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Primary Article

Major Stock Market Linkages in the 2000–2001 Bear Market

Ilhan Meric, Lewis W. Coopersmith, Donald Wise and Gulser Meric
The Journal of Investing Winter 2002, 11 (4) 55-62; DOI: https://doi.org/10.3905/joi.2002.319525
Ilhan Meric
A professor of finance at the College of Business Administration at Rider University in Lawrenceville, NJ.
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  • For correspondence: meric@rider.edu
Lewis W. Coopersmith
An associate professor of management science at the College of Business Administration at Rider University in Lawrenceville, NJ.
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  • For correspondence: coopersmith@rider.edu
Donald Wise
An associate professor of management science at the College of Business Administration at Rider University in Lawrenceville, NJ.
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  • For correspondence: wise@rider.edu
Gulser Meric
A professor of finance at the College of Business at Rowan University in Glassboro, NJ.
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  • For correspondence: meric@rowan.edu
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Abstract

This study of the co-movements of the U.S., Japanese, U.K., German, and French stock markets during the March 27, 2000-April 4, 2001, bear market indicates that the five stock markets were highly correlated, and diversification benefits to U.S. investors with these markets were quite limited during the bear market period. Low correlations among the world's equity markets are often presented as evidence in support of portfolio gains to investors from international diversification. These findings indicate that investments in other major stock markets provide little or no diversification benefit to U.S. investors in a severe bear market, when diversification protection is needed the most. Comparisons of the March 2, 1999-March 26, 2000, bull market period and temporary up- and downswings in bull or bear markets confirm the point.

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Vol. 11, Issue 4
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Major Stock Market Linkages in the 2000–2001 Bear Market
Ilhan Meric, Lewis W. Coopersmith, Donald Wise, Gulser Meric
The Journal of Investing Nov 2002, 11 (4) 55-62; DOI: 10.3905/joi.2002.319525

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Major Stock Market Linkages in the 2000–2001 Bear Market
Ilhan Meric, Lewis W. Coopersmith, Donald Wise, Gulser Meric
The Journal of Investing Nov 2002, 11 (4) 55-62; DOI: 10.3905/joi.2002.319525
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