Country Versus Industry Diversifications In Asean And Their Determinants

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 f...

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Main Author:	Lee, Meng Horng
Format:	Thesis
Language:	English
Published:	2013
Subjects:	NX1-820 Arts in general
Online Access:	http://eprints.usm.my/43771/1/Lee%20Meng%20Horng24.pdf
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id	my-usm-ep.43771
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spelling	my-usm-ep.437712019-04-12T05:26:18Z Country Versus Industry Diversifications In Asean And Their Determinants 2013-01 Lee, Meng Horng NX1-820 Arts in general 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. 2013-01 Thesis http://eprints.usm.my/43771/ http://eprints.usm.my/43771/1/Lee%20Meng%20Horng24.pdf application/pdf en public masters Universiti Sains Malaysia Pusat Pengajian Seni
institution	Universiti Sains Malaysia
collection	USM Institutional Repository
language	English
topic	NX1-820 Arts in general
spellingShingle	NX1-820 Arts in general Lee, Meng Horng Country Versus Industry Diversifications In Asean And Their Determinants
description	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.
format	Thesis
qualification_level	Master's degree
author	Lee, Meng Horng
author_facet	Lee, Meng Horng
author_sort	Lee, Meng Horng
title	Country Versus Industry Diversifications In Asean And Their Determinants
title_short	Country Versus Industry Diversifications In Asean And Their Determinants
title_full	Country Versus Industry Diversifications In Asean And Their Determinants
title_fullStr	Country Versus Industry Diversifications In Asean And Their Determinants
title_full_unstemmed	Country Versus Industry Diversifications In Asean And Their Determinants
title_sort	country versus industry diversifications in asean and their determinants
granting_institution	Universiti Sains Malaysia
granting_department	Pusat Pengajian Seni
publishDate	2013
url	http://eprints.usm.my/43771/1/Lee%20Meng%20Horng24.pdf
_version_	1747821275929116672

Country Versus Industry Diversifications In Asean And Their Determinants

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