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Portfolio Theory Dissertations

P/F/47. Portfolio Diversification. European Diversification: across countries or across industries?

WORDS:
10000
DATE:
2003
PRICE:
109.99 GBP

ABSTRACT: This study examines the extent to which gains from diversification across European countries within an industry allow for greater risk reduction than industry diversification within a country. European stock markets are becoming increasingly globalised and intra-industry mergers and acquisitions are a reality as a result of the increasing economic integration of Europe, the implementation of the single currency and the elimination of restrictions in banking and financial services. Therefore, investment opportunities have increased and accelerated the flow of equity capital between European markets. Using a sample of 17 countries and 18 industries between 1992 and 2001 it is found that country diversification is a more successful method for achieving risk reduction than industry diversification.

 

KEYWORDS: f, portfolio, diversification, european, diversification, countries, industries,

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diversification portfolio management effects exchange rates countries european industries dissertation proposal allocation versus success critical equity factors international c country sector
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