Thomas J. O'Brien

University of Connecticut - Department of Finance

School of Business

2100 Hillside Road

Storrs, CT 06269

United States

SCHOLARLY PAPERS

43

DOWNLOADS
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24,303

SSRN CITATIONS
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SSRN RANKINGS

Top 21,464

in Total Papers Citations

44

CROSSREF CITATIONS

16

Scholarly Papers (43)

1.

Debt vs. Equity and Asymmetric Information: A Review

Number of pages: 51 Posted: 16 Apr 2002
Linda Schmid Klein, Thomas J. O'Brien and Stephen R. Peters
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance and Kansas State University - Department of Finance
Downloads 2,758 (9,185)
Citation 17

Abstract:

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structure, asymmetric information, pecking order hypothesis, timing hypothesis

2.

A Simple and Flexible DCF Valuation Formula

Number of pages: 9 Posted: 03 Nov 2003
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 2,263 (12,621)

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Valuation, growth opportunities

3.

Accounting Versus Economic Exposure to Currency Risk

Number of pages: 20 Posted: 15 Jan 1998
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,838 (17,516)
Citation 1

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4.

Risk Management and the Cost of Capital for Operating Assets

Journal of Applied Corporate Finance, Vol. 18 Iss. 4, Fall 2006, https://doi.org/10.1111/j.1745-6622.2006.00116.x
Number of pages: 14 Posted: 02 Mar 2023 Last Revised: 11 Apr 2023
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,505 (23,857)

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risk management, operating assets, risk capital, insurance, cost of capital, CAPMG31

Ex Ante Cost of Equity Estimates of S&P 500 Firms: The Choice between Global and Domestic CAPM

Financial Management 32(3), 2003, 51-66
Number of pages: 24 Posted: 04 Oct 2002 Last Revised: 10 Nov 2015
University of Virginia - Darden School of Business, University of Virginia - McIntire School of Commerce, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 1,486 (23,878)
Citation 12

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Ex Ante, Cost of Equity, CAPM

Ex Ante Cost of Equity Estimates of S&P 500 Firms: The Choice between Global and Domestic CAPM

Darden Business School Working Paper No. 02-09
Posted: 10 Jan 2005
University of Virginia - Darden School of Business, University of Virginia - McIntire School of Commerce, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance

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6.

The US Dollar Global CAPM and a Firm's Cost of Capital in Different Currencies

Number of pages: 31 Posted: 27 Mar 1999 Last Revised: 23 Oct 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,409 (26,320)
Citation 2

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7.

A Comparison of Cost of Equity Estimates of Local and Global CAPMs

The Financial Review, November 2001
Number of pages: 31 Posted: 21 Feb 2001 Last Revised: 23 Oct 2017
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 1,193 (33,591)
Citation 2

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cost of capital, CAPM, global

8.

Fama-French, CAPM, and Implied Cost of Equity

Journal of Economics and Business 101, January-February 2019, 73-85.
Number of pages: 36 Posted: 01 Dec 2012 Last Revised: 22 Jan 2020
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 997 (43,407)

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CAPM, Fama-French three-factor model, implied cost of equity, size factor, value factor, ex ante, geometric mean

9.

A User-Friendly Introduction to Property-Casualty Claim Reserves

Risk Management and Insurance Review, 2004, Vol. 7, No. 2, 177-187
Number of pages: 17 Posted: 16 Feb 2023 Last Revised: 12 Apr 2023
Joseph Calandro Jr. and Thomas J. O'Brien
Fordham University - Gabelli Center for Global Security Analysis and University of Connecticut - Department of Finance
Downloads 953 (46,157)

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Property and Casualty Insurance, Expected Loss Analysis, Loss Reserving

10.

Local, Global, and International CAPM: For Which Countries Does Model Choice Matter?

Journal of Investment Management, 2nd Quarter, 2020, University of Connecticut School of Business Research Paper No. 18-04
Number of pages: 36 Posted: 22 Aug 2017 Last Revised: 23 Jul 2020
University of New Haven, Northern Kentucky University - Department of Economics and Finance, University of Connecticut - Department of Finance and NOERR AG WPG StBG - Advisory Services
Downloads 903 (49,762)
Citation 1

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Discount rate, International CAPM, Global CAPM, Local CAPM, currency risk

11.

Capital Structure Swaps and Shareholder Wealth

Number of pages: 34 Posted: 10 Apr 2001
Thomas J. O'Brien, Linda Schmid Klein and James I. Hilliard
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance and Temple University - Department of Risk, Insurance & Healthcare Management
Downloads 778 (60,975)

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Debt/equity, swaps, mispricing, timing, intrinsic value

12.

