This paper tests the risk reduction properties of hedge fund investing against a sample of stocks ranging from 1990 through 2014. GARCH dynamic conditional correlation analysis indicates that hedge funds are a significant diversifier due to the consistent imperfect relationship between the hedge...

This paper investigates the use of gold as an investment asset. The data consist of U.S. and foreign equity returns from 1975-2005. The results indicate that investment in gold is inferior to a simple buy-and-hold strategy of U.S. equities over the long-term. Gold is often believed to provide...

This paper tests sovereign credit default swaps (CDS) as a hedge and safe haven asset against stock index returns in a sample of 18 emerging markets from 2005-2014. GARCH dynamic conditional correlation analysis indicates that CDS are an effective hedge due to the consistent inverse relationship...

Purpose: The relationship between the role played by corporate governance (CG) mechanisms and shareholder wealth is an important and mature topic in some countries and regions. However, despite the considerable number of studies, the results are still inconclusive. The purpose of this paper is...