This paper presents three definitions of time diversification and analyzes their implications for investment horizons …. Using decision quality criteria and methodology, we question standard advice. In analyzing time diversification with a … minimum of assumptions, we answer two main questions: how to rigorously define time diversification and what conditions favor …

methodology to the 1/N naive diversification strategy, standard shrinkage procedures, and alternative factor model estimation. We …

I study the asset pricing implications of cumulative prospect theory on portfolio discounts. I extend Barberis and … Huang (2008) and show that a portfolio consisting of lottery-like stocks should trade at a discount due to diversification … mergers and acquisitions, and conglomerate discounts. My findings support cumulative prospect theory from an alternative …

We introduce a new discounted cash flow model which integrates the diversification effect of multi-business firms. We … face two challenges. One is examining how different degrees of diversification can affect firm value due to risk reduction … explicitly into account. A high level of corporate diversification caused by a low dependence between the firm's business …

diversification advantages offered by equity market of Pakistan through comparing its performance to performances in other markets and … cost as liquidity measures. Findings - Pakistan's equity offers substantial diversification benefits if added to developed …