Gestão de Carteiras:os benefícios da diversificação mundial no mercado acionário

Abstract

The aim of this study is to evaluate the gains from diversification in the global stock market in times of economic growth and in times of crisis, identifying these periods in which this strategy would become more favorable for investment. In this analysis, Harry Markowitz technique was applied using the method of the efficient frontier. We evaluate the gains from diversification considering the whole period and the entire sample, grouped in developed and emerging countries; and finally separating in periods of crisis and periods of economic growth. The results showed that the group of emerging countries offered better results for diversification when compared to developed countries. Only in times of crisis, there is some value added by the inclusion of stock indexes of developed countries.