%0 Journal Article 
%T ¿Existen ganancias por la cobertura de riesgo cambiario en un portafolio de acciones global, desde la perspectiva de un inversionista colombiano?
%J ESTUDIOS GERENCIALES;Vol. 27 No. 120 - Julio/Septiembre 2011
%D 2011
%@ 01235923
%U http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/1108
%X This study looks for gains in terms of 
efficiency for local investors with an 
internationally diversified portfolio 
by hedging the exchange risk. To 
estimate an optimum portfolio with a 
minimum variance we used a robust 
methodology which allowed us to 
make statistical inference and prove 
that international diversification reduces portfolio risk for local investors. 
This methodology is applied to stock 
portfolios held by a Colombian and a 
Mexican investor, and the conclusion 
is that hedging exchange rate risk 
can reduce the risk of the portfolio, 
with the possible exception of a high 
negative correlation between the exchange rate and the local stock index.
%K DIVERSIFICACIÓN INTERNACIONAL
%K POLÍTICA CAMBIARIA
%K REDISTRIBUCIÓN DE LA RENTA
%K INTERNATIONAL DIVERSIFICATION
%K VARIABLE INCOME
%K VOLATILITY
%K EXCHANGE RATE RISK HEDGING
%~ GOEDOC, SUB GOETTINGEN