What drives international stock return comovements?

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ADBI Working Paper Series ; No. 1195

Classification and Topics

• Classification: Wirtschaft ; International Financial Markets ; Financial Aspects of Economic Integration
• Subject: financial market integration ; stock analysts ; cash flows ; discount rates

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Zhang, Bohui
• Event: Veröffentlichung
• (who): Asian Development Bank Institute (ADBI)
• (where): Tokyo
• (when): 2020

Further information

• Handle: http://hdl.handle.net/10419/238552
• Last update: 10.03.2025, 11:42 AM CET