Global Currency Hedging
研究了1975至2005年间美元、欧元和瑞士法郎与全球股市的负相关性，发现这些货币虽平均回报低，但对风险规避型全球股票投资者有吸引力；对全球债券投资者，风险最小化策略接近完全对冲并持有少量美元多头。
ABSTRACT Over the period 1975 to 2005, the U.S. dollar (particularly in relation to the Canadian dollar), the euro, and the Swiss franc (particularly in the second half of the period) moved against world equity markets. Thus, these currencies should be attractive to risk‐minimizing global equity investors despite their low average returns. The risk‐minimizing currency strategy for a global bond investor is close to a full currency hedge, with a modest long position in the U.S. dollar. There is little evidence that risk‐minimizing investors should adjust their currency positions in response to movements in interest differentials.