An asset allocation puzzle

被引:15
|
作者
Canner, N
Mankiw, NG
Weil, DN
机构
[1] HARVARD UNIV,DEPT ECON,CAMBRIDGE,MA 02138
[2] BROWN UNIV,DEPT ECON,PROVIDENCE,RI 02912
来源
AMERICAN ECONOMIC REVIEW | 1997年 / 87卷 / 01期
关键词
D O I
暂无
中图分类号
F [经济];
学科分类号
02 ;
摘要
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.
引用
收藏
页码:181 / 191
页数:11
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