What determines success on Wall Street? This study examined if genes affecting dopamine
levels of professional traders were associated with their career tenure. Sixty professional …

… Steven Sapra, CFA, is portfolio manager for domestic equities at Analytic Investors in Los
Angeles. Steven Thorley, CFA, is associate professor of finance at the Marriott School, Brigham …

The purpose of this paper is to catalog some of the important findings from the fields of
psychology and neurology, and to show potential implications for economics, with particular …

Both the cross-sectional dispersion of US stock returns and the VIX provide forecasts of
alpha dispersion across high-and low-performing portfolios of stocks that are statistically and …

The long-only constraint imposed in traditional portfolios is one of the more severe constraints
in terms of its impact on potential value-added, particularly for portfolios benchmarked to a …

In this article, the authors estimate a model establishing the casual relationships between
equity and government bond returns. They show that the relationship between stocks and …

We derive and interpret the main results of Modern Portfolio Theory and the Theory of Active
Portfolio Management from the perspective that, for active investors, the cross-sectional …

Long–short extension strategies, such as 130–30, allow portfolio managers to reduce the
implementation inefficiencies associated with the long-only constraint. Ample research using …

The illiquidity discount is the valuation discount investors apply to investments as
compensation for their lack of immediate marketability. The authors analyze the concept of the …

… Author’s Note: I would like to express my sincere gratitude to Steven Thorley of Brigham …
to Steve Sapra at 213-688-3015 (phone), 213.688.8856 (fax), or steve .sapra@gmail.com (e…