Financial deepening and stock market returns: panel data analyses for selected developed and developing economies Online publication date: Mon, 02-Jan-2017
by Matiur Rahman; Muhammad Mustafa
International Journal of Monetary Economics and Finance (IJMEF), Vol. 10, No. 1, 2017
Abstract: This paper analyses the effects of stock market turnover and liquidity, as measures of financial deepening, on stock market returns in selected 19 developed and 21 developing countries over 1988-2014 by implementing Pedroni's panel cointegration methodology and panel vector error-correction models. Stock market turnover contributes more to stock market returns than stock market liquidity in both selected developed and developing economies. However, the results are much weaker for developing countries than for developed countries.
Online publication date: Mon, 02-Jan-2017
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Monetary Economics and Finance (IJMEF):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email email@example.com