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dc.contributor.authorBoyle, Glennen_NZ
dc.contributor.authorGuthrie, Graemeen_NZ
dc.date.available2011-04-07T03:19:03Z
dc.date.copyright2003-10-02en_NZ
dc.identifier.citationBoyle, G., & Guthrie, G. (2003, October 2). Human capital and popular investment advice. University of Otago Department of Finance Seminar Series. Presented at the University of Otago, Finance department, Seminar.en
dc.identifier.urihttp://hdl.handle.net/10523/1533
dc.description.abstractPopular investment advice recommends that the stock/bond and stock/wealth ratios should rise with investor risk tolerance and investment horizon respectively, prescriptions that are difficult to reconcile with standard models of portfolio choice. Canner et al (1997) point out that the first piece of advice can potentially be explained by human capital considerations, but only by exacerbating the puzzle surrounding the second piece of advice. However, we show that human capital can simultaneously justify both pieces of advice, so long as the correlation between human capital returns and stockmarket returns lies within a range that depends on market and investorspecific parameters. Historical data comfortably satisfy this requirement for the average investor.en_NZ
dc.format.mimetypeapplication/pdf
dc.relation.ispartofUniversity of Otago Department of Finance Seminar Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/finc/research/seminars_03.htmlen_NZ
dc.subjectstock/bond ratioen_NZ
dc.subjectstock/wealth ratioen_NZ
dc.subjectinvestor risk toleranceen_NZ
dc.subjectinvestment horizonen_NZ
dc.subjectmodels of portfolio choiceen_NZ
dc.subject.lcshHF Commerceen_NZ
dc.subject.lcshHF5601 Accountingen_NZ
dc.subject.lcshHG Financeen_NZ
dc.titleHuman capital and popular investment adviceen_NZ
dc.typeConference or Workshop Item (Seminar, Speech or Other Presentation)en_NZ
dc.description.versionUnpublisheden_NZ
otago.bitstream.pages16en_NZ
otago.date.accession2007-04-12en_NZ
otago.schoolFinanceen_NZ
otago.openaccessOpen
otago.place.publicationDunedin, New Zealanden_NZ
dc.identifier.eprints602en_NZ
dc.description.refereedNon Peer Revieweden_NZ
otago.school.eprintsFinance & Quantitative Analysisen_NZ
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otago.event.dates2 October 2003en_NZ
otago.event.placeCommerce 5.21, University of Otago, Dunedin, Otagoen_NZ
otago.event.typeotheren_NZ
otago.event.titleUniversity of Otago, Finance department, Seminaren_NZ
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