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The Euro And Corporate Valuations: The Case Of Greece

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  • Pungulescu, Crina

    ()
    (Business School -ESEC, Groupe Ecole Sup´erieure de Commerce de Toulouse, Department of Economics-Finance)

  • Tümer Alkan, Günseli

    ()
    (Vrije Universiteit Amsterdam, Department of Finance, De Boelelaan 1105, 1081 HV Amsterdam, The Netherlands)

Abstract

This paper investigates the impact of the euro on corporate valuations in Greece. Previous empirical results for the ten countries that founded the Monetary Union (EMU) uncovered various positive effects of the common currency. Greece who joined EMU later, coming from a weaker macroeconomic background is expected to benefit substantially from the strong commitment of being part of a currency union. Our results show comparably stronger impact of the euro for Greece than for the founding members of EMU. The common currency has brought a 24% increase in Tobin’s q for Greek companies and the investment ratio has increased by 21%. The wave of investment was primarily financed by equity issues.

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Bibliographic Info

Article provided by Centre of Financial and Monetary Research "Victor Slavescu" in its journal Studii Financiare (Financial Studies).

Volume (Year): 13 (2009)
Issue (Month): 1 (March)
Pages: 131-152

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Handle: RePEc:vls:finstu:v:13:y:2009:i:1:p:131-152

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Keywords: European Integration; Euro; Corporate Valuations;

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  1. Bris, Arturo & Koskinen, Yrjö & Nilsson, Mattias, 2003. "The Euro and Corporate Valuations," Working Paper Series in Economics and Finance 525, Stockholm School of Economics, revised 06 Dec 2003.
  2. Liliane Karlinger, 2002. "The Impact of Common Currencies on Financial Markets: A Literature Review and Evidence from the Euro Area," Working Papers 02-35, Bank of Canada.
  3. Bris, Arturo & Koskinen, Yrjö & Nilsson, Mattias, 2003. "The Euro is Good After All: Evidence from Corporate Valuations," CEPR Discussion Papers 3910, C.E.P.R. Discussion Papers.
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