Financial Analysts Journal · 1996 · 166 citations · 1 references
BusinessFinanceFinancial MarketsInternational EconomicsInternational FinanceCapital MarketsFactor ModelsGlobal IntegrationInternational Capital FlowsInternational Financial IntegrationInternational Financial MarketsCross-country Capital Structure DifferencesGlobal Capital Market EffectsInternational Equity MarketsInternational Financial Market IntegrationInternational Market IntegrationInternational Portfolio IntegrationStock Market Integration
Simple factor models of worldwide equity returns are used to explore the level and trend in international capital market integration. Global influences and national influences are of roughly equal importance in explaining the common movements in equity returns. Significant evidence indicates a trend toward increasing integration within the European Union, but not worldwide.
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