Skewness and Investors' Decisions

Jack Clark Francis

Journal of Financial and Quantitative Analysis, 1975, vol. 10, issue 1, 163-172

Abstract: It has been suggested by many [1, 2, 5, 6, 7, 10 and more] and denied by few that, ceteris paribus, a well-informed risk-averse investor should prefer investments which have positively skewed distributions of rates of return. Passing over the models which underlie such assertions, the question is addressed empirically here. Do (as opposed to “should”) investors prefer investments that are positively skewed, ceteris paribus?

Date: 1975
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