International Portfolio Diversification
Author | : Theodore Michael Johnson |
Publisher | : |
Total Pages | : 148 |
Release | : 1989 |
Genre | : Business enterprises |
ISBN | : |
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Author | : Theodore Michael Johnson |
Publisher | : |
Total Pages | : 148 |
Release | : 1989 |
Genre | : Business enterprises |
ISBN | : |
Author | : Chaehee Shin |
Publisher | : |
Total Pages | : 0 |
Release | : 2017 |
Genre | : |
ISBN | : |
Although the lack of international portfolio diversification has long interested the financial economics literature, the role of financial intermediaries in the market for diversified portfolios has rarely been studied. In this paper, I introduce a microeconomic aspect of under-diversification by examining a new data on U.S.-based mutual fund families' global diversification. I document the fund families' investments in global equity markets and explore features of supply and demand in the mutual fund market to explain their limited global diversification. Demand estimation confirms that consumers are not only sensitive to the fund families' portfolio characteristics such as global diversification, but also to the non-portfolio characteristics such as fund family age and size. On the supply side, the model of fund families' global investment decisions uses a revealed preference approach and shows small cross-border investment frictions can justify the fund families' observed limited global diversification. Other factors such as destination country's investor protection level and fund family's investment experience significantly affect the degree of diversification as well.
Author | : Francois-Serge Lhabitant |
Publisher | : Elsevier |
Total Pages | : 276 |
Release | : 2017-09-26 |
Genre | : Mathematics |
ISBN | : 0081017863 |
Portfolio Diversification provides an update on the practice of combining several risky investments in a portfolio with the goal of reducing the portfolio's overall risk. In this book, readers will find a comprehensive introduction and analysis of various dimensions of portfolio diversification (assets, maturities, industries, countries, etc.), along with time diversification strategies (long term vs. short term diversification) and diversification using other risk measures than variance. Several tools to quantify and implement optimal diversification are discussed and illustrated. - Focuses on portfolio diversification across all its dimensions - Includes recent empirical material that was created and developed specifically for this book - Provides several tools to quantify and implement optimal diversification
Author | : Urban J. Jermann |
Publisher | : |
Total Pages | : 40 |
Release | : 1998 |
Genre | : Consumption (Economics) |
ISBN | : |
When marginal utility of consumption depends on leisure, investors will take this into account when allocating their wealth among different assets. This paper presents a multi-country general equilibrium model driven by productivity shocks, where labor-leisure and consumption are chosen endogenously. We use this framework to study the effect of leisure for optimal international diversification. We find that in the symmetric case the model's ability to help explain home-bias depends crucially on the level of substitutability between consumption and leisure.
Author | : Sohnke M. Bartram and Gunter Dufey |
Publisher | : |
Total Pages | : 123 |
Release | : 2001 |
Genre | : |
ISBN | : |
Author | : Thorsten Beck |
Publisher | : World Bank Publications |
Total Pages | : 34 |
Release | : 2006 |
Genre | : Bancos |
ISBN | : |
"There is a wide cross-country variation in the institutional structure of bank failure resolution, including the role of the deposit insurer. The authors use quantitative analysis for 57 countries and discuss specific country cases to illustrate this variation. Using data for over 1,700 banks across 57 countries, they show that banks in countries where the deposit insurer has the responsibility of intervening failed banks and the power to revoke membership in the deposit insurance scheme are more stable and less likely to become insolvent. Involvement of the deposit insurer in bank failure resolution thus dampens the negative effect that deposit insurance has on banks' risk taking. "--World Bank web site.
Author | : Charles Guez |
Publisher | : |
Total Pages | : 318 |
Release | : 1980 |
Genre | : Investments, Foreign |
ISBN | : |
Author | : Mark Tapley |
Publisher | : |
Total Pages | : 198 |
Release | : 1986 |
Genre | : Investments, Foreign |
ISBN | : |