Macroeconomic Factors and International Industry Returns

  • Manolis G. Kavussanos
  • Stelios N. Marcoulis
  • Angelos G. Arkoulis
Chapter

Abstract

This chapter extends the evidence presented in earlier chapters of the book, with respect to macroeconomic factors affecting industry returns, by moving away from the US and into a global setting. Managers who are interested in building global portfolios of stocks operate in such a setting. Evidence at the industry level,1 has shown that firms within the same industry experience similar rates of return. Furthermore, industry average rates of return exhibit significant differences; and this is reflected in the increasing focus of investors towards an industry oriented approach by the existence of sector funds (e.g. transport, construction, banking etc.).

Keywords

Stock Return Excess Return Macroeconomic Factor Foreign Exchange Risk International Industry 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media Dordrecht 2001

Authors and Affiliations

  • Manolis G. Kavussanos
  • Stelios N. Marcoulis
  • Angelos G. Arkoulis

There are no affiliations available

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