Global Pricing Of Equity And The Influence Of Industry Factors

Topics:
Commercial Lending
Tags:
Benefits,
Pricing Strategy,
Management,
Investment,
Institute For Fiduciary Education,
Industry,
Human Resources,
Finance,
Equity,
Diversification,
...
Source:
Institute for Fiduciary Education

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Overview: As the investment world becomes ever more integrated, a pronounced home bias and segmented approach to portfolio management should be supplanted by more holistic and global approach. Home bias is sometimes justified by the increased correlations between national stock markets, which reduces the benefit of international risk diversification. However, the current level of international correlation still justifies a greater level of international investment than is currently observed. In addition, if industry factors remain strong, then a cross-country, cross-industry approach should best capture the full risk benefit of international diversification. In practice, such an integrated approach to analysis and portfolio construction should produce the best excess returns with the minimum level of risk.

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Format: PDF | Size: 259KB | Date: Jan 2003 | Pages: 2

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