DETERMINANTS OF EMERGING MARKETS’ COMMERCIAL BANK STOCK RETURNS

Eric Girard, James Nolan and Tony Pondillo

Global Journal of Business Research, 2010, vol. 4, issue 2, 11-26

Abstract: Although banks are central to the economic development and growth of emerging markets (Benston, 2004), most studies have not investigated the determinants of stock returns of this sector in these countries. This study, contributes to the literature in finance by investigating and identifying factors that investors should be concerned about while deciding about their investments in commercial banks in emerging markets. Our results indicate that apart from fundamental risk factors like size and price to book, duration gap, bank concentration, corruption, debt servicing socio-economic conditions, and percapita GDP also influence returns of commercial banks in emerging markets.

Keywords: multifactor models; commercial banks; emerging markets (search for similar items in EconPapers)
JEL-codes: F3 G1 N2 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ibf:gjbres:v:4:y:2010:i:2:p:11-26

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