Oil is perceived as a good diversification tool for stock markets. To fully understand this potential, we propose a new … to competing models. Employing a recently proposed conditional diversification benefits measure that considers higher …-order moments and nonlinear dependence from tail events, we document decreasing benefits from diversification over the past ten …

We study how financial market efficiency affects a measure of diversification of output across industrial sectors … and for various levels of disaggregation, we construct a benchmark measure of diversification as the set of allocations of … patterns disappear when we employ "naive" measures of diversification based on the equal spreading of output across sectors …

. The paper contributes to the debate shedding light on the controversial relation between risk-diversification and … setting and by a mean-field approximation the law of motion of the system's fragility is derived. We show that diversification …

We study the effect of financial markets on "optimal" diversification defined in the spirit of mean-variance efficiency … diversification based on the mechanical spreading of output across sectors …