The viability of international diversification involves balancing benefits and costs.This balance hinges on the degree of asset dependence. In light of theoretical researchlinking diversification and dependence, we examine international diversification usingtwo measures of dependence:...

International diversification has costs and benefits, depending on the degree of assetdependence. In light of theoretical research linking diversification and dependence, weexamine international diversification with two dependence measures: correlations andextreme dependence. We document several...