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Emerging Markets: A Disaggregated Perspective on the Gains from Investing Internationally

Author

Listed:
  • S. G. M. Fifield

    (University of Dundee, Department of Accountancy & Business Finance, Dundee, Scotland)

  • A. A. Lonie

    (University of Dundee, Department of Accountancy & Business Finance, Dundee, Scotland)

  • D. M. Power

    (University of Dundee, Department of Accountancy & Business Finance, Dundee, Scotland)

  • C. D. Sinclair

    (University of Dundee, Department of Accountancy & Business Finance, Dundee, Scotland)

Abstract

Using weekly disaggregated returns data for the top twenty shares, by market value, from seventeen emerging markets over the period 1991–1996, this paper investigates the potential gains from international diversification into these markets. The paper also assesses whether these gains could have been achieved on anex-antebasis. Finally, the paper quantifies the importance of country and industry factors in emerging market stock returns. The findings suggest that (i) substantial benefits exist from investing in emerging stock markets and (ii) these gains accrue more from the geographical spread than from the industrial mix of the equities included in the portfolio.

Suggested Citation

  • S. G. M. Fifield & A. A. Lonie & D. M. Power & C. D. Sinclair, 1999. "Emerging Markets: A Disaggregated Perspective on the Gains from Investing Internationally," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 99-124.
    • Handle: RePEc:wsi:rpbfmp:v:02:y:1999:i:01:n:s0219091599000060
    DOI: 10.1142/S0219091599000060
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    Citations

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    Cited by:

    1. Middleton, C.A.J. & Fifield, S.G.M. & Power, D.M., 2008. "An investigation of the benefits of portfolio investment in Central and Eastern European stock markets," Research in International Business and Finance, Elsevier, vol. 22(2), pages 162-174, June.
    2. Kearney, Colm, 2012. "Emerging markets research: Trends, issues and future directions," Emerging Markets Review, Elsevier, vol. 13(2), pages 159-183.
    3. S. G. M. Fifield & D. M. Power & C. D. Sinclair, 2002. "Emerging stock markets: a more realistic assessment of the gains from diversification," Applied Financial Economics, Taylor & Francis Journals, vol. 12(3), pages 213-229.

    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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