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Risks of Large Portfolios

The risk of a large portfolio is often estimated by substituting a good estimator of the volatility matrix. However, the accuracy of such a risk estimator is largely unknown. We study factor-based risk estimators under a large amount of assets, and introduce a high-confidence level upper bound (H-CL...

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Pubblicato in:J Econom
Autori principali: Fan, Jianqing, Liao, Yuan, Shi, Xiaofeng
Natura: Artigo
Lingua:Inglês
Pubblicazione: 2015
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Accesso online:https://ncbi.nlm.nih.gov/pmc/articles/PMC4504849/
https://ncbi.nlm.nih.gov/pubmed/26195851
https://ncbi.nlm.nih.govhttp://dx.doi.org/10.1016/j.jeconom.2015.02.015
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