Beyond the Noise: Unmasking the Adaptive Reality of Emerging Markets
DOI:
https://doi.org/10.54099/jdemp.v1i1.545Abstract
Purpose – This paper investigates persistent stock market anomalies, liquidity patterns, volatility spillovers, governance quality, and macroeconomic shocks in emerging markets. The main objective is to provide a comprehensive synthesis of empirical evidence and propose an adaptive, multifactor framework that better captures the evolving dynamics of these markets.
Methodology/approach – A systematic literature review methodology is applied, combining thematic analysis and comparative synthesis. Data is sourced from peer-reviewed articles, sectoral reports, and international databases. The review identifies major patterns, evaluates the consistency of empirical findings, and contextualizes results using triangulation with global market data.
Findings – Market efficiency in emerging economies is found to be episodic and context-dependent. Size and value premiums persist, but their magnitude shifts with economic regimes, sectoral characteristics, and the presence of liquidity constraints or governance reforms.
Novelty/value –Addressing the gap in cross-sector and multi-country research, this paper synthesizes findings from 22 peer-reviewed empirical studies, complemented by authoritative global data. The novelty lies in the construction of a holistic, adaptive framework that incorporates liquidity, volatility, governance, macro shocks, and behavioral biases—elements rarely examined together in the context of emerging markets.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Alfian Misran, Mediaty Mediaty, Arifuddin Arifuddin

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.