Paradox or At Least Variance Found: A Comment on "Mean-Variance Approaches to Risk-Return Relationships in Strategy: Paradox Lost"

Philip Bromiley
1991 Management science  
In general, the problem is that the compu ted mean-variance relationship for a period of time can not be identified in distinction to the effects o f shifts in the relationship over time-without additional information or assumptions. Tims , using a mea11-1 1 ariance approach to risk-return relationships means that statemellls about the 11a111re of the mean-variance association cannot be confirmed in a nontrivial fashion within the empirical system nor generalized to a11_1 1 other time
more » ... luding subperiods. (Ruefli 1990 ) (emphasis in original) • Accepted by Richard M. Burton;
doi:10.1287/mnsc.37.9.1206 fatcat:ld6s2xlryzafdpiqed53dvnbhu