Oxford Review of Economic Policy volume 20, issue 4, P555-570 2004 DOI: 10.1093/oxrep/grh032 View full text
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K. Adjaoute

Abstract: 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 narr…

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