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Does cultural distance matter in international stock market comovement? Evidence from emerging economies around the world

Lucey, Brian and Zhang, Qiyu (2010) Does cultural distance matter in international stock market comovement? Evidence from emerging economies around the world. Emerging Markets Review, 11 (1). pp. 62-78. ISSN 1566-0141

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Abstract

Prior research suggests an inverse relationship between geographic distance and financial market linkages. In this paper, we examine whether and how cultural distance between countries mitigates this finding. We find that country-pairs exhibit higher linkages if they have smaller cultural distance. The result remains significant to alternative measures of linkage. Finally, the cultural effect seems to be more pronounced for active-trading country-pairs than thin-trading country-pairs.

Item Type: Article
Journal or Publication Title: Emerging Markets Review
Uncontrolled Keywords: Emerging markets ; International stock market comovement ; Cultural distance
Subjects: H Social Sciences > HG Finance
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 56203
Deposited By: ep_importer_pure
Deposited On: 26 Jul 2012 13:09
Refereed?: Yes
Published?: Published
Last Modified: 19 Dec 2013 16:44
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/56203

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