This study explores whether conditional correlations between precious metals and stock markets impact upon expected returns on precious metals. The empirical evidence presents that there is no significant trade–off between conditional correlations and expected returns. This study reveals that...

This material provides additional results not reported in the main text available at https://ssrn.com/abstract=3820642. Table A1 presents the descriptive statistics. Tables A2 and A3 show the change in the confirmed new cases and stock-bond correlation in North American, the Asia Pacific and...

Unconditional asset pricing models have generally found it challenging to identify evidence ofrisk aversion. This paper addresses this challenge by examining whether currency portfolios display an intertemporal risk-return relationship. We consider time-varying relations because investors'...