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Global Portfolio Diversification for Long-Horizon Investors

Viceira, Luis M. - 2018

This paper conducts a theoretical and empirical investigation of global portfolio diversification for long … risk at long horizons and does not diminish the benefits of global portfolio diversification to long-term investors … volatility shocks. Our findings imply that the benefits of global equity diversification have not declined for long horizon …

Persistent link: https://www.econbiz.de/10012918085

Naïve *Buying* Diversification and Narrow Framing by Individual Investors

Gathergood, John - 2019

portfolio diversification—NPD) or engage in naïve buying diversification (NBD)—equally balancing values in same-day purchases of …

Persistent link: https://www.econbiz.de/10012892561

Diversification and the Taxation of Capital Gains and Losses

Rendleman, Richard J.; Shackelford, Douglas A. - 2021

Current U.S. law nets the total portfolio of realized capital gains and losses to compute capital gains taxes. Prior research, however, typically ignores the implication of this provision, i.e., the marginal tax rate for a specific gain or loss depends on the taxpayer's total portfolio of...

Persistent link: https://www.econbiz.de/10013224305

Market Structure and International Trade : Business Groups in East Asia

Feenstra, Robert C.; Yang, Tzu-han; Hamilton, Gary G. - 2021

In this paper we study the effect of market structure on the trade performance of South Korea, Taiwan, and Japan. We center our analysis on Korea and Taiwan, countries which have very different market structures: Korea has many large, vertically-integrated business groups known as chaebol,...

Persistent link: https://www.econbiz.de/10013226565

Measuring the Benefits of Product Variety with an Accurate Variety Set

Blonigen, Bruce A.; Soderbery, Anson - 2021

Recent studies have used import data to assess the impact of foreign varieties on prices and welfare for a home country. The reliance on import data has a number of limitations. First, these papers rely on goods categories defined by the Harmonized System. Second, they define varieties using the...

Persistent link: https://www.econbiz.de/10013228054

Investor Diversification and International Equity Markets

French, Kenneth Ronald; Poterba, James M. - 2021

The benefits of international diversification have been recognized for decades. In spite of this, most investors hold … domestic equity market to be several hundred basis points higher than returns in other markets. This lack of diversification …

Persistent link: https://www.econbiz.de/10013228251

Obfuscation, Learning, and the Evolution of Investor Sophistication

Carlin, Bruce Ian; Manso, Gustavo - 2021

Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, we develop a dynamic model to study the interaction between obfuscation and investor sophistication. Taking into account different learning mechanisms within the investor population, we...

Persistent link: https://www.econbiz.de/10013228646

Mentoring and Diversity

Athey, Susan; Avery, Christopher; Zemsky, Peter - 2021

This paper studies the forces which determine how diversity at a firm evolves over time. We consider a dynamic model o a single firm with two levels of employees, the entry level and the upper level. In each period, the firm selects a subset of the entry-level workers for promotion to the upper...

Persistent link: https://www.econbiz.de/10013235606

The Great Diversification and its Undoing

Carvalho, Vasco M. - 2010

We investigate the hypothesis that macroeconomic fluctuations are primitively the results of many microeconomic shocks, and show that it has significant explanatory power for the evolution of macroeconomic volatility. We define "fundamental" volatility as the volatility that would arise from an...

Persistent link: https://www.econbiz.de/10013137610

The Valuation Effects of Geographic Diversification : Evidence from U.S. Banks

Götz, Martin - 2011

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United …

Persistent link: https://www.econbiz.de/10013117404