摘要：An important issue is the question if stock markets reflect certain economic fundamentals in allocating capital and determining share prices. Over the past fifteen years, there have been economic events that had an impact on both developed and emerging stock markets. The most prominent of these events were the 1987 Wall Street crash in which the Dow Jones Industrial Average fell 23 percent (23%) in one day (Bearley and Myers, 2000), the Mexican crisis in 1994 and the Asian crisis in 1998. These events raise the question to what extent stock market prices reflect fundamental economic variables.
