Country Versus Industry Diversifications In Asean And Their Determinants

Lee, Meng Horng (2013) Country Versus Industry Diversifications In Asean And Their Determinants. Masters thesis, Universiti Sains Malaysia.

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This study examines the role of common, country and industry effects in international diversification potential in ASEAN stock markets. This study follows Heston & Rouwenhorst (1994) decomposition approach in extracting these effects from stock returns. Given the increased integration of financial markets and previous mixed findings, ongoing debates of country versus industry diversifications are still remain unsolved. The first stage analysis will scrutinize whether country or industry diversification is more fruitful and the evolutions of common, country and industry effects throughout the sample period. The second stage analysis of this study focuses on the determinants of country and industry effects, where it could provide better understanding towards the driving forces behind the magnitude of country and industry effects. Specifically, panel regressions are employed in the second stage analysis. The sample of this study comprises 4043 individual firms across ASEAN countries classified using the industry classification benchmark (ICB) over the period 1990-2010.

Item Type: Thesis (Masters)
Subjects: N Fine Arts > NX Arts in general > NX1-820 Arts in general
Divisions: Pusat Pengajian Seni (School of the Arts) > Thesis
Depositing User: Mr Mohammad Harish Sabri
Date Deposited: 26 Mar 2019 01:50
Last Modified: 12 Apr 2019 05:26

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