IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_2001_num_61_1_3891.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.2001.3891
    Download Restriction: no
    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2001_num_61_1_3891
    Download Restriction: no
    File URL: https://libkey.io/10.3406/ecofi.2001.3891?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_61_1_3891. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.