haku: @author Penati, A. / yhteensä: 2
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| Tekijä: | Gultekin, M. N. Gultekin, N. B. Penati, A. |
| Otsikko: | Capital controls and international capital market segmentation : the evidence from the japanese and american stock markets. |
| Lehti: | Journal of Finance
1989 : SEP, VOL. 44:4, p. 849-869 |
| Asiasana: | STOCK MARKETS CAPITAL MARKETS FINANCIAL RISK FINANCIAL CONTROL USA JAPAN |
| Kieli: | eng |
| Tiivistelmä: | Two countries, Japan and the USA, are examined to test the integration of capital markets. In Japan, the enactment of the Foreign Exchange and Foreign Trade Control Law in 1980 amounted to a true regime switch that virtually eliminated capital control. Using multifactor asset pricing models, it is shown that the price of risk in the USA and Japanese stock markets was different before, but not after, the liberalization. This evidence supports the view that governments are the source of capital market segmentation. |
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