Concepts, Theory, and Techniques ON THE USE OF THE GEOMETRIC MEAN IN LONG‐TERM INVESTMENT
从统计理论角度讨论了几何平均在持有期收益率中的应用，将其视为收益率概率分布的参数，并评估了样本几何平均作为估计量的分布性质，对长期投资中最大化几何平均有指导意义。
ABSTRACT Application of the geometric mean to holding‐period returns is discussed from a statistical theory standpoint. The population geometric mean is considered a parameter of the probability distribution of returns its relationship to moments of the distribution is discussed. The sample geometric mean and its relation to sample moments is assessed through its sampling distribution it is viewed as an estimator of the population geometric mean. For application to long‐term investment where a geometric mean is maximized, the distributional properties of the geometric mean should be used. The terms statistic, approximation, and parameter are differentiated.