understanding risk and return - harvard university

49
Understanding Risk and Return The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Campbell, John Y. 1996. Understanding risk and return. Journal of Political Economy 104, no. 2: 298-345. Published Version http://dx.doi.org/10.1086/262026 Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:3153293 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA

Upload: others

Post on 10-Dec-2021

4 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Understanding Risk and Return - Harvard University

Understanding Risk and ReturnThe Harvard community has made this

article openly available. Please share howthis access benefits you. Your story matters

Citation Campbell, John Y. 1996. Understanding risk and return. Journal ofPolitical Economy 104, no. 2: 298-345.

Published Version http://dx.doi.org/10.1086/262026

Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:3153293

Terms of Use This article was downloaded from Harvard University’s DASHrepository, and is made available under the terms and conditionsapplicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA

Page 2: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 3: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 4: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 5: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 6: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 7: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 8: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 9: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 10: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 11: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 12: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 13: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 14: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 15: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 16: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 17: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 18: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 19: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 20: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 21: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 22: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 23: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 24: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 25: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 26: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 27: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 28: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 29: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 30: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 31: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 32: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 33: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 34: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 35: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 36: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 37: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 38: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 39: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 40: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 41: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 42: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 43: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 44: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 45: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 46: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 47: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 48: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.

Page 49: Understanding Risk and Return - Harvard University

Copyright © 1996. All rights reserved.