Testing for stock market integration in a developing economy: Colombia

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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 originalInglés estadounidense
Páginas (desde-hasta)231-236
Número de páginas6
PublicaciónApplied Financial Economics Letters
Volumen3
N.º4
DOI
EstadoPublicada - jul. 2007

Áreas temáticas de ASJC Scopus

  • Finanzas
  • Economía y econometría

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