Overview
- 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
Part of the book series: Contributions to Economics (CE)
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Table of contents (7 chapters)
Keywords
About this book
EU membership involves political and economic reforms
which influence financial markets in the new member states.
This study empirically explores and quantifies the effects of
EU accession on the risk and return of equity markets in eight
Central and Eastern European markets joining the EU in 2004.
The study also incorporates a review of how the influence of
macroeconomic variables and the level of integration with
global and European markets change as a result of
EU membership.
Based on empirical tests using weekly data over ten years,
this study concludes that EU membership results in a
significant decline in equity market volatility and a
significant increase in risk-adjusted, but not absolute,
equity returns. Furthermore, the study suggests that equity
markets in new EU member states become increasingly
influenced by global rather than local macroeconomic
factors after the EU accession and that the level of integration
with global markets increases.
Authors and Affiliations
Bibliographic Information
Book Title: European Financial Markets
Book Subtitle: The Effects of European Union Membership on Central and Eastern European Equity Markets
Authors: Tony F. Southall
Series Title: Contributions to Economics
DOI: https://doi.org/10.1007/978-3-7908-2074-4
Publisher: Physica Heidelberg
eBook Packages: Business and Economics, Economics and Finance (R0)
Copyright Information: Physica-Verlag Heidelberg 2008
Hardcover ISBN: 978-3-7908-2073-7Published: 10 October 2008
Softcover ISBN: 978-3-7908-2565-7Published: 19 October 2010
eBook ISBN: 978-3-7908-2074-4Published: 08 October 2008
Series ISSN: 1431-1933
Series E-ISSN: 2197-7178
Edition Number: 1
Number of Pages: XVIII, 190
Number of Illustrations: 39 b/w illustrations
Topics: European Integration, International Economics, Regional/Spatial Science, Macroeconomics/Monetary Economics//Financial Economics