Title of article
Bonds versusstocks:Investors’ageandrisktaking
Author/Authors
TuranG.Bali، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
14
From page
817
To page
830
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
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846334
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