See also Beta Fundamental factors, equity risk factor models, 338-339, 341, 345 Funding ratio, 128-130, 133-135 Futures accounts, 153 Futures contracts, 60, 376, 388, 459, 468,470^72 Futures exchange and traded fund positions, measuring risk of, 388-390 Gamma exposure, 439 GDRs, 355,376 General Agreement on Tariffs and Trade (GATT), 366 Generalized autoregressive conditionally heteroscedastic (GARCH) processes, 245-246 General partners, 519 Geometric returns, 319 Germany: equity market, 79-80, 82-84 European Public Real Estate Association (EPRA), 102 global equity risk factor model, 367 Gift tax, 537-538 Ginnie Mae (GNMA), 441 Global bond market, forecasting across using valuation measures, 464 Global bonds, Lehman Global Aggregate index, 98-100 Global capitalization weighted portfolio, 151 Global equilibrium expected returns: Capital Asset Pricing Model (CAPM), 55-56 equilibrium condition, 70-75 exchange rates and, 61-66 general model, 57-61 matrix algebra, 63-64, 67-70, 74 optimal portfolio, 63-65 Global equities modeling: block diagonal factor model, 367-369,371-372 combined single region model (SRM), 367-369, 371-373 comparison of, 369 enhanced block diagonal, 367-369, 372-373 global equity factor model, 367-371 Global equity, generally: diversification, 122-123, 130 factor model, 367-371 index, 20 Global equity markets: forecasting across using valuation measures, 461, 463 forecasting within using valuation measures, 463 Global equity portfolio: characteristics of, generally, 92, 365 local indexes, 95-98 Morgan Stanley Capital International (MSCI) equity indexes, 93-97 Salomon Smith Barney Global Equity Index (SSBGEI), 91-93 Global factor model, 321-322 Global Industry Classification Standard (GICS), 94, 350-351 Global interest rates, 445-446 Global markets, 14 Global minimum-variance portfolio, 87-88 Global multi-asset-class benchmark, 472 Global stock-selection portfolio, 463 Global tactical asset allocation (GTAA): asset class, 455, 459-461 benchmarks, 480-482 completion element, 455, 457-458 completion portfolio, 473-474 country predictability, 459^461 customization, 455, 479-480 empirical evidence for, 461-467 expectations, 478-481 global currency management, 469 history of, 455-457 implementation, 467-478 leverage, 476-478 manager selection, 481-482 overlay portfolio, 474^476 performance, 478^80 portable alpha strategy, 480-481