Title: Testing the differences of world stock markets (1975-2009)

Authors: Elmo Tambosi Filho, Fabio Gallo Garcia, Luiz Mauricio Franco Moreiras, Flavio Estevez Calife

Addresses: School of Management and Business, Methodist University of Sao Paulo, Alfeu Tavares, Rudge Ramos, 0964-000, Brazil. ' School of Management and Business, Fundation Getulio Vargas de Sao Paulo, Nove de Julho, Bela Vista, 01313-902, Brazil. ' Central Bank of Brazil, Avenida Paulista, Cerqueira Cesar, 01310-922, Brazil. ' School of Management and Business, Catholic University of Sao Paulo, Monte Alegrel, Perdizes, 05014-901, Brazil

Abstract: This study investigates the differences observed on stock returns before and after the opening of emerging markets. The stock returns from emerging and non-emerging countries were examined with the aim to identify if there is a co-integration between markets during the period of December 1975 through April 2009. In our findings, we observed no significant differences during the period. We conclude, therefore, that even though the process of economic liberalisation had been important to the emerging countries, in the first instance, changes were not felt in the stock market as arising from the openings of the emerging economies.

Keywords: stock markets; emerging countries; co-integration; stock returns; emerging markets; economic liberalisation; emerging economies.

DOI: 10.1504/IJEA.2010.037575

International Journal of Economics and Accounting, 2010 Vol.1 No.4, pp.349 - 359

Published online: 19 Dec 2010 *

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