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| Tekijä: | Hargis, K. Maloney, W. F. |
| Otsikko: | Emerging equity markets: Are they for real? |
| Lehti: | Journal of Financial Research
1997 : SUMMER, VOL. 20:2, p. 243-262 |
| Asiasana: | STOCK MARKETS CASH FLOW DISCOUNT RATE |
| Kieli: | eng |
| Tiivistelmä: | This paper measures the degree to which six of the largest emerging equity markets in Asia and Latin America are rational in the sense that they incorporate domestic and global shocks to future expected cash flows and time variation in the discount rates that price these flows. The Mexican, Chilean, and to lesser extent Malaysian markets appear more rational than either the Taiwanese and Korean markets or the Japan and U.S. markets. The paper argues that numerous factors make the methodology unable to rank markets by relative efficiency. Evidence was found of the influence of real global variables on the Korean and Taiwanese markets. |
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