Joyce Hsieh, Assistant Professor of Finance, Tamkang University, and Chien-Chung Nieh, Professor of Finance, Tamkang University. We would like to thank two anonymous referees for their detailed comments on an earlier version of the paper. We are also grateful to Junda Li and Yuliang Guo for providing excellent research assistance.
An overview of Asian equity markets
Article first published online: 29 OCT 2010
© 2010 The Authors. Journal compilation © 2010 Crawford School of Economics and Government, The Australian National University and Blackwell Publishing Asia Pty Ltd.
Asian-Pacific Economic Literature
Volume 24, Issue 2, pages 19–51, November 2010
How to Cite
Hsieh, J. and Nieh, C.-C. (2010), An overview of Asian equity markets. Asian-Pacific Economic Literature, 24: 19–51. doi: 10.1111/j.1467-8411.2010.01259.x
- Issue published online: 29 OCT 2010
- Article first published online: 29 OCT 2010
This study overviews the development of 11 Asian equity markets, namely, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Prior to the onset of the global financial crisis, the Asian stock exchanges were generally bullish, underpinned particularly by China's robust economic performance. Innovations in financial products and services have been growing in importance, as stock exchanges in these countries have been making a concerted effort to introduce new features and best practices, with the objectives of raising market efficiency, enhancing service quality, and generally bringing operations up to par with international standards. But the potential to realize or support market efficiency can only be possible within an adequate legal framework, a sound market infrastructure, and appropriate corporate governance mechanisms. Thus, many challenges are still to be overcome in the region.