Suchergebnisse

The fifth enlargement of the European Union, apart from the most demanding in terms of preparation for the candidates and EU institutions has been the most ambiguous in terms of potential impacts both on economic and political spheres. In this paper we try to identify the directions of potential consequences based on the performance of the new countries during the pre-accession period and the degree of preparation by the time of the first part of accession. The preliminary assessments show that EU and newcomers economies shall face a series of positive impacts in terms of growth, productivity, employment and competitiveness, though to different degrees, while political and social conditions will continue to improve. The greatest challenge for EU policy makers, will continue being the assurance of socio-economic stability during the biggest enlargement ever in EU, yet, with less intervention through an adjusted to the new needs decision making process. ; peer-reviewed

This article is referred to the general direction of the economic policy adopted by the member states in year 1999. It is considered in the mixture of measures mainly aimed at contributing to growth, employment and stability, on the basis of a monetary policy. These policies, that are referred in the article, are aimed at a preserved price stability, according to the convention, continuous efforts to get individual budgets balanced or with surpluses in a medium-term perspective, whilst, at the same time, the developments in the labor markets and salaries will be consistent with the objective for price stability and increased employment. ; peer-reviewed

AbstractThis study examines the market reaction to listing on the New York Stock Exchange (NYSE). The marketability gains hypothesis states that investors expect liquidity gains for the less liquid over‐the‐counter (OTC) stocks but not for their liquid counterparts after their listing on the NYSE. The hypothesis is supported even after accounting for other firm‐specific news releases. Stocks with low liquidity on the OTC exhibit a positive reaction, whereas stocks with high liquidity show a non‐positive market reaction around the announcement of the listing application. The findings imply that the two different marketplaces, NYSE and OTC, are suitable for stocks with different liquidity characteristics.

AbstractIn this article we examine the operating performance of stocks that switch from NASDAQ to the American Stock Exchange (AMEX) or the New Stock Exchange (NYSE) and from AMEX to the NYSE. Specifically, we investigate whether post‐listing operating performance is consistent with the reported negative long‐term drift of post‐listing stock returns and whether there is evidence of self‐selection of the listing time. We find evidence of negative post‐listing changes in operating return on assets and sales, which, on a match‐adjusted basis, are significant for the relatively small NASDAQ stocks switching to AMEX. We also find evidence that firms self‐select the time of listing changes.

AbstractResearchers consistently find that newly listed stocks underperform in the post‐listing period. It has been suggested that this anomalous finding may, in part, be explained away if the risk during this period is lower than at other times. Evidence is presented here that the riskiness of newly listed stocks undergoes a seasoning process. Instead of lower risk, riskiness is found to be greater immediately after listing than in later periods. This suggests that the post‐listing anomaly is actually worse than has been previously recognized.