discussion recently about life-cycle funds and their role in providing a secure retirement income for older Americans. These funds, which gradually shift account assets from broad-based stock funds to bond funds as a participant ages, are becoming an important vehicle for retirement savings. This policy brief explores the economic rationale behind the life-cycle approach and the advantages and ...

Traditionally, integration has been studied at the country level. With increasing economic integration, industrial reorganization, and blurring of national boundaries (e.g., EU), it is important to investigate global integration at the industry level. We argue that country-level integration (segmentation) does not preclude industry-level segmentation (integration). Indeed, our results suggest t...

The aim of this paper is to expand the methodological spectrum of socially responsible investing by introducing stochastic sustainability returns into safety first models for portfolio choice. We provide a foundation of the notion of sustainability in portfolio theory and establish a general model for generalized safety first portfolio management with probabilistic constraints and three special...

Using Web-of-Science data, portfolio analysis in terms of journal coverage can be projected on a base map for units of analysis such as countries, cities, universities, and firms. The units of analysis under study can be compared statistically across the 10,000+ journals. The interdisciplinarity of the portfolios is measured using Rao-Stirling diversity or Zhang et al.’s (in press) improved mea...

Keyword extraction attracts much attention for its significant role in various natural language processing tasks. While some existing methods for keyword extraction have considered using single type of semantic relatedness between words or inherent attributes of words, almost all of them ignore two important issues: 1) how to fuse multiple types of semantic relations between words into a unifor...