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The Journal of Wealth Management

The Journal of Wealth Management

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Article

Dynamics among Traditional and Alternative Assets: Implications for Diversification and Risk

Markella Karadede–Bouras and Nikiforos T. Laopodis
The Journal of Wealth Management Fall 2015, 18 (2) 13-34; DOI: https://doi.org/10.3905/jwm.2015.18.2.013
Markella Karadede–Bouras
is a certified financial planner at Georgia State University in Atlanta, GA. m.karadede@gmail.com
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Nikiforos T. Laopodis
is a professor of finance at ALBA Graduate Business School and Degree College at The American College of Greece in Athens, Greece. nlaopodi@alba.edu.gr
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Abstract

The authors examine the dynamic correlations and implications of various fi nancial asset classes, such as equities, bonds, ETFs, commodities, and real estate, in the United States from 1990 to 2013 and find that the correlations have varied across time. They detect no evidence of contagion but rather of herding behavior among these assets. The variation was more pronounced during market declines, but differed in extent across economic expansions and contractions. Finally, shocks from one asset class to another were not persistent, meaning that the assets were able to absorb the shocks and quickly return to normalcy. The implications for portfolio decisions are clear: Even well-diversified portfolios must be updated to reflect changing economic and financial environments, and past asset behavior does not imply similar future behavior.

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The Journal of Wealth Management: 18 (2)
The Journal of Wealth Management
Vol. 18, Issue 2
Fall 2015
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Dynamics among Traditional and Alternative Assets: Implications for Diversification and Risk
Markella Karadede–Bouras, Nikiforos T. Laopodis
The Journal of Wealth Management Jul 2015, 18 (2) 13-34; DOI: 10.3905/jwm.2015.18.2.013

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Dynamics among Traditional and Alternative Assets: Implications for Diversification and Risk
Markella Karadede–Bouras, Nikiforos T. Laopodis
The Journal of Wealth Management Jul 2015, 18 (2) 13-34; DOI: 10.3905/jwm.2015.18.2.013
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  • Article
    • Abstract
    • METHODOLOGICAL DESIGN
    • PRELIMINARY EMPIRICAL RESULTS
    • MAIN EMPIRICAL RESULTS
    • EMPIRICAL EVIDENCE ON THE DYNAMICS AMONG FINANCIALS AND COMMODITIES
    • CONCLUSIONS
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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