Stochastic Dominance and the Investment Horizon With Riskless Assets
分析投资组合的有效集与持有期限的关系，允许投资者持有风险资产和无风险资产，发现每期随机优势可推广至多期情形，且无风险利率变动不影响结论。
This paper analyses the relationship between the efficient sets of investment portfolios and the investment holding period. Investors are allowed to hold risky assets as well as the riskless asset. The main result is that dominance in each period implies dominance in the multiperiod case. This finding holds with respect to first, second and third degree stochastic dominance. The riskless interest rate may vary from one period to another without changing the results of this paper.