The Effect of Different Corporate Market Capitalizations in International Portfolio Strategy in Eleven Asian Countries

Kuo-Hao Lee


The study proved that the manners of returns generated from Large-, Mid- and Small- Cap stocks in 11 Asia countries are different and should not be ignored by international portfolio investors. We found that Asian Mid-Cap and Small-Cap markets indices have low correlations with both World market indices and among Cap market indices themselves; while Large-Cap funds have high correlations including amongst each other. Investors can obtain additional gains from international diversification if they consider including Mid- and Small-Cap stocks in their portfolio in Asian countries.

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Accounting and Finance Research
ISSN 1927-5986 (Print)   ISSN 1927-5994 (Online) Email:

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