Investment Flexibility and the Acceptance of Risk
The hypothesis examined in this paper is that the greater the investor's flexibility, the easier it is for him to change his portfolio depending on his results, the more willing he will be to accept risks. When the investor has no control on the size of the risky investment, but can choose between one risky and one riskless asset, this conjecture is shown to be correct.
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|Date of creation:||1996|
|Date of revision:|
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