Does size really matter across time? Financial integration dynamics and stock market capitalization in the Asia Pacific equity markets
Does size really matter across time? Financial integration dynamics and stock market capitalization in the Asia Pacific equity markets
The present study argues for size of equity markets, measured by its stock market capitalization, in determining leaders for a fully integrated equity market in the Asia Pacific region. Using cointegration analysis, it was found that Hong Kong SAR could act in such a capacity in the financial integration process. When taking growth-volatility into consideration via the use of Euclidean distance measure, China is diverging from both equity blocks across time and is the least integrated. However, given its growth across time, it is the sole contender for the leadership role surpassing Hong Kong SAR.
cointegration, convergence, euclidean distance, financial integration, stock market capitalization
Tan, Hui-Boon
84f85965-8f08-4c15-a55a-4e4ac90b4af7
Cheah, Eng-Tuck
c0563afc-ad7d-4c1b-a4b4-3152a6187683
Johnson, Johnnie E V
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Sung, Ming-Chien
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Chuah, Chong-Hin
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24 June 2009
Tan, Hui-Boon
84f85965-8f08-4c15-a55a-4e4ac90b4af7
Cheah, Eng-Tuck
c0563afc-ad7d-4c1b-a4b4-3152a6187683
Johnson, Johnnie E V
6d9f1a51-38a8-4011-a792-bfc82040fac4
Sung, Ming-Chien
2114f823-bc7f-4306-a775-67aee413aa03
Chuah, Chong-Hin
a452802c-2245-4b33-ac51-dad8f9f68657
Tan, Hui-Boon, Cheah, Eng-Tuck, Johnson, Johnnie E V, Sung, Ming-Chien and Chuah, Chong-Hin
(2009)
Does size really matter across time? Financial integration dynamics and stock market capitalization in the Asia Pacific equity markets.
European Financial Management Association, Milan, Italy.
23 - 26 Jun 2009.
41 pp
.
Record type:
Conference or Workshop Item
(Paper)
Abstract
The present study argues for size of equity markets, measured by its stock market capitalization, in determining leaders for a fully integrated equity market in the Asia Pacific region. Using cointegration analysis, it was found that Hong Kong SAR could act in such a capacity in the financial integration process. When taking growth-volatility into consideration via the use of Euclidean distance measure, China is diverging from both equity blocks across time and is the least integrated. However, given its growth across time, it is the sole contender for the leadership role surpassing Hong Kong SAR.
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Published date: 24 June 2009
Venue - Dates:
European Financial Management Association, Milan, Italy, 2009-06-23 - 2009-06-26
Keywords:
cointegration, convergence, euclidean distance, financial integration, stock market capitalization
Identifiers
Local EPrints ID: 151615
URI: http://eprints.soton.ac.uk/id/eprint/151615
PURE UUID: 8a0b248a-66dd-4f23-9b72-ea1c761dec9b
Catalogue record
Date deposited: 12 May 2010 09:15
Last modified: 11 Dec 2021 03:59
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Contributors
Author:
Hui-Boon Tan
Author:
Eng-Tuck Cheah
Author:
Johnnie E V Johnson
Author:
Chong-Hin Chuah
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