The journal of wealth management最新文献_第3页

Can Convertible Bond Index Risk-Adjusted Return Characteristics Be Replicated? 可转换债券指数的风险调整后收益特征能否复制？

The journal of wealth management Pub Date : 2024-01-18 DOI: 10.3905/jwm.2024.1.230

Edward N. W. Aw, John Q. Jiang, David W. Rossmiller

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Emerging Topics in Family Offices 家族办公室的新话题

The journal of wealth management Pub Date : 2024-01-17 DOI: 10.3905/jwm.2024.1.229

Michael Kosnitzky, Andrew L. Dworkin

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The Tom Brady “Greatest of All Time” Effect and Its Impact on the Super Bowl Stock Market Predictor 汤姆-布雷迪的 "史上最伟大 "效应及其对超级碗股市预测的影响

The journal of wealth management Pub Date : 2024-01-12 DOI: 10.3905/jwm.2024.1.228

Thomas M. Krueger

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A “Plug-and-Play,” Goal-Based, Dynamic Asset Allocation Model with Genetic Algorithms 基于目标的 "即插即用 "遗传算法动态资产配置模型

The journal of wealth management Pub Date : 2024-01-12 DOI: 10.3905/jwm.2024.1.227

U. Pomante, Vincenzo Farina, Paolo Antonio Cucurachi

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Market Timing, Selectivity, and Performance of Real Estate Mutual Funds 房地产共同基金的市场时机、选择性和业绩

The journal of wealth management Pub Date : 2024-01-11 DOI: 10.3905/jwm.2024.1.226

Davinder K. Malhotra

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Editor’s Letter 编辑的信

The journal of wealth management Pub Date : 2023-10-31 DOI: 10.3905/jwm.2023.26.3.001

Jean Brunel, Paul Bouchey

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Searching for Market-Outperforming ESG-Equity Mutual Funds 寻找表现优于市场的esg -股票共同基金

The journal of wealth management Pub Date : 2023-10-24 DOI: 10.3905/jwm.2023.1.225

Wenhui Li, Anthony Loviscek

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Australian Pension Investment Decisions during the COVID-19 Pandemic: Insights from Pension Switch Data 2019冠状病毒病大流行期间澳大利亚养老金投资决策:来自养老金转换数据的见解

The journal of wealth management Pub Date : 2023-10-24 DOI: 10.3905/jwm.2023.1.224

Mark Brimble, Ellana Loy, Kirsten MacDonald

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How Much Artificial Intelligence Do Robo-Advisors Really Use? 机器人顾问到底使用了多少人工智能?

The journal of wealth management Pub Date : 2023-09-22 DOI: 10.3905/jwm.2023.1.223

Christian Thier, Daniel dos Santos Monteiro

{"title":"How Much Artificial Intelligence Do Robo-Advisors Really Use?","authors":"Christian Thier, Daniel dos Santos Monteiro","doi":"10.3905/jwm.2023.1.223","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.223","url":null,"abstract":"To understand how and why robo-advisors implement artificial intelligence (AI), we use evidence from structured interviews with C-level executives from a large group of robo-advisors. We find that robo-advisors see more potential in sales and client directed areas than in portfolio management. This finding can be explained by the business side of robo-advisory. Actual implementation of AI, on the other hand, seems to be driven by workability and not by potential. The level of engagement in AI is higher for companies that focus on portfolio management; a focus on other areas does not significantly influence engagement in AI. Portfolio management is also the area where AI initiatives are most advanced. Even though robo-advisors attach moderate to substantial importance to AI and concrete measures toward AI implementation are noticeable rather broadly, so far only a minority actually use AI. The main obstacles for AI implementation as perceived by the management are budget restrictions, unclear value-added, lack of experts, and regulatory hurdles. Furthermore, the noticeable hindrance for AI seems to be largely market-driven hesitancy as opposed to concrete difficulties.","PeriodicalId":175460,"journal":{"name":"The journal of wealth management","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136060476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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Target Date Funds, Mis-Sold and Misused 目标日期基金，不当销售和滥用

The journal of wealth management Pub Date : 2023-09-19 DOI: 10.3905/jwm.2023.1.222

Rob Brown

{"title":"Target Date Funds, Mis-Sold and Misused","authors":"Rob Brown","doi":"10.3905/jwm.2023.1.222","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.222","url":null,"abstract":"Target Date Funds (TDFs) are portfolios with a pre-defined end date, the so-called “target date,” and the essential attribute that they reduce their allocation to stocks with the passage of time. The proposition upon which TDFs are both sold and bought is that investors benefit from the consistent reduction in portfolio risk as investors progress toward the end of their applicable investment time horizon. The manufacturers of TDFs have a clear and unambiguous motivation to develop an appealing story and associated product that encapsulates said story, so as to grow their assets under management. The pension plan sponsor’s motivation is to provide investment options that protect it from regulatory and litigation risk. Unfortunately, the data offer a different reality. The data support the conclusion that investors are harmed by the use of TDFs when sufficient time diversification is present, resulting from a sufficient number of relatively equal-sized contributions and/or withdrawals evenly dispersed over time. Specifically, the analysis shows that 1) the use of precious metals remains unattractive for investment time periods of 12.5 years and longer, 2) optimal starting allocations of 100% stocks remain preferable for investment time periods of 5 years and longer, and 3) the use of TDFs remains significantly harmful to investors’ wellbeing for periods of 15 years and longer. The causality driving these results is both simple and straightforward. First, bonds and precious metals impose a severe return penalty on the investor. The geometric mean returns are −72% and −87% proportionately lower than for stocks, respectively. Second, bonds and precious metals impose extended (many decade-long) episodic eras of negative returns, unlike stocks. Third, time diversification applicable to circumstances where contributions and/or withdrawals of relatively equal size occur over extended time periods and with high frequency make the use of bonds, precious metals, and TDFs purely redundant and non-contributive.","PeriodicalId":175460,"journal":{"name":"The journal of wealth management","volume":"180 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135063239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0