Title

EX‐ANTE EXPECTATIONS AND PORTFOLIO SELECTION

Abstract

This paper examines differences among investors who are relatively optimistic/pessimistic regarding the performance of the stock market in terms of portfolio composition and trading activity. Findings indicate that investors more pessimistic regarding the stock market are likely to: (1) channel their funds into leveraged and tax advantageous investments, and (2) trade less frequently on the stock market. Copyright © 1984, Wiley Blackwell. All rights reserved

Publication Title

Financial Review

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