This coincides with the observation that, in Germany, managers of investment funds open to the general public spread over 50% of their portfolio in foreign securities, whereas for private direct investors this share was below one-quarter.28 Another indicator for a growing - although not perfect - diversification with respect to sector-specific asset classes might be the increasing number of cross-listings of shares.
On German stock exchanges alone, the number of listings of foreign companies rose by 175% in 1999. This is likely to increase investments in the shares of these companies and therefore favour international diversification, if one follows a study for the United States.29 II.