Pariyada  Sukcharoensin, Tienchai  Ekkun, 
    Stock Synchronicity in the ASEAN Economic Community,
    International Business Management,
    Volume 8,Issue 5,
    2014,
    Pages 259-263,
    ISSN 1993-5250,
    ibm.2014.259.263,
    (https://makhillpublications.co/view-article.php?doi=ibm.2014.259.263)
    Abstract: This study explores the capital market efficiency of 5 countries in ASEAN economic 
  community including Indonesia, Malaysia, Philippines, Singapore and Thailand 
  during 2006-2012. Researchers investigate the R<SUP>2</SUP> which represents 
  the stock price synchronicity andfind that the Philippines stock exchange has 
  lowest R<SUP>2</SUP> and is more efficient than others in the same region. This 
  contradicts to previous research results which find that R<SUP>2</SUP> values 
  of emerging markets are higher than the developed economies. From the overall 
  regression estimates of ASEAN, researchers find that higher synchronicity stocks 
  are larger and have higher volume but less leveraged. The regression results 
  from individual countries confirm the relationship, except leverage which is 
  mildly positive for the Philippines.
    Keywords: ASEAN economic community;efficient capital market;R2;synchronicity;Thailand