This fully updated third edition is devoted to the analysis of various Stochastic Dominance
(SD) decision rules. It discusses the pros and cons of each of the alternate SD rules, the …

We establish general conditions under which younger investors should invest a larger
proportion of their wealth in risky assets than older ones. In the finite horizon dynamic …

ABSTRACT Since Samuelson's (1969) theoretical proof that risk and time are unrelated, a
half century of debate and controversy has ensued, leaving time diversification as one of the …

The impact of the time horizon upon the risk of equity investments is still a controversial
issue. In this paper, we analyse long-term risk in a portfolio insurance framework based on …

The issue of time diversification has been controversial. While some findings support time
diversification, others do not. For example, Hodges, Taylor and Yoder (1997) find bonds …

What is the relationship between risk and investment horizon? Since Samuelson's (1969)
theoretical proof that risk and time are unrelated, a half century of debate and controversy …

This paper adapts the CAPM to a context in which agents have various horizons for their
investments. The model points out the normally increasing slope of the term structure of …

Die Frage, wie das Risiko einer Investition durch den Anlagehorizont beeinflusst wird, ist
insbesondere im Rahmen von Altersvorsorgeentscheidungen von zentraler Bedeutung. In …

Rozmach opčních trhů v průběhu posledních dvou desetiletí ukazuje na jejich důležité místo
v struktuře finančních trhů zemí s vyspělou ekonomikou. Snížení rizika investorů, snažší …

2.1 Introduction 2.2 Investment Criteria a) The Maximum Return Criterion (MRC) b) The
Maximum Expected Return Criterion (MERC) 2.3 The Axioms and Proof of the Maximum …