Measuring the effects of geographical distance on stock market correlation
نویسندگان
چکیده
منابع مشابه
Measuring the effects of geographical distance on stock market correlation
Recent studies suggest that the correlation of stock returns increases with decreasing geographical distance. However, there is some debate on the appropriate methodology for measuring the effects of distance on correlation. We modify a regression approach suggested in the literature and complement it with an approach from spatial statistics, the mark correlation function. For the stocks contai...
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Explaining Stock Market Correlation:
A gravity model, frequently used to explain trade patterns, is used to explain stock market correlations. The main result of the trade literature is that geography matters for goods markets. Physical location and trading costs should be less of an issue in asset markets. However we find that geographical variables still matter when examining equity market linkages. In particular, the number of ...
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ژورنال
عنوان ژورنال: Journal of Empirical Finance
سال: 2011
ISSN: 0927-5398
DOI: 10.1016/j.jempfin.2010.12.001