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dc.contributor.authorDolzer, Arminen_US
dc.contributor.authorNietert, Bernharden_US
dc.date.accessioned2007-02-01en_US
dc.date.accessioned2010-08-16T12:05:07Z-
dc.date.available2010-08-16T12:05:07Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/38778-
dc.description.abstractPrivate investors have limited time available for learning about stocks as they need to divide their time between stock analysis and work. This paper analyzes the influence of learning constraintsin the form of time constraints on portfolio selection and derives both optimal portfolio holdings and time allocation. Under time constraints, rational private investors make portfolio choices similar to those ofi nvestors with bounded rationality, i.e., insufficient diversification and excessive trading. Thus, time constraints offer an alternative, fully rational explanation for these real-world investment phenomena, which have to date been interpreted primarily in the light of behavioral finance.en_US
dc.language.isoengen_US
dc.publisherUniv., Wirtschaftswiss. Fak. Passauen_US
dc.relation.ispartofseriesPassauer Diskussionspapiere, Betriebswirtschaftliche Reihe 12en_US
dc.subject.jelG11en_US
dc.subject.jelG12en_US
dc.subject.ddc330en_US
dc.subject.keywordexcessive tradingen_US
dc.subject.keywordinsufficient diversificationen_US
dc.subject.keywordlearningen_US
dc.subject.keywordportfolio selectionen_US
dc.subject.keywordtime constrainten_US
dc.titlePortfolio selection with time constraints and a rational explanation of insufficient diversification and excessive tradingen_US
dc.typeWorking Paperen_US
dc.identifier.ppn523683898en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:upadbr:12-
Appears in Collections:Passauer Diskussionspapiere, Betriebswirtschaftliche Reihe, Universität Passau

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