Mean-variance investment strategy applied in emerging financial markets: Evidence from the Colombian stock market

Research output: Articles / NotesScientific Articlepeer-review


In any investment, an analysis of the expected return and the assumed risk constitutes a fundamental step. Investing in financial assets is no exception. Since the portfolio selection theory was proposed by Markowitz in 1952, this methodology has become the benchmark in portfolio management. However, it is not always possible to apply it, especially when investing in emerging financial markets, which are characterised by a scant variety of available stocks and very low liquidity. In this paper, using the Colombian case, we will examine the challenges found by investors who want to create a portfolio using only stocks listed on a scarcely developed stock market.
Original languageUndefined/Unknown
Pages (from-to)22
Number of pages29
JournalIntellectual Economics
Issue number1
StatePublished - 2015

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