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THE GLOBAL CAPITAL STOCK PUBLISHED IN THE JOURNAL OF PORTFOLIO MANAGEMENT

It is with great pleasure and honor to announce that our research on measuring the Global Capital Stock is published in the current issue of the Journal of Portfolio Management

The JPM is one of the best academic journals targeted to finance professionals (A-ranked). Four years after the Panthera research team consisting of Gregory Gadzinski (IUM), Andrea Vacchino (PS) and Markus Schuller (PS) started conducting what has proven to be an equally exciting and challenging research journey, the JPM recognition marks another milestone on our way to establish the Global Capital Stock as the most objective starting point in portfolio construction.

Our research also marks the first academic paper in the Principality of Monaco published in an A-star finance journal.

BACKGROUND
Fifty-four years after Sharpe (1964) postulating that the market portfolio was the natural starting point in portfolio construction and thirty-five years after the World Market Wealth Portfolio of Ibbotson and Siegel (1983), we measured the stock of a broad universe of assets worldwide. Therefore, by measuring the global capital stock of assets (both financial and nonfinancial) in the economy, we intend to provide a proxy for the theoretical global market portfolio.

RELEVANCE

Multi-Asset strategies became increasingly popular. In Europe alone, more than 14.000 Multi-Asset funds are offered (UCITS and AIF, source EFAMA). Evaluating their asset allocation quality with traditional risk measures has proven to be insufficient. The Global Capital Stock offers the very first representative natural benchmark for Multi-Asset strategies. Applicable for asset owners in their product selection/due-diligence, and also for asset managers in their risk management.