{"id":4718,"date":"2026-08-27T15:00:50","date_gmt":"2026-08-27T15:00:50","guid":{"rendered":"https:\/\/aap.umb.sk\/?page_id=4718"},"modified":"2026-08-27T15:00:50","modified_gmt":"2026-08-27T15:00:50","slug":"peter-jurik-michal-mestan","status":"publish","type":"page","link":"https:\/\/aap.umb.sk\/?page_id=4718","title":{"rendered":"Peter Jur\u00edk, Michal Me\u0161\u0165an"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong>REAL PERFORMANCE AND DOWNSIDE RISK OF STATIC MULTI-ASSET PORTFOLIOS ACROSS U.S. BUSINESS-CYCLE PHASES, 1930\u20132025<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>Re\u00e1lna v\u00fdkonnos\u0165 a riziko poklesu statick\u00fdch multiakt\u00edvov\u00fdch portf\u00f3li\u00ed vo f\u00e1zach hospod\u00e1rskeho cyklu USA, 1930\u20132025<\/strong><\/p>\n\n\n\n<p><em>Published: 27.08.202<\/em>6<\/p>\n\n\n\n<p class=\"has-text-align-right\"><a href=\"https:\/\/doi.org\/10.24040\/aap.2026.23.2.28-41\">https:\/\/doi.org\/10.24040\/aap.2026.23.2.28-41<\/a><\/p>\n\n\n\n<pre class=\"wp-block-verse\"><strong>Abstract: <\/strong>This paper examines the real performance and downside risk of thirteen static multi-asset portfolios across U.S. business-cycle phases from 1930 to 2025. Using 1,149 monthly observations, it analyses equities, U.S. government bonds, gold, silver, real estate investment trusts, and selected portfolio combinations. Recession and expansion periods are identified using the NBER chronology, while nominal cumulative performance is expressed in real terms using the Fisher equation. The analysis compares average monthly returns, volatility, cumulative performance, maximum drawdown, the frequency of positive and negative months, and correlations among assets and strategies. Equity-oriented strategies generally deliver stronger long-run performance but exhibit higher volatility and deeper drawdowns, particularly during recessions. Strategies with larger allocations to government bonds and gold tend to be more resilient in adverse economic conditions. The findings indicate that static diversification can mitigate downside risk, although its effectiveness depends on business-cycle conditions and portfolio composition.<\/pre>\n\n\n\n<p><strong>Keywords:<\/strong>\u00a0business cycle; real returns; multi-asset portfolios; downside risk; diversification<\/p>\n\n\n\n<p><strong>Full text article:<\/strong><\/p>\n\n\n\n<div class=\"wp-block-file\"><object class=\"wp-block-file__embed\" data=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/08\/final-version-4.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of final-version-4.\"><\/object><a id=\"wp-block-file--media-5bbd5bab-7cbd-4444-a7ac-5d9998a9be9f\" href=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/08\/final-version-4.pdf\">final-version-4<\/a><a href=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/08\/final-version-4.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-5bbd5bab-7cbd-4444-a7ac-5d9998a9be9f\">Download<\/a><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>How to cite:<\/strong><\/p>\n\n\n\n<p>JUR\u00cdK, P. and ME\u0160\u0164AN, M.<em> Assessment of the impact of effective tax rates on capital in the agricultural sector<\/em>. Acta aerarii publici. Online. vol. 23 (2026), issue 2, pp. 28 \u2013 41.\u00a0Available from:\u00a0<a href=\"https:\/\/doi.org\/10.24040\/aap.2026.23.2.27-41\">https:\/\/doi.org\/10.24040\/aap.2026.23.2.27-41<\/a>\u00a0[accessed YYYY-MM-DD].<\/p>\n","protected":false},"excerpt":{"rendered":"<p>REAL PERFORMANCE AND DOWNSIDE RISK OF STATIC MULTI-ASSET PORTFOLIOS ACROSS U.S. BUSINESS-CYCLE PHASES, 1930\u20132025 Re\u00e1lna v\u00fdkonnos\u0165 a riziko poklesu statick\u00fdch multiakt\u00edvov\u00fdch portf\u00f3li\u00ed vo f\u00e1zach hospod\u00e1rskeho cyklu USA, 1930\u20132025 Published: 27.08.2026 https:\/\/doi.org\/10.24040\/aap.2026.23.2.28-41 Abstract: This paper examines the real performance and downside risk of thirteen static multi-asset portfolios across U.S. business-cycle phases from 1930 to 2025. Using &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/aap.umb.sk\/?page_id=4718\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Peter Jur\u00edk, Michal Me\u0161\u0165an&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4718"}],"collection":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4718"}],"version-history":[{"count":2,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4718\/revisions"}],"predecessor-version":[{"id":4721,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4718\/revisions\/4721"}],"wp:attachment":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}