On the Optimality of Non-Optimal Portfolios

Accepted wisdom, assuming capital market equilibrium and low cash returns, advises investors to hold optimal portfolios containing little cash. But credit crunches - periods of non-price credit rationing when effective cash yields are very high - happen in the real world. Because of this, it is optimal to keep a much greater allocation in safe, liquid, short-term assets than suggested by standard practice

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Year of publication:	2009
Authors:	Rutledge, John
Publisher:	[2009]: [S.l.] : SSRN
Subject:	Portfolio-Management \| Portfolio selection \| Theorie \| Theory

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Extent:	1 Online-Ressource (6 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 10, 2009 erstellt
Other identifiers:	10.2139/ssrn.1521818 [DOI]
Classification:	A2 - Economics Education and Teaching of Economics ; A22 - Undergraduate ; A23 - Graduate ; E4 - Money and Interest Rates ; E43 - Determination of Interest Rates; Term Structure Interest Rates ; E44 - Financial Markets and the Macroeconomy ; G1 - General Financial Markets ; G11 - Portfolio Choice ; G12 - Asset Pricing
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013153212