We investigate optimal intertemporal asset allocation and location decisions for investors
making taxable and tax‐deferred investments. We show a strong preference for holding …

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

Two important developments have brought goal-based wealth management into greater
focus in the last three years. The financial market meltdown of 2008 has changed the way …

The forthright brand of shareholder activism associated with hedge funds became a major
corporate governance phenomenon in the United States in the 2000s. Financial economists …

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 …

The authors considered an individual investor who holds a financial portfolio with funds in at
least two of the following accounts: a taxable account, a tax-deferred account, and a tax …

Asset allocation is profoundly influenced by at least two underappreciated concepts. First,
tax-deferred accounts—for example, 401 (k) s—are like partnerships in which the investor …

The authors examine the tax-aware investment practices of investment managers managing
taxable accounts. Their sample of mostly well-experienced CFA charter holders exhibits a …

Optimal withdrawal strategies are developed for retirees with multiple types of tax-
advantaged savings accounts. In an environment of progressive tax rates, the ability to …

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