The Mechanism of Stock Market Integration: Evidence for the Taiwan and U.S. Stock Markets | Science Publications

American Journal of Applied Sciences

Hsiao-Ching Lee¹  Min-Hsien Chiang¹  Rung-Ho Lai¹ 

关键词: Market integration;    Asian Financial Crisis;    Transmission;   

DOI  :  10.3844/ajassp.2004.1.4

学科分类：自然科学（综合）

来源: Science Publications

【 摘 要 】

This study investigates sources of the comovement of the Taiwan and U.S. stock markets. The empirical evidence shows that both economic fundamentals and equity risk premiums can act as transmission mechanisms of both markets. In the meantime, the financial integration is much stronger than real economic integration. Moreover, the deregulation of foreign investments in Taiwan and the Southeast Asian financial crisis in 1997 did not alter the transmission mechanisms of real economic and equity risk premium factors."

【 授权许可】

Unknown