Publications Database

Welcome to the new Schulich Peer-Reviewed Publication Database!

The database is currently in beta-testing and will be updated with more features as time goes on. In the meantime, stakeholders are free to explore our faculty’s numerous works. The left-hand panel affords the ability to search by the following:

  • Faculty Member’s Name;
  • Area of Expertise;
  • Whether the Publication is Open-Access (free for public download);
  • Journal Name; and
  • Date Range.

At present, the database covers publications from 2012 to 2020, but will extend further back in the future. In addition to listing publications, the database includes two types of impact metrics: Altmetrics and Plum. The database will be updated annually with most recent publications from our faculty.

If you have any questions or input, please don’t hesitate to get in touch.

 

Search Results

Milevsky, M. (2014). "Portfolio Choice and Longevity Risk in the Late 17th Century: A Re-Examination of the First English Tontine", Financial History Review, 21(3), 225-258.

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Keywords
Abstract Tontines and life annuities both insure against longevity risk by guaranteeing (pension) income for life. The optimal choice between these two mortality-contingent claims depends on personal preferences for consumption and risk. And, while pure tontines are unavailable in the twenty-first century, the first longevity-contingent claim (and debt) issued by the English government in the late seventeenth century offered an option to select between the two. This paper analyzes financial and economic aspects of King William's 1693 tontine that have not received attention in the financial economic literature. In particular, I compare the stochastic present value (SPV) of the tontine vs. the life annuity and discuss characteristics of investors who selected one versus the other. Finally, I investigate whether the recorded 1693 tontine survival rates -- which are abnormally high relative to population mortality rates in the late 17th century -- should be attributed to anti-selection effects or perhaps to fraudulent behaviour. In sum, this paper is an empirical examination of annuitization decisions made by investors over three hundred years ago.