Emerging market bond funds: A comprehensive analysis

Sirapat Polwitoon, Oranee Tawatnuntachai

Research output: Contribution to journalArticle

9 Scopus citations

Abstract

We analyze U.S.-based emerging market bond funds over a ten-year (1996-2005) complete cycle of ups and downs in the dominant emerging bond markets. Emerging market bond funds outperform comparable domestic and global bond funds. The results are robust across both conditional and unconditional models. The funds also provide international diversification benefits to U.S. and international bond and equity portfolios. The funds exhibit persistence in performance and seasonality. Active funds, large funds and funds with high minimum purchases perform better on a total return basis but not on a risk-adjusted basis.

Original languageEnglish (US)
Pages (from-to)51-84
Number of pages34
JournalFinancial Review
Volume43
Issue number1
DOIs
StatePublished - Feb 2008

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

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