{"product_id":"153801170_product","title":"Haim Levy - Stocks, Bonds, And The Investment Horizon: Decision-making","description":"New Store Stock\u003cbr\u003e\u003cstrong\u003eAbout this Item\u003c\/strong\u003e\u003cbr\u003e\u003cbr\u003eThe item is a book Hardback\u003cbr\u003eThe Author Name is Haim Levy\u003cbr\u003eThe Title is Stocks, Bonds, And The Investment Horizon: Decision-making For The Long Run\u003cbr\u003e\u003cbr\u003eCondition New\u003cbr\u003e\u003cbr\u003eOther Comments\u003cbr\u003eNew Store Stock\u003cbr\u003eContent Language - English                       \r\u003cbr\u003eCategory - BUSINESS \u0026amp; ECONOMICS \/ Investments \u0026amp; Securities \/ Stocks\u003cbr\u003eBUSINESS \u0026amp; ECONOMICS \/ Investments \u0026amp; Securities \/ Bonds\u003cbr\u003eBUSINESS \u0026amp; ECONOMICS \/ Investments \u0026amp; Securities \/ General\u003cbr\u003e\u003cbr\u003e\u003cbr\u003eProduct Description -\u003cbr\u003eA century ago, life expectancy was roughly 40 years, hence all income could be consumed, as for most people, there was no need to save for retirement. Today, things have drastically changed: Life expectancy exceeds 80 years in many countries, and one should expect to live and consume many years after retirement. Thus, we have many investors with various investment horizons, where the length of the investment horizon becomes a crucial factor in determining the best investment diversification.This book analyzes the effect of the investment horizon on the optimal diversification, specifically between stocks and bonds: Should a young investor and an older investor have the same portfolio? Is it recommended to savers for retirement to change the asset allocation between stocks and bonds as they grow older, as life cycle mutual funds do in practice? Is the idiom 'stocks for the long run' backed by scientific evidence? We analyze for which horizons it is recommended to employ the popular Mean-Variance rule and for which horizons employing this rule induces an economic distortion, hence a loss to the investors.\r\n\r\n It is shown that all relevant parameters for investment choice (means, variances, and correlations) change in a non-linear way with the horizon, a fact that makes the investment horizon crucial for investment choices. Similarly, the popular Sharpe, Treynor, and Jensen performance indices vary with the assumed horizon even in the case of independence over time. To analyze all the above issues, we employ the Mean-Variance rule and Stochastic Dominance rules, as well as direct expected utility calculations.\u003cbr\u003e\u003cp\u003eWhen possible we will add details of the items we are selling to help buyers know what is included in the item for sale. The details are provided automatically from our central master database and can sometimes be wrong.\u003c\/p\u003e\n\n\u003cp\u003eBooks are released in many editions and variations, such as standard edition, re-issue, not for sale, promotional, special edition, limited edition, and many other editions and versions.  The Book you receive could be any of these editions or variations. If you are looking for a specific edition or version please contact us to verify what we are selling.\u003c\/p\u003e\n\n\u003cp\u003e \u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eGift Ideas\u003c\/strong\u003e\u003cbr\u003e\nThis is a great gift idea.\u003c\/p\u003e\n\n\u003cp\u003e \u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eHours of Service\u003c\/strong\u003e\u003cbr\u003e\nWe have many warehouses, some of the warehouses process orders seven days a week, but the Administration Support Staff are located at a head office location, outside of the warehouses, and typically work only Monday to Friday.\u003c\/p\u003e\n\u003cbr\u003eLocation ID 245z\u003cbr\u003e\u003cbr\u003eiHaveit SKU ID 174129211\u003cbr\u003e\u003cbr\u003eUnique Reference Number 2736235120\u003cbr\u003e\u003cbr\u003e","brand":"World Scientific Publishing Co Pte Ltd","offers":[{"title":"Default Title \/ unisex","offer_id":45328830267636,"sku":"174129211","price":119.21,"currency_code":"GBP","in_stock":true}],"url":"https:\/\/ihaveitmarketplace.com\/products\/153801170_product","provider":"iHaveit","version":"1.0","type":"link"}