The Time Diversification Puzzle: Why Trustees Should Care
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Drew, ME
Walk, AN
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Abstract
For 50 years, the time diversification debate has sought to understand the essential relationship between risk and investment horizon with little resolution. The answer seems to depend in part on how one views risk. This paper seeks to show that while the time diversification puzzle remains unsolved, the debate itself provides timely food for thought for trustees in setting fund investment policy and for designing defaults, in particular.
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JASSA
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2013
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1
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© 2013 JASSA and the Authors. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
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Accounting, auditing and accountability
Banking, finance and investment
Finance