Convergence of Caribbean Stock Exchanges

MPRA Paper from University Library of Munich, Germany

Abstract: This paper uses daily data for market returns as well as for the cross-listed securities on the three main stock exchanges in the Caribbean: the Barbados Stock Exchange, the Trinidad and Tobago Stock Exchange and the Jamaica Stock Exchange to examine the beta-convergence and sigma-convergence of the markets. The results suggest that with respect to sigma-convergence, while the markets are becoming increasingly integrated, the convergence of the returns of the cross-listed securities is debatable, indicating some degree of information asymmetry. The results of the beta-convergence imply that the speed of convergence is still rather slow in comparison to other markets throughout the world.

Keywords: Stock Exchanges; Convergence; Caribbean (search for similar items in EconPapers)
JEL-codes: G29 O47 O54 (search for similar items in EconPapers)
Date: 2010
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