The Information Content of Stock MarketsWhy Do Emerging Markets Have Synchronous Stock Price Movements 股票市场的信息内容：为什么新兴市场的股票价格会同步波动？.pdfVIP

The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements? 1 2 3 Randall Morck, Bernard Yeung , and Wayne Yu 1. Visiting Professor of Economics, Harvard University, Cambridge MA 02138; Stephen A. Jarislowsky Professor of Finance, University of Alberta, Faculty of Business, Edmonton, Canada T6G 2R6. E-mail: randall.morck@ualberta.ca. Phone: (780) 492-5683. 2. Krasnoff Professor of International Business, Stern School of Business, New York University, New York NY 10012. E-mail: byeung@. Phone: (212) 998-0425. 3. Assistant Professor, Department of Accountancy, Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong, China. E-mail: acwyu@.hk. Phone: (852) 2766-7970. (Received 20 January 1999; final version received 29 July 1999) This research was supported by the NTT Fellowship program at the University of Michigan Business School and by the Center for International Business Studies at the University of Alberta. We are grateful for superb computer work by Rade Mladenov, and for helpful assistance from Datastream. We also thank Yehning Chen, Alan Deardorff, Merritt Fox, Ken Froot, Roger Gordon, Larry Merville, Philip Shively, Mark Huson, Ken Lehn, Li Huaizu, Vikas Mehrotra, Ted Neave, Gerard Roland, Alan Schwartz, G. William Schwert, Andrei Shleifer, Jan Svejnar, Katherine Terrell, Rob Vishny, David Weinstein, Michael Weisbach and two anonymous referees. We also thank seminar participants at the 2000 APFME Conference, the 1st CAFR Conference, the European International Business Association 1997 Meetings, George Mason University, Harvard Business School, the Behavioural Finance course at the Harvard