This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty...

The wealth management industry has expanded greatly in the Middle East -- following the fortunes of wealth itself. How can wealth managers identify and grow their portfolios in this region? What policies can they push for in order to build wealth management and private banking services? What...

This study investigates the evolution of market integration in Ottoman Eastern Mediterranean and Europe until World War I. We find that market integration levels were the highest in northwest Europe while Ottoman lands were part of the less integrated periphery. Over the centuries, most European...

This paper dissects with great acuteness, the issues of convergence in financial performance dynamics in the African continent through the lenses of stock market capitalization, value traded, turnover and number of listed companies. The empirical evidence is premised on 11 homogenous panels...

We examine whether there is contagion from the U.S. stock market to six Central and Eastern European stock markets. We use a novel measure of contagion that examines whether volatility shocks in the U.S. stock market coupled with negative returns are followed by higher co-exceedance between U.S....

During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By...