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Author Lipinski, Fabian.

Title Asia's stock markets : are there crouching tigers and hidden dragons / prepared by Fabian Lipinsky and Li Lian Ong
Published [Washington, D.C.] : International Monetary Fund, [2014]
Online access available from:
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Description 1 online resource (46 pages)
Series IMF working paper ; WP/14/37
IMF working paper ; WP/14/37
Summary "Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more "idiosyncratic" and less reliant on economic and corporate fundamentals in their pricing. Using a model that draws on international asset pricing and economic theory, as well as accounting literature, we find evidence of greater idiosyncratic influences in the pricing of Asia's stock markets, compared to their G-7 counterparts, beyond the identified systematic factors and local fundamentals. We also show proof of a significant relationship between the strength of implementation of securities regulations and the "noise" in stock pricing, which suggests that improvements in the regulation of securities markets in Asia could enhance the role of stock markets as stable and reliable sources of financing into the future"--Abstract
Notes "February 2014."
At head of title: Monetary and Capital Markets Department
Bibliography Includes bibliographical references
Notes Online resource; title from pdf title page ( Web site, viewed Apr. 14, 2014)
Subject Stock exchanges -- Asia -- Econometric models.
Stocks -- Prices -- Asia -- Econometric models.
Form Electronic book
Author Ong, Li Lian.
International Monetary Fund. Monetary and Capital Markets Department.
ISBN 1306528690 (ebk)
9781306528696 (ebk)