The extent to which prices of commodities such as oil and gold affect stock prices of firms engaged in their production, and in the stock market in general, has received attention in both the theoretical and empirical literature with mixed results. Instead of focusing on the direct relation...

We investigate the international information transmission between the U.S. and the rest of the G-7 countries using daily stock market return data covering the last 20 years. A pre-1995 and post-1995 analysis reveals that the linkages between the markets have changed substantially in the more...