The active management industry has supply and demand characteristics and an industry
total amount of dollars of produced value that buyers of active management ought to consider …

A model with factors for earnings, liquidity, their respective growth, and the market can offer
a consumption rationale with low pricing error. It also subsumes one-year momentum and …

By considering the stock market as a network that impounds liquidity and information
production, the authors were able to study its influence on aggregate stock value and value from …

We combine the market with earnings, liquidity and their respective growth, with motivation
via a simple pricing equation, to model the cross-section with three, four and five factors. As …

The market, earnings, and liquidity growth combine to form a proxy for wealth growth, allowing
a recursive consumption model with a low risk aversion coefficient, a risk-free rate close to …

This paper analyzes the supply and demand for alpha by institutional investors and the
money managers who serve them. A large database of products offered by such managers is …

… Robert Snigaroff is a shareholder and former director at both Aleut and Atxam Corporations
(regional and village corporations). He leads the institutional asset management firm Denali …

The largest institutional asset management firms are growing quite large, relative to the
competition. An important reason why is their customers, the largest institutional pension funds, …

Alaska Native Corporations as formed by the Alaska Native Claims Settlement Act (ANCSA)
have existed for almost fifty years. As with all businesses, their results are mixed. Alaska …

We compare three factor models and their ability to explain a set of portfolio anomalies. Two
of these models are based on market capitalization which most of the industry currently uses …