A Comment on Payback: A Reply
In my article, I have discussed the relationship between the internal rate of return, K, and Kp which denotes the reciprocal of the payoff period under several alternative assumptions.
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A Note on Portfolio Selection and Investors' Wealth
Efficiency analysis is concerned with isolating the efficient subset of investments (portfolios) for all investors belonging to a specified group. In order to construct a meaningful efficiency criterion, i.e., one which holds for more than one investor, care must be exercised to ensure that the investors' efficient set is independent of their wealth.