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In: IMF Working Papers
Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the regionâ??s markets are reputed to be more â??idiosyncraticâ?? and less reliant on economic and corporate fundamentals in their pricing. Using a model that draws on international asset pricing and economic theory, as well as accounting literature, we find evidence of greater idiosyncratic influences in the pricing of Asiaâ??s stock markets, compared to their G-7 counterparts, beyond the identified systematic factors and local funda
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