Moscow, Moscow, Russian Federation
Moscow, Moscow, Russian Federation
Moscow, Moscow, Russian Federation
VAK Russia 5.2.5
The relevance of this article is driven by the transformation of stock markets and increased investor interest in the Asia-Pacific region. The primary objective of this study is to identify the relationship between stock index returns within the Asia-Pacific region and those of indices in other regions. Stock index returns are inextricably linked to investment risk, and the authors also focused on this aspect in their study of Asia-Pacific stock markets. The paper analyzes 91 stock indices across five regions - Asia-Pacific, Americas, Europe, the Middle East, and Africa - for the period 2022-2024. Based on the statistical analysis, the article concludes that, despite fluctuating dynamics from year to year, a stable relationship exists between Asia-Pacific markets and African markets. While Asia-Pacific markets exhibit lower volatility relative to other markets, Asia-Pacific stock indices are less dependent on other countries than other regions’ markets are on Asia-Pacific markets. The study’s results showed that Asia-Pacific stock markets are quite risky: overall, over the analyzed period, Asia-Pacific stock market returns increased, while the standard deviation of average daily returns decreased. However, the deviation significantly exceeds the returns. A significant decrease in the correlation between the returns of Asia-Pacific stock indices and indices of other regions in terms of beta was revealed. Further research could be devoted to examining additional factors and characteristics of Asia-Pacific stock markets, as well as a more in-depth analysis and determination of the cause-and-effect relationships identified in this study.
stock market, returns, market indices, volatility, stock exchanges, Asia-Pacific region
1. A year of two halves: how global financial markets fared in 2024. URL: https://www.theguardian.com/business/2025/jan/01/financial-markets-end-2024-strong-post-pandemic-recovery (data obrascheniya: 04.09.2025).
2. Akinin P.V., Boldareva Yu.O. Konceptual'nye aspekty diversifikacii rossiyskogo fondovogo rynka v sovremennyh geopoliticheskih usloviyah// Finansy i kredit. 2016. Vyp. 45 (717). S. 2-19. URL: https://www.elibrary.ru/title_ about_new.asp?id=9232 EDN: https://elibrary.ru/XERWAD
3. Ali A., Bansal M. Impact of upward and downward earnings management on stock returns// South Asian Journal of Business Studies. 2023. № 12(2). S. 202-219. DOI:https://doi.org/10.1108/SAJBS-12-2020-0417. EDN: https://elibrary.ru/LYPXKK
4. Verma R. Comovement of stock markets pre- and post-COVID-19 pandemic: a study of Asian markets.// IIM Ranchi Journal of Management Studies. 2024. № 3(1) S. 25-38. DOI:https://doi.org/10.1108/IRJMS-09-2022-0086.
5. Verzhakovskaya M.A., Aksinina O.Syu, Gumennikova Yu.V., Korolekv A.A. Analiz i ocenka sostoyaniya finansovyh rynkov Indii v kontekste novyh ekonomiko-politicheskih realiy// Ekonomicheskie otnosheniya. – 2026.t. 16, №2 – DOI 0.18334/eo.16.2.123650. –EDN GNKDIF
6. Volodina, A. O., Trachenko M. B., Okorokov V. L. Faktory prinyatiya investicionnyh resheniy na fondovyh rynkah afrikanskogo regiona// Ekonomika i predprinimatel'stvo. – 2025. – № 11(184). – S. 313-317. – DOIhttps://doi.org/10.34925/EIP.2025.184.11.049. – EDN DLRORT.
7. Ghulam Y.A., Joo B.A. Analyzing downside risk of BRICS stock indices: insights from value at risk and time series econometrics// Journal of Financial Economic Policy. 2025. №17(1). S. :29-51. DOI:https://doi.org/10.1108/JFEP-01-2024-0022. EDN: https://elibrary.ru/SCJOSE
8. Guzikova L.A. Ven'i Chzhan, Voprosy issledovaniya vzaimosvyazi mezhdunarodnyh fondovyh rynkov// Vestnik Altayskoy akademii ekonomiki i prava, 2023. № 9, S. 36-43 DOI: https://doi.org/10.17513/vaael.2970 EDN: https://elibrary.ru/NWPVLC
9. Guru B.K., Yadav I.S. Stock market integration and volatility spillovers: new evidence from Asia–Pacific and European markets// Journal of Risk Finance. 2023. № 24(2). S. 186-211. DOI:https://doi.org/10.1108/JRF-03-2022-0065. EDN: https://elibrary.ru/NZGXIP
10. Dhanaraj S., Gopalaswamy A.K., Babu M. S. Dynamic interdependence between US and Asian markets: an empirical study// Journal of Financial Economic Policy. 2013. № 5(2). S. 220-237. DOI:https://doi.org/10.1108/17576381311329670.
