The effects of European Union accession on the integration and performance of equity markets in European transition countries

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1. Verfasser: Southall, Tony (VerfasserIn)
Format: Abschlussarbeit Buch
Sprache:English
Veröffentlicht: 2008
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Datensatz im Suchindex

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adam_text TABLE OF CONTENTS LIST OF FIGURES V LIST OF TABLES VI 1 INTRODUCTION * 1 1.1 RESEARCH BACKGROUND 1 1.2 SCOPE OF RESEARCH 3 1.3 CONTRIBUTION OF RESEARCH 5 1.4 DEFINITION OF KEY TERMS 8 1.4.1 DEFINITION OF EUROPEAN TRANSITION ECONOMIES 8 1.4.2 DEFINITION OF EUROPEAN UNION MEMBERSHIP 9 1.4.3 DEFINITION OF EFFECTS ON EQUITY MARKETS 11 1.5 STRUCTURE OF DISSERTATION 13 2 LITERATURE REVIEW ; 15 2.1 PERFORMANCE CHARACTERISTICS OF EMERGING MARKETS 15 2.1.1 RETURN AND VOLATILITY CHARACTERISTICS 16 2.1.2 CO-MOVEMENT BETWEEN EMERGING MARKETS AND WORLD MARKETS 18 2.2 MARKET INTEGRATION 21 2.2.1 DISTINGUISHING BETWEEN MARKET INTEGRATION AND MARKET LIBERALISATION 21 2.2.2 THEORY OF MARKET INTEGRATION * * 23 2.2.3 EMPIRICAL MARKET INTEGRATION RESEARCH 27 2.2.3.1 MEASURES AND DATES OF MARKET LIBERALISATION AND INTEGRATION 28 2.2.3.2 EFFECTS OF LIBERALISATION AND INTEGRATION ON THE CHARACTER OF EQUITY RETURNS. 31 2.3 REGIONAL MARKET INTEGRATION 34 2.3.1 WELFARE EFFECTS OF REGIONAL MARKET INTEGRATION 34 2.3.2 MARKET INTEGRATION EFFECTS OF THE EU ENLARGEMENT 35 2.4 MARKET INTEGRATION AND CORPORATE GOVERNANCE 37 2.4.1 THEORETICAL LINK BETWEEN CORPORATE GOVERNANCE AND ASSET PRICING 38 2.4.2 EMPIRICAL EVIDENCE LINKING GOVERNANCE AND ASSET PRICING 39 2.5 CONCLUDING REMARKS ON LITERATURE REVIEW . 40 3 DEFINITION OF RESEARCH QUESTIONS AND HYPOTHESES 41 I 3.1 EU ACCESSION AND EQUITY MARKET INTEGRATION , 42 3.1.1 IMPACT OF EU ACCESSION ON LEVEL OF CO-MOVEMENT 45 3.1.2 IMPACT OF EU ACCESSION ON INFLUENCE BY MACROECONOMIC FACTORS 46 3.2 EU ACCESSION AND EQUITY MARKET PERFORMANCE 48 3.2.1 IMPACT OF EU ACCESSION ON EQUITY MARKET VOLATILITY 49 3.2.2 IMPACT OF EU ACCESSION ON EQUITY MARKET RETURNS 53 3.3 CONCLUDING REMARKS ON RESEARCH QUESTIONS AND HYPOTHESES 57 RESEARCH METHODOLOGY 58 4.1 IMPACT OF EU ACCESSION ON LEVEL OF INTEGRATION 58 4.1.1 CO-MOVEMENT OF EQUITY MARKET RETURNS 59 4.1.1.1 SIGNIFICANT DIFFERENCE IN CORRELATION BEFORE AND AFTER EU ACCESSION 60 4.1.1.2 CORRELATION COEFFICIENT SIGNIFICANTLY DIFFERENT FROM ZERO 61 4.1.1.3 TIME-VARYING TRENDS IN CORRELATION COEFFICIENTS 62 4.1.2 INFLUENCE OF GLOBAL AND LOCAL MACROECONOMIC FACTORS 63 4.1.2.1 DEFINITION OF RELEVANT GLOBAL AND LOCAL MACROECONOMIC FACTORS 64 4.1.2.2 STATISTICAL TEST OF CHANGE IN INFLUENCE OF GLOBAL AND LOCAL FACTORS 67 4.2 IMPACT OF EU