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dc.contributor.authorApergis, Nicholas
dc.contributor.authorChristou, Christina
dc.contributor.authorPayne, James
dc.date.accessioned2019-03-14T17:37:17Z
dc.date.available2019-03-14T17:37:17Z
dc.date.issued2011-03
dc.identifier.urihttp://hdl.handle.net/10545/623572
dc.description.abstractIn this study the new panel convergence methodology developed by Phillips and Sul (2007) is employed to explore the convergence dynamics of international equity markets and determine whether political and institutional factors can explain convergence or divergence patterns across international equity markets. The empirical findings suggest that international equity markets do not form a homogeneous convergence club. Seven specific political and institutional factors are used to explain such divergent behavior. The empirical analysis documented specific factors, i.e. democratization, unemployment benefits, and public expenditure on pensions, which seem capable of explaining such a heterogeneous divergent pattern among the equity markets under study.en
dc.description.sponsorshipN/Aen
dc.language.isoenen
dc.publisherSpringeren
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectEquity markets convergenceen
dc.subjectClub clustering methodologyen
dc.subjectInstitutional factorsen
dc.subjectPolitical factorsen
dc.titlePolitical and Institutional Factors in the Convergence of International Equity Markets: Evidence from the Club Convergence and Clustering Procedureen
dc.typeArticleen
dc.contributor.departmentUniversity of Piraeusen
dc.contributor.departmentUniversity of Piraeusen
dc.contributor.departmentIllinois State Universityen
dc.identifier.journalAtlantic Economic Journalen


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