Abstract
This study extends the study of international portfolio diversification benefits in two dimensions. First, it is based on iShares, assets actually available for investment, rather than on national indices, and, second, it incorporates long-term measures into the decision-making process. Basic findings include the following: (1) evaluating diversification gains based on indices overstates actual attainable benefits, (2) including consideration of long-term relationships can improve diversification gains, and (3) investing in emerging and developing markets does not provide benefits of the magnitude found in earlier studies covering earlier time periods.
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