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- W3121278746 abstract "Abstract This article examines the benefits of corporate bond diversification for U.S. investors. Analysis of a newly compiled bond-level data set for 2000–2010 finds that diversification with corporate bonds can significantly reduce volatility and increase risk-adjusted returns for U.S. investors. Unlike diversification with equities, corporate bonds offer significant out-of-sample risk reduction, particularly during the recent financial crisis. Risk-reduction gains are large even when the benchmark includes international equities or when longer samples of equities and sovereign bonds are used to inform corporate bond returns. Finally, significant risk-reduction gains remain after accounting for bond characteristics, liquidity, and informational costs." @default.
- W3121278746 created "2021-02-01" @default.
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- W3121278746 date "2016-06-01" @default.
- W3121278746 modified "2023-10-14" @default.
- W3121278746 title "Portfolio Diversification and International Corporate Bonds" @default.
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- W3121278746 doi "https://doi.org/10.1017/s002210901600034x" @default.
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