Alpha Architect

Student debt is often treated as a personal issue. Individuals borrow, replay, and manage their own financial outcomes. But in reality, debt burdens shape much more than individual balance sheets. They affect credit markets, labor mobility, and long-term economic opportunities. This paper introduces a new perspective. Debt relief is not just redistribution. It changes behavio...

New academic research explains how retail investors’ own psychology turned the COVID trading boom into a wealth-destroying machine — and what it means for you.

Remember early 2021? Millions of people were stuck at home, interest rates were near zero, stimulus checks were hitting bank accounts, and Robinh...

Asset prices are often viewed through a simple lens. Investors form expectations, discount future cash flows, and determine prices accordingly. But in reality, expectations themselves are complex. They vary across institutions, across asset classes, and over time. This paper introduces a new perspective. Institutional expectations are not random or purely behavioral. They are...

Two previous articles, “Trend-Following Filters – Part 7” [1] and “Trend-Following Filters – Part 9” [2], examined, from a digital signal processing (DSP) time domain perspective, digital filters commonly used by technical analysts to aid in making trading decisions.

Investors are often seen as choosing portfolios based on their preferences. Each decides how much risk to take, allocates between stocks and safe assets, and builds a portfolio that reflects their beliefs. But in reality, observed portfolios tell only part of the story. Many investors who could invest in stocks simply do not, even when theory suggests they should. This paper ...