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Does cultural distance matter in international stock market comovement? Evidence from emerging economies around the world

机译:文化距离对国际股票市场联动有影响吗?来自全球新兴经济体的证据

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摘要

Prior research suggests an inverse relationship between geographic distance and financial market linkages. In this paper, we examine whether and how cultural distance between countries mitigates this finding. We find that country-pairs exhibit higher linkages if they have smaller cultural distance. The result remains significant to alternative measures of linkage. Finally, the cultural effect seems to be more pronounced for active-trading country-pairs than thin-trading country-pairs.
机译:先前的研究表明,地理距离与金融市场联系之间存在反比关系。在本文中,我们研究了国家之间的文化距离是否以及如何缓解了这一发现。我们发现,如果国家对之间的文化距离较小,则它们之间的联系会更高。该结果对于链接的替代方法仍然很重要。最后,对于活跃交易的国家/地区来说,文化效应似乎比交易稀疏的国家/地区更为明显。

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