Why stocks may disappoint
نویسندگان
چکیده
منابع مشابه
Why Stocks May Disappoint∗
We provide a formal treatment of both static and dynamic portfolio choice using the Disappointment Aversion preferences of Gul (1991), which imply asymmetric aversion to gains versus losses. Our dynamic formulation nests the standard CRRA asset allocation problem as a special case. Using realistic data generating processes, we find reasonable equity portfolio allocations for disappointment aver...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2005
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2004.03.009