haku: @author Bachman, D. / yhteensä: 1
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| Tekijä: | Bachman, D. |
| Otsikko: | Common factors in international stock prices: evidence from a cointegration study |
| Lehti: | International Review of Financial Analysis
1996 : VOL. 5:1, p. 39-54 |
| Asiasana: | FINANCIAL ANALYSIS INTERNATIONAL REVIEW |
| Kieli: | eng |
| Tiivistelmä: | This paper uses multilateral and bilateral cointegration techniques to examine the stock market behavior of the seven major industrial countries over the 1970-1989 period and to determine the consistency of three alternative hypotheses with the available evidence. As explanations of the common trend in stock prices, the hypotheses include technological change, trade liberalization and financial deregulation. The results show that none of the three macroeconomic hypotheses are consistent with all he cointegration tests. |
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