کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959841 929374 2009 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Global market integration: An alternative measure and its application
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Global market integration: An alternative measure and its application
چکیده انگلیسی

Global markets seem to be increasingly integrated but there is no well-accepted measure of integration. We show that the correlation across markets is a poor measure; perfectly integrated markets can exhibit weak correlation. We derive a new integration measure based on the explanatory power of a multi-factor model and use it empirically to investigate recent trends in global integration. For most countries, there has been a marked increase in measured integration over the past three decades, but this is not indicated by correlations among country indexes.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 94, Issue 2, November 2009, Pages 214–232
نویسندگان
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