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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| Format: | Thesis |
| Language: | English |
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2013
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| Online Access: | http://eprints.usm.my/43771/ http://eprints.usm.my/43771/1/Lee%20Meng%20Horng24.pdf |
| _version_ | 1848879894277128192 |
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| author | Lee, Meng Horng |
| author_facet | Lee, Meng Horng |
| author_sort | Lee, Meng Horng |
| building | USM Institutional Repository |
| collection | Online Access |
| 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. |
| first_indexed | 2025-11-15T17:54:29Z |
| format | Thesis |
| id | usm-43771 |
| institution | Universiti Sains Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T17:54:29Z |
| publishDate | 2013 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | usm-437712019-04-12T05:26:18Z http://eprints.usm.my/43771/ Country Versus Industry Diversifications In Asean And Their Determinants 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 NonPeerReviewed application/pdf en http://eprints.usm.my/43771/1/Lee%20Meng%20Horng24.pdf Lee, Meng Horng (2013) Country Versus Industry Diversifications In Asean And Their Determinants. Masters thesis, Universiti Sains Malaysia. |
| spellingShingle | NX1-820 Arts in general Lee, Meng Horng Country Versus Industry Diversifications In Asean And Their Determinants |
| title | 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_short | Country Versus Industry Diversifications
In Asean And Their Determinants |
| title_sort | country versus industry diversifications
in asean and their determinants |
| topic | NX1-820 Arts in general |
| url | http://eprints.usm.my/43771/ http://eprints.usm.my/43771/1/Lee%20Meng%20Horng24.pdf |