diversification of funds. In fact, in the age of globalization, stock markets integration has become a matter of great importance for … fund managers and investors, which facilitate to scale down the portfolio risk through diversification of funds across the …

Oil is perceived as a good diversification tool for stock markets. To fully understand this potential, we propose a new … to competing models. Employing a recently proposed conditional diversification benefits measure that considers higher …-order moments and nonlinear dependence from tail events, we document decreasing benefits from diversification over the past ten …