This study examines whether U.S. international equity mutual funds provide out-of-sample diversification benefits in the presence of no short selling constraints. Ignoring the economic state, international mutual funds do not provide out-of-sample diversification benefits. However international mutual funds do provide out-of-sample diversification benefits in certain economic states. The benefits are concentrated when the lag one-month U.S. Treasury Bill return is lower than normal.

中文翻译：

---

国际股票美国共同基金和多元化收益

本研究考察了美国国际股票共同基金是否在没有卖空限制的情况下提供样本外多元化收益。忽略经济状况，国际共同基金不提供样本外多元化收益。然而，国际共同基金确实在某些经济国家提供了样本外多元化收益。当滞后一个月的美国国债收益率低于正常水平时，收益就会集中。