| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14802 |
| 来源ID | Working Paper 14802 |
| What Segments Equity Markets? | |
| Geert Bekaert; Campbell R. Harvey; Christian Lundblad; Stephan Siegel | |
| 发表日期 | 2009-03-18 |
| 出版年 | 2009 |
| 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 | International Economics ; Trade ; International Factor Mobility ; International Finance ; International Macroeconomics ; Globalization and International Relations ; Financial Economics ; Financial Markets ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w14802 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572478 |
| 推荐引用方式 GB/T 7714 | Geert Bekaert,Campbell R. Harvey,Christian Lundblad,et al. What Segments Equity Markets?. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14802.pdf（306KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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