The research focuses on the topics of international portfolio diversification. The core of the text consists of three papers which analyze possible risks of international diversification from various points of view. At the center of attention is the group of stock markets in the Central European region, which emerged, only in the 90s and have not as yet been completely investigated.;Common to the whole analysis is investigation of the various sources of risk an international investor may face by allocating his investment abroad, and an examination of what additional tools would improve his ability to correctly evaluate the possible impacts of various risks on his portfolio. All methodologies are applied on Central European market data, though results may be generalized not only to other countries in the international diversification framework but also to the portfolio of individual stocks within a single stock market.
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