Use este identificador para citar ou linkar para este item: http://rebacc.crcrj.org.br/handle/123456789/6568
Título: International Diversification for Brazilian Investors through Domestic Assets
Autor(es): Rodrigo F. Malaquias acknowledges FAPEMIG for the financial support for this research (Edital de Demanda Universal, 2014, APQ-01265-14).
Palavras-chave: international diversification; domestic assets; BDRs; funds; stocks
Editora / Evento / Instituição: Journal of Accounting, Management and Governance
Revista Contabilidade, Gestão e Governança
Descrição: We develop this study in order to analyze the benefits of international diversification through domestic assets for Brazilian investors. The sample contains three types of assets: the Brazilian Depositary Receipts (BDRs), the Brazilian investment funds that have part of their portfolios comprised of investments in foreign companies and stocks listed in the Brazilian capital market. Additionally, portfolios with ten different combinations of these assets were elaborated. We analyzed the data using correlation coefficients, risk-adjusted return and volatility measures. The results indicated that portfolios mainly comprised of BDRs presented the lowest correlation with the Brazilian market index, as well as the highest Sharpe ratio. The portfolios with the lowest volatility of returns were those majoritarily comprised of investment funds. This study contributes to the literature by analyzing some possible benefits of international diversification from the perspective of investors in an emerging country, since studies on this subject usually involve domestic investors from developed markets, especially from the United States.
URI: http://rebacc.crcrj.org.br/handle/123456789/6568
Outros identificadores: https://www.revistacgg.org/contabil/article/view/1202
10.21714/1984-3925_2017v20n3a2
Aparece nas coleções:Contabilidade, Gestão e Governança - UNB

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