notable result in the out-of-sample predictability is the predictability of the returns on value-weighted portfolio by gold … unrestricted model is significant in improving out-of-sample predictability of the portfolio returns using gold. From the empirical … analyses, we can conclude that in-sample predictability cannot guarantee out-of-sample predictability and vice versa. This may …

between in-sample and out-of-sample predictability in the Korean stock market. For Hong Kong, Malaysia, and Singapore, stock …