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The impact of foreign equity investment flows on global linkages of the Asian emerging equity markets

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  • Sunil Poshakwale
  • Chandra Thapa

Abstract

Evidence of the impact of foreign equity investment flows on the global linkages of the Asian emerging equity markets is provided. Findings confirm that there is a general trend towards greater integration and this process appears to be influenced by the increasing volumes of foreign equity portfolio investment flows. The results support the widely-held view that foreign investors are return chasers and their trading behaviour is based on information drawn from recent returns available in the emerging markets. The results also confirm the price-pressure hypothesis which suggests that foreign equity investors are mainly responsible for the increases in the stock market valuations in the Asian emerging markets. In view of the findings, the Asian emerging markets may become more vulnerable to the changes in foreign investment flows and turn more volatile in future.

Suggested Citation

  • Sunil Poshakwale & Chandra Thapa, 2009. "The impact of foreign equity investment flows on global linkages of the Asian emerging equity markets," Applied Financial Economics, Taylor & Francis Journals, vol. 19(22), pages 1787-1802.
    • Handle: RePEc:taf:apfiec:v:19:y:2009:i:22:p:1787-1802
    DOI: 10.1080/09603100903049682
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    Cited by:

    1. repec:ipg:wpaper:2013-006 is not listed on IDEAS
    2. Sunil S. Poshakwale & Anandadeep Mandal, 2017. "Sources of time varying return comovements during different economic regimes: evidence from the emerging Indian equity market," Review of Quantitative Finance and Accounting, Springer, vol. 48(4), pages 859-892, May.
    3. Khaled Guesmi & Frédéric Teulon, 2013. "Regional Equity Risk Premium Convergence: The case of Japan," Working Papers 2013-6, Department of Research, Ipag Business School.
    4. Numan Ülkü, 2011. "Modeling Comovement among Emerging Stock Markets: The Case of Budapest and Istanbul," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 61(3), pages 277-304, July.
    5. Yin-Feng Gau & Wen-Ju Liao, 2012. "The predictability of excess returns in the emerging bond markets," Applied Financial Economics, Taylor & Francis Journals, vol. 22(17), pages 1429-1451, September.
    6. Sunil Poshakwale & Anandadeep Mandal, 2014. "Investor Behaviour and Herding: Evidence from the National Stock Exchange in India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 13(2), pages 197-216, August.
    7. repec:ipg:wpaper:6 is not listed on IDEAS
    8. repec:ipg:wpaper:201406 is not listed on IDEAS

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