Connor, Gregory
(1996)
National Versus Global Influences
on Equity Returns.
Financial Analysts Journal, 52 (2).
pp. 31-39.
ISSN 0015-198X
Abstract
A large proportion of international portfolio
managers and pension fund trustees allocate
their funds in a top-down fashion, first making a
decision across countries and/or geographical regions
and then selecting securities within the various
countries or regions. Similarly, most financial
analysts evaluate the health of a company's balance
sheet within a national context rather than in
comparison with similar companies in other markets.
These practices reflect a segregationist view
of world capital markets. In a recent trend toward
global analysis, however, securities are categorized
and/or selected according to their underlying
characteristics, not according to the nationality
of their market listing. The conventional wisdom,
at least as reflected in current practice, seems to be
that the level of worldwide capital market integration
is not high but is slowly increasing over time.
Capital market integration can be defined in at
| Item Type: |
Article
|
| Keywords: |
National; Global; Influences;
Equity; |
| Academic Unit: |
Faculty of Social Sciences > Economics, Finance and Accounting |
| Item ID: |
8437 |
| Depositing User: |
Gregory Connor
|
| Date Deposited: |
12 Jul 2017 08:28 |
| Journal or Publication Title: |
Financial Analysts Journal |
| Publisher: |
CFA Institute |
| Refereed: |
Yes |
| URI: |
|
| Use Licence: |
This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available
here |
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