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Efeitos da internacionalização de carteiras no mercado de capitais brasileiro
| Content Provider | Semantic Scholar |
|---|---|
| Author | Bellato, Leticia Lancia Noronha |
| Copyright Year | 2007 |
| Abstract | This work analyzes the international diversification benefits of an increase in the limits for foreign investing from the perspective of Brazilian institutional investors. We examine empirically the efficient frontiers position after portfolio restrictions on overseas investments were progressively eased. As the main empirical analysis, efficient international portfolios were constructed, optimized by the mean-variance model, considering exchange risk. First, we present a literature review of international diversification and discuss the experience of some countries in the process of internationalizing domestic portfolios and its macroeconomic implications. The results indicate a risk reduction of the domestic portfolio by adding international stocks. We conclude that, in Brazil, the degree to which the benefits of foreign investment in terms of returns and diversification may be utilized for portfolio objectives were limited by regulation, to the detriment of performance of institutional investor’s portfolio. Finally, a gradual but decisive loosening of restrictions on foreign investments is recommended. |
| File Format | PDF HTM / HTML |
| DOI | 10.11606/D.12.2007.tde-02102007-105619 |
| Alternate Webpage(s) | https://teses.usp.br/teses/disponiveis/12/12139/tde-02102007-105619/publico/DissertacaoDefeaFinal.pdf |
| Alternate Webpage(s) | https://doi.org/10.11606/D.12.2007.tde-02102007-105619 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
