4 papers
Portfolio Selection with Costly Information Acquisition
Zongxia Liang, Shu Wang, Jianming Xia
We investigate joint optimization on information acquisition and portfolio selection within a Bayesian adaptive framework. The investor dynamically controls the precision of a priv…
Decentralized Annuity: A Quest for the Holy Grail of Lifetime Financial Security
Feng Runhuan, Liang Zongxia, Song Yilun
This paper presents a novel framework for decentralized annuities, aiming to address the limitations of traditional pension systems such as defined contribution (DC) and defined be…
Optimal information acquisition for eliminating estimation risk
Zongxia Liang, Qi Ye
This paper diverges from previous literature by considering the utility maximization problem in the context of investors having the freedom to actively acquire additional informati…
Despite Absolute Information Advantages, All Investors Incur Welfare Loss
Zongxia Liang, Qi Ye
This paper delves into financial markets that incorporate a novel form of heterogeneity among investors, specifically in terms of their beliefs regarding the reliability of signals…