Does financial globalization lead to contagion? We scrutinize linkages between international stock markets in a long historical perspective (1880-2014)....

This paper tests whether very diversified and patient investors, also known as universal owners, tend to vote in favor of shareholder resolutions instructing...

Do institutional investors engage with companies on corporate externalities such as greenhouse gas emissions? And if so, why?

Building the long-term alignment 

Systematic Longevity Risk: To Bear or to Insure?

The objective of this paper is to describe how an investor can define a target return, split between that of Strategic Asset Allocation (SAA) and excess...

Institutional investors have large and diversified portfolios with substantial company ownership and strong incentives to monitor and influence the firm’s...

This paper examines how restrictions on short positions affect the financial attractiveness of factor investing.

This paper organizes a multi-trial contest opposing factor investing and sector investing.

On average, socially responsible (SR) funds have showed statistically similar performances to traditional funds. Does this mean SR screens make a negligible...

This paper addresses management of sovereign wealth from the perspective of the theory of contingent claims.

This paper sets out a new analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claims analysis applied...

The exceptional rise in government deficits following the subprime crisis, the recent commodity price spikes and the increase in inflation volatility...