International Portfolio Allocation under Model Uncertainty
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This paper proposes an explanation of the international home bias in equity based on ambiguity aversion. Doubts imply an additional hedging motif driven by the interaction between real exchange rate risk and ambiguity aversion. What matters is the long-run as opposed to the short-run risk. Domestic
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美国国家经济研究局创建时间：
2009-02-01
