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Several theories may account for the same empirical patterns.
Stocks
Shares of ownership in a corporation, giving holders a claim on the company's earnings and assets.
Portfolio
An assortment of financial assets including stocks, bonds, commodities, currency, and equivalents, along with closed-end funds and exchange-traded funds (ETFs).
Securities
Financial vehicles that embody a part-ownership in a corporation traded on the stock market, a credit relationship with governmental organizations or companies (bonds), or the potential ownership conferred by holding options.
Treasury Bills
Short-term government securities issued at a discount from the face value and maturing at par, offering a return to investors.
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