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International Stock Returns and Market Integration

International Stock Returns and Market Integration »

Source: International Stock Returns and Market Integration : A Regional Perspective

Volume/Issue: 2002/202

Series: IMF Working Papers

Author(s): Marco Del Negro , and Robin Brooks

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

ISBN: 9781451874419

Keywords: Diversification, risk, stock market, global stock market, stock portfolio, stock markets, stock returns,

We investigate the relative importance of country and industry effects in international stock returns, with the innovation that we decompose country effects into region and within-region country effects. We divide...

Firm-Level Evidenceon International Stock Market Comovement

Firm-Level Evidenceon International Stock Market Comovement »

Source: Firm-Level Evidenceon International Stock Market Comovement

Volume/Issue: 2003/55

Series: IMF Working Papers

Author(s): Robin Brooks , and Marco Del Negro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2003

ISBN: 9781451847642

Keywords: Diversification, risk, stock market, global stock market, stock returns, capital account restrictions, capital markets,

We explore the link between international stock market comovement and the degree to which firms operate globally. Using stock returns and balance sheet data for companies in 20 countries, we estimate a factor model...

Effects on Financial Globalization on Developing Countries
			: Some Empirical Evidence

Effects on Financial Globalization on Developing Countries : Some Empirical Evidence »

Series: Occasional Papers

Author(s): Kenneth Rogoff , Eswar Prasad , Ayhan Kose , and Shang-Jin Wei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2004

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504933096.084

ISBN: 9787504933096

Keywords: capital flows, financial integration, globalization, capital inflows, financial globalization, capital account liberalization, international financial, capital markets, international financial integration, international capital flows

This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an appare...

Foreign Investors Under Stress

Foreign Investors Under Stress »

Source: Foreign Investors Under Stress : Evidence from India

Volume/Issue: 2013/122

Series: IMF Working Papers

Author(s): Ila Patnaik , Ajay Shah , and Nirvikar Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2013

ISBN: 9781484364529

Keywords: Event study, Extreme events, Foreign investors, stock market, equity market, financial globalization, stock market index, stock returns, Other,

Emerging market policy makers have been concerned about the financial stability implications of financial globalization. These concerns are focused on behavior under stressed conditions. Do tail events in the home...

Balance Sheet Repair and Corporate Investment in Japan

Balance Sheet Repair and Corporate Investment in Japan »

Source: Balance Sheet Repair and Corporate Investment in Japan

Volume/Issue: 2014/141

Series: IMF Working Papers

Author(s): Joong Kang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2014

ISBN: 9781498323628

Keywords: Growth, capital stock, financial crisis, global financial crisis, capital market,

We trace Japanese firms' behavior over the last decades using aggregate corporate balance sheet data. Financial health of Japanese corporate sector has improved and firms paid back significant amount of debt and re...

International Financial Integration Through Equity Markets

International Financial Integration Through Equity Markets »

Source: International Financial Integration Through Equity Markets : Which Firms from Which Countries Go Global?

Volume/Issue: 2007/138

Series: IMF Working Papers

Author(s): Sergio Schmukler , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451867022

Keywords: international financial integration, internationalization, globalization of financial markets, access to financial markets, international firms, equity markets, stock market, foreign sales, stock exchange,

This paper studies international financial integration analyzing firms from various countries raising capital, trading equity, and/or cross-listing in major world stock markets. Using a large sample of 39,517 firms...

Country Transparency and the Global Transmission of Financial Shocks

Country Transparency and the Global Transmission of Financial Shocks »

Source: Country Transparency and the Global Transmission of Financial Shocks

Volume/Issue: 2013/156

Series: IMF Working Papers

Author(s): Luis Brandao Marques , R. Gelos , and Natalia Melgar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2013

ISBN: 9781484397237

Keywords: transmission of global financial shocks, bond, stock returns, equity markets, bond spreads, bond returns, Asset Pricing,

This paper considers the role of country-level opacity (the lack of availability of information) in amplifying shocks emanating from financial centers. We provide a simple model where, in the presence of ambiguity...

Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets

Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets »

Source: Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets

Volume/Issue: 2014/156

Series: IMF Working Papers

Author(s): Nasha Ananchotikul , and Longmei Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 August 2014

ISBN: 9781498340229

Keywords: portfolio flows, global risk aversion, exchange rate, bond, bond flows, risk aversion, stock market, Portfolio Choice,

In recent years, portfolio flows to emerging markets have become increasingly large and volatile. Using weekly portfolio fund flows data, the paper finds that their short-run dynamics are driven mostly by global 'p...

The Spillover Effects of a Downturn in China’s Real Estate Investment

The Spillover Effects of a Downturn in China’s Real Estate Investment »

Source: The Spillover Effects of a Downturn in China's Real Estate Investment

Volume/Issue: 2012/266

Series: IMF Working Papers

Author(s): Ashvin Ahuja , and Alla Myrvoda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 November 2012

ISBN: 9781475549003

Keywords: Real estate investment, FAVAR, real estate, bond, bond spread, stock market, Globalization: Macroeconomic Impacts, Comparative Studies of Countries,

Real estate investment accounts for a quarter of total fixed asset investment (FAI) in China. The real estate sector's extensive industrial and financial linkages make it a special type of economic activity, especi...

Asia’s Stock Markets: Are There Crouching Tigers and Hidden Dragons?

Asia’s Stock Markets: Are There Crouching Tigers and Hidden Dragons? »

Source: Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons?

Volume/Issue: 2014/37

Series: IMF Working Papers

Author(s): Fabian Lipinsky , and Li Lian Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

ISBN: 9781484320143

Keywords: arbitrage pricing theory, Asian financial crisis, fundamentals, global financial crisis, idiosyncratic factors, integration, IOSCO, securities regulation, stock market, stock pricing

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more 'idiosyn...