We analyze the problem of real optimal asset allocation for a pension fund maximising the expected CRRA utility of its real disposable wealth. The financial horizon of the analysis coincides with the random death time of a representative subscriber. We consider a very general setting where there exists a stochastic investment opportunity set together with stochastic contributions and pensions a...

We show that a mutual fund’s stock selection skill can be decomposed into additional components that include liquidity-absorbing impatient trading and liquidity provision. We find that past performance predicts future performance better among funds trading in stocks affected more by information events: Past winners earn a risk-adjusted after-fee excess return of 35 basis points per month in the...

We find significant relations between active mutual fund portfolio holdings and executive compensation, which appear to be largely driven by mutual fund investment styles rather than monitoring behaviour. Aggressive growth fund holdings are associated with performance pay, while income fund holdings are negatively related. We also find that mutual fund holdings are insensitive to changes in exe...

Fiscal policy is an essential tool that policymakers use for guiding the economy. Thus, effects of fiscal may affect many aspects our lives, including impact carbon dioxide (CO2) emissions. This article investigates role policy, in addition to gross domestic product (GDP), innovation, and financial development, mitigating CO2 emissions context Environmental Kuznets Curve theory Group Twenty (G2...

Abstract We report on the detection of a large, extended H i cloud complex in Galaxy and Mass Survey G23 field, located at redshift z ∼ 0.03, observed as part MeerKAT Habitat Galaxies campaign (a pilot survey to explore mosaicing capabilities telescope). The complex, with total mass 10 10.0 M ⊙ , lies proximity large galaxy group dyn 13.5 . identify seven ɪ peak concentrations, interconnected t...

Ubiquitous computerization and digitalization are contributing to the unprecedented growth of software market. Computer programs protected as subject copyright law in international domestic legal systems. However, does not protect interests holder from borrowing ideas algorithms which often have agreat commercial value. This circumstance has prompted science enforcement practice most developed ...