Bulletin n. 2/2007
October 2007
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Berdot Jean-Pierre, Léonard Jacques
    Évaluation de l'intégration des marchés d'action dans la zone Euro: choisir le bons moments?
    in Revue de l'Union européenne/Revue du Marché Commun et de l'Union européenne , numero 511, septembre ,  2007 ,  498-504
    Many analysts consider, with good reason, that the integration of capital markets within the eurozone is, even today, relatively imperfect in spite of the institutional adjustments and techniques that have been in operation for many years. Nevertheless and particularly regarding stock markets, the process of integration leading progressively towards their unification is well underway even if certain inequalities exist between national characteristics of risk return. Exploring the criteria governing investment choices on these markets, this study proposes to verify the relevance of taking into account stages three and four in understanding the trade-off mechanism. The first part aims at establishing the situation regarding integration of stock markets on the basis of the principal characteristics of return and the associated risk bonuses. Beginning with the apparent inadequacy of traditional theory, the second part describes the usual responses to the two main empirical questions asked: abnormal return distribution and revealed non-quadratic preferences of investors. The third part proposes, to resolve the apparent contradiction noted between the maintenance of significant characteristic differentials and the price of risk on the one hand and stronger and stronger correlations between national markets and European indices on the other.
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