Asset Allocation and International Investments (Finance and by Greg N. Gregoriou

By Greg N. Gregoriou

This e-book is ready strategic asset allocation for institutional traders. it truly is an edited sequence of papers, from revered lecturers all over the world, at the newest advancements in portfolio administration, together with new medical articles that support to spot new developments. those professional reports can successfully increase the danger and go back features of your funding portfolio.

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1990) “Symposium on Bubbles”, Journal of Economic Perspectives, 4(2): 13–18. Thaler, R. H. (1980) “Toward a Positive Theory of Consumer Choice”, Journal of Economic Behavior and Organization, 1(1): 39–60. Thaler, R. H. (1985) “Mental Accounting and Consumer Choice”, Marketing Science, 4(3): 199–214. Tversky, A. and Kahneman, D. (1991) “Loss Aversion in Riskless Choice: A ReferenceDependent Model”, Quarterly Journal of Economics, 106(4): 1039–61. 1 INTRODUCTION Despite the vast literature on optimal currency hedging, there still is considerable disagreement about how international investors should hedge their currency risk.

Panel C shows the transition probabilities and in brackets their standard deviations. 05 level is represented by ** of the corresponding covariances. 1 Economic importance of regimes The economic importance of regimes is a very relevant issue for the appraisal of regime-switching strategies. We measure this “importance” as utility costs that an investor bears, when he/she gives up the optimal strategy and follows instead a suboptimal one. More precisely, we are interested in the monetary compensation c, also called certainty equivalent compensation, that makes an investor with time horizon T indifferent between the suboptimal weights α− and the optimal weights α∗ .

The owner of a work of art has a monopoly over that specific object, while other assets may be held by many individuals. The major difference between investing in art and in common financial assets is that art is tangible and is associated with a given lifestyle. This implies that an art object yields additional benefits if it is owned and not just rented, because the art object’s aura is also appropriated (Benjamin, 1963). Apart from the endowment effect and its corresponding ownership effect, there is also the opportunity cost effect.

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