If the international equity market is integrated, identical stocks listed on different international stock exchanges should have the same rates of return, the same characteristics of stock price behavior and similar distributions of daily rates of return.

The relationship between economic development, human development and financial intermediation is examined using regression analysis. The Human Development Index (HDI) is used as a measure of the improvement of the human condition. Gross Domestic Product is used as a measure of the improvement in...

We examine the risk and return properties of equity/bond portfolios before and after inclusion of a diversified portfolio of long commodity futures contracts. Inclusion of the commodities, which are proxied by the CRB and GSCI indices from 1970 to 1990, enhances the risk and return...

The relationship between economic development and financial activity is examined using regression analysis. The Human Development Index (HDI), a relatively new measure of development, is used as a proxy for the level of economic development. A variety of measures of financial depth are employed...