What Drives Stock Market Growth? A Case of a Volatile Emerging Economy

被引：7

作者：

Hussain, Syed Mujahid ^{[1
]}

Korkeamaki, Timo ^{[1
]}

Xu, Danielle ^{[2
]}

Khan, Ashfaque Hasan ^{[3
]}

机构：

[1] Hanken Sch Econ, Dept Financial Econ, Helsinki, Finland

[2] Gonzaga Univ, Sch Business, Spokane, WA 99258 USA

[3] Natl Univ Sci & Technol, Sch Business, Islamabad, Pakistan

来源：

EMERGING MARKETS FINANCE AND TRADE | 2015年 / 51卷 / 01期

关键词：

emerging markets; foreign portfolio investment; macroeconomic announcements; speculative trading; TIME PRICE DISCOVERY; MACROECONOMIC FACTORS; FOREIGN-EXCHANGE; SOUTH-ASIA; RETURNS; ANNOUNCEMENTS; EVENT; MICRO;

D O I：

10.1080/1540496X.2015.1011533

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：209 / 223

页数：15

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