Testing the differences of world stock markets (1975-2009)

Elmo Tambosi Filho, Fabio Gallo Garcia, Luiz Mauricio Franco Moreiras and Flavio Estevez Calife

International Journal of Economics and Accounting, 2010, vol. 1, issue 4, 349-359

Abstract: This study investigates the differences observed on stock returns before and after the opening of emerging markets. The stock returns from emerging and non-emerging countries were examined with the aim to identify if there is a co-integration between markets during the period of December 1975 through April 2009. In our findings, we observed no significant differences during the period. We conclude, therefore, that even though the process of economic liberalisation had been important to the emerging countries, in the first instance, changes were not felt in the stock market as arising from the openings of the emerging economies.

Keywords: stock markets; emerging countries; co-integration; stock returns; emerging markets; economic liberalisation; emerging economies. (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijecac:v:1:y:2010:i:4:p:349-359

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