Do Stock Markets Represent Economies?
This paper develops a series of stock market representativeness indices as a new method for analysing stock market development, and applies this method to data on stock markets and economies of thirty-one European countries, as well as Japan and the USA. The main conclusion is that stock markets poorly represent the underlying economies. Publicly traded companies constitute an absolute minority of the total population of large companies. In this respect the level of stock market representativ...Expand abstract
- European Journal of Finance
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