| fullrecord |
[{"key": "dc.contributor.advisor", "value": "Heimonen, Kari", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Leskinen, Jussi", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2016-08-01T11:18:09Z", "language": "", "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2016-08-01T11:18:09Z", "language": "", "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2016", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.other", "value": "oai:jykdok.linneanet.fi:1567067", "language": null, "element": "identifier", "qualifier": "other", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/50905", "language": "", "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Tutkimuksessa analysoitiin euroalueen osakemarkkinoiden integraatiota euroaikana Pukthuanthong & Roll (2009) integraatiomitalla. Tutkimuksella oli kaksi p\u00e4\u00e4tavoitetta. Ensimm\u00e4inen tavoite oli tutkia integraation kehityst\u00e4 euroalueella euroaikana k\u00e4ytt\u00e4m\u00e4ll\u00e4 t\u00e4t\u00e4 melko uutta monifaktorimalleihin perustuvaa integraatiomittaa. Integraation lis\u00e4ksi tutkittiin my\u00f6s riskialtistusten samankaltaisuutta (integraation selitt\u00e4miseen vaadittavien faktorien m\u00e4\u00e4r\u00e4). Tutkimuksen toinen tavoite oli etsi\u00e4 integraatiota selitt\u00e4vi\u00e4 tekij\u00f6it\u00e4 sis\u00e4lt\u00e4en my\u00f6s tutkimuksen ajanjaksolle osuneen finanssikriisin (2007-2009) ja sit\u00e4 seuranneen Euroopan valtionlainakriisin (2009-2013) vaikutuksen. Tutkimuksen aineisto koostuu 12 euroalueen maasta (11 alkuper\u00e4ist\u00e4 j\u00e4senmaata + Kreikka), ja tarkasteluperiodi on vuodet 1999-2014. Tutkimuksen antama kuva integraatiosta on, ett\u00e4 integraatiossa on nousu- ja laskusyklej\u00e4. Integroituneimmat markkinat ovat Ranska, Alankomaat, Saksa, Italia ja Espanja, v\u00e4hiten integroituneimmat Kreikka, Luxemburg, Portugali ja Irlanti. It\u00e4vallan, Belgian ja Suomen markkinat ovat integroituneemmat kuin j\u00e4lkimm\u00e4isen ryhm\u00e4n, mutta v\u00e4hemm\u00e4n integroituneet kuin ensimm\u00e4isen ryhm\u00e4n. It\u00e4vallan, Suomen ja Portugalin integraatio on lis\u00e4\u00e4ntynyt tutkimuksen ajanjaksolla. Riskialtistukset ovat muuttuneet euroaikana yhdenmukaisemmiksi: osaketuottojen selitt\u00e4miseen tarvitaan v\u00e4hemm\u00e4n riskifaktoreita kuin ennen. Integraatiota selitt\u00e4vi\u00e4 tekij\u00f6it\u00e4 tutkittiin pooled OLS, fixed effects ja first differences paneelimallien avulla kuukausi ja kvartaalidatalla. Integraation determinantteina tarkasteltiin rahoitusmarkkinamuuttujia, makrotaloudellisia tekij\u00f6it\u00e4 ja informaatiomuuttujia, mutta niiden yhteytt\u00e4 integraatioon ei kyetty osoittamaan luotettavasti. 10 vuoden valtionlainan tuottovaatimus selitt\u00e4\u00e4 parhaiten integraatiota, mutta vaikutuksen suunta ja suuruus vaihtelee yli ajan ja eri osakemarkkinoiden v\u00e4lill\u00e4. Volatiliteetin, talouspolitiikkaep\u00e4varmuuden tai valtion velkaantuneisuusasteen ei havaittu olevan vahvoja integraation determinantteja. Sek\u00e4 globaalin finanssikriisin ajoitusta ett\u00e4 Euroopan valtionlainakriisin ajoitusta k\u00e4ytett\u00e4ess\u00e4 saatiin evidenssi\u00e4, ett\u00e4 kriisi lis\u00e4si koko 12 maan joukon integraatiota, mutta vaikutus oli suurempi heikoimmin integroituneille maille. Integraatio ei palannut akuutin kriisivaiheen j\u00e4lkeen kriisi\u00e4 edelt\u00e4neelle tasolle. Asiasanat", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "In this thesis, the stock market integration in the Eurozone stock markets during the EMU era was analyzed using the Pukthuanthong & Roll (2009) integration measure. The objectives of this study were twofold. The first main contribution of this study was to examine the evolution of integration during the EMU era by utilizing this relatively new multifactor model of integration. In addition to the level of integration, the similarity of risk exposures in these stock markets (number of risk factors needed to measure integration satisfactorily) was also analyzed. The second