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Private equity performance is commonly evaluated using measures such as internal rates of return, cash multiples, and public market equivalents. But these measures do not necessarily answer the question that matters most to an institutional investor:
Did private equity improve this investor’s portfolio after accounting for the risks it already carried?
A high p...
Financial inclusion is often framed as an access problem. If people can simply open a bank account, download a mobile payment app, or receive digital payments, better financial outcomes should naturally follow. But opening an account is only the first step. Many new users lack confidence in using financial technology. They worry about making mistakes, paying hidden fees, or b...
In September 2017, Alpha Architect published VIX and Trend-Following, the Killer Combo?, an empirical examination of whether volatility information could improve a traditional trend-following allocation model. The central idea was intuitive: market vo...
Large language models can generate investment recommendations instantly. They can process client profiles, summarize market conditions, and produce polished rationales that sound personalized. But there is an important question underneath the fluency. Are these systems actually integrating the full client profile when they make decisions? This paper introduces a troubling pos...
Behavioral finance research has established that investors dislike negative skewness because it exposes them to rare but severe losses, while they embrace positive skewness because it offers the chance of occasional outsized gains — the lottery-like appeal that persists even when expected payoffs are modest. In behavioral models, this preference for positively skewed assets b...