Table 2
Per capital gross domestic product and stock return synchronicity
Countries are ranked by per capita GDP in Panel A. In panel B, countries are ranked by stock
return synchronicity, measured by the fraction of stocks moving together in the average week of
1995. In panel C, countries are ranked by stock market synchronicity, measured as the average R2 of
"rm-level regressions of bi-weekly stock returns on local and U.S. market indexes in each country in
1995. Returns include dividends and are trimmed at$25%.