Time-Varying Benefits of International Diversification for Finnish Investor: Country-Specific Strategy Concentrating on Emerging Markets

The main objective of this study is to investigate whether the Finnish investors’ country-specific strategy concentrating on emerging markets provides diversification benefits. We also analyze whether the benefits of international diversification has been diminished after periods of high volatility caused by different market crisis. The objective is investigated with three methods: Correlation coefficients, rolling correlations added with OLS trend-lines and Box’s M statistic. All the empirical tests are analyzed and calculated with logarithmic returns of weekly time series data from Friday closing values between January 1995 and December 2007. The number of weekly observations is 678. The data type is total return indices of different countries. Data is collected from DataStream and provided by Datastream Financial. Countries investigated are Finland, Argentina, Brazil, Chile, China, India, Mexico, Poland, Russia, South Africa, South Korea, Thailand and Turkey. The current data is quoted both in U.S. Dollars and local currencies. The empirical results of this thesis show that the correlation coefficients are time-varying across Finland and 12 emerging market countries. Although the correlations have risen from 1995 to 2007, there can be found sub-periods where the correlation has declined from earlier period. The results also indicate that a Finnish investor constructing a portfolio of emerging market countries cannot rely on the correlation coefficients estimated from historical data because of the instability of correlation matrices.

Inna Koskenniemen kokoelma

Inna Koskenniemi (1923-1995) toimi Turun yliopiston englantilaisen filologian professorina vuosina 1969-88. Hän tutki englannin renessanssin ja keskiajan kieltä ja kirjallisuutta. Inna Koskenniemen perikunta lahjoitti hänen kirjastonsa vuonna 1995 Turun yliopiston englantilaisen filologian laitokselle. Kirjakokoelma säilytetään erillisenä kokoelmana englantilaisen filologian laitoksella. Kokoelmaan kuuluu n. 1500 nidettä kielitieteen ja kirjallisuuden tutkimusta. Kokoelma on kokonaisuudessaan luetteloitu Volter–tietokantaan

Folklore Fellows' summer school 1995 : personal recollections

by Isabel, Baiba, Lillis, Maria, and Ermis

Folklore Fellows' summer school 1995 : personal recollections

by Isabel, Baiba, Lillis, Maria, and Ermis

Raakamaidon solupitoisuus Suomessa vuonna 1995

Osmo Myllykangas

Professori Kauko Pirisen julkaisutoiminta 1989-1995

Mikko Ketola & Hannu Mustakallio

Raakamaidon bakteriologinen laatu Suomessa vuonna 1995

Osmo Myllykangas

Mare Balticum on vuoden 1995 kaunein kirja

Heli Therman