Rethinking stock market integration

Pui Sun Tam & Pui I Tam
This paper aims to study the extent of integration among developed and emerg- ing stock markets in the onset of globalization through the formulation of a uni?ed conceptual framework that synthesizes the stock valuation model and the convergence hypothesis. Market integration manifests in the convergence of stock valuation ratios of markets in the long run, where valuation ratios are reflective of stock fundamentals driven by common global factors across markets. The spectrum of transition dynamics...
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