Financial development and stock returns: A cross country analysis

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

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:

06 Aug 2020 14:18

JEL Classification:

G15, O10

BORIS DOI:

10.7892/boris.144016

URI:

https://boris.unibe.ch/id/eprint/144016

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