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Many financial instruments are designed with embedded leverage such as options and leveraged exchange traded funds (ETFs). Embedded leverage alleviates investors' leverage constraints and, therefore, we hypothesize that embedded leverage lowers required returns. Consistent with this hypothesis,...
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accounts through the lens of a dynamic, multi-region model of the global economy. In the baseline scenario, world macroeconomic … sustainable level. An alternative scenario, involving a sudden portfolio reshuffling in the rest of the world, would result in …
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From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the standard deviation is 13.1%, implying a one-standard-deviation confidence band for the mean of (0.1%, 2.1%). The covariances of gold's real rate of price change with consumption and...
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