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Author: Xuan Vinh Vo Publisher: ISBN: Category : Languages : en Pages :
Book Description
The paper examines the question whether the economic convergence brought about by the European Monetary Union resulted in increased correlations across EMU equity market returns, which subsequently lead to a reduction in the benefits for investors in these markets. The study employs data from 1988 to 2003 in which correlation, cointegration and causality estimation techniques are used to describe the behaviour of the seven European equity market returns. The paper focuses on the question of whether a foreign (US) investor can benefit from investing in European equity markets in light of the developments brought about by the European Monetary Union (EMU).
Author: Xuan Vinh Vo Publisher: ISBN: Category : Languages : en Pages :
Book Description
The paper examines the question whether the economic convergence brought about by the European Monetary Union resulted in increased correlations across EMU equity market returns, which subsequently lead to a reduction in the benefits for investors in these markets. The study employs data from 1988 to 2003 in which correlation, cointegration and causality estimation techniques are used to describe the behaviour of the seven European equity market returns. The paper focuses on the question of whether a foreign (US) investor can benefit from investing in European equity markets in light of the developments brought about by the European Monetary Union (EMU).
Author: Jeffrey A. Frankel Publisher: University of Chicago Press ISBN: 0226260216 Category : Business & Economics Languages : en Pages : 428
Book Description
This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.
Author: Benn Steil Publisher: Chatham House (Formerly Riia) ISBN: Category : Business & Economics Languages : en Pages : 436
Book Description
Investigating the barriers to European equity market integration which will remain after 1996, this text examines such areas as equity trading, the single currency, corporate governance, pension funds, capital standards, clearance and settlement, and accounting diversity.
Author: Ulrich Machold Publisher: GRIN Verlag ISBN: 3638161501 Category : Business & Economics Languages : en Pages : 18
Book Description
Seminar paper from the year 2001 in the subject Economics - Monetary theory and policy, grade: 1.2 (A), Technical University of Berlin (European Center), course: The EU as a common economy, language: English, abstract: Within the last three years, the European financial landscape has undergone a rapid transformation that continues to astonish observers and market participants alike: Corporate and public euro bond markets have emerged whose issuing activities rival those of respective US dollar markets. Europe-wide indices have been firmly established. Institutional portfolios are being traded along pan-European sectoral rather than national lines. Cross-border mergers of banks and financial institutions on an unprecedented scale are drastically changing national banking landscapes as well as international financial structures and underlying all of this is the revolutionary emergence of a genuine European equity culture. Quite naturally, not all of these developments can be attributed to the eventual arrival of European Economic and Monetary Union (EMU). Many trends have had their precursors in the continuing liberalisation and de-regulation processes of the 1990s, as manifested in the 1992 Maastricht Treaty. However, historical data makes it difficult not to account for EMU as one major factor behind many of the most recent changes. In this paper, I will therefore argue that at least some of the above changes can best be explained by the effects of EMU. In several ways, the advent of the single currency has triggered an equilibrium shift in more than one field that would otherwise not have occurred. In order to do so, I shall first put EMU into perspective by briefly sketching its position within the wider framework of the process of European capital market integration by means of liberalisation. Second, I shall illustrate whether and to what extent the intended direct effects of EMU did in fact materialise, but also how further indirect effects go beyond these and contribute to explaining some seemingly less related developments. Last, I shall evaluate how integrated European capital markets in fact are compared to national markets, using the U.S. as a benchmark, and close with a brief discussion of potential normative implications.
Author: Huw Jones Publisher: Financial Times/Prentice Hall ISBN: 9781903684306 Category : Business & Economics Languages : en Pages : 215
Book Description
Europe's equity markets are evolving rapidly and, following the recent downturn, are poised to witness steady growth as capital market integration brings stability and strength. European Equity Investor is a grand tour of the European stock markets, how the markets work, who to invest in and how to trade
Author: David R. Kotok Publisher: Wiley ISBN: 9780470547014 Category : Business & Economics Languages : en Pages : 0
Book Description
An insider's guide to investing in Europe With the U.S. market in shambles, investors are looking for other places to put their money. Europe has become the destination of choice, and will continue to be for the foreseeable future. Using the different perspectives of an author who lives in Europe and an author who lives in the United States, Invest in Europe Now! is one the most informative guides to making money outside North America. It outlines the best ways to take advantage of the rapidly shifting global financial environment and shows you what indicators to follow, what instruments and markets are best poised for growth, and how to avoid various pitfalls along the way. Outlines the safest ways to invest in Europe and secure the returns you desire Written by a unique author team, which represent both the U.S. and European perspective Discusses how some European markets and stocks are relatively more attractive than their American counterparts Throughout this book, David Kotok and Vincenzo Sciaretta reveal the realities of investing in Europe and how you can benefit from doing so.
Author: Roman Matoušek Publisher: Routledge ISBN: 1136339698 Category : Business & Economics Languages : en Pages : 361
Book Description
This edited collection assesses the level of financial integration in the European Union (EU) and the differences across the countries and segments of the EU financial system. Progress in financial integration is key to the EU’s economic growth and competitiveness and although it has advanced substantially, the process is still far from completion. This book focuses on the pace of financial integration in the EU with special emphasis on the new EU Member States and investigates their progress in comparison with ‘old’ EU countries. The book is the first of its kind to include and evaluate the effects of the global financial crisis on the process of EU financial integration. In particular, the book’s contributors address the issue of whether a high degree of financial integration contributed to the intensification of the financial crisis, or whether a low level of integration prevented countries and financial industries from some of the negative effects of the crisis. Although most of the chapters apply contemporary econometric tools, the technical part is always reduced to indispensable minimum and the emphasis is given to economic interpretation of the results. The book aims to offer an up to date and insightful examination of the process of financial integration in the EU today.
Author: Brian M. Lucey Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
The objective of this paper is to study capital market integration in smaller European countries and its implications for an international portfolio investment allocation. A time-varying analysis based on Barari (2004) suggests that the markets have recently started moving towards international financial integration. Results vary from country to country and sample countries can be broken down into distinctive groups according to their recent integration score performance: a) countries which are becoming increasingly integrated with both regional European and international equity markets (Estonia, Hungary, Czech Republic, Lithuania, Poland); and b) countries which have become increasingly integrated with the regional market, while growing segmented with the world market (Latvia, Slovakia, Slovenia). This is an encouraging indicator in that none of the countries have been growing segmented from the European equity markets since the EU accession.
Author: Xuan Vinh Vo
Author: Xuan Vinh Vo
Author: Jeffrey A. Frankel
Author: Benn Steil
Author: Gabriel A. Hawawini
Author: Ulrich Machold
Author: Huw Jones
Author: David R. Kotok
Author: Roman Matoušek
Author: Brian M. Lucey
Author: Gabriel A. Hawawini