Do foreign stocks substitute for international diversification?

Vicente J. Bermejo, José M. Campa, Rodolfo G. Campos, Mohammed Zakriya

Producción científica: Artículo en revista indizadaArtículorevisión exhaustiva

2 Citas (Scopus)

Resumen

Using a novel sample of foreign securities available for trade in 42 countries during the last four decades (1979–2018), we examine the rise in importance of foreign stocks for investors in their host countries and its implications for diversification across industries and countries. The availability of foreign stocks allows domestic investors to increase their international diversification from home by investing in these stocks. We conclude that including foreign stocks in portfolio investments offers an effective substitute for international diversification, and contributes significantly towards increasing the integration of global markets.

Idioma originalInglés
Páginas (desde-hasta)1191-1223
Número de páginas33
PublicaciónEuropean Financial Management
Volumen26
N.º5
DOI
EstadoPublicada - 1 nov 2020
Publicado de forma externa

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