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Are There Any Diversification Benefits Among Global Finance Center Candidates in Eurasia?
Date
2017-01-01
Author
Kocaarslan, BARIŞ
Sarı, Ramazan
Soytaş, Uğur
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Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
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Several Eurasian markets are considered as potential global financial centers. The main objective of this article is to evaluate the two strong candidates, Russia and Turkey, based on short- and long-run diversification benefits they provide to global investors along with big four global finance centers (US, UK, Hong Kong, Singapore) in the world. To that respect, we investigate both price spillover and volatility spillover effects among global finance centers and the two strong Eurasian candidates. Our results suggest that Istanbul Stock Exchange (ISE) has more diversification benefits and is more resilient to risk transfers from other markets compared to Moskow Stock Exchange (MSE).
Subject Keywords
Global finance centers
,
Price spillover
,
Russia
,
Turkey
,
Volatility spillover
URI
https://hdl.handle.net/11511/37518
Journal
EMERGING MARKETS FINANCE AND TRADE
DOI
https://doi.org/10.1080/1540496x.2016.1216838
Collections
Department of Business Administration, Article
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B. Kocaarslan, R. Sarı, and U. Soytaş, “Are There Any Diversification Benefits Among Global Finance Center Candidates in Eurasia?,”
EMERGING MARKETS FINANCE AND TRADE
, pp. 357–374, 2017, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/37518.