• Corpus ID: 197789211

Fixed and Dynamic Asset Allocation in the Accumulation Phase

  title={Fixed and Dynamic Asset Allocation in the Accumulation Phase},
  author={Paul A. Hagelstein and Isabella Lackner and James M. Otto and Austin Perona and Robert Piziak},
  journal={Journal of Finance and Investment Analysis},
In this paper, we consider the historical real returns of fixed and dynamic allocation portfolios consisting of equities and short term bonds over thirty year time horizons, where fixed real contributions are made to the portfolios annually. In particular, we consider both the scenario where the investor annually rebalances a portfolio to a fixed ratio as well as the scenario where the investor’s annual contribution has a fixedratio but the portfolio is never subsequently rebalanced… 

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