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Portfolio managers favor long-term investment horizons. Their performance is usually forecasted using either the arithmetic mean or the geometric mean. The harmonic mean is generally ignored as an instrument of financial and/or portfolio management. We examine the performance of the harmonic mean employing real life data on SSE180 Index and we compare it with the corresponding performances of arithmetic and geometric means. In all cases, the harmonic mean gave us the best performance.

Keywords: Portfolio evaluation ; Performance ; Long-term investment horizon ; Arithmetic mean ; Geometric mean ; Harmonic mean ; SSE180 Index.

Subject(s): Financial Economics

Marketing

Research Methods/ Statistical Methods

Issue Date: 2012-05

Publication Type: Journal Article

PURL Identifier: http://purl.umn.edu/143470 Published in: Review of Applied Economics, Volume 08, Number 1 Page range: 107-117

Total Pages: 11

Series Statement: Vol.8

No.1-2

Record appears in: Lincoln University > Review of Applied Economics





Autor: Missiakoulis, Spyros ; Vasiliou, Dimitrios ; Eriotis, Nikolaos

Fuente: http://ageconsearch.umn.edu/record/143470?ln=en







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