Η επίδραση της παγκόσμιας αγοράς στην επενδυτική συμπεριφορά
(EL)
The effect of the global market on investor’s behaviour
(EN)
Papachristodoulou, Theodosia
(EN)
Συμεωνίδης, Σπυρίδων
(EL)
Πανεπιστήμιο Ιωαννίνων. Σχολή Οικονομικών και Διοικητικών Επιστημών. Τμήμα Οικονομικών Επιστημών
(EL)
Papachristodoulou, Theodosia
(EN)
An investor, with a Quadratic Utility Function, can invest in three markets: the Home, the Abroad, and the
Global Market. The GlobalMarket
portfolio can be expressed either as a weighted average of the risky assets
of the Global Market, or as a weighted average of the Homeand
the AbroadMarket
portfolios. Defining the
2 2 variancecovariance
matrix of the returns on the Homeand
AbroadMarket
portfolios, enables us to
take into account the sign of the correlation of the returns on the two marketportfolios.
We examine under
what conditions the investor decides to invest in each market. The investor’s decision depends on the slope
of the Capital Market Line (Capital Market Effect), as well as on the measurement of risk undertaken in the
equilibrium (Optimization Effect).
(EN)
