Randall Morck

Randall Morck is the Stephen A. Jarislowsky Distinguished Professor of Finance at the University of Alberta. He graduated summa cum laude from Yale in 1979 and completed his PhD at Harvard in 1986. Recently ranked as the most cited finance professor in Canada, he has written numerous papers in journals such as the American Economic Review, the Journal of Finance, and the Journal of Financial Economics.

Papers Published in World Economics:

The Puzzle of the Harmonious Stock Prices

A peculiar pattern is evident across the stock markets of different countries. In emerging markets, such as Peru and China, all the stocks in the country tend to rise and fall together in the course of ordinary trading. But in developed countries, such as Denmark and Canada, stocks move independently. What seems to determine how independently a country’s stock prices move is not the size of its market, the diversification of its economy, the stability of its macroeconomic policy or factors relating to the behaviour of individual firms. Rather, stock prices move more independently in countries that are less corrupt.

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