Munich Personal RePEc Archive

Foreign investors’ influence towards small stock exchanges boom and bust: Macedonian stock exchange case

Lazarevski, Dimche (2011): Foreign investors’ influence towards small stock exchanges boom and bust: Macedonian stock exchange case. Published in: Capital Markets: Market Efficiency eJournal (29. August 2012)

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Abstract

This paper aims to answer the question if and how much the foreign investors influence the boom and bust of small stock exchanges. It examines the impact of the foreign investors’ turnover towards small stock exchange turnover, particularly the Macedonian Stock Exchange. Based on the Macedonian Stock Exchange data for the period of January 2006 to July 2009, I find strong evidence that for a small and open stock exchange such as the Macedonian Stock Exchange, foreign investors substantially contributes to the Stock Exchange boom and bust.

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