international diversification

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1、FinalPDFtoprinterCHAPTERTWENTY-FIVEInternational25DiversificationALTHOUGHWEIN theUnitedStatescus-country-specificregulations,anddifferingtomarilyuseabroadindexofU.S.equitiesaccountingpracticesindifferentcountries.asthemarket-indexportfolio,thepracticeisTherefore,inthischapterwereviewthe

2、increasinglyinappropriate.U.S.equitiesrep-majortopicscoveredintherestofthebook,resentlessthan40%ofworldequitiesandemphasizingtheirinternationalaspects.Weafarsmallerfractionoftotalworldwealth.startwiththecentralconceptofportfo-Inthischapter,welookbeyonddomesticliotheory—diversification.W

3、ewillseethatmarketstosurveyissuesofinternationalglobaldiversificationoffersopportunitiesandextendeddiversification.Inonesense,forimprovingportfoliorisk–returntrade-internationalinvestingmaybeviewedasoffs.Wealsowillseehowexchangeratenomorethanastraightforwardgeneraliza-fluctuationsandpol

4、iticalriskaffecttherisktionofourearliertreatmentofportfolioofinternationalinvestments.Wenextturnselectionwithalargermenuofassetsfromtopassiveandactiveinvestmentstylesinthewhichtoconstructaportfolio.Similarissuesinternationalcontext.Wewillconsidersomeofdiversification,securityanalysis,se

5、curityofthespecialproblemsinvolvedintheinter-selection,andassetallocationfacetheinves-pretationofpassiveindexportfolios,andtor.Ontheotherhand,internationalinvest-wewillshowhowactiveassetallocationcanmentsposesomeproblemsnotencounteredbegeneralizedtoincorporatecountryandindomesticmarkets

6、.Amongthesearethecurrencychoicesinadditiontotraditionalpresenceofexchangeraterisk,restrictionsdomesticassetclasschoices.Finally,wedem-oncapitalflowsacrossnationalboundar-onstrateperformanceattributionforinter-ies,anaddeddimensionofpoliticalriskandnationalinvestments.PARTVIIbod61671_ch25

7、_882-925.indd8827/25/132:04AMFinalPDFtoprinterCHAPTER25InternationalDiversification88325.1GlobalMarketsforEquitiesYoucaneasilyinvesttodayincapitalmarketsofnearly100countriesandobtainup-to-datedataaboutyourinvestmentsineachofthem.By2011,52countrieshadstockmarketswithaggregatemar