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:: Volume 12, Issue 1 (Winter 2017) ::
J. Mon. Ec. 2017, 12(1): 73-88 Back to browse issues page
An Investigation of Convergence Hypothesis of Price Index in Asian Stock Markets
Ali Fegheh Majidi 1, Ahmad Mohammadi1, Behnaz Nanvay Sabegh1
1- University of Kurdistan
Abstract:   (1111 Views)
The capital market in each country is considered as the most important part of the economy and its fluctuations may reflect the economic situation of the country. In this paper, the hypothesis of convergence of stock market price indices in Asian countries during the period from January 2007 to February 2017 is investigated using cluster analysis method. The results show that there is no evidence of overall convergence among countries. However, there are three converging clusters between stock markets while the Jordanian stock market forms a non-convergent cluster. These findings should assist portfolio managers in the design and implementation of appropriate portfolio management strategies. Regulatory authorities can also benefit from the design of financial regulation.
Keywords: Cluster Analysis, Convergence, Price Index, Stock Market
Full-Text [PDF 220 kb]   (868 Downloads)    
Type of Study: Original Research - Theoric | Subject: Macroeconomics
Received: 15 Jan 2018 | Accepted: 4 Sep 2018 | Published: 11 Mar 2019
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Fegheh Majidi A, Mohammadi A, Nanvay Sabegh B. An Investigation of Convergence Hypothesis of Price Index in Asian Stock Markets. J. Mon. Ec.. 2017; 12 (1) :73-88
URL: http://jme.mbri.ac.ir/article-1-246-en.html


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Volume 12, Issue 1 (Winter 2017) Back to browse issues page
Journal of Money and Economy Journal of Money And Economy
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