Abstract
Small and Medium Enterprises (SMEs) form the backbone of manufacturing sector and have become the growth engine of economic development in the world. It is to be noted that world over, half of two-thirds of all businesses are SMEs and in many regions, this proportion is still higher. SMEs are capable of creating jobs with least amount of capital and in dispersed locations, which make SMEs attractive to the policy makers. The main aim of this study is to analyze the stock market integration of Small and Medium Size Enterprises in India and USA by analyzing the sample indices. This paper examined the stock market integration using three sample Indian Indices (CNX SMALL CAP, CNX MID CAP and CNX Nifty) and three sample USA Indices (like Dow Jones U.S. SMALL CAP, Dow Jones U.S. MID CAP index and Dow Jones Industrial Average). An attempt has been made to examine the Normality, Interrelationships and Causality of returns between sample indices of India and USA.
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