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Investments in emerging markets: A developed market perspective.

机译：新兴市场投资：发达的市场前景。

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摘要

Convincing arguments and abundant evidence have been presented by both academics and practitioners in favor of international private investment in emerging markets. However, home bias seems to be persistent among foreign investors, and the proportion of assets invested in these markets is still small in relation to their economic potential.; This paper studies potential benefits of international diversification to emerging markets from the perspective of a developed country investor. The study develops a benchmark investing strategy within the mean-variance portfolio optimization framework. This approach allows marginal allocations to emerging markets, and recognizes the fact that most investors will hold larger proportions of domestic assets. The model attempts to link the well-documented fact of time-varying risk with portfolio selection and diversification benefits.; Results are positively in favor of international diversification even in the presence of time-varying risk and highly volatile periods. They also show that from the three developed countries studied: US, UK, and Japan, US investors would derive the greatest benefit from extending their investment strategy into emerging markets.
机译：学术界和从业者都提出了令人信服的论据和充分的证据，支持在新兴市场进行国际私人投资。然而，外国投资者似乎仍然偏向本国，而相对于其经济潜力，投资于这些市场的资产比例仍然很小。本文从发达国家投资者的角度研究了国际多元化对新兴市场的潜在利益。该研究在均值方差投资组合优化框架内制定了基准投资策略。这种方法允许对新兴市场进行边际配置，并认识到大多数投资者将持有更大比例的国内资产这一事实。该模型试图将有据可查的时变风险事实与投资组合选择和分散收益联系起来。即使存在随时间变化的风险和高度波动的时期，结果也有利于国际多元化。他们还表明，从研究的三个发达国家（美国，英国和日本）中，美国投资者将从其投资策略扩展到新兴市场中而获得最大利益。

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  • 作者

    Barreiro Riofrio, Magdalena.;

  • 作者单位

    Illinois Institute of Technology.;

  • 授予单位 Illinois Institute of Technology.;
  • 学科 Economics Finance.
  • 学位 Ph.D.
  • 年度 2002
  • 页码 99 p.
  • 总页数 99
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;
  • 关键词

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