The Global Capital Stock: Finding a Proxy for the Unobservable Global Market Portfolio
测量了2005-2016年间全球11类资产的市场价值，为理论上的全球市场组合提供了一个代理变量，帮助投资者实现全球资产类别分散化。
Thirty-five years after the World Market Wealth Portfolio of Ibbotson and Siegel [1983], this article summarizes the authors’ attempt to measure the stock of a broad universe of assets worldwide. Therefore, by measuring the global capital stock of assets (both financial and nonfinancial) in the economy, the authors intend to provide a proxy for the theoretical global market portfolio. The authors compute the market value of global assets included in 11 asset classes for the 2005–2016 period. Despite the limited availability of data for nonfinancial assets, the authors argue that their proxy for the global market portfolio is a much-needed starting point for those willing to diversify away from traditional domestic portfolios and achieve global asset class diversification. <b>TOPICS:</b>Portfolio theory, security analysis and valuation, emerging