ACCESSION ON PERFORMANCE , 72 4.2.1 IMPACT OF EU ACCESSION ON EQUITY MARKET VOLATILITY 72 4.2.1.1 TIME-VARYING TRENDS IN STANDARD DEVIATION 72 4.2.1.2 STATISTICAL TEST OF CHANGE IN LEVEL OF VOLATILITY 73 4.2.2 IMPACT OF EU ACCESSION ON EQUITY MARKET RETURN 74 4.2.2.1 TIME-VARYING TRENDS IN INDEX CLOSING PRICE 74 4.2.2.2 STATISTICAL TEST OF CHANGE IN LEVEL OF EQUITY MARKET RETURN 75 4.2.2.3 CHANGE IN RISK-ADJUSTED EQUITY MARKET RETURN LEVELS 77 4.3 CONCLUDING REMARKS ON RESEARCH METHODOLOGY , 78 REVIEW OF EMPIRICAL DATA 79 5.1 REVIEW OF QUALITATIVE INFORMATION AND DATA 80 5.1.1 LIBERALISATION OF EASTERN EUROPEAN FINANCIAL MARKETS 80 5.1.2 INITIATION OF EQUITY TRADING IN EUROPEAN TRANSITION ECONOMIES 81 5.1.3 EU ACCESSION PROCESS OF EASTERN EUROPEAN ECONOMIES 83 5.1.3.1 ENLARGEMENT OF THE EUROPEAN UNION 83 5.1.3.2 EU ACCESSION CRITERIA 86 5.1.3.3 RELEVANT DATES OF EU ACCESSION OF EASTERN EUROPEAN ECONOMIES 87 5.2 REVIEW OF QUANTITATIVE DATA SAMPLES 89 5.2.1 MARKET RETURN DATA FOR EUROPEAN TRANSITION ECONOMIES 89 5.2.1.1 LOCAL EQUITY MARKETS » 90 5.2.1.2 SELECTION OF EQUITY MARKET INDICES 91 5.2.1.3 CONCENTRATION AND INDUSTRY DISTRIBUTION OF LOCAL EQUITY MARKET INDICES 96 5.2.1.4 SELECTED TIME HORIZON 98 5.2.1.5 DESCRIPTION OF LOCAL MARKET RETURN DATA SAMPLE 99 5.2.1.6 EFFECTS OF SURVIVORSHIP BIASES IN EQUITY INDICES 107 5.2.1.7 BIAS EFFECTS OF INFLATION 108 5.2.2 RETURN DATA ON GLOBAL AND EUROPEAN INDICES 110 5.2.3 DATA ON GLOBAL AND LOCAL MACROECONOMIC FACTORS 113 5.2.3.1 GLOBAL MACROECONOMIC FACTORS 113 5.2.3.2 LOCAL MACROECONOMIC FACTORS 114 5.2.3.3 CORRESPONDING MARKET RETURN DATA 117 5.2.4 DEPOSIT RATES FOR CALCULATION OF RISK-ADJUSTED RETURN MEASURE 118 5.3 CONCLUDING REMARKS ON REVIEW OF EMPIRICAL DATA .,... 119 6 FINDINGS AND DISCUSSION 121 6.1 FINDINGS ON IMPACT OF EU ACCESSION ON EQUITY MARKET INTEGRATION 121 6.1.1 FINDINGS ON CHANGE IN CO-MOVEMENT BETWEEN LOCAL AND GLOBAL INDICES 121 6.1.1.1 TEST OF DIFFERENCE IN LEVEL OF CORRELATION BEFORE AND AFTER EU ACCESSION... 121 6.1.1.2 TEST OF CORRELATION COEFFICIENT SIGNIFICANTLY DIFFERENT FROM ZERO 126 6.1.1.3 ANALYSIS OF TIME-VARYING TRENDS IN CORRELATION COEFFICIENTS 128 6.1.1.4 SUMMARY OF TEST RESULTS OF CHANGE IN LEVEL OF CO-MOVEMENT OF RETURNS 133 6.1.2 FINDINGS ON CHANGE IN LEVEL OF INFLUENCE OF MACROECONOMIC FACTORS 135 6.1.2.1 TEST OF CHANGE IN LEVEL OF INFLUENCE OF GLOBAL MACROECONOMIC FACTORS ..... 