The aim of this study is to determine whether the DOW effect still exists, and to evaluate empirically the explanations of the DOW effect for international equity markets. Evaluating 51 markets in 33 countries for the period between January, 2000 and December, 2007, reveals that the DOW effect...

This study provides evidence of the US implied volatility's effect on international equity markets' returns. This evidence has two main implications: i) investors may find that foreign equity returns adjusting to US implied volatility may not provide true diversification benefits, and ii)...

Does economic freedom lead to more or less conflict? Numerous authors argue that markets create conflict, whereas many advocates of economic freedom from Adam Smith to Milton Friedman argued the opposite. This topic has not yet been investigated empirically. This article examines the various...