Diskusjonsnotater / Discussion notes: Nye registreringer
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Return Predictability and Implications
(Discussion note;2/2012, Others, 2012)We review the academic literature on the empirical phenomenon of return predictability and discuss its implications for the rebalancing policy of long-term investors. -
Free Float Adjustments in Global Equity Portfolios
(Discussion note;5/2014, Others, 2014)Free float represents the portion of a company’s shares that is publicly traded as opposed to locked-in shares held by strategic investors. In this note, we compare the rationale and various implications of using full ... -
Currency Carry Trade
(Discussion note;3/2014, Others, 2014)The carry trade in currency markets means that an investor buys a high-yielding currency and finances this by borrowing money in a currency with a low interest rate. The empirical literature on the carry trade indicates ... -
The Value Effect
(Discussion note;16/2012, Others, 2012)In this note, we review the theory and empirical evidence of the value effect. The value effect is the excess return that a portfolio of value stocks (stocks with a low market value relative to fundamentals) has, on average, ... -
Risks and Rewards in Emerging Equity Markets
(Discussion note;6/2012, Others, 2012)We survey the literature on the risks and rewards in emerging equity markets. Drawing on theoretical and empirical arguments, we assess whether a long-term investor should have a strategic allocation to these markets that ... -
Time-Varying Expected Returns and Investor
(Discussion note;1/2012, Others, 2012)What is the optimal rebalancing policy for a portfolio’s equity and bond holdings? The classical answer, building on the seminal contributions by Mossin (1968), Merton (1969, 1971), Samuelson (1969) and others, is that ... -
Syndicated Loans
(Discussion note;4/2014, Others, 2014)Investments in private debt may provide attractive investment opportunities for a large investor able and willing to commit funds to illiquid instruments. In this note we look closer at one particular type of private debt ... -
Benchmark Design for an Active Investment Process
(Discussion note;6/2014, Others, 2014)Most equity funds are benchmarked to market capitalisation weighted indices. A large investor may wish to design nonmarket capitalisation weighted benchmarks to maximise the benefit to the investor of the stock picking ... -
Global Equity Indices – a Comparative Study Between FTSE and MSCI
(Discussion note;2/2014, Others, 2014)In this note we present a review of construction practices and performance of global equity benchmarks from the perspective of a large long-term global asset owner. Our objective is to gain a better understanding of the ... -
The Structure of Inflation-Linked Bond Markets
(Discussion note;9/2012, Others, 2012)We describe the market structure of global inflation-linked bonds to evaluate to what degree they constitute an investable and homogeneous asset class. In particular, we discuss the market’s growth, size and composition ... -
Corporate Governance
(Discussion note;14/2012, Others, 2012)In this discussion note, NBIM’s expectations on corporate governance are presented. Expectations directed at boards are discussed, as is the rationale for focusing on board accountability and equal treatment of shareholders. ... -
Infrastructure Investments
(Discussion note;2/2013, Others, 2013)In this note we look closer at infrastructure investments. Our objective is to provide an overview of the opportunity set, key risks and return drivers. -
Well-Functioning Financial Markets
(Discussion note;13/2012, Others, 2012)In this note we discuss the theoretical foundation for well-functioning financial markets and why well-functioning financial markets are essential to reach the objective for the management of the Fund. Against this background ... -
Economic Growth and Equity Returns
(Discussion note;5/2012, Others, 2012)We study the links between economic growth and equity market returns to evaluate whether structural changes to global growth composition have implications for longer-term strategic allocations. In particular, we assess ... -
The History of Rebalancing of the Fund
(Discussion note;4/2012, Others, 2012)In this note we dig deeper into the rebalancing question and examine how the Fund’s rebalancing rules have impacted overall risks and returns. We find that the rules for rebalancing have served the fund well and contributed ... -
Board Appointment Practices - an International Overview
(Discussion note;11/2012, Others, 2012)Shareholders receive return on their invested equity only after the company has ensured the fulfilment of obligations to all other parties. Shareholders are therefore rightly given prerogatives to influence the company, ... -
Global Growth and Equity Returns
(Discussion note;3/2016, Others, 2016)Global economic growth and long-term growth forecasts are trending lower. Slower labour force growth, public debt overhang and declining productivity growth have been put forward as possible explanations. In this note, we ... -
International Diversification for Long-Term Investors
(Discussion note;1/2017, Others, 2017)In this note, we explore the benefits of international diversification from the perspective of a long-term, multi-asset investor. -
The Liquidity of a Diversified Portfolio
(Discussion note;3/2017, Others, 2017)In this note, we assess the trading liquidity of a globally diversified equity and fixed-income portfolio. -
The Equity Risk Premium
(Discussion note;1/2016, Others, 2016)In this note, we review the extensive theoretical and empirical evidence on one of the most important variables in financial economics – the equity risk premium (ERP).