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Identifying Potential Benefits of International Portfolio Diversification: Sub-Saharan Economics

Ehsan Ahmed and Melvin Ayogu ()
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Ehsan Ahmed: James Madison University

Journal of African Development, 1992, vol. 1, issue 1, 165-184

Abstract: Within the framework of Markowitz-Tobin portfolio theory, we empirically investigate potential benefits to a US investor from diversifying into equity markets in Sub-Saharan Africa. We infer, based on the state of these economies for the period studied, that potential gains accrue to a US investor from such diversification. For the optimal diversification strategy combination, portfolio equilibrium involves positive portfolio weights in all four countries; an outcome that is unambiguously conductive to regional economic growth.

Date: 1992
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