Do stocks outperform treasury bills in international markets?

Jiali Fang, Ben R. Marshall, Nhut H. Nguyen and Nuttawat Visaltanachoti ()

Finance Research Letters, 2021, vol. 40, issue C

Abstract: More than half the common stocks in the majority (55 of 57) of international equity markets generate total returns less than Treasury bill returns. However, there is a sizable variation in the extent of this underperformance. A greater proportion of stocks underperform in countries with weaker governance, less individualistic investors, less openness to trade and foreign equity market investment, less financial market development, and weaker economies.

Keywords: Individual stock returns; Treasury bill returns; International equity markets (search for similar items in EconPapers)
JEL-codes: G11 G23 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612319314916
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:40:y:2021:i:c:s1544612319314916

DOI: 10.1016/j.frl.2020.101710

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().