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    National Versus Global Influences on Equity Returns

    Connor, Gregory (1996) National Versus Global Influences on Equity Returns. Financial Analysts Journal, 52 (2). pp. 31-39. ISSN 0015-198X

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    A large proportion of international portfolio managers and pension fund trustees allocate their funds in a top-down fashion, first making a decision across countries and/or geographical regions and then selecting securities within the various countries or regions. Similarly, most financial analysts evaluate the health of a company's balance sheet within a national context rather than in comparison with similar companies in other markets. These practices reflect a segregationist view of world capital markets. In a recent trend toward global analysis, however, securities are categorized and/or selected according to their underlying characteristics, not according to the nationality of their market listing. The conventional wisdom, at least as reflected in current practice, seems to be that the level of worldwide capital market integration is not high but is slowly increasing over time. Capital market integration can be defined in at

    Item Type: Article
    Keywords: National; Global; Influences; Equity;
    Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
    Item ID: 8437
    Depositing User: Gregory Connor
    Date Deposited: 12 Jul 2017 08:28
    Journal or Publication Title: Financial Analysts Journal
    Publisher: CFA Institute
    Refereed: Yes
    Use Licence: This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here

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