{"title":"平均成本法和公允价值分散法","authors":"Thomas J. O'Brien, Christopher D. Piros","doi":"10.1002/cfp2.1182","DOIUrl":null,"url":null,"abstract":"<p>This study proposes a simple theoretical model to compare dollar cost averaging and buy-and-hold strategies for investors who perceive that equity's unobservable fair (intrinsic) value is symmetrically dispersed around the observable price. For reasonable model inputs, the study shows that if the fair value dispersion is relatively high, dollar cost averaging can be superior to a buy-and-hold strategy.</p>","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"7 2","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Dollar cost averaging and fair value dispersion\",\"authors\":\"Thomas J. O'Brien, Christopher D. Piros\",\"doi\":\"10.1002/cfp2.1182\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This study proposes a simple theoretical model to compare dollar cost averaging and buy-and-hold strategies for investors who perceive that equity's unobservable fair (intrinsic) value is symmetrically dispersed around the observable price. For reasonable model inputs, the study shows that if the fair value dispersion is relatively high, dollar cost averaging can be superior to a buy-and-hold strategy.</p>\",\"PeriodicalId\":100529,\"journal\":{\"name\":\"FINANCIAL PLANNING REVIEW\",\"volume\":\"7 2\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-03-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"FINANCIAL PLANNING REVIEW\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/cfp2.1182\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"FINANCIAL PLANNING REVIEW","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/cfp2.1182","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
This study proposes a simple theoretical model to compare dollar cost averaging and buy-and-hold strategies for investors who perceive that equity's unobservable fair (intrinsic) value is symmetrically dispersed around the observable price. For reasonable model inputs, the study shows that if the fair value dispersion is relatively high, dollar cost averaging can be superior to a buy-and-hold strategy.
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