135 6.1.2.2 TEST OF CHANGE IN LEVEL OF INFLUENCE OF LOCAL MACROECONOMIC FACTORS 145 6.1.2.3 SUMMARY OF TEST OF CHANGE IN INFLUENCE OF MACROECONOMIC FACTORS 153 6.2 FINDINGS ON IMPACT OF EU ACCESSION ON EQUITY MARKET PERFORMANCE 155 6.2.1 FINDINGS ON IMPACT OF EU ACCESSION ON EQUITY MARKET VOLATILITY 155 6.2.1.1 TIME-VARYING TRENDS OF STANDARD DEVIATION 155 6.2.1.2 TEST OF SIGNIFICANT DIFFERENCE IN VOLATILITY OF RETURNS 158 6.2.1.3 SUMMARY OF TEST OF SIGNIFICANT DIFFERENCE IN VOLATILITY OF RETURNS 161 6.2.2 FINDINGS ON IMPACT OF EU ACCESSION ON RETURN LEVELS 161 6.2.2.1 TIME-VARYING TRENDS IN CLOSING PRICES 161 6.2.2.2 TEST OF SIGNIFICANT DIFFERENCE IN MEAN RETURNS 166 6.2.2.3 SUMMARY OF TESTS OF SIGNIFICANT DIFFERENCE IN MEAN RETURNS 169 6.3 CONCLUDING REMARKS ON FINDINGS AND DISCUSSION 170 7 CONCLUSIONS ..*****..*» 171 7.1 INTERPRETATION OF RESULTS 172 7.1.1 EU ACCESSION AND LEVEL OF CO-MOVEMENT OF EQUITY RETURNS 172 7.1.2 EU ACCESSION AND INFLUENCE OF MACROECONOMIC FACTORS ON EQUITY RETURNS 175 7.1.3 EU ACCESSION AND EQUITY MARKET VOLATILITY AND RETURN , 180 7.2 LIMITATIONS OF STUDY ! 181 7.2.1 LIMITATIONS RELATED TO DATA SAMPLES , 182 7.2.2 LIMITATIONS RELATED TO RESEARCH METHODOLOGY 183 7.3 CONTRIBUTIONS AND IMPLICATIONS OF RESEARCH 184 7.3.1 CONTRIBUTION TO ACADEMIA 184 7.3.2 CONTRIBUTION TO PRACTICE. 185 7.4 FURTHER RESEARCH 187 7.5 CONCLUDING REMARKS 188 REFERENCES 189 APPENDIX MATERIAL 200 APPENDIX 1: INDEX CONSTITUENTS BY MARKET AS OF END OF YEAR 2005 * 200 APPENDIX 2: DETAILED SOVEREIGN CREDIT RATING DATA 207 APPENDIX 3: EXCHANGE RATES APPLIED IN THE ANALYSIS 209 APPENDIX 4: ROLLING 26-WEEK CORRELATION COEFFICIENTS OF GLOBAL AND LOCAL EQUITY MARKET INDICES 212 APPENDIX 5: LIST OF ABBREVIATIONS APPLIED IN TEXT 220 APPENDIX 6: LIST OF VARIABLE ACRONYMS .222 IV
adam_txt TABLE OF CONTENTS LIST OF FIGURES V LIST OF TABLES VI 1 INTRODUCTION * 1 1.1 RESEARCH BACKGROUND 1 1.2 SCOPE OF RESEARCH 3 1.3 CONTRIBUTION OF RESEARCH 5 1.4 DEFINITION OF KEY TERMS 8 1.4.1 DEFINITION OF EUROPEAN TRANSITION ECONOMIES 8 1.4.2 DEFINITION OF EUROPEAN UNION MEMBERSHIP 9 1.4.3 DEFINITION OF EFFECTS ON EQUITY MARKETS 11 1.5 STRUCTURE OF DISSERTATION 13 2 LITERATURE REVIEW ; 15 2.1 PERFORMANCE CHARACTERISTICS OF EMERGING MARKETS 15 2.1.1 RETURN AND VOLATILITY CHARACTERISTICS 16 2.1.2 CO-MOVEMENT BETWEEN EMERGING MARKETS AND WORLD MARKETS 18 2.2 MARKET INTEGRATION 21 2.2.1 DISTINGUISHING BETWEEN MARKET INTEGRATION AND MARKET LIBERALISATION 21 2.2.2 THEORY OF MARKET INTEGRATION * * 23 2.2.3 EMPIRICAL MARKET INTEGRATION RESEARCH 27 2.2.3.1 MEASURES AND DATES OF MARKET LIBERALISATION AND INTEGRATION 28 2.2.3.2 EFFECTS OF LIBERALISATION AND INTEGRATION ON THE CHARACTER OF EQUITY RETURNS. 31 2.3 REGIONAL MARKET INTEGRATION 34 2.3.1 WELFARE EFFECTS OF REGIONAL MARKET INTEGRATION 34 2.3.2 MARKET INTEGRATION EFFECTS OF THE EU ENLARGEMENT 35 2.4 MARKET INTEGRATION AND CORPORATE GOVERNANCE 37 2.4.1 THEORETICAL LINK BETWEEN CORPORATE GOVERNANCE AND ASSET PRICING 38 2.4.2 EMPIRICAL EVIDENCE LINKING GOVERNANCE AND ASSET PRICING 39 2.5 CONCLUDING REMARKS ON LITERATURE REVIEW .' 