Global Portfolio Diversification for Long-Horizon Investors
NBER Working Paper No. 24646
---- Acknowledgements ----
John Zhou, Ph.D., was listed as coauthor on an earlier version of this work that circulated under the same tittle. We are deeply grateful to John for his contributions to that earlier version of this work while he was completing his Ph.D. in Business Economics at Harvard University. John is now at Key Square Capital Management, LLC. We are also grateful to Malcolm Baker, John Campbell, Owen Lamont, Christian Lundblad (discussant), Christopher Polk, Gonzalo Rubio (discussant), Jeremy Stein, Adi Sunderam, Fredrik Willumsen, and participants in the NBIM Allocation Advisory Board, the 2015 ICPM Discussion Forum on Long-Horizon Investing, the XXIV Finance Forum (Madrid), the INQUIRE Europe 2016 Autumn Seminar (Frankfurt), the Stockholm School of Economics Finance Seminar, the Research Affiliates Advisory Panel Conference, the CEMFI Workshop on Asset Management, the HBS Finance Unit Research Retreat, and the 2018 American Finance Association Meetings for helpful comments and suggestions. This work has been the recipient of the 2018 Research Award of the International Centre For Pension Management at the University of Toronto. This material is based upon work supported by Harvard Business School Research Funding. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.