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International indexing as a means of portfolio diversification

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  • Hakan Saritas
  • Hakan Aygoren

Abstract

Global investing offers investors a larger pool of investment opportunities and tremendous diversification. However, despite the increased integration of world economies, there are still important variations among overseas capital markets. Complexities of overseas investing can often ensnare even the best active asset managers. International indexing is an option to overcome the difficulties of global investing. This study considers international indexing as a means of portfolio diversification. Performances of 15 international indexes are evaluated using monthly return data from 1998 through 2002. Returns are measured against ISE-100 Index (Istanbul Stock Exchange-100 Index) returns. The results of the study suggest that international indexing does not offer superior returns compared to the ISE-100 index.

Suggested Citation

  • Hakan Saritas & Hakan Aygoren, 2005. "International indexing as a means of portfolio diversification," Applied Financial Economics, Taylor & Francis Journals, vol. 15(18), pages 1299-1304.
    • Handle: RePEc:taf:apfiec:v:15:y:2005:i:18:p:1299-1304
    DOI: 10.1080/09603100500187844
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    Cited by:

    1. Juan Matallin-Saez, 2007. "Portfolio performance: factors or benchmarks?," Applied Financial Economics, Taylor & Francis Journals, vol. 17(14), pages 1167-1178.
    2. Juan Carlos Matallin-Saez, 2011. "On causality in the size-efficiency relationship: the effect of investor cash flows on the mutual fund industry," Applied Economics, Taylor & Francis Journals, vol. 43(27), pages 4069-4079.

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