This volume addresses three important recent trends in the internationalization of equity markets. These trends are: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization of other markets at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions. Eight essays examine such issues as: the current extent of international market integration; gains to US investors through international diversification; home-country bias in investing; the role of time and location around the world in stock-trading; and the behaviour of country funds. Other long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances and the price of risk according to the Capital Asset Pricing Model.
| ISBN: | 9780226260013 |
| Publication date: | 7th February 1995 |
| Author: | Jeffrey A Frankel |
| Publisher: | University of Chicago Press an imprint of The University of Chicago Press |
| Format: | Hardback |
| Pagination: | 426 pages |
| Series: | NBER-Project Reports |
| Genres: |
International economics Investment and securities |