Description
Book SynopsisThe integration of international capital markets, propelled by the information technology revolution and the creation of a variety of new financial instruments, is central to the major economic changes taking place throughout the world. This key issue in global finance is theoretically and empirically addressed 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.
Addressing an issue of great public and scholarly interest, The Integration of International Capital Markets will be welcomed as a comprehensive and authoritative financial-theoretical examination of capital market integration. Advanced students and academic researchers in international trade, international economics and finance, as well as international portfolio managers and finance professionals, will find much here to stimulate and interest them.
Trade Review’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
Table of ContentsContents: 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
