Abstract

http://ssrn.com/abstract=500048
 
 

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Countries versus Industries in Emerging Markets: A Normative Portfolio Approach


Javier Estrada


IESE Business School

Mark Kritzman


Windham Capital Management

Sebastien Page


State Street Associates


EFMA 2004 Basel Meetings Paper

Abstract:     
Should investors in emerging markets focus on diversifying across countries or diversifying across industries? This question, widely debated in developed markets, and particularly in Europe, has received little attention in emerging markets. Using a normative approach that disentangles the impact of investor behavior from the opportunities offered by capital markets, we find that country effects dominate industry effects. It follows from our results that, despite the increasing globalization of emerging markets, investors should focus their diversification efforts on countries rather than on industries.

Number of Pages in PDF File: 14

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Date posted: May 13, 2004  

Suggested Citation

Estrada, Javier and Kritzman, Mark and Page, Sebastien, Countries versus Industries in Emerging Markets: A Normative Portfolio Approach. EFMA 2004 Basel Meetings Paper. Available at SSRN: http://ssrn.com/abstract=500048 or http://dx.doi.org/10.2139/ssrn.500048

Contact Information

Javier Estrada (Contact Author)
IESE Business School ( email )
Avenida Pearson 21
Barcelona, 08034
Spain
+34 93 253 4200 (Phone)
+34 93 253 4343 (Fax)
HOME PAGE: http://web.iese.edu/jestrada
Mark Kritzman
Windham Capital Management ( email )
5 Revere Street
Cambridge, MA 02138
United States
617-576-7360 (Phone)
617-576-7359 (Fax)
Sebastien Page
State Street Associates ( email )
138 Mount Auburn Street
Cambridge, MA 02138
United States
617-234-9462 (Phone)
617-234-9478 (Fax)
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