In addition to attractive returns, many hedge funds claim to provide significant diversification
for traditional portfolios. This paper empirically examines the return and diversification …

Political risk represents a more important determinant of stock returns in emerging than in
developed markets. Using analyst estimates of political risk, we show that average returns in …

Book-to-market ratio (BE/ME), market equity (ME), and 1-year past return (momentum)(MOM)
help explain the cross-section of expected individual stock returns within the US and other …

Clifford S. Asness, Jacques A. Friedman, Robert J. Krail, and John M. Liew si m fo ea po ve
w st re o st le de an po an ti va w gr th fir va E m to gr w ar sp tion for the value spread, we …

… Asness is founding and managing principal, Roni Israelov is vice president, and John M.
Liew is founding principal at AQR Capital Management, LLC, Greenwich, Connecticut. …

We define “deep value” as episodes where the valuation spread between cheap and expensive
securities is wide relative to its history. Examining deep value across global individual …

Using analyst estimates of political risk, we show that political risk represents a more important
determinant of stock returns in emerging than developed markets. Average returns in …

Investors and financial economists have long debated the benefits of global equity market
diversification. Fans argue that diversifying globally reduces portfolio risk without harming long…

We define “deep value†as episodes where the valuation spread between cheap and
expensive securities is wide relative to its history. Examining deep value across global …

Background In non-surgical settings, covert stroke is more common than overt stroke and is
associated with cognitive decline. Although overt stroke occurs in less than 1% of adults after …