"We analyze the equilibrium size of the active management industry and the role of historical data--how investors use it to decide how much to invest in the industry, and how researchers use it to judge whether the industry's size is reasonable. As the industry's size increases, every manager's...

This paper examines the impact of strategic asset allocation on total returns of investment portfolios. It aims to confirm the results of previous studies using US investment data that found strategic asset allocation dominating the other investment decisions namely market timing and security...

Perold and Sharpe (1988) present four dynamic strategies which combine investment in stocks with investment in Treasury bills to reduce the risk of equity portfolios. This study uses empirical resampling (historical simulation) to examine the risk and ending wealth of three of these strategies...