Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/38778 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Passauer Diskussionspapiere - Betriebswirtschaftliche Reihe No. 12
Verlag: 
Universität Passau, Wirtschaftswissenschaftliche Fakultät, Passau
Zusammenfassung: 
Private 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.
Schlagwörter: 
excessive trading
insufficient diversification
learning
portfolio selection
time constraint
JEL: 
G11
G12
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
298.25 kB





Publikationen in EconStor sind urheberrechtlich geschützt.