What drives the stock market growth? A case of a volatile emerging economy

Mujahid Hussain, Timo Korkeamäki, Danielle Xu, Ashfaque Hasan Khan

Forskningsoutput: TidskriftsbidragArtikelVetenskapligPeer review

7 Citeringar (Scopus)

Sammanfattning

We study the determinants of the explosive stock market growth and increased foreign portfolio investment in Pakistan. Our results indicate that in contrast to evidence from developed markets, the aggregate stock returns are not driven by macroeconomic fundamentals in Pakistan. Moreover, foreign portfolio investors do not tend to react to changes in economic variables in Pakistan. As fundamentals fail to affect stock returns in Pakistan, they may be based more on speculative motives. Our results suggest that in the absence of a strong institutional and regulatory framework, economic policies have only a limited effect on stabilizing an emerging market.
OriginalspråkEngelska
Referentgranskad vetenskaplig tidskriftEmerging Markets Finance and Trade
Volym51
Utgåva1
Sidor (från-till)209-223
Antal sidor15
ISSN1540-496X
DOI
StatusPublicerad - 02.04.2015
MoE-publikationstypA1 Originalartikel i en vetenskaplig tidskrift

Nyckelord

  • 512 Företagsekonomi

Fingeravtryck

Fördjupa i forskningsämnen för ”What drives the stock market growth? A case of a volatile emerging economy”. Tillsammans bildar de ett unikt fingeravtryck.

Citera det här