European Union enlargement and equity markets in accession countries

The announcement of European Union enlargement coincided with a dramatic rise in stock prices in accession countries. This paper investigates the hypothesis that the rise in stock prices was a result of the repricing of systematic risk due to the integration of accession countries into the world mar...

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Bibliographic Details
Published in:Policy File 2005
Main Authors: Dvorak, Tomas, Podpiera, Richard
Format: Report
Language:English
Subjects:
Banking/Finance
Economic policy
European Central Bank
Online Access:Request full text
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Summary:The announcement of European Union enlargement coincided with a dramatic rise in stock prices in accession countries. This paper investigates the hypothesis that the rise in stock prices was a result of the repricing of systematic risk due to the integration of accession countries into the world market.