Arbeitspapier
What drives international stock return comovements?
This paper presents new evidence on international financial market integration using stock analyst earnings forecasts from 37 countries. By examining cash flow and discount rate news co-movements, we find that the financial and economic aspects of global market integration have diverged over time as financial integration has developed particularly more rapidly than economic integration over the past decade. However, this divergence is less severe in emerging markets when compared with developed markets, where financial integration has proceeded at a slower pace. We find that financial integration has developed relatively slowly in emerging markets due to the hampering effects of their poor information environments.
- Sprache
-
Englisch
- Erschienen in
-
Series: ADBI Working Paper Series ; No. 1195
- Klassifikation
-
Wirtschaft
International Financial Markets
Financial Aspects of Economic Integration
- Thema
-
financial market integration
stock analysts
cash flows
discount rates
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Zhang, Bohui
- Ereignis
-
Veröffentlichung
- (wer)
-
Asian Development Bank Institute (ADBI)
- (wo)
-
Tokyo
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Zhang, Bohui
- Asian Development Bank Institute (ADBI)
Entstanden
- 2020
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