20041224-Harvard professor says Spaniards compare poorly when investing in equities
Harvard professor says Spaniards compare poorly when investing in equities
Luis Viceira participated in the XXIX Symposium of Economic Analysis at the University.
According to Harvard professor Luis Viceira, "in Spain not much attention is paid to the class commissions that we are charged when we invest". This expert participated as a guest in one of the plenary sessions of the XXIX Symposium of Economic Analysis organized by the School of Economic and Business Sciences of the University of Navarra with the sponsorship of the BBVA Foundation.
The professor of Economics and Finance also pointed out that "with the euro and capital markets so unified, it makes no sense for Spaniards to think only of the Madrid Stock Exchange when investing in equities". In this way, he said that "for a Spaniard, the market should be the European market, in the same way that for someone living in San Francisco, his stock market is not the Californian one, but the American one".
Investments with a long-term horizon deadline, according to Professor Viceira, should be "with a diversified portfolio with a greater weight in equities and specifically very diversified industrially and geographically".
On the other hand, he also made reference letter to the U.S. Economics : "The culture is taking hold that a diversified portfolio must also be geographically diversified. And the return expectations are enormous. Americans believe that investing in Economics globally is as good as investing in their domestic Economics ." However, he pointed out that "the American Economics accounts for 40% of the volume of the global Economics , while the Spanish does not go above one or two percent".
Image of the Spanish Economics"The image of Spain in the U.S. is that of a developed country, like most European countries," he said. "Perhaps it has less presence in U.S. companies, not like France or England, and that is grade in public recognition."
Professor Viceira believes that Spain "tends to invest more in Latin America, but when it does so in another area, it is seen as just another investor. That is a sign that it is seen as a developed country.