Foreign Exchange and Cross-Border Valuation

Number of pages: 22 Posted: 10 Dec 2002 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 704 (69,454)

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International, investment, foreign exchange, valuation, equilibrium, interest rate parity

13.

A Currency Index Global Capital Asset Pricing Model

Number of pages: 23 Posted: 19 Apr 2001
Thomas J. O'Brien and Walter Dolde
University of Connecticut - Department of Finance and University of Connecticut - Department of Finance
Downloads 639 (78,523)

Abstract:

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International, Asset, Pricing

14.

Hurdle Rates for Overseas Projects

HANDBOOK OF FINANCE, Fabozzi, 2008
Number of pages: 27 Posted: 02 Jan 2007 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 539 (97,291)

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Overseas investment, operating beta, hurdle rate, cost of capital, country beta, political risk, sovereign credit default swap, foreign exchange, currency beta, beta unlevering

15.

International Production Location and 'Pro Forma' Financial Hedging of Exchange Rate Risk

Journal of Applied Corporate Finance, Fall, 1998
Number of pages: 25 Posted: 15 Feb 2023 Last Revised: 12 Apr 2023
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 520 (101,659)

Abstract:

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foreign exchange exposure, production location, competition

16.

Managerial Economics and Operating Beta

Managerial and Decision Economics, April 2011, 175-191
Number of pages: 42 Posted: 10 Apr 2005 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 485 (110,582)
Citation 1

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Operating beta, price elasticity, income elasticity, output elasticity, capital, labor, returns to scale, competition, industry concentration, operating leverage, CAPM

17.

Risk and Ex Ante Cost of Equity Estimates of Emerging Market Firms

Emerging Markets Review, Vol. 6, No. 2, 2005
Number of pages: 23 Posted: 04 Aug 2004 Last Revised: 12 Sep 2017
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 473 (113,898)
Citation 6

Abstract:

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Emerging markets, cost of equity, political risk

Foreign Exchange Exposure and Cost of Equity for US Companies: Local Versus Global CAPM

Journal of Applied Finance, No. 1, 2011
Number of pages: 24 Posted: 15 Nov 2009 Last Revised: 17 Apr 2018
Walter Dolde, Carmelo Giaccotto, Dev R. Mishra and Thomas J. O'Brien
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 428 (126,904)
Citation 4

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Global CAPM, Local CAPM, Cost of Equity, Foreign Exchange, Exposure

Foreign Exchange Exposure and Cost of Equity for US Companies: Local Versus Global CAPM

Journal of Applied Finance, Spring/Summer 2011, Volume 21, Issue 1, pp. 78-88
Posted: 08 Aug 2012
Walter Dolde, Carmelo Giaccotto, Dev R. Mishra and Thomas J. O'Brien
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance

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Foreign Exchange, CAPM, cost of equity

A Fresh Look at Cross-Border Valuation and FX Hedging Decisions

Journal of Applied Finance, No. 2, 2013
Number of pages: 30 Posted: 13 Nov 2012 Last Revised: 29 Aug 2018
Kirt C. Butler, Thomas J. O'Brien and Gwinyai Utete
Michigan State University, University of Connecticut - Department of Finance and affiliation not provided to SSRN
Downloads 264 (214,580)

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International, capital budgeting, foreign exchange rates, investments, valuation, hedging

A Fresh Look at Cross-Border Valuation and FX Hedging Decisions

Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 23, No. 2, 2013
Number of pages: 11 Posted: 06 Nov 2015
Kirt C. Butler, Thomas J. O'Brien and Gwinyai Utete
Michigan State University, University of Connecticut - Department of Finance and affiliation not provided to SSRN
Downloads 87 (540,931)

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20.

Should Managers Estimate Cost of Equity Using a Two-Factor International CAPM?

Managerial Finance, 38 (8), 2012
Number of pages: 33 Posted: 07 Jul 2010 Last Revised: 14 Nov 2012
Walter Dolde, Carmelo Giaccotto, Dev R. Mishra and Thomas J. O'Brien
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 345 (163,238)
Citation 1

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International CAPM, Global CAPM, Domestic CAPM, Cost of Equity, Currency Exposure

21.

Lease versus Buy Analyses: Clarifying the Impact of Tax and Borrowing Rates

Managerial Finance (2019), Vol 45, No. 5, 686-696; University of Connecticut School of Business Research Paper No. 18-26
Number of pages: 20 Posted: 16 Oct 2018 Last Revised: 23 May 2019
Jim Musumeci and Thomas J. O'Brien
Bentley University - Department of Finance and University of Connecticut - Department of Finance
Downloads 311 (182,216)
Citation 1

Abstract:

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leasing, taxes, borrowing rates

22.