40 3 DEFINITION OF RESEARCH QUESTIONS AND HYPOTHESES 41 I 3.1 EU ACCESSION AND EQUITY MARKET INTEGRATION , 42 3.1.1 IMPACT OF EU ACCESSION ON LEVEL OF CO-MOVEMENT 45 3.1.2 IMPACT OF EU ACCESSION ON INFLUENCE BY MACROECONOMIC FACTORS 46 3.2 EU ACCESSION AND EQUITY MARKET PERFORMANCE 48 3.2.1 IMPACT OF EU ACCESSION ON EQUITY MARKET VOLATILITY 49 3.2.2 IMPACT OF EU ACCESSION ON EQUITY MARKET RETURNS 53 3.3 CONCLUDING REMARKS ON RESEARCH QUESTIONS AND HYPOTHESES 57 RESEARCH METHODOLOGY 58 4.1 IMPACT OF EU ACCESSION ON LEVEL OF INTEGRATION 58 4.1.1 CO-MOVEMENT OF EQUITY MARKET RETURNS 59 4.1.1.1 SIGNIFICANT DIFFERENCE IN CORRELATION BEFORE AND AFTER EU ACCESSION 60 4.1.1.2 CORRELATION COEFFICIENT SIGNIFICANTLY DIFFERENT FROM ZERO 61 4.1.1.3 TIME-VARYING TRENDS IN CORRELATION COEFFICIENTS 62 4.1.2 INFLUENCE OF GLOBAL AND LOCAL MACROECONOMIC FACTORS 63 4.1.2.1 DEFINITION OF RELEVANT GLOBAL AND LOCAL MACROECONOMIC FACTORS 64 4.1.2.2 STATISTICAL TEST OF CHANGE IN INFLUENCE OF GLOBAL AND LOCAL FACTORS 67 4.2 IMPACT OF EU ACCESSION ON PERFORMANCE , 72 4.2.1 IMPACT OF EU ACCESSION ON EQUITY MARKET VOLATILITY 72 4.2.1.1 TIME-VARYING TRENDS IN STANDARD DEVIATION 72 4.2.1.2 STATISTICAL TEST OF CHANGE IN LEVEL OF VOLATILITY 73 4.2.2 IMPACT OF EU ACCESSION ON EQUITY MARKET RETURN 74 4.2.2.1 TIME-VARYING TRENDS IN INDEX CLOSING PRICE 74 4.2.2.2 STATISTICAL TEST OF CHANGE IN LEVEL OF EQUITY MARKET RETURN 75 4.2.2.3 CHANGE IN RISK-ADJUSTED EQUITY MARKET RETURN LEVELS 77 4.3 CONCLUDING REMARKS ON RESEARCH METHODOLOGY , 78 REVIEW OF EMPIRICAL DATA 79 5.1 REVIEW OF QUALITATIVE INFORMATION AND DATA 80 5.1.1 LIBERALISATION OF EASTERN EUROPEAN FINANCIAL MARKETS 80 5.1.2 INITIATION OF EQUITY TRADING IN EUROPEAN TRANSITION ECONOMIES 81 5.1.3 EU ACCESSION PROCESS OF EASTERN EUROPEAN ECONOMIES 83 5.1.3.1 ENLARGEMENT OF THE EUROPEAN UNION 83 5.1.3.2 EU ACCESSION CRITERIA 86 5.1.3.3 RELEVANT DATES OF EU ACCESSION OF EASTERN EUROPEAN ECONOMIES 87 5.2 REVIEW OF QUANTITATIVE DATA SAMPLES 89 5.2.1 MARKET RETURN DATA FOR EUROPEAN TRANSITION ECONOMIES 89 5.2.1.1 LOCAL EQUITY MARKETS » 90 5.2.1.2 SELECTION OF EQUITY MARKET INDICES 91 5.2.1.3 CONCENTRATION AND INDUSTRY DISTRIBUTION OF LOCAL EQUITY MARKET INDICES 96 5.2.1.4 SELECTED TIME HORIZON 98 5.2.1.5 DESCRIPTION OF LOCAL MARKET RETURN DATA SAMPLE 99 5.2.1.6 EFFECTS OF SURVIVORSHIP BIASES IN EQUITY INDICES 107 5.2.1.7 BIAS EFFECTS OF INFLATION 108 5.2.2 RETURN DATA ON GLOBAL AND EUROPEAN INDICES 110 5.2.3 DATA ON GLOBAL AND LOCAL MACROECONOMIC FACTORS 113 5.2.3.1 GLOBAL MACROECONOMIC FACTORS 113 5.2.3.2 LOCAL MACROECONOMIC FACTORS 114 5.2.3.3 CORRESPONDING MARKET RETURN DATA 117 5.2.4 DEPOSIT RATES FOR CALCULATION OF RISK-ADJUSTED RETURN MEASURE 118 5.3 CONCLUDING REMARKS ON REVIEW OF EMPIRICAL DATA .,. 