¿Cómo se valoran las acciones españolas: en el mercado de capitales doméstico o en el europeo?

• Autores: Begoña Font Belaire , Alfredo-Juan Grau-Grau
• Localización: Notas técnicas: [continuación de Documentos de Trabajo FUNCAS], ISSN-e 1988-8767, Nº. 470, 2009
• Idioma: español
• Enlaces
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• Resumen

  • This paper examines the hypothesis of integration Spanish stock market in the European stock market in the period 1993-2004 that comprises the process of the European Monetary Union (EMU). Despite our rejection to the hypothesis of integration for pre-euro and post-euro subperiods, we find strong evidences against segmentation and our findings are consistent with a move to an European stock market integration over time. In addition to this, our investigation provides a measure of the premia associated with the risks to segmentation and no-integration of different assets and some forecast market indicators of risk premiums associated to the same.