We integrate appealing features of Markowitz's mean-variance portfolio theory (MVT) and
Shefrin and Statman's behavioral portfolio theory (BPT) into a new mental accounting (MA) …

Robo-advice has become a key buzzword in the financial and technology industries
recently. Robo-advisors are digital wealth management platforms that provide automated …

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

Theoretical frameworks to date have prescribed how an investor should allocate wealth
within mental accounts. However, there is no fully cohesive solution to prescribe how an …

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 …

Although the goals-based investment literature has grown, there remain two unsolved
problems. First, there is no cohesive theory for the allocation of wealth across goals. If, for …

The economic enterprise has firmly established itself as one of evaluating human responses
to scarcity not as a rigidly rational game of optimization, but as a holistic behavioral …

Over the past decade robo-advisors have gone from offerings from a handful of start-ups to
an established and fast growing segment of the wealth management industry. Robo …

In this article, the authors suggest a paradigm for broad investment policy. After briefly
reviewing a point-estimate model based on growing discretionary wealth, they improve that …