Asset Allocation for Retirement Income: A Framework for Income-Oriented Investors
研究了股票和债券的收入特性，为构建不同收入导向的多资产组合提供了框架，发现对收入导向型投资者而言，债券配置仍可能是最优选择。
Certain investor types, particularly those approaching or in retirement, care about the income properties of investment portfolios. This article addresses the income characteristics of equities and bonds and provides a framework for building multi-asset portfolios with varying degrees of income orientation, both ex post, investigating the historical income behavior of equities and bonds, as well as through a forward-looking lens, based on today’s much lower dividend and bond yields. Because bond yields and prices are inversely related, bonds imbed a natural time-diversification property across the two dimensions that income-oriented investors care most about: portfolio income and expected wealth. Despite the long-term growth potential of equity income and the prospect for higher bond yields over the next several years, we still find that a meaningful allocation to bonds is likely optimal for investors with an orientation toward organic portfolio income.