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- Title
Beneficios de un portafolio sobreponderado en países emergentes versus globalmente diversificado.
- Authors
de la Torre-Torres, Óscar Valdemar; Aguilasocho-Montoya, Dora; Galeana-Figueroa, Evaristo
- Abstract
In the present paper, we test the benefit of overweighting a Global stock portfolio in Emerging markets. This, against a globally full-diversified one. By using a Gaussian tworegime Markov-Switching model, we tested the benefit of global diversification. From a U.S. dollar based investor perspective, we found in our results that is preferable to invest in a portfolio with only U.S. and Emerging markets stocks, instead of a global broad diversified portfolio. By the fact that a less diversified portfolio has a better mean-variance efficiency in a global diversification context, this result seems challenge the main assumptions of the classical portfolio theory.
- Subjects
EMERGING markets; STOCK exchanges; INVESTORS; HYPOTHESIS
- Publication
Mercados y Negocios, 2020, Vol 21, Issue 42, p5
- ISSN
1665-7039
- Publication type
Article
- DOI
10.32870/myn.v1i42.7548