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| dc.creator | Botero Guzman, Daniel | |
| dc.creator | Díaz Contreras, Jhon Alexis | |
| dc.date | 2017-07-01 | |
| dc.date.accessioned | 2022-03-23T15:10:21Z | |
| dc.date.available | 2022-03-23T15:10:21Z | |
| dc.identifier | https://revistas.unal.edu.co/index.php/ede/article/view/69070 | |
| dc.identifier | 10.15446/ede.v27n51.69070 | |
| dc.identifier.uri | http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/109695 | |
| dc.description | The study of the risk-return relationship at an internationallevel requires strong assumptions, one of which is perfect integration. However, the integration process of each country is unique and there are factors that affect the degree of integration/segmentation with respect to the world market. Since the world is partially integrated, asset pricing models should include variables that show some degree of segmentation. The aim of this study is to propose a model that substantially fits the risk-return relationship of each country. To that end, a regression analysis with panel data was used. An important degree of segmentation was found, given that the risk due to the exchange rate, the market size and the economic instability are highly significant and that they, alongside systematic risk, explain more than 40% of the variations in stock market returns. | en-US |
| dc.description | El estudio de la relación rentabilidad-riesgo a nivel internacional exige fuertes supuestos. Uno de ellos es la perfecta integración. Sin embargo, el proceso de integración de cada país es único, y existen factores que terminan afectando el grado de integración/segmentación con respecto al mercado mundial. Los modelos de valoración de activos deberían incluir variables que muestren cierto grado de segmentación dado que el mundo se encuentra parcialmente integrado. El objetivo de este estudio es proponer un modelo que se ajuste de manera considerable a la relación rentabilidad-riesgo de los países. Para estimar este modelo se utiliza un análisis de regresión con datos panel. Se encuentra que existe un importante grado de segmentación ya que el riesgo por tipo de cambio, el tamaño de mercado y la inestabilidad económica son altamente significativos; y junto con el riesgo sistemático explican más del 40% de la variación de la rentabilidad del mercado accionario. | es-ES |
| dc.format | application/pdf | |
| dc.language | spa | |
| dc.publisher | Universidad Nacional de Colombia - Sede Medellín - Facultad de Ciencias Humanas y Económicas - Departamento de Economía | es-ES |
| dc.relation | https://revistas.unal.edu.co/index.php/ede/article/view/69070/65159 | |
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| dc.rights | Derechos de autor 2017 Ensayos de Economía | es-ES |
| dc.rights | https://creativecommons.org/licenses/by-nc-nd/4.0 | es-ES |
| dc.source | Ensayos de Economía; Vol. 27 No. 51 (2017); 109-124 | en-US |
| dc.source | Ensayos de Economía; Vol. 27 Núm. 51 (2017); 109-124 | es-ES |
| dc.source | Ensayos de Economía; Vol. 27 No. 51 (2017); 109-124 | fr-CA |
| dc.source | 2619-6573 | |
| dc.source | 0121-117X | |
| dc.subject | estimation | en-US |
| dc.subject | partial integration | en-US |
| dc.subject | return | en-US |
| dc.subject | risk | en-US |
| dc.subject | estimación | es-ES |
| dc.subject | integración parcial | es-ES |
| dc.subject | rentabilidad | es-ES |
| dc.subject | riesgo | es-ES |
| dc.title | Analysis of the Risk-Return Relationship in the International Stock Market in a Partially Integrated World | en-US |
| dc.title | Análisis de la relación rentabilidad-riesgo en el mercado accionario internacional para un mundo parcialmente integrado | es-ES |
| dc.type | info:eu-repo/semantics/article | |
| dc.type | info:eu-repo/semantics/publishedVersion |
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