<?xml version="1.0" encoding="UTF-8"?><xml><records><record><source-app name="Biblio" version="7.x">Drupal-Biblio</source-app><ref-type>17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Dimitrios Dimitriou</style></author><author><style face="normal" font="default" size="100%">Dimitris Kenourgios</style></author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Opportunities for international portfolio diversification in the Balkans’ markets</style></title><secondary-title><style face="normal" font="default" size="100%">International Journal of Economics and Research</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2012</style></year></dates><urls><web-urls><url><style face="normal" font="default" size="100%">http://users.uoa.gr/~dkenourg/ijer20120301JF(1)c.pdf</style></url></web-urls></urls><volume><style face="normal" font="default" size="100%">3</style></volume><pages><style face="normal" font="default" size="100%">1-12</style></pages><language><style face="normal" font="default" size="100%">eng</style></language><abstract><style face="normal" font="default" size="100%">&lt;p&gt;This paper examines long and short-run relationships among three emerging Balkan stock markets (Romania,&amp;nbsp;Bulgaria and Croatia), two developed European stock markets (Germany and Greece) and United States (U.S.),&amp;nbsp;during the period 2000 - 2005. We apply Johansen's (1988) cointegration methodology to test the long-run&amp;nbsp;relationships between these markets and Granger's (1969) causality methodology in order to capture short-run&lt;br&gt;cointegration. Our findings are mixed. We provide evidence on long-run relationships between the Bulgarian and&amp;nbsp;Croatian stock markets and the developed markets. On the other hand, there is no any cointegration among the&amp;nbsp;developed markets and the Romanian market. Moreover, there is no cointegrating relationship among the three&lt;br&gt;regional emerging markets, while short-run relationships exist only among the region. These results have crucial&amp;nbsp;implications for investors regarding the benefits of international portfolio diversification.&lt;/p&gt;</style></abstract><issue><style face="normal" font="default" size="100%">1</style></issue></record></records></xml>