Dr. Kevin C. H. Chiang, Associate Professor of Business Administration, co-authored an article with Craig H. Wisen and Thomas (Xiyu) Zhou that was published in the Fall, 2007 issue of The Journal of Investing.  The article is titled "Emerging Market Bonds as an Asset Class:  Mean-Variance Spanning."  The study examines whether emerging market bonds improve the investment opportunity set for a mixed-asset portfolio.  The results indicate that adding emerging market bonds improves the mean-variance efficient frontier of a mixed-asset portfolio consisting of U.S. stocks, U.S. bonds, international stocks, and international developed market bonds.  This finding holds for the EMBI Index and the CRSP survivorship-bias free emerging market bond fund portfolio.  Therefore, the analysis is robust with respect to the usual concerns of survivorship and investability.