دانلود مقاله ISI انگلیسی شماره 51869
ترجمه فارسی عنوان مقاله

مزایای تنوع بین المللی: توسعه بازار، حاکمیت شرکتی، کلاه بازاری، و اثرات تغییر ساختاری

عنوان انگلیسی
The benefits of international diversification: market development, corporate governance, market cap, and structural change effects ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
51869 2015 22 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Financial Analysis, Volume 42, December 2015, Pages 76–97

ترجمه کلمات کلیدی
تنوع بین المللی؛ بازارهای نوظهور؛ حاکمیت شرکتی؛ اثرات جانبی؛ عملکرد نمونه کارها
کلمات کلیدی انگلیسی
International diversification; Emerging markets; Corporate governance; Size effects; Portfolio performanceG11; G12; G14; G15; G34
پیش نمایش مقاله
پیش نمایش مقاله  مزایای تنوع بین المللی: توسعه بازار، حاکمیت شرکتی، کلاه بازاری، و اثرات تغییر ساختاری

چکیده انگلیسی

This paper examines the benefits of international diversification for US investors, while accounting for market development, corporate governance, market cap effects, and structural change across countries over the period August 1996–July 2013. Improved risk adjusted returns are obtained from a diversified portfolio consisting of a mix of developed and emerging countries. Additionally, we find that diversification benefits are not significant for most of the small-cap foreign assets when an investor already holds a position in corresponding country-large-cap assets. Diversification benefits based on the governance effectiveness of a country's companies are not ubiquitous. We find that economically significant improvements in risk-return performance can be attained by adding large caps of developed countries with high and low overall Governance Metrics International (GMI) ratings and large and small caps of emerging countries with low overall GMI ratings to the investment universe containing the assets of common law developed countries. However, diversification benefits are economically significant only for large and small caps of low GMI emerging countries when short selling is not allowed.