Title of article :
Bonds versusstocks:Investors’ageandrisktaking
Author/Authors :
TuranG.Bali، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Abstract :
It hasbecomeincreasinglypopulartoadviseinvestorstorelocatetheirfundsfroma
primarilystockportfoliotoaprimarilybondportfolioastheygetolder.However,the
well-known decisionrulessuchasmean–varianceorstochasticdominancerulesare
unable toexplainthiscommonpractice.Almoststochasticdominance(ASD)andalmost
mean–variance (AMV)approachesareusedtoexaminethedominanceofstockand
bond portfolios.ASDandAMVrulesunambiguouslysupportthepopularpracticeof
advisinghigherstocktobondratioforlonginvestmenthorizons.Hence,weprovidean
explanationtothepractitioners’recommendationwithintheexpectedutilityparadigm
Keywords :
Asset allocationLife-cyclefundsAlmost stochasticdominanceAlmost mean–variance
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
