We empirically assess a variety of portfolio construction strategies using MSCI country indices from 1998 to 2010. These strategies range from the classic mean-variance optimization strategy to simple allocation strategies, such as equally weighted and dividend-yield-weighted portfolios. We find...

This paper explores the causal link between background risk and household portfolio choices following a unique exogenous shock: land expropriation with a change in the residence status ( hukou ). Such change enables household members to access public goods in the area of residence, which in turn...