PT - JOURNAL ARTICLE AU - Kevin C.H. Chiang AU - Craig H. Wisen AU - Thomas (Xiyu) Zhou TI - Emerging Market Bonds as an Asset Class AID - 10.3905/joi.2007.694779 DP - 2007 Aug 31 TA - The Journal of Investing PG - 104--110 VI - 16 IP - 3 4099 - https://pm-research.com/content/16/3/104.short 4100 - https://pm-research.com/content/16/3/104.full AB - 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