Über kurz oder lang - Spielt der Anlagehorizont eine berechtigte Rolle bei der Beurteilung von Investments?
Eva Brit Kramer () and
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Eva Brit Kramer: Sonderforschungsbereich 504, Postal: L 13, 15, D-68131 Mannheim
No 99-72, Sonderforschungsbereich 504 Publications from Sonderforschungsbereich 504, Universität Mannheim, Sonderforschungsbereich 504, University of Mannheim
There is no commonly, by investment advisors as well as theorists accepted answer to the question, whether the risky fraction of an investor's portfolio should depend on his time horizon. For this reason we try to define the decision problem in its most general way and gradually reduce it by stating possible decision points, investment alternatives, utility functions, yield processes, construction of wealth and available information so that it can be solved analytically for each possible scenario. By showing in which of these cases a person with a longer time horizon should invest in risky alternatives more, less or equal to a person with a shorter horizon, this paper gives an overview over the existing literature, at the same time combining the different approaches and differing investment advises in a unique model.
Note: Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged, as well as helpful comments from the members of the Behavioral Finance Group (http://www.behavioral-finance.de).
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