An investigation of the benefits of portfolio investment in Central and Eastern European stock markets

C. A. J. Middleton; S. G. M. Fifield; D. M. Power

doi:10.1016/j.ribaf.2007.04.001

An investigation of the benefits of portfolio investment in Central and Eastern European stock markets

C. A. J. Middleton, S. G. M. Fifield, D. M. Power

Research output: Contribution to journal › Article › peer-review

21 Citations (Scopus)

Abstract

This paper: (i) examines the potential benefits from diversifying into eight stock markets of Central and Eastern Europe (CEE); and (ii) quantifies the importance of country, industry and time factors in CEE equity returns. The findings suggest that substantial benefits exist from investing in CEE stock markets and that they accrue more from the geographical spread than from the industrial mix of the equities included in the portfolio. However, the returns earned by CEE equities vary dramatically over time. This variability may hamper the efforts of investors attempting to exploit the diversification “free lunch”.

Original language	English
Pages (from-to)	162-174
Number of pages	13
Journal	Research in International Business and Finance
Volume	22
Issue number	2
DOIs	https://doi.org/10.1016/j.ribaf.2007.04.001
Publication status	Published - 2008

Keywords

Portfolio management
Investment analysis
Stock markets
Central Europe
Eastern Europe

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10.1016/j.ribaf.2007.04.001

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title = "An investigation of the benefits of portfolio investment in Central and Eastern European stock markets",

abstract = "This paper: (i) examines the potential benefits from diversifying into eight stock markets of Central and Eastern Europe (CEE); and (ii) quantifies the importance of country, industry and time factors in CEE equity returns. The findings suggest that substantial benefits exist from investing in CEE stock markets and that they accrue more from the geographical spread than from the industrial mix of the equities included in the portfolio. However, the returns earned by CEE equities vary dramatically over time. This variability may hamper the efforts of investors attempting to exploit the diversification “free lunch”.",

keywords = "Portfolio management, Investment analysis, Stock markets, Central Europe, Eastern Europe",

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AU - Fifield, S. G. M.

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N2 - This paper: (i) examines the potential benefits from diversifying into eight stock markets of Central and Eastern Europe (CEE); and (ii) quantifies the importance of country, industry and time factors in CEE equity returns. The findings suggest that substantial benefits exist from investing in CEE stock markets and that they accrue more from the geographical spread than from the industrial mix of the equities included in the portfolio. However, the returns earned by CEE equities vary dramatically over time. This variability may hamper the efforts of investors attempting to exploit the diversification “free lunch”.

AB - This paper: (i) examines the potential benefits from diversifying into eight stock markets of Central and Eastern Europe (CEE); and (ii) quantifies the importance of country, industry and time factors in CEE equity returns. The findings suggest that substantial benefits exist from investing in CEE stock markets and that they accrue more from the geographical spread than from the industrial mix of the equities included in the portfolio. However, the returns earned by CEE equities vary dramatically over time. This variability may hamper the efforts of investors attempting to exploit the diversification “free lunch”.

KW - Portfolio management

KW - Investment analysis

KW - Stock markets

KW - Central Europe

KW - Eastern Europe

U2 - 10.1016/j.ribaf.2007.04.001

DO - 10.1016/j.ribaf.2007.04.001

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JO - Research in International Business and Finance

JF - Research in International Business and Finance

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ER -

An investigation of the benefits of portfolio investment in Central and Eastern European stock markets

Abstract

Keywords

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