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Stock market openings: Experience of emerging economies

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dc.contributorVirginia Techen
dc.contributor.authorKim, E. Hanen
dc.contributor.authorSingal, Vijayen
dc.date.accessed2014-06-26en
dc.date.accessioned2014-06-27T14:45:39Zen
dc.date.available2014-06-27T14:45:39Zen
dc.date.issued2000-01en
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.en
dc.description.sponsorshipKorea Institute of Financeen
dc.description.sponsorshipMitsui Life Financial Research Centeren
dc.description.sponsorshipWorld Banken
dc.description.sponsorshipVirginia Techen
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: 10.1086/209631en
dc.identifier.doihttps://doi.org/10.1086/209631en
dc.identifier.issn0021-9398en
dc.identifier.urihttp://hdl.handle.net/10919/49136en
dc.identifier.urlhttp://www.jstor.org/stable/10.1086/209631en
dc.language.isoen_USen
dc.publisherUniversity of Chicago Pressen
dc.rightsIn Copyrighten
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subjectvariance-ratio testen
dc.subjectequity marketsen
dc.subjectgrowthen
dc.subjectvolatilityen
dc.subjectdiversificationen
dc.subjectintegrationen
dc.subjectinflationen
dc.subjectfinanceen
dc.subjectreturnsen
dc.subjectbusinessen
dc.titleStock market openings: Experience of emerging economiesen
dc.title.serialJournal of Businessen
dc.typeArticle - Refereeden

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