1.Discuss the estimation risk problem in mean-variance analysis and evaluate the usefulness of the proposed solutions.

2.Critically evaluate whether the use of conditioning information in mean-variance analysis leads to superior performance.

3.A number of studies document the poor performance of sample mean-variance portfolios, including DeMiguel, Garlappi and Uppal(2009).Kirby and Ostdiek(2012) argue that the performance of the sample mean-variance portfolio can be improved by setting the target expected excess returns to that of the 1/N strategy.Provide a critical analysis of the arguments of Kirby and Ostdiek(2012).

4.Does the use of constraints improve the performance of mean-variance strategies?

5.Kan and Wang(2011) argue that sample mean-variance portfolios can provide significant superior Jensen(1968) performance even where they have poor absolute performance.Using the arguments and evidence in Kan and Wang, evaluate the benefits of using the sample mean-variance portfolio for investors.

6.Discuss the uses of shrinkage approaches in mean-variance analysis.

7.Is there an empirical case for optimal diversification strategies?Discuss.

8.Discuss the role of portfolio constraints in reducing the estimation risk problem in mean-variance analysis.