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Well-governed boards have greater international diversification and lower cash holdings, according to a working paper by Carolina Salva and Nadège Bregnard from the University of Neuchâtel in Switzerland. “Why would pension fund board governance shape asset allocations?” the paper asked. “In our view, asset allocations are potentially associated to board inefficiencies that can arise when […]

Local Factors Drive Regional Stock Outperformance

Research: little support for global asset pricing model.

  • February 22, 2011 September 13, 2019
  • 08:58