Fundamentals of Corporate Currency Exposure

Journal of International Financial Markets, Institutions, and Money, Vol. 20, No. 3, pp. 310-321, July 2010
Number of pages: 29 Posted: 06 Apr 2008 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 304 (186,585)

Abstract:

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Currency, exposure, price elasticity, foreign exchange, exporter, importer, operating leverage

23.

Cross-Border Valuation Using the International CAPM and the Constant Perpetual Growth Model

Journal of Economics and Business; University of Connecticut School of Business Research Paper No. 20-08
Number of pages: 34 Posted: 07 Jul 2020 Last Revised: 31 Dec 2021
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 285 (199,719)

Abstract:

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cross-border valuation, exchange rates, currency risk premium, International CAPM

24.

Asset Pricing of Insurance Loss Liabilities: Some Examples

Number of pages: 39 Posted: 23 Dec 2003
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 285 (199,719)

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Insurance, loss liabilities, valuation, CAPM, Rubinstein-Leland model, hurdle rate

25.

Conditional Support for Dollar Cost Averaging if Equity has Momentum and Reversion

University of Connecticut School of Business Research Paper No. 20-19
Number of pages: 30 Posted: 14 Jun 2022 Last Revised: 25 Apr 2023
Thomas J. O'Brien and Christopher D Piros
University of Connecticut - Department of Finance and Independent
Downloads 268 (212,500)

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Dynamic allocation, momentum, reversion, buy-and-hold, constant-mix, dollar cost averaging

26.

Estimating Cost of Equity: Do You Need to Adjust for Foreign Exchange Risk?

Journal of International Financial Management and Accounting, February 2016
Number of pages: 29 Posted: 29 Sep 2013 Last Revised: 16 Feb 2016
Alain A. Krapl and Thomas J. O'Brien
Northern Kentucky University - Department of Economics and Finance and University of Connecticut - Department of Finance
Downloads 196 (286,396)

Abstract:

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Foreign exchange, currency, cost of equity, CAPM, International CAPM

27.

Foreign Exchange Exposure and Cost of Equity for US Companies: Local Versus Global CAPM

Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 21, No. 1, 2011
Number of pages: 9 Posted: 21 Nov 2015
Walter Dolde, Carmelo Giaccotto, Dev R. Mishra and Thomas J. O'Brien
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 194 (289,085)
Citation 1

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28.

Valuation and Hedging of Sports Futures Wagers

Journal of Prediction Markets, No. 1, 2017, 66-81
Number of pages: 25 Posted: 09 Jun 2016 Last Revised: 08 Feb 2018
Thomas J. O'Brien and Reinhold Lamb
University of Connecticut - Department of Finance and University of North Florida
Downloads 190 (294,590)

Abstract:

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valuation, hedging, sports betting, futures

29.

New Plant for Houston Marine Electronics: International Finance Case on International Capital Budgeting

Number of pages: 10 Posted: 12 Jul 2013 Last Revised: 29 Jun 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 186 (300,153)

Abstract:

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Foreign Exchange, International Capital Budgeting, Cost of Capital, Country Risk, Operational Hedging

30.

Direct versus Indirect Regression Estimates of Foreign Exchange Cash Flow Exposure

International Review of Financial Analysis, Vol. 37, 2015
Number of pages: 35 Posted: 25 Oct 2012 Last Revised: 08 Sep 2015
Alain A. Krapl and Thomas J. O'Brien
Northern Kentucky University - Department of Economics and Finance and University of Connecticut - Department of Finance
Downloads 185 (301,557)
Citation 2

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Foreign exchange, currency, FX exposure, cash flow, control variable

31.

The Adjusted Big Mac Methodology: A Clarification

Forthcoming, Journal of International Financial Management and Accounting
Number of pages: 21 Posted: 08 Sep 2015 Last Revised: 12 Sep 2017
Thomas J. O'Brien and Santiago Ruiz de Vargas
University of Connecticut - Department of Finance and NOERR AG WPG StBG - Advisory Services
Downloads 178 (312,081)

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Adjusted Big Mac Index, Currency, Foreign Exchange, Valuation, Purchasing Power Parity, Penn Effect, Balassa-Samuelson Effect

32.

