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The following paper discusses diversification benefits and the role of both domestic and international diversification in reducing risk and increasing growth. It transitions into describing asset classes and their roles in building a diverse portfolio. It then discusses international securities and how global assets can mitigate risks associated with domestic markets. Lastly using data from the past 15 years, It shows examples of constructing diverse portfolios with international securities and their potential for growth and lower risk based on a variety of performance metrics.
Kundurthy et al. (Wed,) studied this question.