This study examines implied volatility from options on crude oil futures surrounding OPEC
meetings. Studies suggest that the implied volatility embedded in option prices should drift …

… Two co-authors have also been added to the mix, Stephen Horan and Thomas Robinson; …
Most readers are probably familiar with Stephen Horan, because he has been the manager …

Private wealth management is the investment management specialization focused on high-net-worth
individuals and families. Portfolio design and investment solutions in private wealth …

Asset allocation is profoundly influenced by at least two underappreciated concepts. First,
tax-deferred accounts—for example, 401(k)s—are like partnerships in which the investor owns …

Optimal withdrawal strategies are developed for retirees with multiple types of tax-advantaged
savings accounts. In an environment of progressive tax rates, the ability to convert pretax …

The authors examine the tax-aware investment practices of investment managers managing
taxable accounts. Their sample of mostly well-experienced CFA charter holders exhibits a …

Analyzing tax-efficient withdrawal policies, which is the focus of this paper, has attracted less
attention. This paper develops a model that focuses on the salient features of the tax code, …

In a typical soft dollar arrangement, a security broker provides an institutional portfolio
manager with credits to buy research from independent vendors in consideration for the …

On average investors have an income replacement rate of 64% of their pre-retirement income,
which in many cases results in a lower tax rate in retirement. We analyze the impact of …

Abstract Models developed in a pretax framework do not necessarily apply in an after-tax
framework, and this notion certainly applies to portfolio optimization. This article derives …