Assessing the Benefits of International Portfolio Diversification in Bonds and Stocks
Title | Assessing the Benefits of International Portfolio Diversification in Bonds and Stocks PDF eBook |
Author | Roberto A. De Santis |
Publisher | |
Pages | 43 |
Release | 2008 |
Genre | Foreign exchange rates |
ISBN |
International Portfolio Diversification
Title | International Portfolio Diversification PDF eBook |
Author | Theodore Michael Johnson |
Publisher | |
Pages | 148 |
Release | 1989 |
Genre | Business enterprises |
ISBN |
The Endowment Model of Investing
Title | The Endowment Model of Investing PDF eBook |
Author | Martin L. Leibowitz |
Publisher | John Wiley & Sons |
Pages | 313 |
Release | 2010-03-02 |
Genre | Business & Economics |
ISBN | 0470608447 |
A cutting-edge look at the endowment model of investing Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the "endowment model of investing," has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world. Details the growing debate about the endowment model of investing and discusses how to use it successfully Written by an authority on endowment investing and non-traditional asset allocation strategies Offers expert insights on understanding risk and return in non traditional asset allocation If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read.
Benefits of International Diversification Using Equity and Bonds
Title | Benefits of International Diversification Using Equity and Bonds PDF eBook |
Author | Neil C. Williams |
Publisher | |
Pages | 0 |
Release | 2004 |
Genre | Bonds |
ISBN |
The Gains from International Portfolio Diversification in Bonds and Equities
Title | The Gains from International Portfolio Diversification in Bonds and Equities PDF eBook |
Author | Isabel C. Andrade |
Publisher | |
Pages | 17 |
Release | 1995 |
Genre | |
ISBN |
International Diversification of Investment Portfolios
Title | International Diversification of Investment Portfolios PDF eBook |
Author | Cheol S. Eun |
Publisher | |
Pages | 42 |
Release | 1991 |
Genre | |
ISBN |
Benefits of International Bond Diversification
Title | Benefits of International Bond Diversification PDF eBook |
Author | Delroy M. Hunter |
Publisher | |
Pages | 37 |
Release | 2004 |
Genre | |
ISBN |
This paper assesses the incremental diversification benefits to US investors from investing in international government bonds. In light of suggestions that these benefits have fallen sharply in the recent decade due to more closely synchronized business cycles, we use mean-variance spanning tests to show that currency-hedged bonds provide significant diversification benefits over the period from January 1992 to September 2002. Using a bivariate GARCH framework, we find that US bond returns have become increasingly correlated with UK and German bond returns, but have experienced declining correlations with Japanese bonds. The changing correlations are consistent with variation in the synchronization of business cycles. However, the evidence suggests that correlations have not become high enough to threaten the gains from diversification and that these gains on a currency-hedged basis are not diminished during periods of weakness or increased volatility in US or foreign bond markets. Conditional Sharpe ratios also demonstrate that risk-reward tradeoffs for each bond market vary in a predictable manner, which further underscores the potential benefits of international bond investing. Finally, we demonstrate how conditional yield betas and conditional yield beta adjusted foreign bond durations can be constructed from our model estimates.