haku: @indexterm MARKET SEGMENTATION / yhteensä: 478
viite: 101 / 478
| Tekijä: | Patro, D. K. |
| Otsikko: | Market segmentation and international asset prices: evidence from the listing of world equity benchmark shares |
| Lehti: | Journal of Financial Research
2001 : SPRING, VOL. 24:1, p. 83-98 |
| Asiasana: | CAPITAL MARKETS MARKET SEGMENTATION ASSETS PRICES |
| Kieli: | eng |
| Tiivistelmä: | This article provides an empirical analysis of the announcement effect of the listing of the seventeen World Equity Benchmark Shares (WEBS) on the returns of the corresponding market index returns and closed-end country fund premiums. The author finds that the announcement of the listing of the WEBS resulted in a positive market price reaction for the market indexes. Furthermore, there was a significant decline in premiums for closed-end country funds. The findings are consistent with models of international asset pricing under market segmentation and they illustrate that the listing of internationally tradable securities is an effective mechanism for integrating international capital markets. |
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