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Iberian Financial Integration

Authors 
Ano de Divulgação 
1999
Código JEL 
G11 - Portfolio Choice
G12 - Asset Pricing
G14 - Information and Market Efficiency; Event Studies
G15 - International Financial Markets
Resumo 
Pricing discrepancies in the Iberian stock market are assessed. The estimation results suggest three conclusions. When considered individually each of the three stock markets considered, Frankfurt, Lisbon and Madrid Stock Exchanges, constitutes an almost perfectly integrated market. Even though the achieved level of integration between the three pairs of the stock markets considered is large, it can be improved upon. The level of integration achieved by the Iberian stock markets is lower than the one achieved between each Iberian market and the Frankfurt market.
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