Decisions, Stocks, and Time Diversification

D. McLeavey, Sébastien Lleo
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Abstract

This paper presents three definitions of time diversification and analyzes their implications for investment horizons. Using decision quality criteria and methodology, we question standard advice. In analyzing time diversification with a minimum of assumptions, we answer two main questions: how to rigorously define time diversification and what conditions favor it.
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决策、股票和时间分散
本文提出了时间分散投资的三种定义,并分析了它们对投资期限的影响。使用决策质量标准和方法,我们质疑标准建议。在用最少的假设分析时间分散时,我们回答了两个主要问题:如何严格定义时间分散以及什么条件有利于时间分散。
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