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Primary Article

Optimal Portfolios for Regular Investments

Sandip Mukherji
The Journal of Investing Winter 2006, 15 (4) 79-87; DOI: https://doi.org/10.3905/joi.2006.669104
Sandip Mukherji
A professor of finance at Howard University in Washington, DC.
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  • For correspondence: smukherji@howard.edu
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Abstract

This study fills a gap in the time diversification literature by determining optimal allocations for regular monthly investments that minimize downside deviations below different real targets for various investment periods. The results show that the stock allocations of optimal portfolios increase with the target return as well as with the investment period. For a high target return over a long period, the optimal portfolio is entirely invested in stocks. However, unlike optimal portfolios for one-time investments, the stock allocations of optimal portfolios for regular investments over long periods consist mainly of large company stocks rather than small company stocks.

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The Journal of Investing
Vol. 15, Issue 4
Winter 2006
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Optimal Portfolios for Regular Investments
Sandip Mukherji
The Journal of Investing Nov 2006, 15 (4) 79-87; DOI: 10.3905/joi.2006.669104

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Optimal Portfolios for Regular Investments
Sandip Mukherji
The Journal of Investing Nov 2006, 15 (4) 79-87; DOI: 10.3905/joi.2006.669104
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