Global Financial Crisis and International Stock Market Co-Movements
Global Financial Crisis and International Stock Market Co-Movements

Author: Kirti Khanna

Publisher:

Published: 2014

Total Pages: 8

ISBN-13:

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The global financial crisis, after brewing for a while, actually started to demonstrate its consequences and encroachments in the middle of 2007 and into 2008. During this period the world stock markets have fallen, large financial institutions have been collapsed. From 2008 to 2010 it reflected as a big problem due to the U.S. Subprime credit crisis which has been began with massive defaults by Subprime borrowers in mortgage markets. This paper has analyzed the behavior or the movements of the stock markets during the crisis; both at overall market and Sectoral level (Financials, FMCG, Telecomm, Healthcare, IT, Oil gas/ energy) for the period of 2008-11. For this purpose, the study has considered mainly three stock markets; Bombay Stock Exchange (BSE-India), New York Stock Exchange (NYSE-USA) and London Stock Exchange (LSE-UK). The study is based on the daily market returns of the selected stock markets' benchmarks viz; BSE-Sensex for India, DJIA for USA and FTSE 100 for UK. After the statistical analysis, the results of the study suggested that the all three selected countries have been affected by that crisis on somewhat level on the basis of both at market and Sector wise level.

The Dynamics of Emerging Stock Markets
The Dynamics of Emerging Stock Markets

Author: Mohamed El Hedi Arouri

Publisher: Springer Science & Business Media

Published: 2009-12-24

Total Pages: 214

ISBN-13: 3790823899

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Emerging markets have received a particular attention of academic researchers and practitioners since they decided to open their domestic capital markets to foreign participants about three decades ago. At the same time, we remark that theoretical and empirical research in emerging stock markets has been particularly challenged by their fast changes in nature and size under the effects of financial liberalization and reforms. This evolving feature has particularly led to a commensurate increase in sophistication of modeling techniques used for understanding financial markets. In this spirit, the book aims at providing the audience a comprehensive understanding of emerging stock markets in various aspects using modern financial econometric methods. It addresses the empirical techniques needed by economic agents to analyze the dynamics of these markets and illustrates how they can be applied to the actual data. On the other hand, it presents and discusses new research findings and their implications.

Equity Markets in Transition
Equity Markets in Transition

Author: Reto Francioni

Publisher: Springer

Published: 2017-01-17

Total Pages: 612

ISBN-13: 3319458485

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This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.

Co-Movements in International Equity Markets
Co-Movements in International Equity Markets

Author: Salim M. Darbar

Publisher:

Published: 1997

Total Pages:

ISBN-13:

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We examine the co-movements of equity returns in four major international markets by characterizing the time-varying cross-country covariances and correlations. Using a generalized positive definite multivariate GARCH model, we find that the Japanese and U.S. stock markets have significant transitory covariance, but zero permanent covariance. The other pairs of markets examined display significant permanent and transitory covariance. We also find that, while conditional correlations between returns are generally small, they change considerably over time. An event analysis suggests that basing diversification strategies on these conditional correlations is potentially beneficial.