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The Integration Of International Capital Markets |
Haluk Akdogan, Assistant Professor, Bilkent University, Turkey
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| 1995 |
208 pp |
Hardback |
978 1 85898 131 4 |
£84.00 |
on-line discount
£75.60 |
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‘Overall there is much in Akdogan’s study to interest those concerned with international portfolio investment.’
– Rodney Wilson, Journal of International Banking Law
‘This original and authoritative study uses asset-pricing theories to test the status of international capital market integration.’
– Aslib Book Guide
The integration of international capital markets is central to the major economic changes taking place throughout the world. This key issue in global finance is thoroughly analysed, both theoretically and empirically, in this major new book.
Haluk Akdogan’s innovative study uses asset pricing theories to test the status of international capital market integration. This book differs fundamentally from other studies of integration in two respects. First, it is based entirely upon financial theory rather than the pure theory of international trade, and second, it develops several different empirical models of capital market integration. These models are empirically tested using the modern capital asset pricing approach and drawing on data taken from 26 stock markets all over the world.
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Contents: Part I: Statistics and Institutions 1. Introduction 2. World Capital Markets: Statistics and Institutions 3. Integration of Capital Markets: An Institutional Introduction 4. Non Asset Pricing Models of Integration Part II: Financial Theory of Integration 5. Asset Pricing Models 6. International Asset Pricing and Financial Theory of Integration 7. Arbitrage Pricing Theory of Integration 8. The Role of Controls on Integration Part III: Empirical Tests 9. Integration of European Capital Markets: An Institutional Review 10. Empirical Model and Test for EC Integration 11. A Multi-Factor Model 12. Market Size, and the Issue of Segmentation 13. Geographical Asset Pricing 14. Summary and Conclusions
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