Using a large sample of stocks from 48 developed and emerging markets, we show that the benefits of diversification persist during the global financial crisis, the coronavirus pandemic, and other hard times, demonstrating their countercyclicality. This result suggests that the benefits of...

This study uses a large sample of international stocks to examine the sources of the benefits of international portfolio diversification. It finds not only that international diversification outperformed industrial diversification over the past 25 years, but also that the gains from...