Testing for stock market integration in a developing economy: Colombia

Luis Gutirrez, Jess Otero

Resultado de la investigación: Contribución a RevistaArtículo

1 Cita (Scopus)

Resumen

This article examines the linkage between two parallel stock exchanges trading the same shares in Colombia, namely the Bogot Stock Exchange and the Medelln Stock Exchange. We provide empirical evidence to support the hypothesis that these two markets can be best described as fully integrated over a period of almost four decades, which is consistent with the view that arbitrage opportunities are only possible in the short but not in the long-run. In addition, we find evidence that the location of a company's headquarters appears to matter in stock price formation.
Idioma originalEnglish (US)
Páginas (desde-hasta)231-236
Número de páginas6
PublicaciónApplied Financial Economics Letters
DOI
EstadoPublished - jul 1 2007

Huella dactilar

Stock market integration
Stock exchange
Developing economies
Colombia
Testing
Empirical evidence
Arbitrage
Integrated
Headquarters
Stock prices
Price formation
Linkage

Citar esto

Gutirrez, Luis ; Otero, Jess. / Testing for stock market integration in a developing economy: Colombia. En: Applied Financial Economics Letters. 2007 ; pp. 231-236.
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Testing for stock market integration in a developing economy: Colombia. / Gutirrez, Luis; Otero, Jess.

En: Applied Financial Economics Letters, 01.07.2007, p. 231-236.

Resultado de la investigación: Contribución a RevistaArtículo

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