The Firm-Specific Nature of Debt Tax Shields and Optimal Corporate Investment Decisions

Managerial Finance, 38 (2), 2012
Number of pages: 22 Posted: 27 Apr 2010 Last Revised: 14 Nov 2012
Assaf Eisdorfer and Thomas J. O'Brien
University of Connecticut - Department of Finance and University of Connecticut - Department of Finance
Downloads 155 (351,545)

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Cost of Capital, Capital Structure, Investment, WACC, Project

33.

Currency Denomination of Intercompany Debt and Multinational Taxes

Number of pages: 25 Posted: 22 May 2009 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 153 (355,408)

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currency denomination, foreign subsidiary, internal debt, taxes, multinational, foreign exchange

34.

Houston Marine Electronics: International Finance Case on FX Transaction Exposure

Number of pages: 9 Posted: 10 Jul 2013 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 140 (381,478)

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Foreign Exchange, International Parity Conditions, Forward FX Contracts, Hedging, FX Transaction Exposure

35.

A Comparison of FX Exposure Estimates with Different Control Variables

Applied Financial Economics, Vol. 24, No. 6, 2014
Number of pages: 22 Posted: 03 May 2011 Last Revised: 17 Jun 2014
Alain A. Krapl and Thomas J. O'Brien
Northern Kentucky University - Department of Economics and Finance and University of Connecticut - Department of Finance
Downloads 138 (385,711)

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Foreign exchange, currency, full FX exposure, partial FX exposure, FX cash flow exposure

36.

Currency Indexes and Consistent Currency Misvaluation: Illustrations using Big Mac Data

Research in International Business and Finance, April 2019, 464-474
Number of pages: 26 Posted: 24 Apr 2016 Last Revised: 04 Apr 2019
Thomas J. O'Brien and Santiago Ruiz de Vargas
University of Connecticut - Department of Finance and NOERR AG WPG StBG - Advisory Services
Downloads 124 (418,909)

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Exchange rates; currency misvaluation; currency index; Big Mac

37.

Adventure & Recreation Technologies, Inc: International Finance Case on FX Operating Exposure

Number of pages: 12 Posted: 12 Jul 2013 Last Revised: 14 Mar 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 105 (473,748)

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Foreign Exchange, FX Operating Exposure, FX Equity Exposure, Foreign Currency Debt, Currency Swaps

38.

Horizon Effects That Are Larger than You Think: Dynamic Allocation with a Representative Investor

Journal of Investment Management, No. 2, 2017, 39-50, University of Connecticut School of Business Research Paper No. 19-07
Number of pages: 26 Posted: 09 Jul 2016 Last Revised: 24 Feb 2019
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 101 (486,710)

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dynamic asset allocation, mean reversion, horizon effect, momentum, representative investor, time diversification

39.

Applying Merton’s Valuation Adjustment for Incomplete Information...and Do You Need To?

Managerial Finance, January 2020, 109-199; University of Connecticut School of Business Research Paper No. 18-31
Number of pages: 23 Posted: 28 Sep 2018 Last Revised: 23 Jul 2020
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 79 (567,586)

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Valuation, Discount Rate, Incomplete Information, Idiosyncratic Risk, Shareholder Base

40.

Interactive Trilateral Foreign Exchange Exposure: Insights from Scenario Analysis

Managerial Finance, July 2019, 856-868
Number of pages: 28 Posted: 28 Feb 2014 Last Revised: 13 Aug 2019
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 70 (607,334)

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Exchange rate, FX exposure, financial hedging, interactive, multivariate regression

41.

Dollar Cost Averaging and Fair Value Dispersion

Financial Planning Review, forthcoming
Number of pages: 28 Posted: 20 Dec 2023 Last Revised: 27 Mar 2024
Thomas J. O'Brien and Christopher D Piros
University of Connecticut - Department of Finance and Independent
Downloads 46 (740,562)

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Dollar cost averaging, buy-and-hold, fair value dispersion, dynamic allocation

42.

Misvalued Currencies and the 'Local-Currency Approach' to Cross-Border Valuation

Number of pages: 27 Posted: 29 Feb 2024 Last Revised: 05 May 2024
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 43 (761,145)

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intrinsic valuation, home-currency approach, local-currency approach, foreign exchange (FX) rate, FX misvaluation, international CAPM (ICAPM)

43.

Buy-and-Hold and Constant-Mix May Be Better Allocation Strategies than You Think

The Journal of Portfolio Management, Multi-Asset Special Issue, 2020; DOI: https://doi.org/10.3905/jpm.2020.1.138
Posted: 17 Dec 2019 Last Revised: 30 May 2022
Thomas J. O'Brien
University of Connecticut - Department of Finance

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buy-and-hold; constant-mix; dynamic allocation; mean reversion; optimal reallocation