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Decisions, Stocks, and Time Diversification


Dennis W. McLeavey


CFA Institute; University of Rhode Island College of Business Administration

Sebastien Lleo


Reims Management School (RMS)
November 7, 2012


Abstract:     
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: 18

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

JEL Classification: G11, G02

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Date posted: November 9, 2012 ; Last revised: November 26, 2012

Suggested Citation

McLeavey, Dennis W. and Lleo, Sebastien, Decisions, Stocks, and Time Diversification (November 7, 2012). 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 )
560 Ray C. Hunt Drive
Charlottesville, VA 22903
United States
University of Rhode Island College of Business Administration ( email )
Kingston, RI 02881
United States
Sebastien Lleo (Contact Author)
Reims Management School (RMS) ( email )
Reims
France
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