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The case for index-fund investing
This paper updates the previous research with data through 2013 to explore the theory behind indexing and provide evidence to support its use.
Target-date funds: Looking beyond the glide path in 2014
This paper examines the key factors that determine a TDF's glide path, the impact of costs particularly in the decision making process, and the tactical flexibility that's permitted in some glide path construction that could affect stability.
Vanguard's principles for investing success
Vanguard's guidance for investors is centered on four core principles: Define clear goals, invest with balance and diversification, minimize cost, and stay disciplined over the long term. This updated paper explains the rationale and data behind these principles.
IRA Insights: Take it to the limit...one more time
In the newest installment of Vanguard's IRA Insights series, researchers found that more than half of Vanguard investors contributing to an IRA save the maximum amount allowable.
Putting a value on your value: Quantifying Vanguard Advisor's Alpha
Vanguard's Advisor's Alpha framework was created in 2001, and outlines how advisors can add value through relationship oriented services. Implementing this framework can add about three percent in net returns for clients.
Target-date fund adoption in 2013
This Vanguard research note examines the factors behind the growing popularity of TDFs and their impact on participant portfolios.
Behavioral effects and indexing in DC participant accounts 2004-2012
This paper examines the index exposure among participants in Vanguard-administered defined contribution (DC) plans, which rose sharply from 2004 through 2012.
IRA Insights: Are investors subjecting themselves to the procrastination penalty?
This is the second installment in the IRA Insights series.
IRA Insights: Do contribution deadlines lead to poor investment decisions?
This is the first installment in a new series called IRA Insights, where Vanguard researchers are sharing their findings.
An analysis of 'go-anywhere funds'
This paper takes up the performance evaluation challenge of flexible asset allocation funds, or go anywhere funds, by testing 5 distinct evaluation techniques over the period January 1998 through June 2013.
Vanguard's economic and investment outlook
This paper presents Vanguard's global perspectives on the future of growth, inflation, interest rates, and stock and bond returns over the next ten years.
Vanguard's approach to target-date funds
This revised paper provides an overview of Vanguard's methodology in designing its TDFs.
The active/passive decision in global bond funds
This paper extends the evaluation of active versus passive management to global bond funds.
Fearful of rising interest rates? Consider a more global bond portfolio
The low interest rate environment has caused some investors to favor other assets or sub asset classes over domestic bonds. This paper examines an alternative approach that is straightforward and very much under the control of investors everywhere.
Baby Boomers and Equity Returns: Will a Boom in Retirees Lead to a Bust in Equity Returns?
This paper examines conventional wisdom regarding the impact of the retirement of the baby boomer generation on equity returns. It identifies three key factors that contradict the presumption that aging baby boomers' investment behavior is likely to damage stock market returns going forward. As a result, the paper cautions investors against making significant changes to their strategic asset allocations.
A more dynamic approach to spending for investors in retirement
This paper reviews two of the most common portfolio spending strategies, and introduces a third strategy that is more dynamic. The conclusion is that while adopting an appropriate strategy is important, the key ingredient in a long-term spending plan is flexibility.
The joy of charitable giving: Strategies and opportunities
The tax benefits available through various charitable strategies can play a critical role in a potential donor's decision about which method to choose. This paper outlines some practical options for making significant gifts.
The outlook for emerging market stocks in a lower-growth world
This is an update to a previous paper. In the authors' words, just as high growth expectations don't imply markets will outperform, lower growth expectation don't imply they will underperform.
A primer on floating-rate bond funds
This is an update to an earlier paper. It reviews key characteristics of floating rate funds, and addresses the premise that they offer both principal protection and above average yields. The analysis concludes that floating rate funds minimize interest rate sensitivity, but require investors to incur significant credit risk.
Active bond-fund excess returns: Is it alpha...or beta?
This study contends that persistent, long-term bets on risk factors such as credit risk have accounted for the performance differences between active fixed income funds and their benchmarks.
Professionally managed allocations and the dispersion of participant portfolios
This paper discusses the growth of target-date funds and other professionally managed allocations, and how these strategies have improved diversification and reduced dispersion of portfolio returns.
Risk of loss: Should the prospect of rising rates push investors from high-quality bonds?
This update to a 2010 Vanguard research paper offers insights on the risk of higher interest rates to a broadly diversified bond portfolio.
Gift and estate planning: Opportunities abound
This paper reviews the potential opportunities for gifting under the newly enacted federal gift and estate tax rules.
The bumpy road to outperformance
This paper examines the fate of all actively managed U.S. domestic equity funds that existed in 1998. Only about six percent of them survived, outperformed, and never experienced three consecutive years of underperformance over the fifteen years through 2012.
Buying on the FACTS: Investors' choices between ETFs and mutual funds
In this new research paper, the authors find that the decision to buy ETFs is mostly driven by a set of factors they have dubbed the FACTS: familiarity, access, costs, trading flexibility, and stocks. The authors note that the familiarity effect is likely to keep ETF growth rates high, especially if current trends of broader commission-free ETF trading and lower expense ratios continue to attract new investors.
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