私人财富管理研究述评与展望
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外国经济与管理 2014 年 第 36 卷第 08 期, 页码：73 - 81
摘要
参考文献
摘要
财富规模的迅速膨胀,投资更加多元化和直接化,监管部门的逐步退出,标志着中国大财富管理时代的来临,面向高净值客户的私人财富管理成为国内研究的热点问题。本文在系统梳理国外相关研究文献的基础上,首先从空间和时间两个维度介绍了私人财富管理相关研究的两大理论基础——资产配置理论和生命周期理论,然后分别从这两个维度对私人财富管理的相关研究文献进行了系统归纳,最后结合中国现有财富管理研究中的不足对我国未来私人财富管理的研究进行了展望。
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1林采宜、吴齐华、段丽媛:“中国财富管理市场现状与发展趋势”。《上海证券报》2012年6月11日。
1林采宜:“财富管理业务现状”《中国金融40人论坛》,2012年4月20日。
[2]Arnott R D,et al.The management and mismanagement of taxable assets[J].Journal of Investing,2001,10(1):15-21.
[3]Bengen W P.Determining withdrawal rates using historical data[J].Journal of Financial Planning,1994,7(4):171-180.
[4]Bodie Z and Crane D B.Personal investing:advice,theory,andpractice[J].Financial Analysts Journal,1997,53(6):13-23.
[5]Brunel J L P.A new perspective on hedge funds and hedge fund allocations[R].In Investment Counseling for Private Clients V.Charlottesville,VA:Association for Investment Management and Research,2003a.
[6]Brunel J L P.Integrated wealth management:the new direction for portfolio managers[M].London:Euromoney Books,2006a.
[7]Brunel J L P.The role of alternative assets in tax-efficient portfolio construction[J].Journal of Private Portfolio Management,1999b,2(1):9-25.
[8]Chincarini L and Kim D.The advantages of tax-managed investing[J].Journal of Portfolio Management,2001,28(1):56-72.
[9]Constantinides G M.Optimal stock trading with personal taxes:Implications for prices and the abnormal January returns[J].Journal of Financial Economics,1984,13(1):65-89.
[10]Cooley P L,et al.Retirement savings:Choosing a withdrawal rate that is sustainable[J].AAII Journal,1998,20(2):16-21.
[11]Corriero T.The unique tax advantages of a timber investment[J].Journal of Wealth Management,2005,8(1):58-62.
[12]Dammon RM,et al.Optimal asset location and allocation with taxable and tax-deferred investing[J].Journal of Finance,2004,59(3):999-1037.
[13]DubilR.Investment averaging:A risk-reducing strategy[J].Journal of Wealth Management,2005,7(4):35-42.
[14]Dubil R.The risk and return of investment averaging:An option-theoretic approach[J].Financial Services Review,2004,13(4):267-283.
[15]Guyton J T.Decision rules and portfolio management for retirees:Is the“safe”initial withdrawal rate too safe?[J].Journal of Financial Planning,2004,17(10):54-62.
[16]Horan S M.Applying after-tax asset allocation[J].Journal of Wealth Management,2007b,10(2):84-93.
[17]Horan S M.Optimal withdrawal strategies for retirees with multiple savings accounts[J].Journal of Financial Planning,2006b,19(11):62-75.
[18]Horan S M.Tax-advantaged savings accounts and tax-efficient wealth accumulation[R].Charlottesville,VA:The Research Foundation of CFA Institute,2005.
[19]Horan S M.Withdrawal location with progressive tax rates[J].Financial Analysts Journal,2006a,62(6):77-87.
[20]Horvitz J E and Wilcox J W.Know when to hold,em and when to fold,em:The value of effective taxable investment management[J].Journal of Wealth Management,2003,6(2):35-59.
[21]Hu W Y and Scott S J.Behavioral obstacles in the annuity market[J].Financial Analysts Journal,2007,63(6):71-82.
[22]Ibbotson R G,et al.Lifetime financial advice:Human capital,asset allocation,and insurance[R].Charlottesville,VA:The Research Foundation of CFA Institute,2007.
[23]Ibbotson R G,et al.National savings rate guidelines for individuals[J].Journal of Financial Planning,2007,20(4):50-61.
[24]Jeffrey R H and Arnott D R.Is your alpha big enough to cover its taxes?[J].Journal of Portfolio Management,1993,19(3):15-25.
[25]Markowitz H.Portfolio selection[J].Journal of Finance,1952,7(1):77-91.
[26]Milevsky M A and Kyrychenko V.Portfolio choice with puts:Evidence from variable annuities[J].Financial Analysts Journal,2008,64(3):80-95.
[27]Milevsky M A.Illiquid asset allocation and policy weights:How far can they deviate?[J]Journal of Wealth Management,2004,7(3):27-34.
[28]Modigliani F and Brumberg R H.Utility analysis and the consumption function:An interpretation of cross-section data[M].Rutgers University Press,1954:388-436.
[29]Reichenstein W.After-tax asset allocation[J].Financial Analysts Journal,2006a,62(4):14-19.
[30]Reichenstein W.Asset allocation and asset location decisions revisited[J].Journal of Wealth Management,2001,vol.4(1):16-26.
[31]Reichenstein W.Calculating a family’s asset mix[J].Financial Services Review,1998,7(3):195-206.
[32]Reichenstein W.Implications of principal,risk,and returns sharing across savings vehicles[J].Financial Services Review,2007,16(1):1-17.
[33]Reichenstein W.Withdrawal strategies to make your nest egg last longer[J].AAII Journal,2006b,28(10):5-11.
[34]Scott J S.The longevity annuity:An annuity for everyone?[J].Financial Analysts Journal,2008,64(1):40-48.
[35]Shoven J B and Sialm C.Long run asset allocation for retirement savings[J].Journal of Private Portfolio Management,1998,1(2):13-26.
[36]Spitzer J J.Retirement withdrawals:An analysis of the benefits of periodic“midcourse”adjustments[J].Financial Services Review,2008,17(1):17-29.
[37]Stein D M and Narasimhan P.Of passive and active equity portfolios in the presence of taxes[J].Journal of Private Portfolio Management,1999,2(2):55-63.
[38]Stout R G and Mitchell J B.Dynamic retirement withdrawal planning[J].Financial Services Review,2006,15(2):117-131.
1林采宜、吴齐华、段丽媛:“中国财富管理市场现状与发展趋势”。《上海证券报》2012年6月11日。
1林采宜:“财富管理业务现状”《中国金融40人论坛》,2012年4月20日。
引用本文
李君平. 私人财富管理研究述评与展望[J]. 外国经济与管理, 2014, 36(8): 73–81.
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