The article explores the stability, interrelationships, and roles of global stock exchanges. It looks at factors like institutional ownership, financial markets, rational bubbles, and the impact of globalization on stock market stability. The researchers studied the forecasting quality of analysts on Latin American stock markets and the effects of Sarbanes-Oxley on the competitive position of U.S. stock markets. They also examined the value at risk for asset time series in emerging Asian stock markets and the role of stock markets in capital accumulation in less developed countries. Additionally, the article investigates whether international stock prices reflect international business cycles.