An Asset Allocation Puzzle
收藏NBER1994-09-01 更新2025-01-04 收录
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https://www.nber.org/papers/w4857
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资源简介：
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
提供机构：
美国国家经济研究局创建时间：
1994-09-01
