The authors analyze the performance of the private equity secondaries market during the
recent financial crisis. They show that the effective market liquidity contracted severely in …

In this study we propose a decomposition of the total tax benefit (or liability) of a strategy into
what we define as character and deferral components. Our decomposition is mathematically …

The value of direct indexing in enhancing overall after-tax returns has been well established.
But where does direct indexing fit in an investor's portfolio? In this paper, we demonstrate …

Direct-indexing strategies realize tax benefits by harvesting losses on individual stock
positions. Some investors might benefit from this powerful tool for growing after-tax wealth …

This article investigates digital objects in video games as an alternative investment from
2015 to 2020. The authors use the Steam Community Market of the Counter-Strike Global …

I characterize the wealth management literature that The Journal of Wealth Management
helped define over the last quarter century and then assess its impact. Eight key areas of …

We investigate the portfolio performance of retail investors who combine stocks and passive
exchange traded funds (P-ETFs) by relying on both proprietary trading records and survey …

We live in an ever-evolving world and financial markets are certainly no exception to the
rule. Fierce competition between market agents at different levels constantly lead to the …

The authors show that a central manager can improve the trading and tax efficiency of a
multimanager portfolio. Active managers of various skill levels are simulated, and historical …