Financial Liberalization and Stock Market Efficiency: Causality Analysis of Emerging Markets

Naghavi, Navaz; Lau, Wee‐Yeap

doi:10.1080/1226508x.2016.1198921

Cited by 15 publications

(12 citation statements)

References 47 publications

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“…However, Lim and Kim () claim there is no significant relationship between financial liberalization and stock market efficiency. Recently, Naghavi and Lau () use panel data for 27 emerging markets over the period 1996–2011 and find financial liberalization to damage stock market efficiency in the short run, but to have a positive impact in the long run. To sum up, most of the previous literature shows that stock market openness leads to greater market efficiency and a decreased cost of equity.…”

Section: Literature Reviewmentioning

confidence: 99%

Market openness and market quality in gold markets

Zhang²

2018

Journal of Futures Markets

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This paper studies the impact of market openness on market quality in gold markets, by investigating the openness event that occurred when the Shanghai Gold Exchange (SGE) launched an international board (SGEI) for foreign investors in China. Investors prefer to trade on the SGE than the SGEI, probably due to the SGE’s higher liquidity. In addition, using the New York Mercantile Exchange (COMEX) gold futures as the benchmark, we show the SGE experiences a significant increase in liquidity without a concomitant increase in volatility. Moreover, the SGE’s contribution to international gold price discovery increases after the openness event.

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Section: Literature Reviewmentioning

confidence: 99%

Market openness and market quality in gold markets

Zhang²

2018

Journal of Futures Markets

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“…This means financial liberalization, in general, has a negative impact on financial development, but enhanced growth of the financial sector could be achieved with the involvement of effective governance. Naghavi and Lau (2016) in an attempt to explore the short and long-linkages between financial liberalization regarding the performance of the capital markets of the 27 emerging economies. The research covered the period from 1996 to 2011.…”

Section: Financial Globalization Uncertaintymentioning

confidence: 99%

Untitled

2020

International Journal of Business, Economics and Management

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A lack of financial scope has for long hinders the efficiency of the financial system in the African continent. In this paper, we investigate the effects of economic growth, oil price, and financial globalization uncertainty on financial development in six selected leading African countries, covering the period between 1976-2018. After the preliminary tests that confirmed the application of heterogeneous panel techniques, the paper was able used Larsson co-integration to establish the presence of long-run relationship among the variables, which the co-integration result confirms that. We further deployed Dynamic Common Correlated Effect (DCCE) for the elasticity estimation. The findings of the study based on the empirical analysis observed that both economic growth, financial globalization uncertainty and oil price affects the financial system of the sampled countries positively and statistically significant. We therefore, recommends that the sampled economies' policymakers should strategize and come up with suitable policies that will promote substantial economic growth, attracts more foreign investors and continue to be resilient in times of financial shocks. Contribution/Originality: This study contributes to the literature by analyzing the impact of economic growth, oil price, and financial globalization uncertainty on financial development in six selected leading African countries. somewhat doing well, while South Asia was above 46.8 percent on average. Were; Egypt had 25.5%, Nigeria paired with 10.9%,

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“…environmental conditions. Naghavi et al (2016) test the causality of emerging markets in the domain of financial liberalisation and the stock market efficiency. The authors focus on 27 emerging markets in the period 1996-2011.…”

Section: Literature Reviewmentioning

confidence: 99%

Investment Environment Problems Analysis and Evaluation: An Ex Post Empirical Analysis and Performance Implications

Djakovic

Andjelic

Petkovic³

2019

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The research subject is the investment environment problems analysis and evaluation of the developing countries, namely, the Republic of Serbia, Croatia, Slovenia, and Hungary. The analysis was carried out by testing and implementation of the Value-at-Risk models, i.e, the historical simulation (HS VaR), the delta-normal VaR (D VaR) and the extreme value theory model (EVT), with the confidence level of 95% for 100, 200 and 300 days, in the period from 2012 to 2016. The basic hypothesis of the research is that there is a relation between the successful application of the historical simulation (HS VaR), the delta-normal VaR (D VaR) and the extreme value theory model (EVT) and the conditions and opportunities of the investment environment of the developing countries. The research results provide a concrete knowledge of the conditions and circumstances of the investment environment in the observed markets, with a simultaneous performance assessment of the tested VaR models.

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Financial Liberalization and Stock Market Efficiency: Causality Analysis of Emerging Markets

Cited by 15 publications

References 47 publications

Market openness and market quality in gold markets

Market openness and market quality in gold markets

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Investment Environment Problems Analysis and Evaluation: An Ex Post Empirical Analysis and Performance Implications

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