我在使用電子期刊時發生了些問題,要找"global asset management" 這篇期刊有找到途徑,進入後卻需要登入密碼,急需這篇期刊的電子全文or pdf檔or Word,試過了好幾次後還是沒辦法,所以過來請求協助.
篇名:Global asset management
journal of portfolio management; summer 1998; 24, 4;ABI/INFORM Global
- Go_BadgersLv 71 decade agoFavorite Answer
Global asset management
Bruno Solnik. Journal of Portfolio Management. New York: Summer 1998. Vol. 24, Iss. 4; pg. 43, 9 pgs
Currency risk is low in the long term, as exchange rates tend to revert to fundamentals over the very long run, but the contribution of currencies to the long-term performance of a global portfolio never gets to be nil. Currency risk premiums exist in the long run and are consistent with world market equilibrium and finance theory. It is argued that if the plan sponsor set a benchmark for a very long-term horizon, it should probably be unhedged as currency returns provide only a small, positive or negative, contribution to total return, while systematic currency hedging is a cumbersome process. If the plan sponsor has in mind a shorter strategic horizon, the ideal currency allocation in the strategic benchmark is, and will remain, a question open to debate. Applying some universal hedging rule is questionable in the presence of the complex correlation structure of stock prices, interest rates, and exchange rates. If the plan sponsor believes in active management, currencies should be an integral part of the tactical asset allocation and security valuation process.