Do stocks outperform Treasury bills?
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- Master of Science 
This thesis highlights the important role of positively skewed short horizon stock returns, and the effect of compounding on the long-term return distribution. I show that the majority of individual common stocks deliver a lifetime buy-and-hold return less than the accumulated one-month Treasury bill rate over matched horizons, and that they often are negative - the results help explain why poorly diversified active strategies often will underperform market averages.
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2019