Free trade and the efficiency of financial markets
Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), w...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Baig, Ahmed S. [verfasserIn] Blau, Benjamin M. [verfasserIn] Sabah, Nasim [verfasserIn] |
|---|
| Format: |
E-Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2020 |
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| Schlagwörter: |
Impact Investment / Nachhaltige Kapitalanlage / Betriebliche Finanzwirtschaft / Finanzmarkt / Kapitalmarkttheorie / Welt |
|---|---|
| Schlagwörter: |
| Übergeordnetes Werk: |
Enthalten in: Global finance journal - Amsterdam [u.a.] : Elsevier Science, 1989, 48 |
|---|---|
| Übergeordnetes Werk: |
volume:48 |
| DOI / URN: |
10.1016/j.gfj.2020.100545 |
|---|
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ELV00561810X |
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| 520 | |a Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), we show that free trade has a positive association with the efficiency of stock prices. To alleviate endogeneity concerns and strengthen causal inferences we utilize two exogenous events that improved the levels of free trade in various home countries. A difference-in-difference analysis suggests that, relative to control stocks, the price efficiency of treated stocks increased after the liberalization of trade. | ||
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| 650 | 4 | |a Price efficiency | |
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| 700 | 1 | |a Sabah, Nasim |e verfasserin |4 aut | |
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10.1016/j.gfj.2020.100545 doi (DE-627)ELV00561810X (ELSEVIER)S1044-0283(19)30333-3 DE-627 ger DE-627 rda eng Baig, Ahmed S. verfasserin aut Free trade and the efficiency of financial markets 2020 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), we show that free trade has a positive association with the efficiency of stock prices. To alleviate endogeneity concerns and strengthen causal inferences we utilize two exogenous events that improved the levels of free trade in various home countries. A difference-in-difference analysis suggests that, relative to control stocks, the price efficiency of treated stocks increased after the liberalization of trade. 1.1\x Impact Investment (DE-2867)30203-3 stw 1.2\x Nachhaltige Kapitalanlage (DE-2867)29700-6 stw 1.3\x Betriebliche Finanzwirtschaft (DE-2867)12215-5 stw 1.4\x Finanzmarkt (DE-2867)13723-2 stw 1.5\x Kapitalmarkttheorie (DE-2867)12210-1 stw 1.6\x Welt (DE-2867)16809-5 stw American depositary receipts Economic growth Financial markets Free trade Price efficiency Blau, Benjamin M. verfasserin aut Sabah, Nasim verfasserin aut Enthalten in Global finance journal Amsterdam [u.a.] : Elsevier Science, 1989 48 Online-Ressource (DE-627)324530250 (DE-600)2027996-6 (DE-576)25927206X 1044-0283 nnns volume:48 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 ECS-05001 SKW AR 48 |
| spelling |
10.1016/j.gfj.2020.100545 doi (DE-627)ELV00561810X (ELSEVIER)S1044-0283(19)30333-3 DE-627 ger DE-627 rda eng Baig, Ahmed S. verfasserin aut Free trade and the efficiency of financial markets 2020 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), we show that free trade has a positive association with the efficiency of stock prices. To alleviate endogeneity concerns and strengthen causal inferences we utilize two exogenous events that improved the levels of free trade in various home countries. A difference-in-difference analysis suggests that, relative to control stocks, the price efficiency of treated stocks increased after the liberalization of trade. 1.1\x Impact Investment (DE-2867)30203-3 stw 1.2\x Nachhaltige Kapitalanlage (DE-2867)29700-6 stw 1.3\x Betriebliche Finanzwirtschaft (DE-2867)12215-5 stw 1.4\x Finanzmarkt (DE-2867)13723-2 stw 1.5\x Kapitalmarkttheorie (DE-2867)12210-1 stw 1.6\x Welt (DE-2867)16809-5 stw American depositary receipts Economic growth Financial markets Free trade Price efficiency Blau, Benjamin M. verfasserin aut Sabah, Nasim verfasserin aut Enthalten in Global finance journal Amsterdam [u.a.] : Elsevier Science, 1989 48 Online-Ressource (DE-627)324530250 (DE-600)2027996-6 (DE-576)25927206X 1044-0283 nnns volume:48 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 ECS-05001 SKW AR 48 |
