Asset Allocation
这篇综述文章梳理了资产配置的最新文献，涵盖静态和动态模型，重点讨论债券与股票的选择以及回报可预测性的影响，适合研究投资组合与金融决策的学者快速了解该领域进展。
This review article describes recent literature on asset allocation, covering both static and dynamic models. The article focuses on the bond-stock decision and on the implications of return predictability. In the static setting, investors are assumed to be Bayesian, and the role of various prior beliefs and specifications of the likelihood are explored. In the dynamic setting, recursive utility is assumed, and attention is paid to obtaining analytical results when possible. Results under both full- and limited-information assumptions are discussed.