- Author
- Zaremba Adam (Uniwersytet Ekonomiczny w Poznaniu)
- Title
- Strategie doboru państw do portfela inwestycyjnego bazujące na jakości
Global Asset Allocation Based on Country-Level Quality - Source
- Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2015, nr 73, s. 793-809, tab., bibliogr. 46 poz.
- Issue title
- Ryzyko, zarządzanie, wartość
- Keyword
- Portfel inwestycyjny, Dźwignia finansowa, Jakość, Płynność finansowa, Bilans, Dywidenda, Stopa zwrotu kapitału, Dywersyfikacja portfela
Investment portfolio, Financial leverage, Quality, Financial liquidity, Balance sheet, Dividend, Return on Investment (ROI), Portfolio diversification - Note
- streszcz., summ..
- Abstract
- Cel - Celem niniejszego artykułu jest zbadanie skuteczności strategii doboru państw do portfela inwestycyjnego bazujących na jakości. Metodologia badania - Analiza przekrojowa i analiza regresji została wykorzystana do zbadania zachowania rynków akcji w 77 państwach w latach 1999-2014. Wynik - Rynki akcji, na których dominują spółki o niskim zadłużeniu i wysokim poziomie gotówki charakteryzują się istotnie wyższymi stopami zwrotu niż rynki o spółkach cechujących się niskim poziomem gotówki i zadłużenia. Oryginalność/wartość - Pierwsze badanie w literaturze światowej dokumentujące anomalie związane z jakością na poziomie krajowych rynków akcji, które nabiera szczególnego znaczenia w kontekście malejących korzyści z dywersyfikacji międzynarodowej. (abstrakt oryginalny)
Purpose - The aim of this paper is to investigate country-level cross-sectional patterns related to quality. Design/methodology/approach - Using sorting and cross-section, this paper investigates country-level quality effects across 77 countries over the period of 1999 to 2014. Findings - The study indicates that low leveraged and cash-rich markets significantly outperform highly leveraged and cash-poor markets respectively. Originality/value - Considering the diminishing benefits of international diversification in recent decades, investors should consider the country-level quality strategies in a strategic asset allocation, and not to postpone them to a later stage of the investment process. (original abstract) - Accessibility
- The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Szczecin University Main Library - Full text
- Show
- Bibliography
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- ISSN
- 1640-6818
1733-2842 - Language
- pol