Investimento em ações no Brasil: curto prazo versus longo prazo
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2005-11-24
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The research aimed to test whether long-run investment in Brazilian stocks provides larger returns and smaller risks, as suggested by some recommendations of the financial press. January 1969 to December 1968 monthly excess returns of the Ibovespa stock index over the caderneta de poupança return were analyzed against several investment horizons. The empirical evidence does provide some support to the 'conventional wisdom' that risk decreasees with the investment horizon; returns, however, do not increase with the investment horizon. Results do not seem to be sensitive to whether the investment ends in bear or bull markets.