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

By: Southall, Tony F [author.].
Contributor(s): SpringerLink (Online service).
Material type: materialTypeLabelBookSeries: Contributions to Economics: Publisher: Heidelberg : Physica-Verlag HD, 2008.Description: XVIII, 190 p. 39 illus. online resource.Content type: text Media type: computer Carrier type: online resourceISBN: 9783790820744.Subject(s): Macroeconomics | International economics | European Economic Community literature | Regional economics | Spatial economics | Economics | European Integration | International Economics | Regional/Spatial Science | Macroeconomics/Monetary Economics//Financial EconomicsDDC classification: 337.142 Online resources: Click here to access online
Contents:
Literature Review -- Definition of Research Questions and Hypotheses -- Methodology -- Review of Empirical Data -- Findings and Discussion -- Conclusions.
In: Springer eBooksSummary: 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.
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Item type Current location Call number Status Date due Barcode Item holds
E books E books PK Kelkar Library, IIT Kanpur
Available EBK7255
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Literature Review -- Definition of Research Questions and Hypotheses -- Methodology -- Review of Empirical Data -- Findings and Discussion -- Conclusions.

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.

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