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Decisions, Stocks, and Time Diversification

Dennis W. McLeavey

CFA Institute; University of Rhode Island College of Business Administration

Sebastien Lleo

NEOMA Business School

July 22, 2013

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 it.

Number of Pages in PDF File: 21

Keywords: asset management, time diversification, decision theory, decision quality

JEL Classification: G11, G02

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Date posted: November 9, 2012 ; Last revised: July 22, 2013

Suggested Citation

McLeavey, Dennis W. and Lleo, Sebastien, Decisions, Stocks, and Time Diversification (July 22, 2013). Available at SSRN: http://ssrn.com/abstract=2172483 or http://dx.doi.org/10.2139/ssrn.2172483

Contact Information

Dennis W. McLeavey
CFA Institute ( email )
915 East High Street
Charlottesville, VA 22902
United States
University of Rhode Island College of Business Administration ( email )
Kingston, RI 02881
United States
Sebastien Lleo (Contact Author)
NEOMA Business School ( email )
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References:  42
Footnotes:  3

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