International Portfolio Diversification at Industry Level within South-East Asian Stock Markets
- سال انتشار: 1396
- محل انتشار: مجله ایرانی مطالعات مدیریت، دوره: 10، شماره: 1
- کد COI اختصاصی: JR_JIJMS-10-1_004
- زبان مقاله: انگلیسی
- تعداد مشاهده: 265
نویسندگان
Faculty of Economics and Management, Urmia University, Urmia, Iran
Faculty of Economics and Management, Urmia University, Urmia, Iran
Faculty of Economics and Management, Urmia University, Urmia, Iran
چکیده
The issue of financial integration, at the country level, is a well-documented phenomenon in the area of International Portfolio Diversification (IPD). Despite the increasing degree of financial integration, it is important to investigate the global integration at industry level to capture the potential benefits of IPD. Thus, this study attempts to evaluate the potential advantages of IPD for international investors when investing in emergingstock markets of South-East Asia, through examining the co-integration within these markets at industry level during ۲۰۰۰-۲۰۱۲. Using Multiple Fitness Functions Genetic Algorithm (MFFGA) and co-integration techniques, the results imply that South-East Asian emergingstock markets are not co-integrated at the industry level, and thus great diversification gains can still be achieved by cross-industry portfolio diversification in this region. However, another contribution of the study is that the findings explicitly identify the industries that are better suited for diversification purposes.کلیدواژه ها
Co-integration, emergingmarkets, international portfolio diversification, Multiple Fitness Functions Genetic Algorithm (MFFGA), Optimizationاطلاعات بیشتر در مورد COI
COI مخفف عبارت CIVILICA Object Identifier به معنی شناسه سیویلیکا برای اسناد است. COI کدی است که مطابق محل انتشار، به مقالات کنفرانسها و ژورنالهای داخل کشور به هنگام نمایه سازی بر روی پایگاه استنادی سیویلیکا اختصاص می یابد.
کد COI به مفهوم کد ملی اسناد نمایه شده در سیویلیکا است و کدی یکتا و ثابت است و به همین دلیل همواره قابلیت استناد و پیگیری دارد.