{"id":6524,"date":"2023-09-14T11:32:13","date_gmt":"2023-09-14T09:32:13","guid":{"rendered":"https:\/\/makutano.cd\/?p=6524"},"modified":"2023-09-14T11:32:14","modified_gmt":"2023-09-14T09:32:14","slug":"impact-of-systemic-risk-measures-on-portfolio-diversification-evidence-from-the-johannesburg-stock-exchange","status":"publish","type":"post","link":"https:\/\/makutano.cd\/fr\/impact-of-systemic-risk-measures-on-portfolio-diversification-evidence-from-the-johannesburg-stock-exchange\/","title":{"rendered":"Impact of systemic risk measures on portfolio diversification: Evidence from the Johannesburg Stock Exchange"},"content":{"rendered":"\n<p><strong>Anaclet Kipupi Kitenge and J.W. Muteba Mwamba<\/strong><\/p>\n\n\n\n<p><strong><strong><u>R\u00c9SUM\u00c9<\/u><\/strong><\/strong><\/p>\n\n\n\n<p>Cet article d\u00e9veloppe une strat\u00e9gie de diversification d\u2019un portefeuille domestique visant \u00e0 optimiser un capital d\u2019investissement lors des retournements des march\u00e9s. La strat\u00e9gie consiste \u00e0 construire deux sous-portefeuilles (le portefeuille des rendements d\u00e9favorables d\u00e9sign\u00e9 ici sous le nom de ARP, et le portefeuille des rendements favorables d\u00e9sign\u00e9 ici sous le nom de FRP) en utilisant une combinaison de copules, de la th\u00e9orie des valeurs extr\u00eames (EVT) et de conditional value-at-risk (CVaR) bas\u00e9 sur le mod\u00e8le de GARCH. Sous certaines hypoth\u00e8ses sp\u00e9cifiques, un cadre d\u2019optimisation quadratique de moyenne-variance est mis en \u0153uvre pour obtenir les poids optimaux. En utilisant les rendements quotidiens de neuf indices sectoriels de la bourse de Johannesburg, l\u2019article conclut premi\u00e8rement que les secteurs les plus corr\u00e9l\u00e9s au march\u00e9 boursier (repr\u00e9sent\u00e9 par ALSI) sont ceux qui contribuent le plus \u00e0 la maximisation de ARP, tandis que les secteurs offrant des rendements plus faibles avec un risque accru sont ceux qui contribuent le plus \u00e0 la maximisation de FRP. Deuxi\u00e8mement, l\u2019article constate que le portefeuille efficace affiche de meilleures performances que le portefeuille de r\u00e9f\u00e9rence lorsque les march\u00e9s financiers sont en crise, cependant, l\u2019inverse est vrai lorsque les march\u00e9s financiers sont en phase de reprise.<\/p>\n\n\n\n<p><strong>Mots-cl\u00e9s :<\/strong> Diversification de portefeuille, Risque syst\u00e9mique, Portefeuille quadratique de moyenne-variance, CVaR, Coefficient de corr\u00e9lation de Spearman, CARA<br><strong>Codes JEL :<\/strong> C46, C53, C58, C61, C65, G01, G11<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong><u>ABSTRACT<\/u><\/strong><br><br><em>This paper develops a domestic portfolio diversification strategy that optimizes investment capital during market downturns. The strategy consists in constructing two sub-portfolios (the adverse returns portfolio herein referred to as ARP, and the favorable returns portfolio herein referred to as FRP) using a combination of copulas, extreme value theory distribution, and the GARCH1 -based conditional value-at-risk (CVaR). Under some specific assumptions, a quadratic mean-variance optimization framework is implemented to obtain the optimal weights. Using daily returns of nine Johannesburg Stock Exchange sector indices, the paper finds firstly that sectors that are more correlated to the stock market (proxied by the ALSI) are the ones that contribute more in maximizing the ARP, and sectors that have lower returns with higher risk are the ones that contribute more in maximizing the FPR. Secondly, the paper finds that the efficient portfolio has a better performance than the benchmark portfolio when the financial markets are in turmoil; however, the converse is true when the financial markets are in upturns.<\/em><\/p>\n\n\n\n<p><strong>Keywords :<\/strong> Diversification de portefeuille, Risque syst\u00e9mique, Portefeuille quadratique de moyenne-variance, CVaR, Coefficient de corr\u00e9lation de Spearman, CARA<br><strong>JEL codes :<\/strong> C46, C53, C58, C61, C65, G01, G11<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/makutano.cd\/wp-content\/uploads\/2023\/09\/RABA-vol-1-2-2023-Article-4.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">LIRE LE DOCUMENT<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Anaclet Kipupi Kitenge and J.W. Muteba Mwamba<\/p>\n","protected":false},"author":3,"featured_media":5980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[51],"tags":[],"class_list":["post-6524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-raba-arbi2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Impact of systemic risk measures on portfolio diversification: Evidence from the Johannesburg Stock Exchange - Makutano<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/makutano.cd\/fr\/impact-of-systemic-risk-measures-on-portfolio-diversification-evidence-from-the-johannesburg-stock-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Impact of systemic risk measures on portfolio diversification: Evidence from the Johannesburg Stock Exchange - Makutano\" \/>\n<meta property=\"og:description\" content=\"Anaclet Kipupi Kitenge and J.W. 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