Biotechs await single European financial market

The Euro and European Financial Market Integration

We use a time-varying copula model to investigate the impact of the introduction of the Euro on the dependence between seventeen European stock markets during the period 1994-2003. The model is implemented with a GJR-GARCH-t model for marginal distributions and the Gaussian copula for the joint distribution, which allows capturing time-varying, non-linear relationships. The results show that wi...

EXPECTED PAYOFF OF TRADING STRATEGIES INVOLVING EUROPEAN OPTIONS FOR FUZZY FINANCIAL MARKET

Uncertainty inherent in the financial market was usually consid- ered to be random. However, randomness is only one special type of uncer- tainty and appropriate when describing objective information. For describing subjective information it is preferred to assume that uncertainty is fuzzy. This paper defines the expected payoof trading strategies in a fuzzy financial market within the framewor...

The European Union : Single Market Pressures

Pharos - The Single European Market Adviser

The formation of the single European market (SEM) will create a new business environment in Europe. The competitiveness and, indeed, the survival of many United Kingdom businesses depends on how well they understand and react to the threats and opportunities presented by opening up Europe and associated industry restructuring. Expertise in single-market issues and legislation is scarce and expe...

European Financial Market Integration, Private Investment and Employment Creation

The process of financial integration in Europe has gathered pace in recent years with the introduction of the EMU, but reflects a much longer and deeper process of capital market liberalisation and expansion of large financial intermediaries. This process has been extensively studied, but mainly from the point of view of financial market efficiency – particularly the degree of inter-bank bank c...