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Convergence of Caribbean stock exchanges

By:

Craigwell, Ronald

Material type: Text

TextPublication details: 2012Action note:

10/7/13 SANDRAW

Summary: Uses daily data for market returns as well as for the cross-listed securities on the three main stock exchanges in the Caribbean - Barbados, Jamaica and Trinidad and Tobago - to examine the beta-convergence and sigma-convergence of the markets. Suggests that with respect to sigma-convergence, while the markets are becoming increasingly integrated, the convergence of the returns of the cross-listed securities is debatable, indicating some degree of information asymmetry. Implies that the speed of convergence is still rather slow in comparison to other markets throughout the world.

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Uses daily data for market returns as well as for the cross-listed securities on the three main stock exchanges in the Caribbean - Barbados, Jamaica and Trinidad and Tobago - to examine the beta-convergence and sigma-convergence of the markets. Suggests that with respect to sigma-convergence, while the markets are becoming increasingly integrated, the convergence of the returns of the cross-listed securities is debatable, indicating some degree of information asymmetry. Implies that the speed of convergence is still rather slow in comparison to other markets throughout the world.

10/7/13 SANDRAW

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