Does cultural distance matter in international stock market comovement? Evidence from emerging economies around the world
Brian Lucey () and
Emerging Markets Review, 2010, vol. 11, issue 1, 62-78
Prior research suggests an inverse relationship between geographic distance and financial market linkages. In this paper, we examine whether and how cultural distance between countries mitigates this finding. We find that country-pairs exhibit higher linkages if they have smaller cultural distance. The result remains significant to alternative measures of linkage. Finally, the cultural effect seems to be more pronounced for active-trading country-pairs than thin-trading country-pairs.
Keywords: Emerging; markets; International; stock; market; comovement; Cultural; distance (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (30) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: Does cultural distance matter in international stock market comovement? Evidence from emerging economies around the world (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:11:y:2010:i:1:p:62-78
Access Statistics for this article
Emerging Markets Review is currently edited by Jonathan A. Batten
More articles in Emerging Markets Review from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().