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The international co-movements of Finish stocks


  • Theodore Bos
  • Thomas Fetherston
  • Teppo Martikainen
  • Jukka Perttunen


This paper provides new empirical evidence on the international co-movements of Finnish stocks. The vector autoregression (VAR) approach indicates that US and especially Swedish stock markets lead Finnish stock market returns by approximately one or two months. The results based on international market models indicate that the returns of individual Finnish stocks are significantly positively related to those of Sweden, while the relation between Finnish and US returns is significantly lower. The relation seems to vary clearly between industries, some industries being related to US markets as well. Significant time-series instability is reported in the results, however.

Suggested Citation

  • Theodore Bos & Thomas Fetherston & Teppo Martikainen & Jukka Perttunen, 1995. "The international co-movements of Finish stocks," The European Journal of Finance, Taylor & Francis Journals, vol. 1(1), pages 95-111.
  • Handle: RePEc:taf:eurjfi:v:1:y:1995:i:1:p:95-111
    DOI: 10.1080/13518479500000011

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