Equity Returns and Integration: Is Europe Changing?

Détails

Ressource 1Télécharger: serval:BIB_377CF06FFB95.P001 (221.79 [Ko])
Etat: Public
Version: de l'auteur
Licence: Non spécifiée
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ID Serval
serval:BIB_377CF06FFB95
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Institution
Titre
Equity Returns and Integration: Is Europe Changing?
Périodique
Oxford Review of Economic Policy
Auteur(s)
Adjaoute K.
ISSN
1460-2121
Statut éditorial
Publié
Date de publication
2004
Peer-reviewed
Oui
Volume
20
Numéro
4
Pages
555-570
Langue
anglais
Résumé
This paper analyses the consequences of the process of financial and economic integration on European equity markets. It documents significant changes in ‘fundamentals’, notably an increased synchronization of macroeconomic activities, and a non-negligible evolution in pricing, with a decrease in the cost of capital and converging equity premiums. As to equity returns themselves, in the face of what could turn out to be long-run upward trends in the correlations among both country and sector returns and a narrowing of the superiority of country factors, the benefits to be gained from finding diversification opportunities at a more disaggregated level appear to be higher than ever.
Web of science
Open Access
Oui
Création de la notice
16/07/2018 15:45
Dernière modification de la notice
01/10/2019 7:17
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