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Determinants of Stock Market Integration

In: Stock Market Integration: An International Perspective

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  • Ekaterina Dorodnykh

Abstract

This chapter contains the complete multistage statistical data analysis, based on a unique database of 49 stock exchange markets around the world from 1995 to 2010, investigating the determinants of stock exchange integration and testing the relevance of possible explanatory drivers that can determine the existence of de jure stock market integration. Overall, the research confirms the complexity of the integration process, and how it depends on different macroeconomic, structural, cultural-geographical and operative forces. The final results demonstrate that financial harmonization, cross-membership agreements, for-profit corporate structure and integration openness are important factors of stock exchange fusion. By contrast, the large size of stock exchange market has a negative impact on the likelihood of successful merger.

Suggested Citation

  • Ekaterina Dorodnykh, 2014. "Determinants of Stock Market Integration," Palgrave Macmillan Books, in: Stock Market Integration: An International Perspective, chapter 3, pages 50-83, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38170-5_4
    DOI: 10.1057/9781137381705_4
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    Cited by:

    1. Nguyen, Canh Phuc & Nguyen, Thai Vu Hong & Schinckus, Christophe, 2019. "Institutions, economic openness and stock return co-movements: An empirical investigation in emerging markets," Finance Research Letters, Elsevier, vol. 28(C), pages 137-147.

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