The paper focuses on the impact of time horizon on risk and return, which usually is the object of discussions about “stock versus bond”. The aim of this paper is to investigate the transformation of risk and return when increasing the investment term, and to determine the impact of the...

This paper explores the relationship between self-declared risk aversion of private investors and their willingness to hold diversified portfolios of financial assets. The analysis is based on household survey data from the German Socioeconomic Panel (SOEP) that provides a reliable measure of...

Strategic asset allocation purposes and particularly the evaluation of new asset classes require a forward-looking approach. Philipp M. Becker investigates the attractiveness of microfinance investments for different investor categories. To integrate microfinance into an asset allocation...