haku: @author Weil, D. / yhteensä: 4
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| Tekijä: | Canner, N. Mankiw, N. Weil, D. |
| Otsikko: | An asset allocation puzzle |
| Lehti: | American Economic Review
1997 : MAR, VOL. 87:1, p. 181-191 |
| Asiasana: | ECONOMICS ASSETS ALLOCATION |
| Kieli: | eng |
| Tiivistelmä: | This paper examines popular advice on portfolio allocation among cash, bonds, and stocks. It documents that this advice is inconsistent with the mutual-fund separation theorem, which states that all investors should hold the same composition of risky assets. In contrast to the theorem, popular advisors recommend that aggressive investors hold a lower ratio of bonds to stocks than conservative investors. The paper explores various possible explanations of this puzzle and finds them unsatisfactory. |
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