| dc.description.abstract | This study reexamines the strategy of periodic stock investments. According to the theoretical results, the diversification effect across different time periods is limited, and the expected returns and risks of holding periods increase over time. This indicates that the strategy of periodic stock investments is not an ideal long-term approach. To optimize the strategy of periodic stock investments, moving average standard deviation and moving average cumulative returns from January 1, 2018, to December 31, 2019, are used to simulate the range of potential stock price fluctuations during the period from January 1, 2020, to December 31, 2022. This enables the development of clearer entry and exit points, combined with a mechanism for scaling up or down investments, ultimately achieving better cumulative returns. Empirical results reveal that, regardless of the industry standard deviation (volatility), Strategy 1 is applicable to most industries and outperforms periodic stock investments. However, Strategy 2 is less suitable for targets with higher industry standard deviation, with the majority of cumulative returns falling within the range of [〖Lb〗^50,〖Ub〗^50 ]. When the returns exceed this range, adopting Strategy 2 yields better performance than periodic stock investments. This demonstrates that implementing additional strategies can indeed enhance the performance of periodic stock investment strategies. | en_US |