Details
European Financial Markets
The Effects of European Union Membership on Central and Eastern European Equity MarketsContributions to Economics
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96,29 € |
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| Verlag: | Physica-Verlag |
| Format: | |
| Veröffentl.: | 08.10.2008 |
| ISBN/EAN: | 9783790820744 |
| Sprache: | englisch |
| Anzahl Seiten: | 190 |
Dieses eBook enthält ein Wasserzeichen.
Beschreibungen
<P>EU membership involves political and economic reforms <BR>which influence financial markets in the new member states. <BR>This study empirically explores and quantifies the effects of <BR>EU accession on the risk and return of equity markets in eight <BR>Central and Eastern European markets joining the EU in 2004. <BR>The study also incorporates a review of how the influence of <BR>macroeconomic variables and the level of integration with <BR>global and European markets change as a result of <BR>EU membership. <BR>Based on empirical tests using weekly data over ten years, <BR>this study concludes that EU membership results in a <BR>significant decline in equity market volatility and a <BR>significant increase in risk-adjusted, but not absolute, <BR>equity returns. Furthermore, the study suggests that equity <BR>markets in new EU member states become increasingly <BR>influenced by global rather than local macroeconomic <BR>factors after the EU accession and that the level of integration <BR>with global markets increases. </P>
Literature Review.- Definition of Research Questions and Hypotheses.- Methodology.- Review of Empirical Data.- Findings and Discussion.- Conclusions.
<P>EU membership involves political and economic reforms <BR>which influence financial markets in the new member states. <BR>This study empirically explores and quantifies the effects of <BR>EU accession on the risk and return of equity markets in eight <BR>Central and Eastern European markets joining the EU in 2004. <BR>The study also incorporates a review of how the influence of <BR>macroeconomic variables and the level of integration with <BR>global and European markets change as a result of <BR>EU membership. <BR>Based on empirical tests using weekly data over ten years, <BR>this study concludes that EU membership results in a <BR>significant decline in equity market volatility and a <BR>significant increase in risk-adjusted, but not absolute, <BR>equity returns. Furthermore, the study suggests that equity <BR>markets in new EU member states become increasingly <BR>influenced by global rather than local macroeconomic <BR>factors after the EU accession and that the level of integration <BR>with global markets increases. </P>
Integration of financial markets in an enlarged EU Empirical study of effects on equity markets Valuable insights both for academics and practitioners, e.g. portfolio managers
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