contribution was to identify the most relevant determinants of integration, also including the effects of the global financial crisis of 2007-2009 and the following European sovereign debt crisis of 2009-2013 on integration. The sample consists of 12 Eurozone stock markets (11 original member countries + Greece), and it contains the years 1999-2014. The main picture of integration given by this study is that there are upward and downward cycles in integration. The most integrated markets are France, Netherlands, Germany, Italy and Spain. The least integrated are Greece, Luxembourg, Portugal and Ireland. Austria, Belgium and Finland form a middle group of countries more integrated than the latter, but less integrated than the first. Integration of Austria, Finland and Portugal has increased during the period of this study. The risk exposures have become more similar during the EMU era: fewer risk factors are needed to capture the variation in stock returns. The determinants of integration were studied using pooled OLS, fixed effects and first differences panel models with monthly and quarterly data. Financial market, macroeconomic and information variables were examined as the most plausible determinants of integration, but no reliable dependence between these variables and integration could be identified. 10 year government bond yield is the best explanatory variable for integration, but the sign of the coefficient varies over time and between stock markets. Specifically, volatility, economic policy uncertainty or government indebtedness do not have a strong dependence with integration. With both the global financial crisis and the European debt crisis timings, evidence was obtained that the crisis increased integration for the whole sample of 12 countries, but this effect was stronger for the group of the least integrated countries. Integration did not return to its pre-crisis level after the acute crisis period.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted using Plone Publishing form by Jussi Leskinen (jupelesk) on 2016-08-01 11:18:08.803161. Form: Pro gradu -lomake (https://kirjasto.jyu.fi/julkaisut/julkaisulomakkeet/pro-gradu-lomake). JyX data: [jyx_publishing-allowed (fi) =True]", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2016-08-01T11:18:09Z\r\nNo. of bitstreams: 2\r\nURN:NBN:fi:jyu-201608013704.pdf: 2285264 bytes, checksum: d914eead44e8b779b688f47a2ef7ecaa (MD5)\r\nlicense.html: 4805 bytes, checksum: ff4ef2e6b534470e8f80845053d41469 (MD5)", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2016-08-01T11:18:09Z (GMT). No. of bitstreams: 2\r\nURN:NBN:fi:jyu-201608013704.pdf: 2285264 bytes, checksum: d914eead44e8b779b688f47a2ef7ecaa (MD5)\r\nlicense.html: 4805 bytes, checksum: ff4ef2e6b534470e8f80845053d41469 (MD5)\r\n Previous issue date: 2016", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "1 verkkoaineisto (94 s.)", "language": null, "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "Euroopan talous- ja rahaliitto", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "valtionlainat", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "integraation determinantit", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Integration cycles in the Eurozone stock markets", "language": null, "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-201608013704", "language": null, "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Kansantaloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.date.updated", "value": "2016-08-01T11:18:10Z", "language": "", "element": "date", "qualifier": "updated", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": "fi", "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": null, "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "euroalue", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "arvopaperimarkkinat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "taloudellinen integraatio", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "finanssikriisit", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
|