Dellas, Harris; Hess, Martin K. (December 2002). Financial development and stock returns: A cross country analysis (Diskussionsschriften 02-18). Bern: Department of Economics
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We examine stock returns in a cross section of emerging and mature markets (49 countries) over 1980-99. Stock returns are found to be significantly related to the degree of financial development. In general, a deeper and higher quality banking system is associated with lower volatility of stock returns and a greater synchronization in the movements of domestic and world returns. International synchronization is also greater the more liquid the stock market.
Item Type: |
Working Paper |
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Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Economics |
UniBE Contributor: |
Dellas, Harris |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
Series: |
Diskussionsschriften |
Publisher: |
Department of Economics |
Language: |
English |
Submitter: |
Aline Lehnherr |
Date Deposited: |
11 Jun 2020 16:54 |
Last Modified: |
05 Dec 2022 15:38 |
JEL Classification: |
G15, O10 |
BORIS DOI: |
10.7892/boris.144016 |
URI: |
https://boris.unibe.ch/id/eprint/144016 |
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