The Euro And Corporate Valuations: The Case Of Greece
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.
Volume (Year): 13 (2009)
Issue (Month): 1 (March)
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- Arturo Bris & Yrjö Koskinen & Mattias Nilsson, 2009.
"The Euro and Corporate Valuations,"
Review of Financial Studies,
Society for Financial Studies, vol. 22(8), pages 3171-3209, August.
- Bris, Arturo & Koskinen, Yrjö & Nilsson, Mattias, 2003. "The Euro and Corporate Valuations," SSE/EFI Working Paper Series in Economics and Finance 525, Stockholm School of Economics, revised 06 Dec 2003.
- Liliane Karlinger, 2002. "The Impact of Common Currencies on Financial Markets: A Literature Review and Evidence from the Euro Area," Staff Working Papers 02-35, Bank of Canada.
- 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. Full references (including those not matched with items on IDEAS)
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