Frequent shifting of household portfolio composition may erode wealth due to poor market timing and transaction costs …. If household preferences are stable, the optimal wealth maximizing strategy is periodically rebalancing to maintain a … relatively constant ratio of investment assets to wealth from year to year. However, some households may fail to rebalance, or …

, earn higher portfolio returns, and ultimately accumulate higher levels of wealth later in life. Underlying these effects …' life-cycle wealth profiles. …

Do timing and time diversification improve the average investor?s stock market return? Contrary to literature … peak, but horizons decrease, giving latter investments less time to offset losses. This paper accommodates timing using …

the certainty equivalent of wealth is 0.3-6.8% lower than for a skilled investor, depending on the market entry date. We … also determine the effect of luck to enter the market at a favorable time. Across market entry dates, skilled but unlucky …

the same time nearly as “lazy” with respect to trading and turnover (on average one trading month per year) …

fund's forced trading through investor flows. We conclude that fund managers voluntarily attempt to time risk factors, but …

funds do not time the market. This conclusion is robust when controlling for publicly available information in evaluating …

. However, these measures do not characterize the dynamic component of investor activity, nor do they consider the time horizons … component that captures the manager's timing ability across a range of time horizons. Our framework can be universally applied …