| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8142 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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