Abstract

Authors

  • Newton Carneiro Affonso da Costa Junior UFSC - Florianópolis - SC
  • Caio Nór Güttler UFSC - Florianópolis - SC

DOI:

https://doi.org/10.5007/%25x

Abstract

The present study has the objective of verifying if simultaneous investments in several international stock markets are more attractive than in only one national stock market, in other words, if the first ones present a superior risk-return relationship. It can be admitted that if there is a total integration among the analyzed countries, there is little advantage in the international diversification, but if the countries are less integrated, the diversification would bring advantages in risk-return terms. The empirical work is based on Markowitz portfolio theory, CAPM and in the portfolio performance measures of Sharpe, Treynor, and Jensen. The analysis was made for the period of February 1993 to January 2003, based in the most liquid stocks negotiated in the stock market of the main countries of Latin America. The results showed that portfolio diversification in international markets is a better approach.

Author Biographies

Newton Carneiro Affonso da Costa Junior, UFSC - Florianópolis - SC

É graduado em Engenharia Civil pela USP, com mestrado em Engenharia de Produção pela Universidade Federal de Santa Catarina e doutorado em Administração de Empresas pela Escola de Administração de Empresas de São Paulo da Fundação Getúlio Vargas, com doutorado sandwich na Universidade de Lancaster, Reino Unido. Ganhador do Prêmio Losango de Apoio a Teses em Economia, patrocinado pela Losango S.A. e L'Union des Assurances de Paris, em 1991. Foi professor visitante (pós-doutorado) nas Universidades Pompeu Fabra (Espanha) e Columbia (EUA) e professor do Instituto Coppead/UFRJ. Atualmente é professor da UFSC, onde ministra aulas de graduação e pós-graduação no Departamento de Ciências Econômicas e no mestrado e doutorado do Departamento de Ciências da Administração. Faz pesquisa e consultoria na área de finanças, com diversas publicações em periódicos nacionais e internacionais. É pesquisador do CNPq desde 1995.

Mais informações: Currículo Lattes - CNPq.

Caio Nór Güttler, UFSC - Florianópolis - SC

Graduado em Ciências Econômicas pela UFSC.

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Published

2003-01-01

How to Cite

Costa Junior, N. C. A. da, & Güttler, C. N. (2003). Abstract. Revista De Ciências Da Administração, 5(10), 25–42. https://doi.org/10.5007/%x

Issue

V. 5, n. 10, jul./dez. de 2003

Section

Articles

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