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Take this job and hedge it: human capital and portfolio theory

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  • Glenn Boyle

Abstract

Why do investment professionals consistently offer advice that differs in systematic ways from that implied by portfolio theory? Are advisers ignorant of theory, or do they implicitly understand the importance of features that theory ignores? Glenn Boyle summarises some recent ISCR research that takes up these questions - and looks at human capital as the missing link.

Suggested Citation

  • Glenn Boyle, 2005. "Take this job and hedge it: human capital and portfolio theory," Competition & Regulation Times 375404, New Zealand Institute for the Study of Competition and Regulation.
  • Handle: RePEc:vuw:vuwcrt:375404
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    File URL: https://ojs.victoria.ac.nz/crt/article/view/3754
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