Convergence Patterns in Equity Markets: International Evidence from the Club Convergence and Clustering Procedure

Nicholas Apergis ； Christina Christou ； James Payne

《Advances in Investment Analysis and Portfolio Management》 5期 (2012/04) Pp. 117-151

https://doi.org/10.6291/AIAPM.2012.05.05

並列摘要

The main purpose of this study is to examine the convergence of international equity markets and attempt to explain the contribution of macroeconomic factors with respect to convergent behavior. To serve both objectives, the methodology of Phillips and Sul (2007) is employed. The empirical results suggest that international equity markets form two distinct convergence clubs, exhibiting considerable heterogeneity in the underlying growth factors.

並列關鍵字

Equity Markets Convergence ； Convergence Factors ； International Equity Markets

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