Why did French Savers buy Foreign Assets before 1914? A Decomposition of the Benefits from Diversification (notice n° 838059)
[ vue normale ]
| 000 -LEADER | |
|---|---|
| fixed length control field | 02437cam a2200241 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250123141252.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Le Bris, David |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Why did French Savers buy Foreign Assets before 1914? A Decomposition of the Benefits from Diversification |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2013.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 16 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Pourquoi les épargnants français achetaient des titres étrangers avant 1914 ? Une décomposition des bénéfices de la diversificationCet article étudie si les épargnants français d’avant 1914 achetaient des titres étrangers pour leur plus forte rentabilité ou à cause de leur faible corrélation. En utilisant les outils de la Théorie Moderne du Portefeuille, le bénéfice d’une diversification internationale est scindé entre ces deux composantes grâce à une hypothèse contrefactuelle de parfaite corrélation. Cette approche permet une mesure originale du rôle respectif de la plus forte rentabilité étrangère et de la faible corrélation dans le bénéfice de diversification. Il apparaît que les investisseurs français étaient principalement motivés par la faible corrélation avec les actifs domestiques que par les rentabilités étrangères plus élevées.Classification JEL : G11, G15, N23. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper examines the question as to whether, before 1914, French savers bought foreign assets to gain higher foreign returns or because of low correlation. Using tools of the Modern Portfolio Theory, the benefit from international diversification is decomposed into these two components, using a counterfactual hypothesis of perfect correlation between two assets. This approach allows an original measure of the respective share of the higher foreign returns and the low correlation in the benefit of diversification. The argument is put forward that French investors were mainly attracted by weak foreign correlation with domestic assets, rather than higher foreign returns.JEL Classification: G11, G15, N23. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | biais domestique |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | diversification de portefeuille |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | XIXe siècle |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | 19th century |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | portfolio diversification |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | home bias |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Recherches économiques de Louvain | 79 | 3 | 2013-12-19 | p. 71-89 | 0770-4518 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-recherches-economiques-de-louvain-2013-3-page-71?lang=en&redirect-ssocas=7080">https://shs.cairn.info/revue-recherches-economiques-de-louvain-2013-3-page-71?lang=en&redirect-ssocas=7080</a> |
Pas d'exemplaire disponible.
Réseaux sociaux