| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11266 |
| 来源ID | Working Paper 11266 |
| British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach | |
| William N. Goetzmann; Andrey Ukhov | |
| 发表日期 | 2005-04-18 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Many scholars have asked whether British investors benefited from overseas investment investing in the 19th century and whether this export of capital had negative effects. We re-visit the issue using modern portfolio theory. We examine the set of investment opportunities available to British investors, the developments in information transmission technology, and advances in financial and investment theory at the time. We use mean-variance optimization techniques ot take into account the risk and return characteristics of domestic and international investments available to a British investor, and to quantify the beneifts from international diversification. Evidence suggests that capital export was a consequence of both the opportunity and the understanding of diversification. foreign assets offered higher rates of return, but equally important, they offered significant diversification benefits. Even when--by setting expected return on each foreign asset class equal to that of the corresponding UK asset class--we put foreign assets at a disadvantage, we find that it was rational for a British investor to include foreign debts and equity in the portfolio. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w11266 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568903 |
| 推荐引用方式 GB/T 7714 | William N. Goetzmann,Andrey Ukhov. British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11266.pdf（729KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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