An investigation of the benefits of portfolio investment in Central and Eastern European stock markets

被引：18
|
作者：
Middleton, C. A. J. [1 ]
Fifield, S. G. M. [2 ]
Power, D. M. [2 ]
机构：
[1] Univ St Andrews, Sch Management, St Andrews KY16 9SS, Fife, Scotland
[2] Univ Dundee, Sch Accounting & Finance, Perth Rd, Dundee DD1 4HN, Scotland
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2008年 / 22卷 / 02期
关键词：
Central and Eastern Europe; Emerging markets; Portfolio diversification; Country and industry factors;
D O I：
10.1016/j.ribaf.2007.04.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper: (i) examines the potential benefits from diversifying into eight stock markets of Central and Eastern Europe (CEE); and (ii) quantifies the importance of country, industry and time factors in CEE equity returns. The findings suggest that substantial benefits exist from investing in CEE stock markets and that they accrue more from the geographical spread than from the industrial mix of the equities included in the portfolio. However, the returns earned by CEE equities vary dramatically over time. This variability may hamper the efforts of investors attempting to exploit the diversification "free lunch". (C) 2007 Elsevier B.V. All rights reserved.
引用
收藏
页码：162 / 174
页数：13
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