Individual Investors and Portfolio Diversification in Late Victorian Britain: How Diversified Were Victorian Financial Portfolios?
研究了19世纪下半叶英格兰和威尔士维多利亚时代投资者的金融投资组合策略，发现他们平均将约一半总财富持有为四到五种流动性金融证券，但未充分采纳分散投资的建议，投资组合多样化不足，且靠近投资地可能成为降低风险的替代方式。
This article investigates Victorian investor financial portfolio strategies in England and Wales during the second half of the nineteenth century. We find that investors held on average about half of their gross wealth in the form of four or five liquid financial securities, but were reluctant to adopt fully contemporary financial advice to invest equal amounts in securities or to spread risk across the globe. They generally held under-diversified portfolios and proximity to their investments may have been an alternative to diversification as a means of risk reduction, especially for the less wealthy.