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| Tekijä: | Griffin, J. M. Karolyi, G. A. |
| Otsikko: | Another look at the role of the industrial structure of markets for international diversification strategies. |
| Lehti: | Journal of Financial Economics
1998 : DEC, VOL. 50:3, p. 351-373 |
| Asiasana: | Structural analysis Diversification Financial markets Industrial structure Financial risk Stock markets |
| Kieli: | eng |
| Tiivistelmä: | The authors re-examine the extent to which gains from international diversification are due to differences in industrial structure across countries. Using a new database, the Dow Jones World Stock Index, with coverage in 25 countries and over 66 industry classification, they decompose comprehensively both country and industrial sources of variation. They confirm that little of the variation in country index returns can be explained by their industrial composition. They also uncover differences in the proportion of variation in index returns that is captured by country and industry factors and discuss the implications for global diversification strategies. |
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