African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4188


A review on international portfolio diversification: The Middle East and North African region

Gholamreza Mansourfar1*, Shamsher Mohamad2 and Taufiq Hassan3
  1Department of Accounting and Finance, Faculty of Economics and Management, Urmia University, Iran. 2Graduate School of Management, University Putra Malaysia, Malaysia. 3Department of Accounting and Finance, Faculty of Economics and Management, UPM, Malaysia.
Email: [email protected]

  •  Accepted: 19 August 2010
  •  Published: 29 December 2010



Over the last three decades, international portfolio diversification has been the integral feature of global capital markets. Several potential benefits have made investors to internationalize their portfolios. In this regards, emerging stock markets have been the subject of a large body of the international finance literature. It has also been more attractive for the practitioners in stock markets. This study provides an overview to the international portfolio diversification theory as well as a review on the evidence on this area. This review particularly focuses on the evidence from the Middle East and North African region; moreover, it suggests theoretical frameworks for further studies.


Key words: International portfolio diversification, emerging markets, Middle East and North Africa, review.