Purpose: Previous research has found that industry concentration and firm efficiency affect stock returns. However, it is not clear if concentration is a byproduct of efficiency and hence its effect on stock returns is driven by efficiency. This paper aims to examine the relationships between...

This study surveys the money market integration literature over the past three decades. Generalizations include (1) global money market integration is increasing over time although evidence of remaining market segmentation is prevalent and (2) emerging Asian capital markets are rapidly becoming...