出版社：University of Brasilia, the Federal University of Paraiba, Federal University of Rio Grande do Norte
其他摘要：We develop this study in order to analyze the benefits of international diversification through domestic assets for Brazilian investors. The sample contains three types of assets: the Brazilian Depositary Receipts (BDRs), the Brazilian investment funds that have part of their portfolios comprised of investments in foreign companies and stocks listed in the Brazilian capital market. Additionally, portfolios with ten different combinations of these assets were elaborated. We analyzed the data using correlation coefficients, risk-adjusted return and volatility measures. The results indicated that portfolios mainly comprised of BDRs presented the lowest correlation with the Brazilian market index, as well as the highest Sharpe ratio. The portfolios with the lowest volatility of returns were those majoritarily comprised of investment funds. This study contributes to the literature by analyzing some possible benefits of international diversification from the perspective of investors in an emerging country, since studies on this subject usually involve domestic investors from developed markets, especially from the United States.
关键词：Big Four Complexidade Contabilidade Desempenho Organizacional Desempenho acadêmico Dividend Policy Dividend Relevance Theory Escolhas Contábeis Estratégia Estrutura de Capital Estrutura de capital Fortune 500 Governança Corporativa; Propriedades para Investimento Regulation; Risco Tamanho Tangibilidade Teoria do tradeoff Velocidade de Ajuste Índice T
