"This paper examines the impact of short-sale constraints on the magnitude of international diversification benefit for U.S. investors during the period of 1976-1998. The diversification benefit is measured as the increase in expected return when switching from the U.S. equity index portfolio to...

This paper examines the international diversification benefits subject to portfolio constraints --- in particular, constraints on short selling. We show that the international diversification benefits remain substantial for U.S. equity investors when they are prohibited from short selling in...

This paper examines the international diversification benefits subject to portfolio constraints - in particular, constraints on short selling. We show that the international diversification benefits remain substantial for U.S. equity investors when they are prohibited from short selling in...

This paper examines the impact of short-sale constraints on the magnitude of international diversification benefit for U.S. investors during the period of 1976—1998. The diversification benefit is measured as the increase in expected return when switching from the U.S. equity index portfolio...