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733 results, from 631
FINESS Working Papers 1.1a / 2009

How Does European Integration Affect the European Stock Markets?

This paper examines the integration of stock markets in Germany, France, Netherlands, Ireland and UK over the January 1973- August 2008 period at the aggregate market and industry level considering the following industries: basic materials, consumer goods, industrials, consumer services, health care and financials. The analysis is practised by using correlation analysis, beta-convergence and sigma-convergence ...

2009| Burcu Erdogan
FINESS Working Papers 1.1b / 2009

European Financial Market Integration: A Closer Look at Government Bonds in Eurozone Countries

The European Union made a number of steps not least of them the introduction of a common currency to foster the integration of the European financial markets. A number of papers have tried to gauge the degree of integration for various financial markets looking at the convergence of interest rates. A common finding is that government bond markets are quite well integrated. In this paper stochastic ...

2009| Sebastian Weber
FINESS Working Papers 2.2 / 2009

Bank Ownership, Firm Value and Firm Capital Structure in Europe

We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the firms in which they hold equity. Our main finding is that after controlling for the capital structure decision ...

2009| Lieven Baert, Rudi Vander Vennet
Diskussionspapiere 864 / 2009

European Financial Market Integration: A Closer Look at Government Bonds in Eurozone Countries

The European Union made a number of steps not least of them the introduction of a common currency to foster the integration of the European financial markets. A number of papers have tried to gauge the degree of integration for various financial markets looking at the convergence of interest rates. A common finding is that government bond markets are quite well integrated. In this paper stochastic ...

2009| Sebastian Weber
Economics of Security Working Paper Series 8 / 2009

Big Questions, Little Answers: Terrorism Activity, Investor Sentiment and Stock Returns

Motivated by the investor sentiment literature and assuming that terrorist activity influences investor mood the paper explores whether terrorism exerts a significant negative impact on daily stock market returns for a sample of 22 countries. The employed empirical specifications are based on flexible versions of the World CAPM allowing for autoregressive conditional heteroscedasticity. The results ...

2009| Konstantinos Drakos
FINESS Working Papers 1.2 / 2009

Financial Convergence in the New EU Member States

In this paper we explore the issue of financial convergence in the new EU member states (NMS). For the purposes of our analysis the countries falling into the category NMS are Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia, i.e. all countries that joined the EU in the last decade, except Cyprus and Malta.

2009| Kalin Hristov, Rossen Rozenov
FINESS Working Papers 1.1d / 2009

The Financial Integration of the European Union: Common and Idiosyncratic Drivers

The purpose of this paper is to establish how far the process of financial integration has gone in the European Union. There is growing evidence that the appearance of the Euro has accelerated the integration of a number of financial markets among those countries who have adopted the Euro. We identify the growth in financial integration as the process by which idiosyncratic factors at the national ...

2009| Chris Higson, Sean Holly, Ivan Petrella
FINESS Working Papers 1.4 / 2009

The Macroeconomic Effects of European Financial Development: A Heterogenous Panel Analysis

This paper investigates the macroeconomic benefits of international financial integration and domestic financial sector development for the European Union. The sample consists of 26 European countries with annual data during the period 1970.2004. We attempt to exploit more fully the temporal dimension in the data by making use of the common correlated effects (CCE) estimator. We also account for the ...

2009| Sean Holly, Mehdi Raissi
Diskussionspapiere 885 / 2009

How Does European Integration Affect the European Stock Markets?

This paper examines the integration of stock markets in Germany, France, Netherlands, Ireland and UK over January 1973-August 2008 at the aggregate market and industry level considering the following industries: basic materials, consumer goods, industrials, consumer services, health care and financials. The analysis is carried out by using correlation analysis, ß-convergence and s-convergence methods. ...

2009| Burcu Erdogan
Weekly Report 9 / 2009

Productivity in the Financial Sector: Brains Are More Important than Computers

A conventional decomposition of the financial sector's gross value added growth into its various components indicates that investments in Information and Communication Technologies are highly important. However, a more comprehensive calculation reveals that growth is the result of - in particular - the increased deployment of medium-skilled labour, without whom the technological potential could not ...

2009| Georg Erber, Reinhard Madlener
733 results, from 631
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