TY - JOUR T1 - Emerging Market Bonds as an Asset Class JF - The Journal of Investing SP - 104 LP - 110 DO - 10.3905/joi.2007.694779 VL - 16 IS - 3 AU - Kevin C.H. Chiang AU - Craig H. Wisen AU - Thomas (Xiyu) Zhou Y1 - 2007/08/31 UR - https://pm-research.com/content/16/3/104.abstract N2 - Emerging market bonds improve the efficient frontier of a mixed-asset portfolio. The improvement is based on the application of mean-variance spanning tests on returns that are free from survivorship bias. The results indicate that emerging market bonds span a portfolio comprised of U.S. stocks, U.S. bonds, international equity, and international bonds from developed markets. Mean-variance optimizations suggest that a typical fund sponsor might consider overweighting its allocation towards emerging market bonds.TOPICS: Emerging markets, fixed income portfolio management, portfolio construction ER -