DIVERSIFICAÇÃO VIA BOLSAS INTERNACIONAIS: UMA ANÁLISE EMPÍRICA DE PAÍSES DESENVOLVIDOS E EMERGENTES
Bibliographic record
Abstract
This research contributed to the fields of international finance and portfolio risk management, having aimed at identifying if international stock exchanges still bring diversification benefits to investors. Monthly data of the returns obtained in stock exchanges of 12 countries, for the past 12 years, were analyzed through econometric models, such as VAR and Principal Components Analysis, in order to identify the dynamic relationship of those markets. This research not only identified two different investment blocks (USA, UK, Switzerland, versus Thailand, Japan and India), but also spotted that Brazil is closer to the block of developed western countries, while South Africa is more aligned with the Asian markets. Canada and Australia have been neutral investment options. Results confirmed that arm of portfolio management literature that indicates that, despite the growing correlation among international stock exchanges, they can still provide diversification benefits to investors.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.005 | 0.023 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.001 |
| Bibliometrics | 0.005 | 0.006 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.005 | 0.003 |
| Open science | 0.000 | 0.002 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.004 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".