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Primary Article

Asset Allocation Decisions—Making the Choice Between Stocks and Bonds

Charles P. Jones and Jack W. Wilson
The Journal of Investing Spring 1999, 8 (1) 51-56; DOI: https://doi.org/10.3905/joi.1999.319385
Charles P. Jones
The Gill professor of finance in the department of business management at North Carolina State University. He teaches courses in investmens and risk management and is the author of , 6th edition. He holds a doctorate in Business Administration from the University of North Carolina at Chapel Hill.
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Jack W. Wilson
Professor of statistics and finance in the department of business management at North Carolina State University and head of the department. He teaches courses in statistics and investments. He holds a doctorate in economics from the University of Oklahoma.
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Abstract

Given renewed interest in bonds, this article considers asset allocation decisions in the context of realized returns for bonds and stocks. The study is based on new and improved data on bond returns covering long periods of time as well as calculations of the probabilities associated with stock bond returns. An analysis of these probabilities using inflation-adjusted returns suggests that the probability of earning sizable compound rates of return with bonds is not only small, but also declines over time. Therefore, despite recent strong performance by bonds, our results suggest investors should be cautious in making asset allocation decisions.

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Spring 1999
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Asset Allocation Decisions—Making the Choice Between Stocks and Bonds
Charles P. Jones, Jack W. Wilson
The Journal of Investing Feb 1999, 8 (1) 51-56; DOI: 10.3905/joi.1999.319385

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Asset Allocation Decisions—Making the Choice Between Stocks and Bonds
Charles P. Jones, Jack W. Wilson
The Journal of Investing Feb 1999, 8 (1) 51-56; DOI: 10.3905/joi.1999.319385
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