Abstract

The development strategies of large companies are marked, after the beginning of the 1990s, by two major evolutions as compared to the industrial and financial consolidation processes: on the one hand, the activities refocusing on basic materials, and on the other hand, the acceleration of the internationalization of activities connected to the market globalization. More than that, if globalization preserves a closer connection among national stock market cycles, or in UME, in other words, if the formation tendency of a unique capital market is a process of a confirmed future extension, it can continue to exist at the same level with national activity cycles. On the contrary, companies explore the inequalities of the economic cycles in order to insure their growth. But the blow is that there is a much stronger disconnection between the stock performance and the economic activity of each country in measuring the anticipated profits of entities, which are more or less connected to the sole evolution of their national economy. These evolutions are mostly the consequences of a logical upheaval of portfolio selection. Such an approach has led to privileges within priorities of choosing investment sectors before the geographical choice.

Key words: Sectorial rotation, exchange effects, compliance index, frequent covariance, exchange rate-effect, market-effect.