Post, T.

portfolio market period market portfolio efficiency value sample market portfolio downside risk downside efficiency value stocks statistic m i c f e c stock return dominance 10 benchmark portfolios growth sampling error journal result f i n asset value-weighted market portfolio /me portfolios pseudo-sample july 1978 benchmark july 1968 sampling benchmark portfolios 1.00 sample period bootstrap volume value-weighted observation moment downside beta risk premia 1968-1988 period erasmus university rotterdam growth portfolios error bby sample period test statistic 10 fama pim van vliet index value portfolios june 1988 ssd test statistic finance 10 portfolios figure example distribution relationship research ssd efficiency moment beta value premium bootstrap distribution growth stocks 0.96 0.95 time t economic all-share asset pricing threshold value erasmu table web site june 1998 moment framework 1968-1988 level number