TAILIEUCHUNG - Growth Strategies and value creation What Works best for stock exchanges?

Emerging stock markets have been identified as being at least partially segmented from global capital markets. As a consequence, it has been argued that local risk factors rather than world risk factors are the primary source of equity return variation in these markets. Accordingly, Bilson, Brailsford, and Hooper (1999) aimed to address the question of whether macroeconomic variables may proxy for local risk sources. They found moderate evidence to support this hypothesis. Further, they investigated the degree of commonality in exposures across emerging stock market returns using a principal components approach, and found little evidence of commonality when emerging. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1201 JUNE 2010 GROWTH STRATEGIES AND VALUE CREATION WHAT WORKS BEST FOR STOCK EXCHANGES by Iftekhar Hasan Heiko Schmiedel and Liang Song EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1201 JUNE 2010 GROWTH STRATEGIES AND VALUE CREATION WHAT WORKS BEST FOR STOCK EXCHANGES 1 by Iftekhar Hasan 2 Heiko Schmiedel 3 and Liang Song 4 In 2010 all ECB publications feature a motif taken from the 500 banknote. NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1559888. Ì The views expressed in this paper do not necessarily reflect those of the Bank of Finland. 2 Primary contact Lally School of Management and Technology of Rensselaer Polytechnic Institute 110 8th Street - Pittsburgh Building Troy NY . 12180 telephone 518 276 2525 e-mail hasan@ 3 European Central Bank - Payments and Market Infrastructure Kaiserstrasse 29 60311 Frankfurt am Main Germany. 4 Lally School of Management and Technology of Rensselaer Polytechnic Institute 110 8th Street Pittsburgh Building Troy NY USA. 12180. European Central Bank 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 All rights reserved Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the authors. Information on all of the papers published in the ECB Working Paper Series can be found on the ECB s website http www. pub .

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