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Perspective

Holy Cow the Rangers are Worse than the Cubs!

Cliff Asness delves into numbers and probabilities to determine the biggest loser: the Rangers (for not winning the Stanley Cup between 1940 and 1994) or the Cubs (for failing to win the World Series between 1908 and 2015).

Perspective

Perhaps the Most Important Essay I Will Ever Co-Author

We model when a hockey coach should pull the goalie when trailing and then discuss how our results relate to key lessons for portfolio and risk management, and business in general.

Chief Investment Quarterly

Who Knew Annuities Could Be So Exciting?!

The debate over annuities in Defined Contribution (DC) plans is so boring that it’s a bipartisan issue. But, their impact on retiree consumption is actually pretty exciting.

Alternative Thinking

Bad Habits and Good Practices

Good investing requires good investments and good investors. We discuss the latter and address bad habits that can affect long-term performance.

Book

Scorecasting: The Hidden Influences Behind How Sports Are Played and Games Are Won

Tobias Moskowitz teams up with Sports Illustrated writer L. Jon Wertheim, to overturn some of the most cherished truisms of sports. They reveal the hidden forces that shape how basketball, baseball, football, and hockey games are played, won and lost.

Journal Article

The Interdependent and Intertemporal Nature of Financial Decisions

Typically, corporate investment, distribution and financing polices are examined in isolation using a static single-equation methodology.

Journal Article

The Pitfalls of Leveraged and Inverse ETFs

As market volatility reaches historic highs, investors have responded in various ways, including investing in funds that aim to deliver returns that are either a positive or inverse multiple of a stated index.

Journal Article

A Historical Perspective on Time-Varying Expected Returns

Investors naturally think about the expected returns of bonds based on their market yields, thus assuming time-varying expected returns.

Journal Article

Bad Habits and Good Practices

This article focuses on the habits that may hinder long-term investment performance: multiyear return chasing, under-diversification and comfort seeking.

Working Paper

When Is Bargaining Successful? Negotiated Division of Tournament Prizes

High-stakes poker players often negotiate the distribution among a small number of finalists rather than playing through until only one player remains. We find that this setting is ideal for studying bargaining—this paper documents our findings.