Investment Flexibility and the Acceptance of Risk

Christian Gollier (), J. Lindsey and Richard Zeckhauser

Working Papers from Toulouse - GREMAQ

Abstract: The hypothesis examined in this paper is that the greater the investor's flexibility, the easier it is for him to change his portfolio depending on his results, the more willing he will be to accept risks. When the investor has no control on the size of the risky investment, but can choose between one risky and one riskless asset, this conjecture is shown to be correct.

Keywords: FINANCIAL; MARKET (search for similar items in EconPapers)
JEL-codes: G11 (search for similar items in EconPapers)
Pages: 21 pages
Date: 1996
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Citations: View citations in EconPapers (1)

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Journal Article: Investment Flexibility and the Acceptance of Risk (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:gremaq:96.421

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