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What is the appropriate index construction methodology for African equity investment?

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Abstract

The authors build on research into the African equity universe to recommend a more appropriate index for investment. Three different methodologies were investigated, namely capitalization, equal, and fundamental weighting of index constituents. The authors conclude that diversification is not best served by a market capitalization approach to African index construction and that better risk/reward characteristics can be achieved by the alternative methodologies surveyed.

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  • Broby, Daniel & Lochhead, Morgan, 2013. "What is the appropriate index construction methodology for African equity investment?," Journal of Financial Transformation, Capco Institute, vol. 36, pages 105-110.
    • Handle: RePEc:ris:jofitr:1548
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    More about this item

    Keywords

    African equity; equity investment; African index;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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