The Rationality of Asset Allocation Recommendations

Edwin J. Elton and Martin J. Gruber
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Edwin J. Elton: New York University, Department of Finance, 44 W 4th St, New York, NY 10012, USA
Martin J. Gruber: New York University, Department of Finance, 44 W 4th St, New York, NY 10012, USA

Chapter 19 in Investments and Portfolio Performance, 2010, pp 381-395 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe popular finance literature describes the asset allocation decision as one of the most important factors in determining investment performance. This article reviews the implications of modern portfolio theory for the asset allocation decision and then examines the recommendations of some leading financial experts to see if they are consistent with theory.

Keywords: Investments; Portfolio Management; Bond Pricing; Pension Funds; Estimating Taxes (search for similar items in EconPapers)
Date: 2010
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