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Diversification during Hard Times
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DOI：10.1080/0015198X.2022.2160620.png)
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Using a large sample of stocks from 48 developed and emerging markets over 1995 to 2021, we find evidence that suggests that international diversification is the best risk-reduction tool when all markets are considered. However, after the turn of the millennium, industrial diversification is the best alternative for funds limited to developed markets, especially when they are restricted to a region. Importantly, the benefits of diversification persist through hard times, such as the Asian financial crisis, the IT bubble burst, the global financial crisis, and the COVID-19 pandemic, demonstrating their countercyclicality and proving their value when investors need them the most.
Keyword:
bear market
Brexit
COVID-19 pandemic
Eurozone debt crisis
industrial diversification
international diversification
global financial crisis
recessions
VIX
>
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2.2
论文数:
1.2K
被引数:
3.1K
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