New research by Columbia University’s Andrew Ang, Dimitris Papanikolaou from Northwestern University, and Mark Westerfield from the University of Southern California, shows that illiquidity, modelled as the ability to trade only at randomly occurring discrete points in time, has large effects on policies and optimal asset allocation.
http://www.gsb.columbia.edu/faculty/aang/papers/APW-101024.pdf
Andrew Ang, Columbia University, Dimitris Papanikolaou, illiquidity effects on asset allocation, Mark Westerfield, University of Southern California
Singapore’s two largest asset owners, GIC and Temasek, see attractive opportunities in climate adaptation solutions – a relatively underfunded area compared to decarbonisation. The former has already made selective adaptation investments and said the opportunity set across public and private debt and equity could increase to $9 trillion by 2050.
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