Author:
Appelbaum Elie,Katz Eliakim
Abstract
In this paper we consider the effects of certain capital market imperfections on portfolio choice problems. We show that as a result of these imperfections, the distribution functions of rates of return may depend on portfolio allocation, thus leading to non‐convexities and consequently to patterns of specialisation rather than diversification.
Subject
General Economics, Econometrics and Finance
Cited by
1 articles.
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1. Index Models and Land Allocation Reconsidered;Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie;1997-11