Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio Diversification
We find that in the upstream status of global value chain, country effects are relatively stronger than industry effects; industry effects dominate country effects downstream of the global value chain. During financial crisis, downstream in the value chain, the influence of industry effects waned an...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Wiley
2024-01-01
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| Series: | Complexity |
| Online Access: | http://dx.doi.org/10.1155/2024/5530604 |
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| _version_ | 1832546222243577856 |
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| author | Song Chen Rui Yang Xiaohui Hou Jingwen Zhao |
| author_facet | Song Chen Rui Yang Xiaohui Hou Jingwen Zhao |
| author_sort | Song Chen |
| collection | DOAJ |
| description | We find that in the upstream status of global value chain, country effects are relatively stronger than industry effects; industry effects dominate country effects downstream of the global value chain. During financial crisis, downstream in the value chain, the influence of industry effects waned and country effects rose. Moreover, for developed countries, the negative impact of the upstream status of value chain weakened considerably; the impact of upstream status strengthened for emerging markets after the subprime mortgage crisis. For tradable industries, the negative impact of global value chain upstream status on pure industry-specific returns strengthens significantly. |
| format | Article |
| id | doaj-art-d034aa1474af409b9b7a385e4feac02a |
| institution | Kabale University |
| issn | 1099-0526 |
| language | English |
| publishDate | 2024-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Complexity |
| spelling | doaj-art-d034aa1474af409b9b7a385e4feac02a2025-02-03T07:23:38ZengWileyComplexity1099-05262024-01-01202410.1155/2024/5530604Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio DiversificationSong Chen0Rui Yang1Xiaohui Hou2Jingwen Zhao3Micro-Finance CollegeSchool of Economics and FinanceSchool of Economics and FinanceSchool of Economics and FinanceWe find that in the upstream status of global value chain, country effects are relatively stronger than industry effects; industry effects dominate country effects downstream of the global value chain. During financial crisis, downstream in the value chain, the influence of industry effects waned and country effects rose. Moreover, for developed countries, the negative impact of the upstream status of value chain weakened considerably; the impact of upstream status strengthened for emerging markets after the subprime mortgage crisis. For tradable industries, the negative impact of global value chain upstream status on pure industry-specific returns strengthens significantly.http://dx.doi.org/10.1155/2024/5530604 |
| spellingShingle | Song Chen Rui Yang Xiaohui Hou Jingwen Zhao Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio Diversification Complexity |
| title | Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio Diversification |
| title_full | Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio Diversification |
| title_fullStr | Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio Diversification |
| title_full_unstemmed | Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio Diversification |
| title_short | Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio Diversification |
| title_sort | global value chain and the changing roles of country and industry effects in international portfolio diversification |
| url | http://dx.doi.org/10.1155/2024/5530604 |
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