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

Begoña Font Belaire , Alfredo-Juan Grau-Grau

• 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.