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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
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Bibliography
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ISSN
1640-6818
1733-2842
Language
pol
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