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AN EXAMINATION OF CAPITAL MARKET INTEGRATION: IMPLICATIONS FOR GLOBAL DIVERSIFICATION
Theodor Kohers,Vivek Pandey,Ninon Kohers People&Global Business Association 1996 Global Business and Finance Review Vol.1 No.2
Over the years, the potential benefit of international diversification have been well-documented in the finance literature. However with the recently accelerated trend towards global integration. of financial markets, the positive effects of such international diversification efforts may have diminished. To address this issue, this study provides updated evidence on the benefits of international diversification and the consistency of correlations between the U.S. and other countries. While there is evidence of movements towards greater integration of some financial markets, a sufficient degree of diversity is still inherent in foreign stock markets, creating opportunities for significant benefits from international portfolio diversification.