The DOI matches its Crossref record; 47 of the 47 references it cites were found in a registry or an index.
Global Growth Opportunities and Market Integration
Abstract
We propose an exogenous measure of a country's growth opportunities by interacting the country's local industry mix with global price to earnings (PE) ratios. We find that these exogenous growth opportunities predict future changes in real GDP and investment in a large panel of countries. This relation is strongest in countries that have liberalized their capital accounts, equity markets, and banking systems. We also find that financial development, external finance dependence, and investor protection measures are much less important in aligning growth opportunities with growth than is capital market openness. Finally, we formulate new tests of market integration and segmentation by linking local and global PE ratios to relative economic growth.
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Citations
Cites
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
Finance and Growth: Schumpeter Might Be Right
King, R. G., & Levine, R. (1993) · The Quarterly Journal of Economics · doi:10.2307/2118406 · Cited by 8,657
Financial Dependence and Growth
Rajan, R., & Zingales, L. (1996) · National Bureau of Economic Research · doi:10.3386/w5758 · Cited by 7,730
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
The investment opportunity set and corporate financing, dividend, and compensation policies
Smith, C. W., & Watts, R. L. (1992) · Journal of Financial Economics · doi:10.1016/0304-405x(92)90029-w · Cited by 3,589
Finance and Growth: Theory and Evidence
Levine, R. (2004) · National Bureau of Economic Research · doi:10.3386/w10766 · Cited by 3,545
Domestic Saving and International Capital Flows
Feldstein, M., & Horioka, C. (1980) · The Economic Journal · doi:10.2307/2231790 · Cited by 2,765
Investor Diversification and International Equity Markets
French, K., & Poterba, J. (1991) · National Bureau of Economic Research · doi:10.3386/w3609 · Cited by 2,512
Capital Structures in Developing Countries
Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001) · The Journal of Finance · doi:10.1111/0022-1082.00320 · Cited by 2,334
Time‐Varying World Market Integration
BEKAERT, G., & HARVEY, C. R. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb04790.x · Cited by 2,049
Self-citation
Cited by
The Economic Consequences of Legal Origins
Porta, R. L., Lopez-de-Silanes, F., & Shleifer, A. (2008) · Journal of Economic Literature · doi:10.1257/jel.46.2.285 · Cited by 3,220
Are Overconfident CEOs Better Innovators?
HIRSHLEIFER, D., LOW, A., & TEOH, S. H. (2012) · The Journal of Finance · doi:10.1111/j.1540-6261.2012.01753.x · Cited by 1,765
Individualism and Momentum around the World
CHUI, A. C. W., TITMAN, S., & WEI, K. C. J. (2010) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01532.x · Cited by 1,306
The Economic Consequences of Legal Origins
Porta, R. L., Lopez-de-Silanes, F., & Shleifer, A. (2007) · National Bureau of Economic Research · doi:10.3386/w13608 · Cited by 892
Menkhoff, L., Sarno, L., Schmeling, M., & Schrimpf, A. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2012.06.009 · Cited by 518
Metadata
- Authors
- BEKAERT, G., HARVEY, C. R., LUNDBLAD, C., & SIEGEL, S.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2007-05-08
- Volume
- 62
- Issue
- 3
- Pages
- 1081-1137
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3122573682
- Cited by
- 346
- References
- 47
- FWCI
- 43.44
- Type
- journal article
- Language
- en
- Open access
- closed
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- BEKAERT, G., HARVEY, C. R., LUNDBLAD, C., & SIEGEL, S. (2007). Global Growth Opportunities and Market Integration. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2007.01231.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
