial advice and investing to a post crisis world There's no
room for" business as usual" in today's investment management environment. Following the …

We study the impact of the different tax treatment of capital gains and losses on the optimal
location of assets in taxable and tax-deferred accounts. The classical result of Black (1980) …

Several studies have found fundamental flaws in the traditional approach to managing
individual investors' portfolios, including a failure to distinguish between …

We study the dynamic consumption-portfolio problem over the life cycle, with respect to tax-
deferred investing for investors who acquire housing services by either renting or owning a …