Buy the dip?
研究了“逢低买入”投资策略的基本特性，发现它不一定能最大化投资者实际终期财富，且对初始年份的市场条件敏感，其最优性受估计风险影响。
Abstract We study the fundamental properties of the “Buy the dip” (BTD) investment heuristic. Looking into cash holdings versus a stock market exchange‐traded fund, we find that BTD does not necessarily maximize investors' real terminal wealth and is sensitive to market conditions at the beginning year of investment. While under certain conditions, BTD may improve risk‐adjusted performance over a passive investment policy or a classical dollar‐cost averaging approach, its optimality is subject to estimation risk. Given the vast popularity of BTD, our results have important implications for asset managers and retail investors alike.