Economic freedom, equity performance and market volatility

Carl R. Chen and Ying Sophie Huang

International Journal of Accounting & Information Management, 2009, vol. 17, issue 2, 189-197

Abstract: Purpose - The purpose of this paper is to investigate the relationships between theIndex of Economic Freedom, equity market performance and its volatility. Design/methodology/approach - The paper examines whether the level of economic freedom is significant for a country's stock market performance and volatiling. Findings - Regression results show that adjusted stock returns bear little relationship with economic freedom. On the other hand, economic freedom is associated with lower stock market volatility. Originality/value - The results imply that a country with greater economic freedom provides investors with better mean‐variance investment efficiency.

Keywords: Economics; Freedom; Stock returns; Stock markets (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijaimp:v:17:y:2009:i:2:p:189-197

DOI: 10.1108/18347640911001221

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