Economics, Econometrics and Finance
8 years ago

Investors in Emerging Markets Should Prioritize Country Diversification Over Industries.

SSRN Electronic Journal
Countries versus Industries in Emerging Markets: A Normative Portfolio Approach
Javier Estrada, Mark Kritzman, Sébastien Page

Paper Summary

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Investors in emerging markets should focus on diversifying across countries rather than industries. This is because country effects have a bigger impact than industry effects. Despite globalization, it's better to spread investments across different countries for better diversification.