Growth maximization as a criterion for multiperiod portfolio selection implies zero consumption before the planning horizon. To allow for intermediate consumption in this paper growth maximization is generalized by the condition that the initial portfolio value follows a given growth pattern. It...

In multiperiod portfolio selection one faces the problem of choosing a proper multiperiod utility function, to determine the planning horizon and the number of future opportunities as well as the financial consequences of these opportunities. In this paper an alternative approach is proposed...

Besides risk and return, investors often are interested in choosing a portfolio such that the portfolio value is preserved. However, the traditional utility-maximizing approach generally fails to provide such a solution. As a different approach value preservation is formulated as an equilibrium...