1,373
Views
41
CrossRef citations to date
0
Altmetric
Original Articles

Should gold be included in institutional investment portfolios?

&
Pages 1553-1565 | Published online: 01 Oct 2013

References

  • Ap Gwilym , O. , Clare , A. and Seaton , J. 2010 . “ August, Centre for Asset Management Research ” . In Gold Stocks, the Gold Price and Market Timing , London : Cass Business School .
  • Baur , D. G. and Lucey , B. M. 2010 . Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold . The Financial Review , 45 : 217 – 29 .
  • Baur , D. G. and McDermott , T. K. 2010 . Is gold a safe haven? International evidence . Journal of Banking and Finance , 34 : 1886 – 98 .
  • Blake , P. 1984 . Investing in gold . Canadian Family Physician , 30 : 1475 – 7 .
  • Capie , F. , Mills , T. C. and Wood , G. 2005 . Gold as a hedge against the dollar . Journal of International Financial Markets, Institutions and Money , 15 : 343 – 52 .
  • Chua , J. H. , Sick , G. and Woodward , R. S. 1990 . Diversifying with gold stocks . Financial Analysts Journal , 46 : 76 – 9 .
  • Ciner , C. , Gurdgiev , C. and Lucey , B. M. 2010 . Hedges and Safe Havens – An Examination of Stocks, Bond, Oil, Gold and the Dollar , Dublin : School of Business, Trinity College Dublin .
  • Conover , C. M. , Jensen , G. R. and Johnson , R. R. 2009 . Can precious metals make your portfolio shine? . Journal of Investing , 18 : 75 – 86 .
  • Demidova-Menzel , N. and Heidorn , T. 2007 . “ Working Paper No. 87 ” . In Gold in the investment portfolio , Frankfurt School of Finance and Management . Frankfurt School of Finance and Management, Frankfurt.
  • Dornbusch , R. , Park , Y. and Claessens , S. 2000 . Contagion: how it spreads and how it can be stopped . World Bank Research Observer , 15 : 177 – 97 .
  • Faff , R. and Chan , H. 1998 . A multifactor model of gold industry stock returns: evidence from the Australian equity market . Applied Financial Economics , 8 : 21 – 8 .
  • Forbes , K. and Rigobon , R. 2002 . No contagion, only interdependence . Journal of Finance , 57 : 2223 – 61 .
  • Gorton , G. and Rouwenhorst , K. 2006 . Facts and fantasies about commodity futures , Financial Analysts Journal, 62, 47–68. .
  • Hammoudeh , S. M. , Yuan , Y. and McAleer , M. 2010 . Precious metals exchange rate volatility transmissions and hedging strategies . International Review of Economics and Finance , 19 : 633 – 47 .
  • Hillier , D. , Draper , P. and Faff , R. 2006 . Do precious metals shine? An investment perspective . Financial Analysts Journal , 62 : 98 – 106 .
  • Jaffe , J. F. 1989 . Gold and gold stocks as investments for institutional portfolios . Financial Analysts Journal , 45 : 53 – 9 .
  • Jayadev , M. 1996 . Mutual fund performance: an analysis of monthly returnsFinance India, X, 73 – 84 .
  • Johnson , R. and Soenen , L. 1997 . Gold as an investment asset: perspectives from different countries . Journal of Investing , 6 : 94 – 9 .
  • Kavalis , N. 2006 . Commodity Prices and the Influence of the US Dollar , London : World Gold Council .
  • Kreander , N. , Gray , R. H. and Power , D. M. 2005 . Evaluating the performance of ethical and non-ethical funds: a matched pair analysis . Journal of Business Finance and Accounting , 32 : 1465 – 93 .
  • Lagoarde-Segot , T. and Lucey , B. M. 2007 . International portfolio diversification: is there a role for the Middle East and North Africa? . Journal of Multinational Financial Management , 17 : 401 – 16 .
  • Lawrence , C. 2003 . Why Is Gold Different from Other Assets? An Empirical Investigation , London : World Gold Council .
  • Levin , E. J. , Montagnoli , A. and Wright , R. E. 2006 . Short-Run and Long-Run Determinants of the Price of Gold , Strathclyde : University of Strathclyde .
  • Loretan , M. and English , W. B. 2000 . “ Evaluating ‘correlation breakdowns’ during periods of market volatility ” . In International Finance Discussion Papers , Vol. 658 , Washington , DC : Board of Governors of the Federal Reserve System .
  • Lucey , B. M. , Tully , E. and Poti , V. 2006 . International portfolio formation, skewness and the role of gold . Frontiers in Finance and Economics , 3 : 49 – 68 .
  • Mallin , C. A. , Saadouni , B. and Briston , R. J. 1995 . The financial performance of ethical investment funds . Journal of Business Finance and Accounting , 22 : 483 – 96 .
  • McCown , J. R. and Zimmerman , J. R. 2006 . Is gold a zero-beta asset? Analysis of the investment potential of precious metals. Working Paper Series. Available at SSRN http://ssrn.com/abstract=920496(accessed 13 September 2013).
  • Michaud , R. , Michaud , R. and Pulvermacher , K. 2006 . Gold as a Strategic Asset , London : World Gold Council .
  • Morales , L. and O'Callaghan , B. A. 2011 . Comparative analysis on the effects of the Asian and global financial crises on precious metal markets . Research in International Business and Finance , 25 : 203 – 27 .
  • O'Connell , R. 2005 . What Sets the Precious Metals Apart from Other Commodities? , London : World Gold Council .
  • Pulvermacher , K. 2005 . Commodity Returns and the Economic Cycle , London : World Gold Council .
  • Shafiee , S. and Topal , E. 2010 . An overview of global gold market and gold price forecasting, Elsevier . Resources Policy , 35 : 178 – 89 .
  • Stock , J. H. and Watson , M. W. 2003 . “ Has the business cycle changed and why? ” . In NBER Macroeconomics Annual , Edited by: Gertler , M. and Rogoff , K. Vol. 17 , 159 – 218 . Cambridge , MA : MIT Press .
  • Tully , E. and Lucey , B. M. 2007 . A power GARCH examination of the gold market . Research in International Business and Finance , 21 : 316 – 25 .
  • Wang , L. , Hussain , I. and Ahmed , A. 2010 . Gold exchange traded funds: current developments and future prospects in China . Asian Social Science , 6 : 119 – 25 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.