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European equity markets: toward 1992 and beyond

Author: Hawawini, Gabriel ; Jacquillat, BertrandINSEAD Area: Finance Series: Working Paper ; 90/05/FIN/EPS Publisher: Fontainebleau : INSEAD, 1990.Language: EnglishDescription: 49 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: This paper is structured into three sections, and begins with an examination of the current (albeit rapidly evolving) structure and operations 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 largerisk-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/operational efficiency, and enhanced market liquidity. Section III presents several hypotheses as to the possible structure and dynamics of European equity markets beyond 1992.It also identifies a number of obstacles on the road to European equity markets integration
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This paper is structured into three sections, and begins with an examination of the current (albeit rapidly evolving) structure and operations 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 largerisk-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/operational efficiency, and enhanced market liquidity. Section III presents several hypotheses as to the possible structure and dynamics of European equity markets beyond 1992.It also identifies a number of obstacles on the road to European equity markets integration

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