Investing for the long run when returns are predictable：（投资长期的回报是可以预测的）.pdfVIP

THE JOURNAL OF FINANCE • VOL. LV, NO. 1 • FEBRUARY 2000 Investing for the Long Run when Returns Are Predictable NICHOLAS BARBERIS* ABSTRACT We examine how the evidence of predictability in asset returns affects optimal portfolio choice for investors with long horizons. Particular attention is paid to estimation risk, or uncertainty about the true values of model parameters. We find that even after incorporating parameter unc