British investment overseas 1870 - 1913: a modern portfolio theory approach
"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...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11266 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "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 to 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"--National Bureau of Economic Research web site. |
| Physical Description: | 55 S. graph. Darst. |
Staff View
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV020044318 | ||
| 003 | DE-604 | ||
| 005 | 20100303 | ||
| 007 | t | ||
| 008 | 050926s2005 xxud||| |||| 00||| eng d | ||
| 035 | |a (OCoLC)60249231 | ||
| 035 | |a (DE-599)BVBBV020044318 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-703 |a DE-521 |a DE-19 | ||
| 050 | 0 | |a HB1 | |
| 084 | |a QB 910 |0 (DE-625)141231: |2 rvk | ||
| 100 | 1 | |a Goetzmann, William N. |d 1956- |e Verfasser |0 (DE-588)124733972 |4 aut | |
| 245 | 1 | 0 | |a British investment overseas 1870 - 1913 |b a modern portfolio theory approach |c William N. Goetzmann ; Andrey D. Ukhov |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2005 | |
| 300 | |a 55 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11266 | |
| 520 | 3 | |a "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 to 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"--National Bureau of Economic Research web site. | |
| 650 | 4 | |a Außenpolitik | |
| 650 | 4 | |a Geschichte | |
| 650 | 4 | |a Investments, Foreign |z Great Britain |x History | |
| 650 | 4 | |a Portfolio management |z Great Britain |x History | |
| 651 | 4 | |a Großbritannien | |
| 651 | 4 | |a USA | |
| 651 | 4 | |a United States |x Foreign relations |v Treaties | |
| 700 | 1 | |a Ukhov, Andrey |e Verfasser |0 (DE-588)130506656 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11266 |w (DE-604)BV002801238 |9 11266 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w11266.pdf |z kostenfrei |3 Volltext |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-013365351 | ||
Record in the Search Index
| _version_ | 1804133617834655744 |
|---|---|
| any_adam_object | |
| author | Goetzmann, William N. 1956- Ukhov, Andrey |
| author_GND | (DE-588)124733972 (DE-588)130506656 |
| author_facet | Goetzmann, William N. 1956- Ukhov, Andrey |
| author_role | aut aut |
| author_sort | Goetzmann, William N. 1956- |
| author_variant | w n g wn wng a u au |
| building | Verbundindex |
| bvnumber | BV020044318 |
| callnumber-first | H - Social Science |
| callnumber-label | HB1 |
| callnumber-raw | HB1 |
| callnumber-search | HB1 |
| callnumber-sort | HB 11 |
| callnumber-subject | HB - Economic Theory and Demography |
| classification_rvk | QB 910 |
| ctrlnum | (OCoLC)60249231 (DE-599)BVBBV020044318 |
| discipline | Wirtschaftswissenschaften |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02853nam a2200433 cb4500</leader><controlfield tag="001">BV020044318</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20100303 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">050926s2005 xxud||| |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)60249231</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV020044318</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-703</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HB1</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QB 910</subfield><subfield code="0">(DE-625)141231:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Goetzmann, William N.</subfield><subfield code="d">1956-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)124733972</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">British investment overseas 1870 - 1913</subfield><subfield code="b">a modern portfolio theory approach</subfield><subfield code="c">William N. Goetzmann ; Andrey D. Ukhov</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">2005</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">55 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">11266</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">"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 to 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"--National Bureau of Economic Research web site.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Außenpolitik</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Geschichte</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Investments, Foreign</subfield><subfield code="z">Great Britain</subfield><subfield code="x">History</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Portfolio management</subfield><subfield code="z">Great Britain</subfield><subfield code="x">History</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">Großbritannien</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">USA</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">United States</subfield><subfield code="x">Foreign relations</subfield><subfield code="v">Treaties</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Ukhov, Andrey</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)130506656</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">11266</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">11266</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w11266.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-013365351</subfield></datafield></record></collection> |
| geographic | Großbritannien USA United States Foreign relations Treaties |
| geographic_facet | Großbritannien USA United States Foreign relations Treaties |
| id | DE-604.BV020044318 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:11:34Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013365351 |
| oclc_num | 60249231 |
| open_access_boolean | 1 |
| owner | DE-703 DE-521 DE-19 DE-BY-UBM |
| owner_facet | DE-703 DE-521 DE-19 DE-BY-UBM |
| physical | 55 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Goetzmann, William N. 1956- Verfasser (DE-588)124733972 aut British investment overseas 1870 - 1913 a modern portfolio theory approach William N. Goetzmann ; Andrey D. Ukhov Cambridge, Mass. National Bureau of Economic Research 2005 55 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11266 "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 to 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"--National Bureau of Economic Research web site. Außenpolitik Geschichte Investments, Foreign Great Britain History Portfolio management Great Britain History Großbritannien USA United States Foreign relations Treaties Ukhov, Andrey Verfasser (DE-588)130506656 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11266 (DE-604)BV002801238 11266 http://papers.nber.org/papers/w11266.pdf kostenfrei Volltext |
| spellingShingle | Goetzmann, William N. 1956- Ukhov, Andrey British investment overseas 1870 - 1913 a modern portfolio theory approach National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Außenpolitik Geschichte Investments, Foreign Great Britain History Portfolio management Great Britain History |
| title | British investment overseas 1870 - 1913 a modern portfolio theory approach |
| title_auth | British investment overseas 1870 - 1913 a modern portfolio theory approach |
| title_exact_search | British investment overseas 1870 - 1913 a modern portfolio theory approach |
| title_full | British investment overseas 1870 - 1913 a modern portfolio theory approach William N. Goetzmann ; Andrey D. Ukhov |
| title_fullStr | British investment overseas 1870 - 1913 a modern portfolio theory approach William N. Goetzmann ; Andrey D. Ukhov |
| title_full_unstemmed | British investment overseas 1870 - 1913 a modern portfolio theory approach William N. Goetzmann ; Andrey D. Ukhov |
| title_short | British investment overseas 1870 - 1913 |
| title_sort | british investment overseas 1870 1913 a modern portfolio theory approach |
| title_sub | a modern portfolio theory approach |
| topic | Außenpolitik Geschichte Investments, Foreign Great Britain History Portfolio management Great Britain History |
| topic_facet | Außenpolitik Geschichte Investments, Foreign Great Britain History Portfolio management Great Britain History Großbritannien USA United States Foreign relations Treaties |
| url | http://papers.nber.org/papers/w11266.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT goetzmannwilliamn britishinvestmentoverseas18701913amodernportfoliotheoryapproach AT ukhovandrey britishinvestmentoverseas18701913amodernportfoliotheoryapproach |