A hedging approach is used to examine the effect of sectoral factors on the effectiveness of international diversification. By using data covering seven countries and various sectors, we find that international diversification is more effective when assets from developed markets only are used...

Purpose – The purpose of this paper is to test the hypothesis of long-run money neutrality for Egypt, Jordan and Morocco using seasonal cointegration techniques. Design/methodology/approach – The paper uses seasonal integration and cointegration techniques to test the neutrality of money...