Asset returns and the investment choices of New Zealanders
This article introduces a new set of estimates of gross nominal returns since 1989 for a broad range of asset classes relevant to New Zealand investors. Risk and return characteristics of the assets are presented, and aggregate trends are discussed. However, many other factors may be relevant to the investment choices of New Zealanders. Investors are interested in realised rather than gross returns, directly determined by a range of factors including tax treatment and the impact of leverage. Attitudes to risk are a key determinant of investor behaviour, given that future returns are highly uncertain – providing grounds for portfolio diversification. Personal circumstances are also important and vary considerably between individuals.
Volume (Year): 75 (2012)
Issue (Month): (September)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- John H. Cochrane, 1999.
"Portfolio advice of a multifactor world,"
Federal Reserve Bank of Chicago, issue Q III, pages 59-78.
- John H. Cochrane, 1999. "Portfolio Advice for a Multifactor World," NBER Working Papers 7170, National Bureau of Economic Research, Inc.
- John H. Cochrane, 1999. "Portfolio Advice for a Multifactor World," CRSP working papers 491, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- John H. Cochrane, 2011. "Presidential Address: Discount Rates," Journal of Finance, American Finance Association, vol. 66(4), pages 1047-1108, 08.
- Paul Bloxham & Christopher Kent & Michael Robson, 2011.
"Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study,"
NBER Working Papers
16845, National Bureau of Economic Research, Inc.
- Paul Bloxham & Christopher Kent & Michael Robson, 2010. "Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study," RBA Research Discussion Papers rdp2010-06, Reserve Bank of Australia.
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