My thesis is about the regime dependent asset allocation. One of the earliest works on this subject has been presented by Ang and Bekaert (2002) who treated an asset allocation problem with shifting regimes from the perspective of a US investor. They found that there regime- switching strategy dominates static strategies out-of-sample for a global all-equities portfolio, and that the model proposes to switch primarily to cash in a persistent high-volatile market.

I want some innovation to extend this field.

first of all, have you ever read such article? and do you think these field is good enough for PhD. Thesis?

and the second, What developments can be made in this area?

Third, is there any code in this area? I would prefer coding in MATLAB software.

Tanx