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The Prospects of Capital Markets in Central and Eastern Europe

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  • Schröder, Michael
  • Köke, Jens

Abstract

The picture of the securities exchanges and financial sectors in CEE countries is still relatively unfavorable. The CEE securities exchanges – with the only exception of the Warsaw Stock Exchange – are, in comparison with their western counterparts, underdeveloped and less important for the domestic economies in general and for corporate finance in particular. The CEE securities exchanges are under pressure for several reasons and should change their form of (international) organization to ensure future success. Stronger international integration of the exchanges could also improve the integration of CEE companies into international capital markets. --

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Bibliographic Info

Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 02-57.

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Date of creation: 2002
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Handle: RePEc:zbw:zewdip:557

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Keywords: Securities Exchanges; Corporate Finance; Central and Eastern Europe;

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References

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  1. Nada Mora & Ratna Sahay & Jeromin Zettelmeyer & Pietro Garibaldi, 2002. "What Moves Capital to Transition Economies?," IMF Working Papers 02/64, International Monetary Fund.
  2. Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio L., 2002. "Explaining the migration of stocks from exchanges in emerging economies to international centers," Policy Research Working Paper Series 2816, The World Bank.
  3. repec:fth:bfdipa:21/2001 is not listed on IDEAS
  4. Pagano, Marco & Randl, Otto & Röell, Ailsa A & Zechner, Josef, 2001. "What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2683, C.E.P.R. Discussion Papers.
  5. Marco Pagano & Ailsa A. Röell & Josef Zechner, 2002. "The Geography of Equity Listing: Why Do Companies List Abroad?," Journal of Finance, American Finance Association, American Finance Association, vol. 57(6), pages 2651-2694, December.
  6. Schmiedel, Heiko, 2001. "Technological development and concentration of stock exchanges in Europe," Research Discussion Papers, Bank of Finland 21/2001, Bank of Finland.
  7. Gaa, Charles & Stephen Lumpkin & Robert Ogrodnik & Peter Thurlow, 2001. "The Future Prospects for National Financial Markets and Trading Centres," Working Papers, Bank of Canada 01-10, Bank of Canada.
  8. Guercio, Diane Del & Hawkins, Jennifer, 1999. "The motivation and impact of pension fund activism," Journal of Financial Economics, Elsevier, Elsevier, vol. 52(3), pages 293-340, June.
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Citations

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Cited by:
  1. Ivanna Vladkova Hollar & Giovanni Dell'Ariccia & Carlo Cottarelli, 2003. "Early Birds, Late Risers, and Sleeping Beauties," IMF Working Papers 03/213, International Monetary Fund.
  2. Cottarelli, Carlo & Dell'Ariccia, Giovanni & Vladkova-Hollar, Ivanna, 2005. "Early birds, late risers, and sleeping beauties: Bank credit growth to the private sector in Central and Eastern Europe and in the Balkans," Journal of Banking & Finance, Elsevier, Elsevier, vol. 29(1), pages 83-104, January.
  3. Kurach, Radosław & Stelmach, Jerzy, 2014. "Time-Varying Behaviour of Sector Beta Risk – The Case of Poland," Journal for Economic Forecasting, Institute for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 139-159, March.
  4. Rousova, Linda, 2009. "Are the Central European Stock Markets Still Different? A Cointegration Analysis," Discussion Papers in Economics 10993, University of Munich, Department of Economics.
  5. Theodore Syriopoulos, 2004. "International portfolio diversification to Central European stock markets," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(17), pages 1253-1268.
  6. Syriopoulos, Theodore, 2006. "Risk and return implications from investing in emerging European stock markets," Journal of International Financial Markets, Institutions and Money, Elsevier, Elsevier, vol. 16(3), pages 283-299, July.
  7. Tulbure, Narcis & Catarama, Delia, 2009. "Institutional and Socio-Cultural Factors Explaining the Development of Mutual Funds. A Cross-Country Analysis," MPRA Paper 20341, University Library of Munich, Germany.
  8. Syriopoulos, Theodore, 2007. "Dynamic linkages between emerging European and developed stock markets: Has the EMU any impact?," International Review of Financial Analysis, Elsevier, Elsevier, vol. 16(1), pages 41-60.
  9. Hall, Thomas W., 2012. "The collateral channel: Evidence on leverage and asset tangibility," Journal of Corporate Finance, Elsevier, Elsevier, vol. 18(3), pages 570-583.
  10. Lukasz Prorokowski, 2011. "Trading strategies of individual investors in times of financial crisis: An example from the Central European emerging stock market of Poland," Qualitative Research in Financial Markets, Emerald Group Publishing, Emerald Group Publishing, vol. 3(1), pages 34-50, April.

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