Financial market liberalization and stock market efficiency the case of greece

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This paper examines the response of the Greek equities market to the liberalization of capital flows during the — period. While past empirical research has largely examined the effects of capital inflow liberalization in emerging markets, we focus on capital outflow liberalization.

In particular, we consider changes in the regulatory environment that allow domestic investors to hold foreign risky assets. Employing a time series of daily equity returns, a wealth effect is found that is indirectly linked to the announcement of capital flow liberalization. Additionally, our results reveal a significant change in the daily return distribution before and after final implementation.

The views expressed in this paper are solely those of the authors and should not be interpreted as those of their respective affiliations. Part of Springer Nature.

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Not logged in Not affiliated Capital outflow liberalization and stock market reaction in an emerging market: Cite this article as: J Econ Finan Empirical Research in Accounting: Selected Studies , supplement to The Journal of Accounting Research. Journal of Financial Economics The World Bank Economic Review 9: Journal of Applied Corporate Finance 3 8: Review of Quantitative Finance and Accounting 2: Journal of Finance Journal of Economics and Business Research in International Business and Finance 3: Bulletin of Economic and Statistical Analysis of The National Bank of Greece 6: International Economic Analysis Division Bank of England London U.

Ernst and Young Finance SA Athens Greece 3.

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