Sharif Digital Repository

This research focuses on the topic of international portfolio diversification and its core attention is entitled to Middle East stock exchanges, as emergent markets. These markets are not analyzed yet as investment destinations for developed countries investors. Although all methodologies in this research are applied on ME markets data, but can be augmented and generalized for other markets. In this quest, we tried to investigate portfolio diversification opportunity for European (generally Frankfurt & Paris stock exchanges) or American investors with ME stock exchanges including Tehran, Istanbul, Saudi Arabia Tadawul, Abu Dhabi & Cairo stock exchanges, in order to reduce risk and increase...