alexa Propensity for Growth of Stock Prices in Emerging Markets: A Logit Panel Approach
ISSN: 2151-6219

Business and Economics Journal
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Research Article

Propensity for Growth of Stock Prices in Emerging Markets: A Logit Panel Approach

Luiz Paulo Lopes Fávero1*, José Elias Feres de Almeida2 and RenataTurola Takamatsu3

1 School of Economics, Business and Accounting, University of São Paulo, Av. Prof. Luciano Gualberto, 908, FEA 3, sala 211, Cidade Universitária, São Paulo (SP), Brazil

2 Center for Law and Economics, Federal University of Espírito Santo, Av. Fernando Ferrari, 514, CCJE,ed-VI, sala 636, Campus Universitário, Goiabeiras, Vitória (ES), Brazil

3 School of Economics, UniversityofMinas Gerais, Av. Antônio Carlos, 6627, sala 2042, Pampulha, Belo Horizonte (MG), Brazil

*Corresponding Author:
Luiz Paulo Lopes Favero
School of Economics, Business and Accounting
University of São Paulo, Av. Prof. Luciano Gualberto
908, FEA 3, sala 211, Cidade Universitária
São Paulo (SP), CEP 05508-900, Brazil
Tel: (55 11)3091-5820
Fax: (5511)3091-5820
E-mail: [email protected]

Received date: December 9, 2013; Accepted date: March 28, 2014; Published date: May 12, 2014

Citation: Lopes Fávero LP, de Almeida JEF,Takamatsu RT (2014) Propensity for Growth of Stock Prices in Emerging Markets: A Logit Panel Approach. Bus Eco J 5:88. doi: 10.4172/2151-6219.100088

Copyright: © 2014 Luiz Paulo L.F, et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

Abstract

We investigate the effects of financial variables to increase the propensity for growth of capital markets stock indexes in60 emerging markets. We draw our sample from Compustat Global during a 257-month period (1986-2007) for a total of 9,759 observations. Our data indicate that price-to-book and turnover ratio leads to positive monthly returns of stock indexes, while evidence for traded volume is weak. However, market capitalization has a negative influence and reduces the probability of positive returns, suggesting that price pressure for transitory returns exists in these markets. This paper contributes to the financial market literature about emerging markets. It also provides useful information to regulators, investors, and practitioners for developing policies and strategies to improve the development of financial markets.

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