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Journal Article
Examining the Recent Shift in State and Local Pension Plans to Alternative Investments
Bi, Huixin; Herriford, Trenton (2017-09-30)
State and local pension plans have increasingly turned to alternative investments in recent years. The authors found that this shift appears to be across the board; underfunding only partially explains this shift. In addition, they found that switching to alternative investments does not necessarily increase the volatility of returns.
Macro Bulletin

Journal Article
Private equity industry: Southwest firms draw on regional expertise
Robinson, Kenneth J.; Musatov, Alex (2011-10)
Neiman Marcus, Harrah?s, Petco, J. Crew?these well-known names are among the holdings of companies owned or co-owned by private equity (PE) firms in the Federal Reserve?s Eleventh District. The region is home to more than 175 PE firms, including the world?s third-largest, Fort Worth-based TPG Capital.[1] Together, these entities have raised more than $109 billion over the past 10 years and sit on $31 billion pending investment. ; While the PE business model goes back to the times of early seafaring enterprises funded by limited private partners, its modern U.S. iteration dates back to the ...
Southwest Economy , Issue Q4 , Pages 10-13

Journal Article
The vanishing equity premium
Clement, Douglas (2001-06)
The Region , Volume 15 , Issue Jun , Pages 6-7

Working Paper
Evidence on the role of cash flow for investment
Gilchrist, Simon; Himmelberg, Charles P. (1993)
Finance and Economics Discussion Series , Paper 93-7

Working Paper
Market timing strategies that worked
Shen, Pu (2002)
In this paper, we present a few simple market-timing strategies that appear to outperform the "buy-and-hold" strategy, with real-time data from 1970 to 2000. Our focus is on spreads between the E/P ratio of the S&P 500 index and interest rates. Extremely low spreads, as compared to their historical ranges, appear to predict higher frequencies of subsequent market downturns in monthly data. We construct "horse races" between switching strategies based on extremely low spreads and the market index. Switching strategies call for investing in the stock market index unless spreads are lower ...
Research Working Paper , Paper RWP 02-01

Conference Paper
The structure, conduct, and regulation of the life insurance industry
Wright, Kenneth M. (1991)
Conference Series ; [Proceedings] , Volume 35 , Pages 73-116

Working Paper
Peer Pressure: Social Interaction and the Disposition Effect
Heimer, Rawley (2016-07-14)
Social interaction contributes to some traders? disposition effect. New data from an investment-specific social network linked to individual-level trading records builds evidence of this connection. To credibly estimate causal peer effects, I exploit the staggered entry of retail brokerages into partnerships with the social trading web platform and compare trader activity before and after exposure to these new social conditions. Access to the social network nearly doubles the magnitude of a trader?s disposition effect. Traders connected in the network develop correlated levels of the ...
Working Papers (Old Series) , Paper 1618

Working Paper
What is the U.S. gross investment in intangibles? (At least) one trillion dollars a year!
Nakamura, Leonard I. (2001)
This paper argues that the rate of intangible investment ? investment in the development and marketing of new products ? accelerated in the wake of the electronics revolution in the 1970s. The paper presents preliminary direct and indirect empirical evidence that US private firms currently invest at least $1 trillion annually in intangibles. This rate of investment roughly equals US gross investment in nonresidential tangible assets. It also suggests that the capital stock of intangibles in the US has an equilibrium market value of at least $5 trillion.
Working Papers , Paper 01-15

Report
Is lumpy investment relevant for the business cycle?
Thomas, Julia K. (2002)
Previous research has suggested that discrete and occasional plant-level capital adjustments have significant aggregate implications. In particular, it has been argued that changes in plants? willingness to invest in response to aggregate shocks can at times generate large movements in total investment demand. In this study, I re-assess these predictions in a general equilibrium environment. Specifically, assuming nonconvex costs of capital adjustment, I derive generalized (S,s) adjustment rules yielding lumpy plant-level investment within an otherwise standard equilibrium business cycle ...
Staff Report , Paper 302

Journal Article
Public pensions: the multiplier effect
Hoffer, Doug (2006-10)
Public pension funds can play a role not only in ensuring retirees? economic security, but also in promoting local economic-development goals. That?s why increasing numbers of elected officials and trustees are investigating ?economically targeted investment.?
Communities and Banking , Issue Fall , Pages 12-14

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