This paper investigates value and growth investing in a large administrative panel of Swedish
residents. We show that, over the life cycle, households progressively shift from growth to …

We use a detailed panel data set of Swedish households to investigate the relation between
their labor income risk and financial investment decisions. In particular, we relate changes …

We extract a parsimonious set of equity factors from comprehensive administrative data on
the stockholdings of all Norwegian individual investors in 1996-2017. A three-factor model, …

This article presents a quantitative portrait of the Canadian pension fund model. The
authors show that, between 2004 and 2018, Canadian pension funds outperformed their …

This paper presents a frictionless neoclassical model of financial markets in which firm sizes,
stock returns, and the pricing kernel are all endogenously determined. The model …

Nous montrons qu’un petit nombre de participants autorisés créent et rachètent activement
des parts de fonds négociés en bourse à revenu fixe cotés aux États-Unis. En 2019, trois …

US public sector employers have promised over $1 trillion in retiree health and other post-employment
benefits (OPEBs)–an unfunded liability of the same order of magnitude as that of …

Despite the well-known benefits of diversification, homeowners invest mostly in their home.
A common explanation for this pattern is that homeowners are constrained to fully own the …

This paper investigates the investment strategy that large Canadian pension funds implement
in the private real estate market. Even though they manage just 6% of global pension …

Why do so few mutual fund families launch so many funds and styles around the world? We
argue that launching numerous funds on an increasingly granular style grid allows …