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Countries Versus Industries in Emerging Markets

A Normative Portfolio Approach

Javier Estrada, Mark Kritzman and Sébastien Page
The Journal of Investing Winter 2006, 15 (4) 19-28; DOI: https://doi.org/10.3905/joi.2006.669090
Javier Estrada
A professor of finance at the IESE Business School in Barcelona and the editor-in-chief of .
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  • For correspondence: jestrada@iese.edu
Mark Kritzman
President and CEO of Windham Capital Management LLC and a senior partner of State Street Associates in Cambridge, MA.
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  • For correspondence: mkritzman@windhamcapital.com
Sébastien Page
Managing director at State Street Associates in Cambridge, MA.
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  • For correspondence: spage@statestreet.com
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Abstract

Should investors in emerging markets focus on diversifying across countries or diversifying across industries? This question, widely debated in developed markets, and particularly in Europe, has received little attention in emerging markets. Using a normative approach that disentangles the impact of investor behavior from the opportunities offered by capital markets, the authors find that country effects dominate industry effects. It follows from these results that, despite the increasing globalization of emerging markets, investors should focus their diversification efforts on countries rather than on industries.

TOPICS: Emerging markets, portfolio construction, portfolio theory

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Countries Versus Industries in Emerging Markets
Javier Estrada, Mark Kritzman, Sébastien Page
The Journal of Investing Nov 2006, 15 (4) 19-28; DOI: 10.3905/joi.2006.669090

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Countries Versus Industries in Emerging Markets
Javier Estrada, Mark Kritzman, Sébastien Page
The Journal of Investing Nov 2006, 15 (4) 19-28; DOI: 10.3905/joi.2006.669090
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