119 6 FINDINGS AND DISCUSSION 121 6.1 FINDINGS ON IMPACT OF EU ACCESSION ON EQUITY MARKET INTEGRATION 121 6.1.1 FINDINGS ON CHANGE IN CO-MOVEMENT BETWEEN LOCAL AND GLOBAL INDICES 121 6.1.1.1 TEST OF DIFFERENCE IN LEVEL OF CORRELATION BEFORE AND AFTER EU ACCESSION. 121 6.1.1.2 TEST OF CORRELATION COEFFICIENT SIGNIFICANTLY DIFFERENT FROM ZERO 126 6.1.1.3 ANALYSIS OF TIME-VARYING TRENDS IN CORRELATION COEFFICIENTS 128 6.1.1.4 SUMMARY OF TEST RESULTS OF CHANGE IN LEVEL OF CO-MOVEMENT OF RETURNS 133 6.1.2 FINDINGS ON CHANGE IN LEVEL OF INFLUENCE OF MACROECONOMIC FACTORS 135 6.1.2.1 TEST OF CHANGE IN LEVEL OF INFLUENCE OF GLOBAL MACROECONOMIC FACTORS . 135 6.1.2.2 TEST OF CHANGE IN LEVEL OF INFLUENCE OF LOCAL MACROECONOMIC FACTORS 145 6.1.2.3 SUMMARY OF TEST OF CHANGE IN INFLUENCE OF MACROECONOMIC FACTORS 153 6.2 FINDINGS ON IMPACT OF EU ACCESSION ON EQUITY MARKET PERFORMANCE 155 6.2.1 FINDINGS ON IMPACT OF EU ACCESSION ON EQUITY MARKET VOLATILITY 155 6.2.1.1 TIME-VARYING TRENDS OF STANDARD DEVIATION 155 6.2.1.2 TEST OF SIGNIFICANT DIFFERENCE IN VOLATILITY OF RETURNS 158 6.2.1.3 SUMMARY OF TEST OF SIGNIFICANT DIFFERENCE IN VOLATILITY OF RETURNS 161 6.2.2 FINDINGS ON IMPACT OF EU ACCESSION ON RETURN LEVELS 161 6.2.2.1 TIME-VARYING TRENDS IN CLOSING PRICES 161 6.2.2.2 TEST OF SIGNIFICANT DIFFERENCE IN MEAN RETURNS 166 6.2.2.3 SUMMARY OF TESTS OF SIGNIFICANT DIFFERENCE IN MEAN RETURNS 169 6.3 CONCLUDING REMARKS ON FINDINGS AND DISCUSSION 170 7 CONCLUSIONS .*****.*» 171 7.1 INTERPRETATION OF RESULTS 172 7.1.1 EU ACCESSION AND LEVEL OF CO-MOVEMENT OF EQUITY RETURNS 172 7.1.2 EU ACCESSION AND INFLUENCE OF MACROECONOMIC FACTORS ON EQUITY RETURNS 175 7.1.3 EU ACCESSION AND EQUITY MARKET VOLATILITY AND RETURN , 180 7.2 LIMITATIONS OF STUDY ! 181 7.2.1 LIMITATIONS RELATED TO DATA SAMPLES , 182 7.2.2 LIMITATIONS RELATED TO RESEARCH METHODOLOGY 183 7.3 CONTRIBUTIONS AND IMPLICATIONS OF RESEARCH 184 7.3.1 CONTRIBUTION TO ACADEMIA 184 7.3.2 CONTRIBUTION TO PRACTICE. 185 7.4 FURTHER RESEARCH 187 7.5 CONCLUDING REMARKS 188 REFERENCES 189 APPENDIX MATERIAL 200 APPENDIX 1: INDEX CONSTITUENTS BY MARKET AS OF END OF YEAR 2005 * 200 APPENDIX 2: DETAILED SOVEREIGN CREDIT RATING DATA 207 APPENDIX 3: EXCHANGE RATES APPLIED IN THE ANALYSIS 209 APPENDIX 4: ROLLING 26-WEEK CORRELATION COEFFICIENTS OF GLOBAL AND LOCAL EQUITY MARKET INDICES 212 APPENDIX 5: LIST OF ABBREVIATIONS APPLIED IN TEXT 220 APPENDIX 6: LIST OF VARIABLE ACRONYMS .222 IV
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spelling Southall, Tony Verfasser aut
The effects of European Union accession on the integration and performance of equity markets in European transition countries submitted by Tony Southall
2008
VII, 224 S. graph. Darst.
