Gold is known to be a stable investment in times of political and economic uncertainty. Our article is the first to examine the diversification benefits of including gold in the portfolio of a Kuwaiti investor. Our empirical results for the period Jan 2000 to May 2011 show that Kuwaiti investors...

The relaxation of security laws and regulations in emerging markets in the Middle East and North Africa (MENA) provides abundant opportunities for foreign investors. These markets exhibit high expected returns and substantial volatility. In this paper, we investigate the lead/lag relationship...