An Industrial Organization Approach To International Portfolio Diversification PDF Download
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Author | : Chaehee Shin |
Publisher | : |
Total Pages | : 0 |
Release | : 2017 |
Genre | : |
ISBN | : |
Download An Industrial Organization Approach to International Portfolio Diversification Book in PDF, ePub and Kindle
Although the lack of international portfolio diversification has long interested the financial economics literature, the role of financial intermediaries in the market for diversified portfolios has rarely been studied. In this paper, I introduce a microeconomic aspect of under-diversification by examining a new data on U.S.-based mutual fund families' global diversification. I document the fund families' investments in global equity markets and explore features of supply and demand in the mutual fund market to explain their limited global diversification. Demand estimation confirms that consumers are not only sensitive to the fund families' portfolio characteristics such as global diversification, but also to the non-portfolio characteristics such as fund family age and size. On the supply side, the model of fund families' global investment decisions uses a revealed preference approach and shows small cross-border investment frictions can justify the fund families' observed limited global diversification. Other factors such as destination country's investor protection level and fund family's investment experience significantly affect the degree of diversification as well.
Author | : Chae Hee Shin |
Publisher | : |
Total Pages | : |
Release | : 2014 |
Genre | : |
ISBN | : |
Download An Industrial Organization Approach to International Portfolio Diversification Book in PDF, ePub and Kindle
Author | : Frans de Roon |
Publisher | : |
Total Pages | : 44 |
Release | : 2010 |
Genre | : |
ISBN | : |
Download International Portfolio Diversification Book in PDF, ePub and Kindle
We examine the relative importance of country, industry, world market and currency risk factors for international stock returns. Our approach focuses on testing the mean-variance efficiency of the various factor portfolios. An unconditional analysis does not detect significant differences between country, industry and world portfolios, nor any role for currency risk factors. However, when we allow expected returns, volatilities and correlations to vary over time, we find that equity returns are mainly driven by global industry and currency risk factors. We propose a novel test to evaluate the relative benefits of alternative investment strategies and find that including currencies is critical to take full advantage of the diversification benefits afforded by international markets.
Author | : Duncan C. Campbell |
Publisher | : International Labour Organization |
Total Pages | : 130 |
Release | : 1990 |
Genre | : Employment in foreign countries |
ISBN | : 9221075370 |
Download The Employment Effects of Multinational Enterprises in the United States and of American Multinationals Abroad Book in PDF, ePub and Kindle
Author | : Mr.Timothy D. Lane |
Publisher | : International Monetary Fund |
Total Pages | : 116 |
Release | : 1991-04-15 |
Genre | : Business & Economics |
ISBN | : 9781557752055 |
Download Determinants and Systemic Consequences of International Capital Flows Book in PDF, ePub and Kindle
The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.
Author | : Raj Aggarwal |
Publisher | : Emerald Group Publishing |
Total Pages | : 302 |
Release | : 1995 |
Genre | : Business & Economics |
ISBN | : 9780120445004 |
Download Global Portfolio Diversification Book in PDF, ePub and Kindle
Synthesizes debates between analysts and academics. This work covers subjects such as risk management, diversification and hedging strategies, deviations from market efficiency, and exchange rates. It includes features that: deal with increased interest in the globalization of financial markets; cover managing and hedging risks; and more.
Author | : Roberto S. Vassolo |
Publisher | : Springer Nature |
Total Pages | : 298 |
Release | : |
Genre | : |
ISBN | : 3031574192 |
Download Advanced Strategic Management Book in PDF, ePub and Kindle
Author | : Alan M. Rugman |
Publisher | : Lexington, Mass. ; Toronto : Heath |
Total Pages | : 168 |
Release | : 1979 |
Genre | : Business & Economics |
ISBN | : |
Download International Diversification and the Multinational Enterprise Book in PDF, ePub and Kindle
Author | : Lieven De Moor |
Publisher | : |
Total Pages | : 33 |
Release | : 2005 |
Genre | : |
ISBN | : |
Download International Portfolio Diversification Book in PDF, ePub and Kindle
Author | : G M. Konstantinidis |
Publisher | : |
Total Pages | : |
Release | : 2001 |
Genre | : |
ISBN | : |
Download International Portfolio Diversification and the Optimal Frontier Approach Book in PDF, ePub and Kindle