An Empirical Examination of International Diversification Benefits in Central European Emerging Equity Markets
Bibliographic record
Abstract
The objective of this paper is to examine the short and long-term relationships between the seven developed equity markets of United-States, Canada, United-Kingdom, France, Germany, Italy, Japan and three Central European emerging equity markets of Czech-Republic, Hungary and Poland in order to study their implications on the potential gains from international diversification in these emerging markets. The shortterm relationships measured by the correlation matrix indicate a lower level of correlation between developed and emerging equity markets of Central Europe. In order to carry out the long-term relationships we resorted to Johansen cointegration techniques recently developed. The tests show that there is no long-term relationship between G7 developed equity markets and Central European emerging equity markets. Theses results indicate that the increase of financial integration degree and comovement between equity markets has not significantly affected the expected benefits from international diversification in these emerging markets. These gains remain significantly important for the G7 industrial investors in the Central European emerging equity markets.
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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 | 0.001 | 0.005 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.001 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.002 | 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".