survey and interpret the large body of recent work that adapts traditional portfolio theory to answer, what should an … which investors either hedge or assume the additional, non-market, sources of priced risk; I survey the burgeoning … emphasize the risk-sharing nature of asset markets, I note the likelihood that many supposed anomalies will not last, and I …

Mean-variance portfolio theory can apply to the streams of payoffs such as dividends following an initial investment … an indexed perpetuity - the risk-free payoff - and a long-run mean-variance efficient payoff. "Long-run" moments sum over …

perspectives can rationalize some of investors' behaviors, suggest substantial revisions to standard portfolio theory, and help us … to apply portfolio theory in a way that is practically useful for investors …

term average. I turn to a detailed survey of economic theory, to see if models that summarize a vast amount of other … triumph in the end. Therefore, economic theory gives one reason to fear that average excess returns will not return to 8 …

consumption based model, and models based on interest rates plus a constant risk premium …