投资国际股票：美国股市十年强劲的经验教训

IF 1.1 4区经济学 Q3 BUSINESS, FINANCE

Journal of Portfolio Management Pub Date : 2023-04-25 DOI:10.3905/jpm.2023.1.488

P. Cotter, Adam Kobor

{"title":"投资国际股票：美国股市十年强劲的经验教训","authors":"P. Cotter, Adam Kobor","doi":"10.3905/jpm.2023.1.488","DOIUrl":null,"url":null,"abstract":"The aggregate US equity market has outperformed the rest of the world over the past decade. Additionally, correlation across equity markets of different geographic regions has increased over time. With this in mind, many investors question whether non-US equity investment should still play a role in diversified investment portfolios. The authors review the widely used reasons investors consider to support non-US investments and argue that the broader opportunity set and attractive relative valuations remain valid reasons.","PeriodicalId":53670,"journal":{"name":"Journal of Portfolio Management","volume":"49 1","pages":"19 - 33"},"PeriodicalIF":1.1000,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Investing in International Equities: Lessons from a Decade of Strong US Equity Markets\",\"authors\":\"P. Cotter, Adam Kobor\",\"doi\":\"10.3905/jpm.2023.1.488\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The aggregate US equity market has outperformed the rest of the world over the past decade. Additionally, correlation across equity markets of different geographic regions has increased over time. With this in mind, many investors question whether non-US equity investment should still play a role in diversified investment portfolios. The authors review the widely used reasons investors consider to support non-US investments and argue that the broader opportunity set and attractive relative valuations remain valid reasons.\",\"PeriodicalId\":53670,\"journal\":{\"name\":\"Journal of Portfolio Management\",\"volume\":\"49 1\",\"pages\":\"19 - 33\"},\"PeriodicalIF\":1.1000,\"publicationDate\":\"2023-04-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Portfolio Management\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.3905/jpm.2023.1.488\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Portfolio Management","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.3905/jpm.2023.1.488","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

过去10年，美国股市的总体表现优于全球其它地区。此外，不同地理区域的股票市场之间的相关性随着时间的推移而增加。考虑到这一点，许多投资者质疑非美国股票投资是否仍应在多元化投资组合中发挥作用。作者回顾了投资者考虑支持非美国投资的广泛使用的理由，并认为更广泛的机会组合和有吸引力的相对估值仍然是有效的理由。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Investing in International Equities: Lessons from a Decade of Strong US Equity Markets

The aggregate US equity market has outperformed the rest of the world over the past decade. Additionally, correlation across equity markets of different geographic regions has increased over time. With this in mind, many investors question whether non-US equity investment should still play a role in diversified investment portfolios. The authors review the widely used reasons investors consider to support non-US investments and argue that the broader opportunity set and attractive relative valuations remain valid reasons.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Portfolio Management Economics, Econometrics and Finance-Finance

CiteScore

2.20

自引率

28.60%

发文量

113

期刊介绍： Founded by Peter Bernstein in 1974, The Journal of Portfolio Management (JPM) is the definitive source of thought-provoking analysis and practical techniques in institutional investing. It offers cutting-edge research on asset allocation, performance measurement, market trends, risk management, portfolio optimization, and more. Each quarterly issue of JPM features articles by the most renowned researchers and practitioners—including Nobel laureates—whose works define modern portfolio theory.