china is a vast and overpopulated country in the eastern asia whose energy security and supply is the most important factor of economic growth and consequently, economic, social and political security. by the past decades, its leaders have understood the key role of economic growth and development in the economic and political security of china. thus, they have put all their concentration on th...

using advanced techniques of econometrics and a metaheuristic optimization approach, this study attempts to evaluate the potential advantages of international portfolio diversification for east asian international investors when investing in the middle eastern emerging markets. overall, the results of both econometric and the metaheuristic optimization methods are supporting each other. finding...

Developmental plans of the country emphasize on the exports-focused growth strategy, and export diversification is one of the most appropriate policies in this area. Export diversification moves from primary goods to industrial goods. Yet, export diversification, according to the principles of international trade, must be based on comparative advantage until to change value-added. Changes in th...

We estimate a model with countryand industry-specific shocks that extends the dummy variable model used in the portfolio diversification literature by relaxing the restriction that all stocks with exposure to a given shock have the same exposure to that shock. We find that: i) This restriction is strongly rejected by the data. ii) Many industry betas are negative, while almost all country betas...

We propose a new investment strategy employing “factor funds” to systematically enhance the mean-variance efficiency of international diversification. Our approach is motivated by the increasing evidence that size (SMB), book-to-market (HML), and momentum (MOM) factors, along with the market factor, adequately describe international stock returns, and by the direct link between investors’ portf...