The Rise of Sector Effects in Major Equity Markets

By Sean P. Baca, Brian L. Garbe, Richard A. Weiss. 2000

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International Diversification with Large- and Small-Cap Stocks (2008, unknown): “This difference in 1A few recent studies, for example, Cavaglia, Brightman, and Aked (2000) and Baca, Garbe, and Weiss (2000), suggest that the rising international correlations may be associated with the declining importance of country factors relative to industry factors.”
Measuring financial integration in the euro area (2004, background): “Baca et al. (2000) and Cavaglia et al. (2000) show that the importance of global industry factors has increased relative to country-specific factors.”
The Rise in Comovement Across National Stock Markets: Market Integration or it Bubble? (2004, unknown): “In this context, Baca et al. (2000) report that the importance of global industry factors in explaining international return variation increased towards the late-1990s.”
Time-varying Integration and International diversification strategies (2009, unknown): “…geographical over industry diversification potential (see e.g. Heston and Rouwenhorst 1994; Griffin and Karolyi, 1998), as was recently suggested by Baca, Garbe, and Weiss (2000), Cavaglia, Brightman, and Aked (2000), Ferreira and Gama (2005), Campa and Fernandes (2006), and Eilling, Gerard, and…”