Almost thirty years ago, Bruno Solnik published an article entitled "Why not diversify internationally rather than domestically?" in the Financial Analysts Journal (July/August 1974). At the time, U.S. pension funds had never invested outside of the United States. The situation was not very different in most other countries (except Britain) in which international investment by pension funds and other institutional investors was legally prohibited or regarded as exotic. Although European banks and private investors have long been international investors by cultural heritage as well as necessity (given the small size of most countries), institutional investors' guidelines often limited or prohibited international investments. Because institutional investors are large and sophisticated investors, their absence on the international scene was significant. Various forms of capital and currency controls constrained international investing. Few brokers or asset managers offered global services. Most corporations only reported annual accounts in their local language, and publicly available information was scarce and often unreliable. The combination of poor information, low expertise, stringent regulations, and high costs inhibited global investing. Thirty years later, the investment scene has changed dramatically.
Back in 1974, the world stock market capitalization stood below $1 trillion. Since the publication of the first edition of this book in 1988, the world stock market capitalization has passed the $25 trillion mark. Global debt markets have developed and opened up to foreign investors. Derivatives markets on financial instruments were in their infancy in 1974, but now provide major risk management instruments in all countries. It is now common to see U.S. pension funds with 10 percent or 20 percent of their assets invested internationally; individual investors have followed the trend, and the number of international mutual funds offered to American investors is astonishing. Non-U.S. investors hold extensive international investments. For example, ABP, the pension fund of Dutch civil servants and one of the largest in the world with total assets well over $100 billion, decided in 1989 to move from a purely domestic strategy to invest a growing percentage of its assets abroad. Dutch institutional investors now have more than 30 percent of their assets abroad.
The rapid pace of international investing is due to a change in mentality based on many factors. First, the benefits of international diversification in terms of risk and return have increasingly been recognized, as detailed in this book. This has led to a push toward guidelines an
kWww Homeequitymortgagepayment Home Equity Mortgage Payment Home Equity Mortgage Payment U Payment Home Equity Mortgage Payment Szh Ketang Asp Home Equity Mortgage Payment
国际投资学（英文影印版.第五版） - china-pub网上书店
d Home Equity Mortgage Payment Equity Home Equity Mortgage Payment Home Equity Mortgage Payment
jWww Homeequitymortgagepayment Home Equity Mortgage Payment Home Equity Mortgage Payment U Payment Home Equity Mortgage Payment Szh Ketang Asp Home Equity Mortgage Payment
国际投资学（英文影印版.第五版） - china-pub网上书店
k Home Home Equity Mortgage Payment
searchs Home acsearchw searchyW Equity wsearche Payment H Mortgage m Payment e Payment usearchtmsearchrsearchg Mortgage gsearchpsearchy Mortgage e Szh t Payment te
rc Equity searcho Equity eM Ketang M Equity r Equity g Equity gsearch r Home P Mortgage y
e Asp t 
a Home H Ketang msearch e Mortgage Mosearcht Home a
e As Mortgage asearchc Home eapayment_calculator.jpg)
ch Mortgage searchPsearchysearchensearch 
m Ketang nsearch Payment Mortgage e Mortgage a Payment gsearchr Homeequitymortgagepayment e Equity r Payment hsearch