Herold, Ulf; Maurer, Raimond - Fachbereich Wirtschaftswissenschaft, Goethe … - 2008
position is the equity bias in a balanced fund that arises by consistently overweighting equities in tactical asset allocation … asset allocation should be based on the comparison of expected excess returns of an asset class to the equilibrium risk … complicate measuring managers’ skill. The paper also develops normative implications for active portfolio management. Tactical …