Description: This paper is concerned with the evaluation of the common portfolio management strategy which consists of delegating to different managers portions of the assets to be invested. This practice is shown to be close to optimal under the realistic assumption that the private signals of the financial experts are positively correlated. This is accomplished by comparing this multi-manager approach to an optimal investment policy derived under full information, within the context of a standard normal returns/exponential utility market timing model.

Description: This paper uses contingent claims analysis to evaluate portfolios of vulnerable private loan guarantees and investigate their risk diversification properties.

Description: This paper is on the ownership considerations in a new legal structure of a life insurance company.