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Moreover, for developed countries, the negative impact of the upstream status of value chain weakened considerably; the impact of upstream status strengthened for emerging markets after the subprime mortgage crisis. For tradable industries, the negative impact of global value chain upstream status on pure industry\u2010specific returns strengthens significantly.<\/jats:p>","DOI":"10.1155\/2024\/5530604","type":"journal-article","created":{"date-parts":[[2024,6,13]],"date-time":"2024-06-13T09:19:13Z","timestamp":1718270353000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Global Value Chain and the Changing Roles of Country and Industry Effects in International Portfolio Diversification"],"prefix":"10.1155","volume":"2024","author":[{"given":"Song","family":"Chen","sequence":"first","affiliation":[]},{"given":"Rui","family":"Yang","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-6264-7051","authenticated-orcid":false,"given":"Xiaohui","family":"Hou","sequence":"additional","affiliation":[]},{"given":"Jingwen","family":"Zhao","sequence":"additional","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2024,6,13]]},"reference":[{"key":"e_1_2_11_1_2","doi-asserted-by":"publisher","DOI":"10.3905\/jpm.1989.409232"},{"key":"e_1_2_11_2_2","doi-asserted-by":"publisher","DOI":"10.3905\/jpm.1995.409523"},{"key":"e_1_2_11_3_2","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v55.n3.2272"},{"key":"e_1_2_11_4_2","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v56.n5.2389"},{"key":"e_1_2_11_5_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.intfin.2013.06.005"},{"key":"e_1_2_11_6_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jempfin.2006.01.001"},{"key":"e_1_2_11_7_2","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v48.n4.15"},{"key":"e_1_2_11_8_2","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v52.n2.1978"},{"key":"e_1_2_11_9_2","doi-asserted-by":"publisher","DOI":"10.1016\/s1042-4431(00)00033-0"},{"key":"e_1_2_11_10_2","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v56.n5.2388"},{"key":"e_1_2_11_11_2","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0416.00064"},{"key":"e_1_2_11_12_2","volume-title":"A Latent Factor Model with Global, Country, and Industry Shocks for International Stock Returns","author":"Brooks R.","year":"2005"},{"key":"e_1_2_11_13_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2009.07.026"},{"key":"e_1_2_11_14_2","first-page":"355","article-title":"Are practitioners right? 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