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Identifying Potential Benefits of International Portfolio Diversification: Sub-Saharan Economics

  • Ehsan Ahmed

    (James Madison University)

  • Melvin D. Ayogu

    (James Madison University)

Within the framework of Markowitz-Tobin portfolio theory, we empirically investigate potential benefits to a US investor from diversifying into equity markets in Sub-Saharan Africa. We infer, based on the state of these economies for the period studied, that potential gains accrue to a US investor from such diversification. For the optimal diversification strategy combination, portfolio equilibrium involves positive portfolio weights in all four countries; an outcome that is unambiguously conductive to regional economic growth.

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Article provided by African Finance and Economic Association in its journal Journal of African Development.

Volume (Year): 1 (1992)
Issue (Month): 1 ()
Pages: 165-184

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Handle: RePEc:afe:journl:v:1:y:1992:i:2:p:165-184
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