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10.1016/j.gfj.2020.100545 doi (DE-627)ELV00561810X (ELSEVIER)S1044-0283(19)30333-3 DE-627 ger DE-627 rda eng Baig, Ahmed S. verfasserin aut Free trade and the efficiency of financial markets 2020 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), we show that free trade has a positive association with the efficiency of stock prices. To alleviate endogeneity concerns and strengthen causal inferences we utilize two exogenous events that improved the levels of free trade in various home countries. A difference-in-difference analysis suggests that, relative to control stocks, the price efficiency of treated stocks increased after the liberalization of trade. 1.1\x Impact Investment (DE-2867)30203-3 stw 1.2\x Nachhaltige Kapitalanlage (DE-2867)29700-6 stw 1.3\x Betriebliche Finanzwirtschaft (DE-2867)12215-5 stw 1.4\x Finanzmarkt (DE-2867)13723-2 stw 1.5\x Kapitalmarkttheorie (DE-2867)12210-1 stw 1.6\x Welt (DE-2867)16809-5 stw American depositary receipts Economic growth Financial markets Free trade Price efficiency Blau, Benjamin M. verfasserin aut Sabah, Nasim verfasserin aut Enthalten in Global finance journal Amsterdam [u.a.] : Elsevier Science, 1989 48 Online-Ressource (DE-627)324530250 (DE-600)2027996-6 (DE-576)25927206X 1044-0283 nnns volume:48 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 ECS-05001 SKW AR 48 |
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10.1016/j.gfj.2020.100545 doi (DE-627)ELV00561810X (ELSEVIER)S1044-0283(19)30333-3 DE-627 ger DE-627 rda eng Baig, Ahmed S. verfasserin aut Free trade and the efficiency of financial markets 2020 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), we show that free trade has a positive association with the efficiency of stock prices. To alleviate endogeneity concerns and strengthen causal inferences we utilize two exogenous events that improved the levels of free trade in various home countries. A difference-in-difference analysis suggests that, relative to control stocks, the price efficiency of treated stocks increased after the liberalization of trade. 1.1\x Impact Investment (DE-2867)30203-3 stw 1.2\x Nachhaltige Kapitalanlage (DE-2867)29700-6 stw 1.3\x Betriebliche Finanzwirtschaft (DE-2867)12215-5 stw 1.4\x Finanzmarkt (DE-2867)13723-2 stw 1.5\x Kapitalmarkttheorie (DE-2867)12210-1 stw 1.6\x Welt (DE-2867)16809-5 stw American depositary receipts Economic growth Financial markets Free trade Price efficiency Blau, Benjamin M. verfasserin aut Sabah, Nasim verfasserin aut Enthalten in Global finance journal Amsterdam [u.a.] : Elsevier Science, 1989 48 Online-Ressource (DE-627)324530250 (DE-600)2027996-6 (DE-576)25927206X 1044-0283 nnns volume:48 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 ECS-05001 SKW AR 48 |
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Free trade and the efficiency of financial markets |
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Baig, Ahmed S. |
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Global finance journal |
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Baig, Ahmed S. Blau, Benjamin M. Sabah, Nasim |
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Elektronische Aufsätze |
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Baig, Ahmed S. |
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10.1016/j.gfj.2020.100545 |
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free trade and the efficiency of financial markets |
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Free trade and the efficiency of financial markets |
| abstract |
Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), we show that free trade has a positive association with the efficiency of stock prices. To alleviate endogeneity concerns and strengthen causal inferences we utilize two exogenous events that improved the levels of free trade in various home countries. A difference-in-difference analysis suggests that, relative to control stocks, the price efficiency of treated stocks increased after the liberalization of trade. |
| abstractGer |
Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), we show that free trade has a positive association with the efficiency of stock prices. To alleviate endogeneity concerns and strengthen causal inferences we utilize two exogenous events that improved the levels of free trade in various home countries. A difference-in-difference analysis suggests that, relative to control stocks, the price efficiency of treated stocks increased after the liberalization of trade. |
| abstract_unstemmed |
Prior research has found that countries with freer trade have a lower chance of extreme stock price movements. We develop and test the hypothesis that free trade can also improve the overall informational efficiency of financial markets. Using a broad sample of American Depositary Receipts (ADRs), we show that free trade has a positive association with the efficiency of stock prices. To alleviate endogeneity concerns and strengthen causal inferences we utilize two exogenous events that improved the levels of free trade in various home countries. A difference-in-difference analysis suggests that, relative to control stocks, the price efficiency of treated stocks increased after the liberalization of trade. |
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Free trade and the efficiency of financial markets |
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