Examining the stock market volatility for different countries over time reveals importantevidence on the changing nature of the risk and return tradeoff in different markets. In analyzingthis issue, this study examines the changes in stock price fluctuations in the world's emergingstock markets over the period from 1988 through April 2003. Our findings show common trendsin the risk and return characteristics of the emerging markets over time. In particular, from 1988through 1996, fluctuations for the majority of country indices remained relatively constant.However, from 1997 through April 2003, market variances have increased noticeably for most ofthe emerging markets. These results are coupled with the observation that the mean percentagedaily returns for most emerging market indices were consistently lower during the 1997 throughApril 2003 time frame.
展开▼
