A global network of stock markets and home bias puzzle

Masaru Konishi

Applied Financial Economics Letters, 2007, vol. 3, issue 3, 197-199

Abstract: This article shows empirically that Nasdaq's termination of Japanese operation adversely affected the shareholder wealth of companies listed on the Nasdaq Japan stock market. The evidence suggests that integration of world stock markets as envisioned by Nasdaq could have facilitated foreigners’ investment in domestic stocks, thereby reducing the home bias.

Date: 2007
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DOI: 10.1080/17446540600993886

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