Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/238552 
Authors: 
Year of Publication: 
2020
Series/Report no.: 
ADBI Working Paper Series No. 1195
Publisher: 
Asian Development Bank Institute (ADBI), Tokyo
Abstract: 
This paper presents new evidence on international financial market integration using stock analyst earnings forecasts from 37 countries. By examining cash flow and discount rate news co-movements, we find that the financial and economic aspects of global market integration have diverged over time as financial integration has developed particularly more rapidly than economic integration over the past decade. However, this divergence is less severe in emerging markets when compared with developed markets, where financial integration has proceeded at a slower pace. We find that financial integration has developed relatively slowly in emerging markets due to the hampering effects of their poor information environments.
Subjects: 
financial market integration
stock analysts
cash flows
discount rates
R2
JEL: 
G15
F36
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper

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