TY  - JOUR
T1  - Long Run Dynamic Linkages Between Emerging Stock Markets in Asia and a Developed Stock Market (DJIA)
AU - Lingaraja, Kasilingam AU - Selvam, Murugesan AU - Vasanth, Vinayagamoorthi 
JO  - Research Journal of Applied Sciences
VL  - 10
IS  - 5
SP  - 203
EP  - 211
PY  - 2015
DA  - 2001/08/19
SN  - 1815-932x
DO  - rjasci.2015.203.211
UR  - https://makhillpublications.co/view-article.php?doi=rjasci.2015.203.211
KW  - Asian emerging stock markets
KW  -dynamic linkages
KW  -correlation matrix
KW  -descriptive statistics
KW  -granger causality
KW  -inter linkages
KW  -unit root test
KW  -dow jones industrial average
AB  - The dynamic linkages between emerging Asian stock market indices and developed stock market index are examined in this study. Asian stock markets attract huge inflows of portfolio investments which promote the economic development in the continent. The purpose of the study is to make a better-quality point with respect to Dynamic Linkages among the Emerging Stock Market returns in Asia and Developed Stock Market (USA-Dow Jones Industrial Average). This study was based on secondary daily time series data for a period of 12 years from 1st January, 2002 to 31st December, 2013. Statistical tools like descriptive statistics, unit root, correlation matrix and Granger Causality Test were employed. It was found that the emerging stock market indices of Asia, namely, S&P CNX Nifty (India), FTSE Bursa (Malaysia) and Philippine Stock Index (Philippines), recorded dynamic linkages with Dow Jones Industrial Average (USA) and the other five Asian emerging market indices (i.e., SSE Composite Index (China), Jakarta Composite Index (Indonesia), Korea Stock Exchange Index (Korea), TSEC Weighted Index (Taiwan) and SET Index (Thailand)) did not develop dynamic linkages with USA (DJIA), a developed country. The findings of this study would help the investors in making efficient investment decisions in the indices of emerging stock markets in Asia.
ER  -