https://ptsldigital.ukm.my/jspui/handle/123456789/388893 Wed, 10 Jun 2026 06:02:55 GMT 2026-06-10T06:02:55Z https://ptsldigital.ukm.my/jspui/handle/123456789/783666 Title: The determinants of stock markets growth: a worlwide perspective Authors: Jorge R. Calderón-Rossell Abstract: This paper presents a non-recursive behavioral structural model of stock markets growth. The model establishes the linkages between stock markets and economic activity. Economic progress and additional liquidity are identified as the major determinants of market growth. The performance of the model to examined based on the evolution of world stock markets during the 80's. Pooling regressions combining individual stock markets from 41 countries and time-series data for the period are used. Besides the results for total world markets, an analysis of the modal in emerging and developed markets; and in four different regions is made. The model performs as anticipated. Except for slight differences on the Impact of liquidity, aging and developed markets show a similar respond to economic growth and liquidity increases. On a regional basis, several differ identified due to the different response of stock prices and listings to economic growth and liquidity increases. Particularl noticeable are differences regarding Liquidity preferences In different regions. The basic model permits to evaluate in general terms the performance of the market under several economic policies. Its inclusion in a macro-model is suggested for analyzing in detail policy effects. Additional extensions tor further research are suggested. https://ptsldigital.ukm.my/jspui/handle/123456789/783666 https://ptsldigital.ukm.my/jspui/handle/123456789/783665 Title: Evaluating the diversification benefits of the new country funds Authors: Warren Bailey; Joseph Lim Abstract: We seek to determine whether the addition of country funds to a typical U.S. equity portfolio gives as significant diversification benefit as purchasing foreign equities directly we compute the correlation between country fund and Sew York Stock exchange Index returns and compare this to the correlation between foreign equity investment and Sew York index returns. We plot the efficient frontier available to le US investor who can invest only in country finds versus that for the 1 Investor who can invest directly in the foreign equity markets that the Country Funds attempt to represent. We also look at the trading versus overnight return variances of the country funds. We find that the weekly correlation between country fund and New York Index is larger than the weekly correlation between dollar returns on the The difference is corresponding foreign index and the New York Index. particularly dramatic for Latin American, southern Europe, and Aslan funds. We also find that country fund return volatility is greatest when the New York market is open, not necessarily when the underlying countrys business hours occur. We conclude that these funds are not good substitutes for direct purchases of foreign equity This is particularly true for the more "exotic" countries which promise the greatest potential to diversify a U.S. equity portfolio. https://ptsldigital.ukm.my/jspui/handle/123456789/783665 https://ptsldigital.ukm.my/jspui/handle/123456789/783664 Title: Pacific Basin stock markets and international diversification Authors: Bruno Solnik Abstract: The benefits of international diversification have been extensively documented. The basic argument is that international diversification allows to reduce the total risk of a portfolio and enhance its potential performance. Most studies only cover the major developed stock markets. This paper attempt to extend the empirical evidence to include diversification into the stock markets of Thailand, Korea and Taiwan. Wo study the composition of optimal asset allocations built from various investment universes. https://ptsldigital.ukm.my/jspui/handle/123456789/783664 https://ptsldigital.ukm.my/jspui/handle/123456789/783663 Title: A comparison of pre- and post-EMS exchange rate patterns Authors: Fred G.M.C. Nieuwland; Willem F.C. Verschoor; Cristian C.P. Wolff Abstract: The establishment of the EMS in 1979, can be regarded as an important step in the on going process of monetary integration within Europe.In this article we compare the statistical evidence on EMS exchange rates to pre-EMS exchange rates. https://ptsldigital.ukm.my/jspui/handle/123456789/783663