G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8142
DP8142 What Segments Equity Markets?
Campbell Harvey; Geert Bekaert; Christian T Lundblad; Stephan Siegel
发表日期2010-12-01
出版年2010
语种英语
摘要We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of segmentation in many developing countries, the level of segmentation is still significant. In contrast to previous research, we characterize the factors that account for variation in market segmentation both through time as well as across countries. While a country's regulation with respect to foreign capital flows is important in determining its level of segmentation, we find that non-regulatory factors are also related to the cross-sectional and time-series variation in the level of segmentation. We identify a country's political risk profile and its stock market development as two additional local segmentation factors as well as the U.S. corporate credit spread as a global segmentation factor.
主题Financial Economics
关键词market integration Financial openness Globalization Political risk Quality of institutions Financial development Capital controls Valuation differentials Earnings yield
URLhttps://cepr.org/publications/dp8142
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536979
推荐引用方式
GB/T 7714
Campbell Harvey,Geert Bekaert,Christian T Lundblad,et al. DP8142 What Segments Equity Markets?. 2010.
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