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Koralun-Bereźnicka Julia (Akademia Morska w Gdyni)
Kraj i sektor jako czynniki kształtujące rynkowe stopy zwrotu w świetle przeglądu badań
Country and Industry as Determinants of Stock Returns - Research Review
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 2009, nr 48, s. 466-473, bibliogr. 33 poz.
Issue title
Zarządzanie finansami firm : teoria i praktyka
Analiza sektorowa, Efektywność inwestycji, Gospodarka narodowa, Stopa zwrotu
Sectorial analysis, Efficiency of investment, National economy, Rate of return
Za główny cel opracowania przyjęto przegląd przeprowadzonych dotychczas badań pod kątem oceny relatywnej ważności kraju i sektora jako czynników kształtujących rynkowe stopy zwrotu. Porównanie tych dwóch efektów jest istotne przede wszystkim z punktu widzenia efektywności dywersyfikacji inwestycji. (fragment tekstu)

The country and industry effects have been researched in many economic areas. One of the issues most often analysed is the impact of national and industrial factors on stock returns. It has been proved that both effects affect considerably their variability. An important question however is to determine which of the two effects prevails. Evaluating the relative importance of country and sector factors is crucial in terms of portfolio diversification. If these are mainly industrial factors that influence market returns, portfolio managers should apply cross-sector investment strategies. However, a traditional cross-country portfolio diversification would be more suitable if country factors dominated over the industrial ones. Numerous attempts to solve the problem have resulted in producing certain suggestions concerning both diversification methods, as well as the research methodology in the area of finance.(original abstract)
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Full text
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