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Diversification et valorisation des actifs financiers : logique sectorielle contre logique de Place

Author

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  • Jean-Pierre Berdot
  • Daniel Goyeau
  • Jacques Léonard

Abstract

[eng] Diversification and valorisation of financial asset : sector-based or market logic . Financial globalisation favoured international integration of financial markets and reduced gains of geographical strategies of asset’s diversification. International investors could so based their diversification strategy on sector rather than market logic. This paper tests this proposal on European capital markets. It shows that during the nineties, particularly since 1995, diversification’s gains stemmed from sector-based disparities prevail over those stemmed from geographical specificity. The assets’ valorisation is so modified. . JEL classifications : G12, G15 [fre] Le processus de globalisation financière a favorisé l’intégration des marchés financiers à l’échelle internationale et donc réduit d’autant les avantages des stratégies de diversification géographique des placements. La dimension sectorielle pourrait alors prendre le pas sur la dimension géographique dans les stratégies de diversification des investisseurs internationaux. Ce papier teste la pertinence de cette proposition dans le cas des marchés de capitaux de la zone Europe. Il met en évidence qu’au cours des années 90, et de manière encore plus nette à partir de 1995, les gains de la diversification tirés des disparités sectorielles tendent progressivement à l’emporter sur ceux tirés des spécificités géographiques. La logique d’évaluation des titres se trouve modifiée en conséquence. . Classification JEL : G12, G15

Suggested Citation

  • Jean-Pierre Berdot & Daniel Goyeau & Jacques Léonard, 2001. "Diversification et valorisation des actifs financiers : logique sectorielle contre logique de Place," Revue d'Économie Financière, Programme National Persée, vol. 61(1), pages 173-191.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_61_1_3891
    DOI: 10.3406/ecofi.2001.3891
    Note: DOI:10.3406/ecofi.2001.3891
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    Cited by:

    1. Jean-Pierre Berdot & Daniel Goyeau & Jacques Léonard, 2005. "Les fondements de la rotation sectorielle des portefeuilles," Revue d'Économie Financière, Programme National Persée, vol. 78(1), pages 345-362.
    2. Christian Aubin & Jean-Pierre Berdot & Daniel Goyeau & Jacques Léonard, 2005. "Quelle convergence financière pour les pecos ?. Une analyse économétrique de l'évolution des marchés d'actions (1998-2003)," Revue économique, Presses de Sciences-Po, vol. 56(1), pages 147-169.

    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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