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Economics - European Integration | European Financial Markets - The Effects of European Union Membership on Central and Eastern European

European Financial Markets

The Effects of European Union Membership on Central and Eastern European Equity Markets

Southall, Tony

2008

A product of Physica Verlag Heidelberg
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  • 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

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.

Content Level » Research

Keywords » Central and Eastern Europe - EU Integration - Equity Market - Equity Markets - European Equity Markets - European Union - Financial Market - Financial Markets - Market Integration

Related subjects » European Integration - Financial Economics - International Economics / European Integration - Regional / Spatial Science

Table of contents 

Literature Review.- Definition of Research Questions and Hypotheses.- Methodology.- Review of Empirical Data.- Findings and Discussion.- Conclusions.

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