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European equity markets: toward 1992 and beyond

Author: Hawawini, Gabriel ; Jacquillat, BertrandINSEAD Area: Finance In: European banking in the 1990s - Dermine, Jean - 1993 - INSEAD Book Language: EnglishDescription: p. 69-104.Type of document: INSEAD ChapterNote: Please ask the Library for this chapter.Abstract: This chapter examines the implications of European economic integration for the future of European stock exchanges. It is structured into three sections and begins with an overview of the current structure and operation of European equity markets, assesses their informational efficiency and summarises the European Commission's key reforms specific to the securities industry. Section II examines various issues in pan-European portfolio diversification and provides empirical evidence to support the argument that large risk-reduction benefits accrue to investors as they diversify their portfolios across European equities. It further argues that any decline in risk-reduction opportunities due to European economic integration should be more than offset by gains from increased informational and operational efficiencies as well as enhanced market liquidity. The final section presents several hypotheses as to the possible structure and dynamics of European equity markets beyond 1992
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This chapter examines the implications of European economic integration for the future of European stock exchanges. It is structured into three sections and begins with an overview of the current structure and operation of European equity markets, assesses their informational efficiency and summarises the European Commission's key reforms specific to the securities industry. Section II examines various issues in pan-European portfolio diversification and provides empirical evidence to support the argument that large risk-reduction benefits accrue to investors as they diversify their portfolios across European equities. It further argues that any decline in risk-reduction opportunities due to European economic integration should be more than offset by gains from increased informational and operational efficiencies as well as enhanced market liquidity. The final section presents several hypotheses as to the possible structure and dynamics of European equity markets beyond 1992

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