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Unexploited Gains from International Diversification : Patterns of Portfolio Holdings around the World

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dc.contributor.authorRigobon, Roberto
dc.contributor.authorDidier, Tatiana
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2013-11-04T21:09:32Z
dc.date.available2013-11-04T21:09:32Z
dc.date.issued2013-01-22
dc.description.abstractUsing unique data on mutual fund portfolios with different investment scopes, we study the extent of international diversification. Mutual funds invest in a surprisingly limited number of stocks—about 100. The number of holdings from a given region declines as the investment scope broadens. Moreover, unexploited gains exist from international diversification. Funds that invest globally could achieve better risk-adjusted returns by adding stocks held by more specialized funds within the same family. These findings are not driven by different sectoral allocations, lack of information or instruments, transaction costs, or different tail risks. Instead, organizational factors might play an important role.en
dc.identifier.citationReview of Economics and Statistics
dc.identifier.doi10.1596/16213
dc.identifier.issn0034-6535
dc.identifier.other10.1162/REST_a_00351
dc.identifier.urihttps://hdl.handle.net/10986/16213
dc.language.isoen_US
dc.publisherMIT Press
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subjectfinancial integration
dc.subjectfirm organization
dc.subjectglobalization
dc.subjectinternational asset allocation
dc.subjectmutual fund portfolios
dc.subjectrisk diversification
dc.titleUnexploited Gains from International Diversification : Patterns of Portfolio Holdings around the Worlden
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.date.disclosure2014-01-22
okr.date.doiregistration2025-05-06T11:32:04.982090Z
okr.doctypePublications & Research::Journal Article
okr.doctypePublications & Research
okr.externalcontentExternal Content
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.identifier.doi10.1162/REST_a_00351
okr.language.supporteden
okr.peerreviewAcademic Peer Review
okr.relation.associatedurlhttp://www.mitpressjournals.org/doi/abs/10.1162/REST_a_00351
okr.relation.associatedurlhttps://openknowledge.worldbank.org/handle/10986/3297
okr.sectorFinance :: Capital markets
okr.topicFinance and Financial Sector Development::Capital Markets and Capital Flows
okr.topicFinance and Financial Sector Development::International Financial Markets
okr.topicPrivate Sector Development::Private Sector Economics
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relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
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