Index portfolio and welfare analysis under heterogeneous beliefs
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DOI: 10.1016/j.jbankfin.2016.11.001
Abstract: With a growing popularity of index funds, we adopt a differences-in-opinion, general equilibrium framework to examine theoretically whether investors are better off with an index portfolio than active investing. In contrary to the conventional view,… read more here.
Keywords: index portfolio; index; portfolio welfare; welfare analysis ... See more keywords