Is There Any International Diversification Benefits in ASEAN Stock Markets?
This study finds that there is a common force which brings all the five ASEAN stock markets together in the long run by the nonparametric tests. This suggests that shocks from any of these five markets may spillover to the other markets in the same region. The recent Asian financial crisis bears a g...
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| Format: | Article |
| Language: | English |
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Orebro University School of Business
2009
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| Online Access: | http://ir.unimas.my/id/eprint/18632/ http://ir.unimas.my/id/eprint/18632/7/Is%20There%20Any%20International%20Diversification%20Benefits%20%28abstract%29.pdf |
| _version_ | 1848838553359876096 |
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| author | Lim, Kian-Ping Liew, Venus Khim-Sen |
| author_facet | Lim, Kian-Ping Liew, Venus Khim-Sen |
| author_sort | Lim, Kian-Ping |
| building | UNIMAS Institutional Repository |
| collection | Online Access |
| description | This study finds that there is a common force which brings all the five ASEAN stock markets together in the long run by the nonparametric tests. This suggests that shocks from any of these five markets may spillover to the other markets in the same region. The recent Asian financial crisis bears a good testimony to this ‘contagion effect'. Subsequently, there would be no long run gain from international portfolio diversification. Specifically, investors with long run horizons may not benefit from an investment made across the countries in this ASEAN region. One possible explanation for this intra-ASEAN stock markets integration is their strong economic ties, especially intra-ASEAN trade and investment that has indirectly linked their stock indices. |
| first_indexed | 2025-11-15T06:57:23Z |
| format | Article |
| id | unimas-18632 |
| institution | Universiti Malaysia Sarawak |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T06:57:23Z |
| publishDate | 2009 |
| publisher | Orebro University School of Business |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | unimas-186322017-11-21T01:39:27Z http://ir.unimas.my/id/eprint/18632/ Is There Any International Diversification Benefits in ASEAN Stock Markets? Lim, Kian-Ping Liew, Venus Khim-Sen HB Economic Theory This study finds that there is a common force which brings all the five ASEAN stock markets together in the long run by the nonparametric tests. This suggests that shocks from any of these five markets may spillover to the other markets in the same region. The recent Asian financial crisis bears a good testimony to this ‘contagion effect'. Subsequently, there would be no long run gain from international portfolio diversification. Specifically, investors with long run horizons may not benefit from an investment made across the countries in this ASEAN region. One possible explanation for this intra-ASEAN stock markets integration is their strong economic ties, especially intra-ASEAN trade and investment that has indirectly linked their stock indices. Orebro University School of Business 2009-03-23 Article PeerReviewed text en http://ir.unimas.my/id/eprint/18632/7/Is%20There%20Any%20International%20Diversification%20Benefits%20%28abstract%29.pdf Lim, Kian-Ping and Liew, Venus Khim-Sen (2009) Is There Any International Diversification Benefits in ASEAN Stock Markets? Economics Bulletin, 29 (1). pp. 392-406. ISSN 1545-2921 https://econpapers.repec.org/article/eblecbull/eb-08f30074.htm |
| spellingShingle | HB Economic Theory Lim, Kian-Ping Liew, Venus Khim-Sen Is There Any International Diversification Benefits in ASEAN Stock Markets? |
| title | Is There Any International Diversification Benefits in ASEAN Stock Markets? |
| title_full | Is There Any International Diversification Benefits in ASEAN Stock Markets? |
| title_fullStr | Is There Any International Diversification Benefits in ASEAN Stock Markets? |
| title_full_unstemmed | Is There Any International Diversification Benefits in ASEAN Stock Markets? |
| title_short | Is There Any International Diversification Benefits in ASEAN Stock Markets? |
| title_sort | is there any international diversification benefits in asean stock markets? |
| topic | HB Economic Theory |
| url | http://ir.unimas.my/id/eprint/18632/ http://ir.unimas.my/id/eprint/18632/ http://ir.unimas.my/id/eprint/18632/7/Is%20There%20Any%20International%20Diversification%20Benefits%20%28abstract%29.pdf |