| dc.description.abstract | This paper examines the performance of five asset classes using global and Nordic data from
the period of 1960–2021. To investigate the return performance of these assets, we have
calculated the return on assets using various metrics of return before and after risk
adjustment. In addition, we have executed a time-series regression with Capital Asset Pricing
Model (CAPM) and a macroeconomic factor model. In the end, we have combined the assets
and construct minimum variance portfolios. Our results imply equities were the best
performing asset class in all the Nordic countries, followed by real estate and government
bonds. Equities had the highest risk, followed by real estate and government bonds. Out of 12
Nordic assets, Finnish equities are the only Nordic asset that have delivered negative returns
for the last 21 years. Our study suggests the Swedish minimum variance portfolio offers the
best option regarding risk and return. | en_US |
