Plenary Lecture

Plenary Lecture

Convergence Patterns in Equity Markets? International Evidence from the Club Convergence and Clustering Procedure

Professor Nicholas Apergis

Department of Banking & Financial Management
University of Piraeus

Abstract: The objective of this paper is to investigate whether any pattern of convergence of equity markets for a sample of 49 countries over the period 1980-2007 can be detected through the methodology of Phillips and Sul (2007), which is based on a quite general form of a nonlinear time varying factor model and it allows for cross sectional heterogeneity as well as for different transitional time paths towards equilibrium. The results show that such a convergence is very high. Next, the study aims at detecting any potential factors supporting the pattern of convergence. The empirical findings reveal that such convergence patterns mainly reflect convergence in macroeconomic factors.

Brief Biography of the Speaker:
He holds a PhD in Economics from Fordham University, 1992, a Master of Arts from the Economic University of Athens, 1986 and a Bachelorís from the University of Athens, 1984. He is currently a full professor at the University of Piraeus, Greece. His research interests are with Domestic and International Financial Markets.
He has publications in international journals such as: Journal of Banking and Finance, Journal of International Financial Markets, Institutions & Money, Kredit und Kapital, International Economic Journal, Atlantic Economic Journal, Weltwirtschaftliches Archiv, Journal of Economics and Finance, Manchester School of Economics, Journal of Economics and Business, Economics Letters.
He has acted as referee for international journals, such as: Journal of Money, Credit and Banking, European Economic Review, Journal of Macroeconomics, Atlantic Economic Journal, International Economic Review.
He is the Editor of International Journal of Economic Research and a Őember of the Editorial Board in International Advances of Economic Research as well as in the Journal of Economics and Finance.





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