PARADOX OR AT LEAST VARIANCE FOUND - A COMMENT ON MEAN-VARIANCE APPROACHES TO RISK-RETURN RELATIONSHIPS IN STRATEGY - PARADOX LOST
成果类型：
Note
署名作者：
BROMILEY, P
刊物名称：
MANAGEMENT SCIENCE
ISSN/ISSBN：
0025-1909
DOI：
10.1287/mnsc.37.9.1206
发表日期：
1991
页码：
1206-1210
关键词：
摘要：
In general the problem is that the computed mean-variance relationship for a period of time cannot be identified in distinction to the effects of shifts in the relationship over time-without additional information or assumptions. Thus, using a mean-variance approach to risk-return relationships means that statements about the nature of the mean-variance association cannot be confirmed in a nontrival fashion within the empirical system nor generalized to any other time period-including subperiods.