This study focuses on the diversification benefits of the most developed equity markets of Central and Eastern Europe … (CEE). To evaluate these benefits of diversification we use so-called spanning tests based on a stochastic discount factor …

) countries offer attractive long-term growth and diversification potential. However, investors must balance these possible …

Using an extensive new data set on U.S. and U.K.-traded closed- end funds, we examine the diversification benefits from … emerging equity markets and the extent of their integration with global capital markets. To measure diversification benefits … significant diversification benefits for the U.K. country funds, but not for the U.S. funds. The difference appears to relate to …

diversification strategy; they are computed on the assumption that, with respect to the inputs to the portfolio decision, investors … diversification can be achieved in practice. The results obtained point overwhelmingly to the inadvisability of relying on historical … gains attained in ex-post analyses of diversification …

This study focuses on the diversification benefits of the most developed equity markets of Central and Eastern Europe … (CEE). To evaluate these benefits of diversification we use so-called spanning tests based on a stochastic discount factor …