11. Zhdanova O. A., Perepelica D. G. Fondovye birzhi Aziatskogo regiona: perspektivy i problemy // Teoriya i praktika obschestvennogo razvitiya. 2015. №22. URL: https://cyberleninka.ru/article/n/fondovye-birzhi-aziatskogo-regiona-perspektivy-i-problemy (data obrascheniya: 01.11.2025). EDN: https://elibrary.ru/VBNZNV
12. Kumar M. From pandemic to war: dynamics of volatility spillover between BRICS exchange and stock markets// Journal of Economic Studies. 2024. № 51(3) S. 528-545. DOI:https://doi.org/10.1108/JES-02-2023-0064. EDN: https://elibrary.ru/VJAKAE
13. Lenkov I.N. Osobennosti finansovogo rynka KNR i SShA: komparativnyy analiz // Finansy, den'gi, investicii. 2025. №1. S. 3-10. DOIhttps://doi.org/10.36992/2222-0917_2025_1_3 EDN: https://elibrary.ru/ZITTJR
14. Malkina M. Yu. Finansovoe zarazhenie rossiyskogo fondovogo rynka ot evropeyskogo v period pandemii COVID-19// Finansovyy zhurnal. 2024. № 16(2). S. 27-42. DOI:https://doi.org/10.31107/2075-1990-2024-2-27-42. EDN: https://elibrary.ru/AXQVCQ
15. Mirovoy fondovyy rynok: rubezh v $109 trln vzyat. URL: https://www.finversia.ru/publication/mirovoi-fondovyi-rynok-rubezh-v-109-trln-vzyat-134723 (data obrascheniya: 02.09.2025).
16. Pochanina, A. A. Analiz sovremennogo aziatskogo fondovogo rynka// Colloquium-Journal. – 2019. – № 26-9(50). – S. 125-126. – EDN UBXHKN. URL: https://www.elibrary.ru/item.asp?id=41562576&ysclid=miosi991jh974547614
17. Relationship between developed, European and South Asian stock markets: a multivariate analysis / Shahzad S.J.H. [et al.] // South Asian Journal of Global Business Research. 2016. № 5(3). S. 385-402. DOI:https://doi.org/10.1108/SAJGBR-01-2015-0002.
18. Rynki kapitala v 2025 godu: Buduschee fondovyh rynkov. URL: www.pwc.ru/ru/capital-markets (data obrascheniya: 02.09.2025)
19. Singh A., Singh M. A revisit to stock market contagion and portfolio hedging strategies: BRIC equity markets and financial crisis// International Journal of Law and Management. 2017. № 59(5). S. 618-635. DOI:https://doi.org/10.1108/IJLMA-03-2016-0026.
20. Troug H., Murray M. Crisis determination and financial contagion: an analysis of the Hong Kong and Tokyo stock markets using an MSBVAR approach// Journal of Economic Studies. 2021. № 48(8). S.1548-1572. DOI:https://doi.org/10.1108/JES-03-2020-0095. EDN: https://elibrary.ru/DROOPG
21. He H., Galynis K.I. Tendencii razvitiya i napravleniya vzaimodeystviya fondovyh rynkov Rossii i Kitaya// Chelovek. Obschestvo. Inklyuziya.2024. №15(2) S. 6-69. DOI:https://doi.org/10.24412/2412-8139-2024-2-56-69.
22. Chen M., Zhou Y. The dynamic interdependence structure and risk spillover effect between Sino-US stock market// International Journal of Emerging Markets. 2024 №19 (10). S.2734-2777. DOI:https://doi.org/10.1108/IJOEM-04-2022-0654. EDN: https://elibrary.ru/YBTBKZ
23. Chong L., Drew M., Veeraraghavan M. Stock Market Interdependence: Evidence from Australia// Pacific Accounting Review. 2003 № 15(2). S. 51-76. DOI:https://doi.org/10.1108/eb037974.
24. Sharma R., Aggarwal P. Impact of mandatory corporate social responsibility on corporate financial performance: the Indian experience// Social Responsibility Journal. 2022. № 18 (4) S. 704-722. DOI:https://doi.org/10.1108/SRJ-09-2020-0394. EDN: https://elibrary.ru/WJJCED
25. Younis I., Yousaf I., Shah W.U., Longsheng C. Risk transmission between equity market of China and its trading partners: new evidence from various financial crises// International Journal of Emerging Markets. 2025 № 20(3). S. 1063-1096. DOI:https://doi.org/10.1108/IJOEM-11-2022-1763. EDN: https://elibrary.ru/WDLCNE
