Interesting Thesis on Black-Litterman

I periodically search the web looking for new and interesting papers focused on the Black-Litterman model, or asset allocation/portfolio optimization in general. I recently found
The Black-Litterman Model Hype or Improvement? by Anisa Salomons. It is an interesting work, in that it explores how to calibrate certain parameters such as τ and δ. She works a specific model using Fama and French type factor portfolios, and then uses factor based views generated by yet another model looking at some economic statistics. She reports results for different values of the parameters and draws. There is still work to be done, but this thesis is a nice contribution to the Black-Litterman model literature.