Target date funds (TDFs) are designed to provide unsophisticated or inattentive investors
with age‐appropriate exposures to different asset classes like stocks and bonds. The rise of …

We study the role of risk preferences and frictions in portfolio choice, using variation in the
default asset allocation of 401 (k) plans. We estimate that, absent participation frictions, 94 …

This paper documents the share of investable wealth that middle-class US investors hold in
the stock market over their working lives. This share rises modestly early in life and falls …

Individuals invest in Environmental-Social-Governance (ESG)-assets not only because of
(higher) expected returns but also driven by ethical and social considerations. Less is known …

This paper proposes a global algorithm to solve a large class of nonlinear continuous-time
models in finance and economics. Using tools from machine learning, I recast problem of …

We develop an algorithm for solving a large class of nonlinear high-dimensional continuous-
time models in finance. We approximate value and policy functions using deep learning and …

Target date funds (TDFs) provide retirement investors, many of whom are unsophisticated or
inattentive, with age-appropriate exposures to different asset classes like stocks and bonds …

We propose a data-driven Neural Network (NN) optimization framework to determine the
optimal multi-period dynamic asset allocation strategy for outperforming a general stochastic …

We propose that institutional investors' portfolio rebalancing across asset classes
contributes to the stock market's puzzlingly large response to monetary shocks. We identify …

This paper quantifies the general equilibrium effects of financial innovation that increases
access to equity markets. I study an overlapping generations model with both idiosyncratic …