کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
968831 931667 2008 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Equity premia in emerging markets: National characteristics as determinants
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Equity premia in emerging markets: National characteristics as determinants
چکیده انگلیسی

There is little research on international equity premia estimates. Using improved and consistent methodologies covering a recent 8-year period, this paper estimates annual equity premia for sixteen emerging markets and finds that they are generally low even compared to risk-free rates. In addition, based on a panel-data regression analysis, this paper finds that, for emerging markets, equity premia narrow with higher market synchronicity, higher economic inequality and better civil liberties, while equity premia widen with better regulatory quality and investor protection and greater international corporate bond spreads. Our results suggest the possibility that in many emerging markets there are non-pecuniary benefits to holding equity or that controlling ownerships have preferential access to capital. These results pose important questions regarding the role of equity in emerging markets. Given the importance of the equity premium, these results should be of great interest to practitioners and researchers.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Multinational Financial Management - Volume 18, Issue 4, October 2008, Pages 389–404
نویسندگان
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