Show simple item record

dc.contributorVirginia Tech
dc.contributor.authorKim, E. H.
dc.contributor.authorSingal, V.
dc.date.accessioned2014-06-27T14:45:39Z
dc.date.available2014-06-27T14:45:39Z
dc.date.issued2000-01
dc.identifier.citationE. Han Kim and Vijay Singal. "Stock Market Openings: Experience of Emerging Economies," The Journal of Business, Vol. 73, No. 1 (January 2000), pp. 25-66. DOI: 10.1086/209631
dc.identifier.issn0021-9398
dc.identifier.urihttp://hdl.handle.net/10919/49136
dc.description.abstractThis article is an exploratory examination of the benefits and risks associated with opening of stock markets. Specifically, we estimate changes in the level and volatility of stock returns, inflation, and exchange rates around market openings. We find that stock returns increase immediately after market opening without a concomitant increase in volatility. Stock markets become more efficient as determined by testing the random walk hypothesis. We find no evidence of an increase in inflation or an appreciation of exchange rates. If anything, inflation seems to decrease after market opening as do the volatility of inflation and volatility of exchange rates.
dc.description.sponsorshipKorea Institute of Finance
dc.description.sponsorshipMitsui Life Financial Research Center
dc.description.sponsorshipWorld Bank
dc.description.sponsorshipVirginia Tech
dc.language.isoen_US
dc.publisherUniversity of Chicago Press
dc.subjectvariance-ratio test
dc.subjectequity markets
dc.subjectgrowth
dc.subjectvolatility
dc.subjectdiversification
dc.subjectintegration
dc.subjectinflation
dc.subjectfinance
dc.subjectreturns
dc.subjectbusiness
dc.titleStock market openings: Experience of emerging economies
dc.typeArticle
dc.identifier.urlhttp://www.jstor.org/stable/10.1086/209631
dc.date.accessed2014-06-26
dc.title.serialJournal of Business
dc.identifier.doihttps://doi.org/10.1086/209631


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record