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n rdamedia
nc rdacarrier
St. Gallen, Univ., Diss., 2008 Dissertation Nr. 3409
Europäische Union (DE-588)5098525-5 gnd rswk-swf
Dissertation / Thesis - 18
Übergangswirtschaft / EU-Erweiterung / Ankündigungseffekt / Internationaler Finanzmarkt / Marktintegration / EU-Staaten (Osteuropa)
Aktienmarkt (DE-588)4130931-5 gnd rswk-swf
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Schwellenländer (DE-588)4053920-9 gnd rswk-swf
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spellingShingle Southall, Tony
The effects of European Union accession on the integration and performance of equity markets in European transition countries
Europäische Union (DE-588)5098525-5 gnd
Dissertation / Thesis - 18
Übergangswirtschaft / EU-Erweiterung / Ankündigungseffekt / Internationaler Finanzmarkt / Marktintegration / EU-Staaten (Osteuropa)
Aktienmarkt (DE-588)4130931-5 gnd
Beitrittsstaaten (DE-588)4698392-2 gnd
Auswirkung (DE-588)4112646-4 gnd
Erweiterung (DE-588)4128080-5 gnd
Kapitalmarkt (DE-588)4029578-3 gnd
subject_GND (DE-588)5098525-5
(DE-588)4130931-5
(DE-588)4698392-2
(DE-588)4112646-4
(DE-588)4128080-5
(DE-588)4029578-3
(DE-588)4053920-9
(DE-588)4075739-0
(DE-588)4113937-9
title The effects of European Union accession on the integration and performance of equity markets in European transition countries
title_auth The effects of European Union accession on the integration and performance of equity markets in European transition countries
title_exact_search The effects of European Union accession on the integration and performance of equity markets in European transition countries
title_exact_search_txtP ˜Theœ effects of European Union accession on the integration and performance of equity markets in European transition countries
title_full The effects of European Union accession on the integration and performance of equity markets in European transition countries submitted by Tony Southall
title_fullStr The effects of European Union accession on the integration and performance of equity markets in European transition countries submitted by Tony Southall
title_full_unstemmed The effects of European Union accession on the integration and performance of equity markets in European transition countries submitted by Tony Southall
title_short The effects of European Union accession on the integration and performance of equity markets in European transition countries
title_sort the effects of european union accession on the integration and performance of equity markets in european transition countries
topic Europäische Union (DE-588)5098525-5 gnd
Dissertation / Thesis - 18
Übergangswirtschaft / EU-Erweiterung / Ankündigungseffekt / Internationaler Finanzmarkt / Marktintegration / EU-Staaten (Osteuropa)
Aktienmarkt (DE-588)4130931-5 gnd
Beitrittsstaaten (DE-588)4698392-2 gnd
Auswirkung (DE-588)4112646-4 gnd
Erweiterung (DE-588)4128080-5 gnd
Kapitalmarkt (DE-588)4029578-3 gnd
topic_facet Europäische Union
Dissertation / Thesis - 18
Übergangswirtschaft / EU-Erweiterung / Ankündigungseffekt / Internationaler Finanzmarkt / Marktintegration / EU-Staaten (Osteuropa)
Aktienmarkt
Beitrittsstaaten
Auswirkung
Erweiterung
Kapitalmarkt
Schwellenländer
Osteuropa
Hochschulschrift
url http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016430969&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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