상세검색
최근 검색어 전체 삭제
다국어입력
즐겨찾기0
145151.jpg
SCOPUS 학술저널

Capital Market Integration and Industrial Structure: The Case of Australia, Canada and the United States

Capital Market Integration and Industrial Structure: The Case of Australia, Canada and the United States

Using a matched sampfe design where companies are matchaed by size and industry from Australian, Canadian and US capital markets, we investigate whether capital market integration varies across induatries and by geographical praximity. The tests are conduad in the multi-factor pricing framework over the 1983-1997 period. Our evidence supports two main findings. First, the pricing of Australian stocks is dofferdent from that of theit Canadian and U.S. counterparts. The Australianm storks are priced in a partially segmented North American stock market. Second, global industry stocks are pniced in a relatively integrated capital market while regional industry stocks such as consumer and capital goods stocks are priced in segmented markets. This evidence suggesis that industry and geographical distance may proxy factors that may be relevant in international asset pricing.

Ⅰ. Introduction

Ⅱ. Matched Sample Selection and Data

Ⅲ. Empirical Framework

Ⅳ. Empirical Results

Ⅴ. Summary and Conclusions

로딩중