Question 3 (1 point) Why are the gains from international portfolio diversification far smaller than 25 years ago? Correlation across national stock markets has been creeping upward over the past quarter of a century as the world economy is becoming more tightly integrated Multinational corporations' shares are increasingly listed in multiple stock exchanges As multinational corporations are accounting for a growing share of the world market capitalization the same benefits from international portfolio diversification can be achieved by investing in domestically listed shares of the same multinational corporations Major foreign companies are often listed on US stock exchanges in the form of ADRs None of the above Question 4 (1 point) Which societal trend is having the most profound impact on global investing? "Pay-as-you-go" pension scheme. Labor mobility Sky-rocketing cost of healthcare Longevity risk Increasingly top-heavy pyramids of age