Exploiting International Stock Market Correlations with Open‐end International Mutual Funds
投资者可通过交易无佣金的开放式国际共同基金，利用国际股市相关性获得超额收益，该策略在近八年中年化收益率比标普500高800个基点。
Investors can exploit the correlations between international stock markets by trading no‐load, open‐end, international mutual funds. These investors in effect cheat passive investors because they buy the mutual funds at their net asset values, which do not reflect information released during the US trading day. The strategy we examine yields an annual rate of return 800 basis points above the S&P500, over a period of almost eight years.