international diversification is still valuable with regime changes. Currency hedging imparts further benefit. The costs of ignoring … the regimes are small for moderate levels of risk aversion, and the intertemporal hedging demands induced by time …

international diversification is still valuable with regime changes. Currency hedging imparts further benefit. The costs of ignoring … the regimes are small for moderate levels of risk aversion, and the intertemporal hedging demands induced by time …

Recent studies suggest that the correlation of stock returns increases with decreasing geographical distance. However …, there is some debate on the appropriate methodology for measuring the effects of distance on correlation. We modify a … regression approach suggested in the literature and complement it with an approach from spatial statistics, the mark correlation …

Recent studies suggest that the correlation of stock returns increases with decreasing geographical distance. However …, there is some debate on the appropriate methodology for measuring the effects of distance on correlation. We modify a … regression approach suggested in the literature and complement it with an approach from spatial statistics, the mark correlation …

crises, which translate to higher hedge ratios, increasing the cost of hedging during turbulent times. The optimal portfolio …