INSEAD Library

Includes bibliographical references and index

Digitized

Private Wealth Wealth Management in Practice Contents Foreword Introduction PART I: LIFE-CYCLE INVESTING CHAPTER 1 The Future of Retirement Planning Robert C. Merton Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):5-18. CHAPTER 2 Is Personal Finance a Science? Paul A. Samuelson Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):1-4. CHAPTER 3 Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance Roger G. Ibbotson; Moshe A. Milevsky; Peng Chen, CFA; and Kevin X. Zhu Reprinted from The Research Foundation of CFA Institute (April 2007). CHAPTER 4 The Theory of Optimal Life-Cycle Saving and Investing Zvi Bodie, Jonathan Treussard, and Paul Willen Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):19-37. CHAPTER 5 Is Conventional Financial Planning Good for Your Financial Health? Laurence J. Kotlikoff Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):55-71. CHAPTER 6 The Life Care Annuity Mark J. Warshawsky Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):103-106 ix 1 7 19 23 99 117 133 CHAPTER 7 The Longevity Annuity: An Annuity for Everyone? Jason S. Scott Reprinted from the Financial Analysts Journal (January/February 2008):40-48. CHAPTER 8 A Sustainable Spending Rate without Simulation Moshe A. Milevsky and Chris Robinson Reprinted from the Financial Analysts Journal (November/December 2005): 89-100. CHAPTER 9 Asset Allocation without Unobservable Parameters Michael Stutzer Reprinted from the Financial Analysts Journal (September/October 2004):38-51. PART II: INVESTMENT MANAGEMENT FOR TAXABLE PRIVATE CLIENTS CHAPTER 10 Investment Management for Taxable Private Investors Jarrod Wilcox, CFA; Jeffrey E. Horvitz; and Dan diBartolomeo Reprinted from The Research Foundation of CFA Institute (January 2006). CHAPTER 11 Core/Satellite Strategies for the High-Net-Worth Investor Clifford H. Quisenberry, CFA Reprinted from CFA Institute Conference Proceedings Quarterly (December 2006):38-45. CHAPTER 12 The Higher Equity Risk Premium Created by Taxation Martin L. Leibowitz Modified from the Financial Analysts Journal (September/October 2003):28-31. CHAPTER 13 Tax Deferral and Tax-Loss Harvesting Jeffrey E. Horvitz Reprinted from CFA Institute Conference Proceedings: Wealth Management (October 2005):24-30. CHAPTER 14 Tax Management, Loss Harvesting, and HIFO Accounting Andrew L. Berkin and Jia Ye Reprinted from the Financial Analysts Journal (July/August 2003):91-102. 137 151 169 191 299 311 317 327 CHAPTER 15 Investing with a Tax-Efficient Eye Robert N. Gordon Reprintedfrom CFA Institute Conference Proceedings: Wealth Management (October 2005):31-40. CHAPTER 16 Diversifying Concentrated Holdings Scott D. Welch Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients III (August 2001):30-35. CHAPTER 17 Hedging Low-Cost-Basis Stock Robert N. Gordon Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients III (August 2001):36-43. PART III: TAX-EFFICIENT WEALTH ACCUMULATION CHAPTER 18 Tax-Advantaged Savings Accounts and Tax-Efficient Wealth Accumulation Stephen M. Horan, CFA Reprinted from The Research Foundation of CFA Institute (June 2005). CHAPTER 19 After-Tax Asset Allocation William Reichenstein, CFA Reprinted from the Financial Analysts Journal (July/August 2006):14-19. CHAPTER 20 Withdrawal Location with Progressive Tax Rates Stephen M. Horan, CFA Reprintedfiom the Financial Analysts Journal 345 361 373 387 475 485 (November/December 2006):77-87. PART IV: AFTER-TAX PERFORMANCE MEASUREMENT CHAPTER 21 After-Tax Performance Evaluation James M. Poterba Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients II (August 2000):58-67. 507 CHAPTER 22 Taxable Benchmarks: The Complexity Increases Lee N. Price, CFA Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients III (August 2001):54-64. CHAPTER 23 Explaining After-Tax Mutual Fund Performance James D. Peterson; Paul A. Pietranico, CFA; Mark W. Riepe, CFA; and Fran Xu, CFA Reprinted from the Financial Analysts Journal (January/February 2002):75-86 About the Contributors Index 521 535 553 555