Template-type: ReDIF-Paper 1.0
Author-Name: Juan Mascareñas Pérez-Íñigo
Author-Workplace-Name: Departamento de Economía Financiera y Contabilidad III (Economía y Administración 
	Financiera de la Empresa). Universidad Complutense de Madrid.
Author-Workplace-Homepage:
 https://www.ucm.es//departamento-de-administracion-financiera-y-contabilidad
Author-Name: José Hernández
Author-Workplace-Name: Facultad de CC. Económicas y Empresariales. Universidad Complutense de Madrid.
Title: The interrelationship among the international stock markets 
Abstract: Without doubt from an economic point of view, the stock markets of the principal countries are more 
	and more related among them. Though this affirmation has more clearly arisen as a truth from the October 
	1987 crash, initially one of the most surprising things was the strange similarity among the behaviour 
	of the main stock markets of the world since that date. It was said that if in New York the big investors 
	sold their stocks (and, for this reason, their price would go down) they should reinvest the money 
	obtained in that operation in others markets, and this last should rise their prices. But, surprisingly, 
	nothing of this seems to have occurred, and the principal markets in the world behaved as one, although 
	following the path pointed out by Wall Street. 
	All shown in the previous paragraph induced us to study the present correlation between a series of 
	returns that is made up by six stock markets (NYSE - Wall Street - Tokyo, London, Paris, Francfurt and 
	Madrid), during the last three-months of the year 1987, trying to know the present relation among them.

Keywords: Stock markets.

Length: 29 pages 
Creation-Date: 1988 
Number: 88-22	 
File-URL: https://eprints.ucm.es/id/eprint/23558/1/8822.pdf
File-Format: Application/pdf
Handle: RePEc:ucm:doctra:88-22