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| Author: | Tippett, M. |
| Title: | Estimating returns of financial instruments: time versus money-weighted returns |
| Journal: | Journal of Business Finance and Accounting
1994 : JUL, VOL. 21:5, p. 729-737 |
| Index terms: | ESTIMATION TIME FINANCIAL PERFORMANCE |
| Language: | eng |
| Abstract: | The present paper addresses the problem of estimating returns on financial instruments when there is incomplete information about the instrument's cash flows. Two return metrics are analyzed; namely, the money-weighted return and the time-weighted return. Returns are usually reported in the financial media on a money-weighted basis. However, there is increasing evidence that returns measured on a time-weighted basis are more appropriate for the evaluation of financial performance. |
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