Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2015 | 8 | nr 2 | 70--92
Tytuł artykułu

Volatility and Liquidity in Eastern Europe Financial Markets under Efficiency and Transparency Conditions

Treść / Zawartość
Warianty tytułu
Języki publikacji
Integration maturity means not just meeting the Maastricht convergence criteria, but we analyse integration maturity in broader terms, and we try to answer the question in the light of compliance with all of these requirements. The acceptance mean how far the participants of monetary integration are prepared to take over the required measures and fit into an institutional and policy structure, which is condition of successful operation of the system. This preparedness assume institutional and policy capacities as well, but also the political support of the project by all the actors, including the general public. The maturity and the acceptance are two sides of the coin, and both are necessary for the success of monetary integration. This paper concentrates on the three countries (Czech Republic, Hungary and Poland), and we try to explain, why they made a total turn concerning the euro issue, what are the main interest, and positions behind these drastic changes. We examine two major issues: a) how far the three Central European countries comply with the monetary integration maturity criteria, and how far they are ready to accept all of the circumstances and consequences, which follow from their participation in monetary integration. (original abstract)
Opis fizyczny
  • University of Tuscia, Viterbo, Italy; Ceis Foundation, University of Rome Tor Vergata, Roma, Italy
  • V.N. Karazin Kharkiv National University, Kharkiv, Ukraine
  • University of Cagliari, Cagliari, Italy
  • Ang, S. James, Ciccone, J. Stephen (2000), International Differences in Financial Transparency, dissertation of J. Stephen Ciccone, Florida State University, pp. 1-48.
  • Barth, M. E., Konchitchki, Y., Landsman, W. R. (2013), Cost of capital and earnings transparency, Journal of Accounting and Economics, Vol. 55, pp. 206-224.
  • Berglof, E., Pajuste, A. (2005). What do firms disclose and why? Enforcing corporate governance and transparency in Central and Eastern Europe, Research of Stockholm School of Economics, p. 33.
  • Brownlees, C. T. (2012), Volatility, correlation and tails for systemic risk measurement. Electronic copy available at: (referred on 20/01/2015).
  • Chan, K., Hameed, A., Kang, W. (2013), Stock price synchronicity and liquidity, Journal of Financial Markets, Vol. 16, pp. 414-438.
  • Dabrowski, M. (2010). The global financial crises and its impact on emerging market economies in Europe and the CIS: evidence from MID-2010, CASE Network Studies & Analyses, No. 411, p. 35.
  • Damodaran, A. (1999), Applied Corporate Finance, Wiley. ECB, Monthly bulletin (2010), July.
  • Fiordelisi, F., Giuseppe, G., and Ornella, R. (2014), The effect of monetary policy interventions on interbank markets, equity indices and G-SIFIs during financial crisis, Journal of Financial Stability, 11, pp. 49-61.
  • Francis, J., Huang, S., Khurana, I., Pereira, R. (2009), Does Corporate Transparency Contribute to Efficient Resource Allocation, Journal of Accounting Research, Vol. 47, pp. 943-989.
  • Gelos, G. R., Wei, S-J. (2005), Transparency and International Portfolio Holdings, Journal of Finance, No 60 (6), pp. 2987-3020.
  • Ivanov, I., Lomev, B., Bogdanova, B. (2012), Investigation of the market efficiency of emerging stock markets in the East European region, International Journal of Applied Operational Research, Vol. 2, No 2, p. 13.
  • Jahanshad, A., Heidarpoor, F., Valizadeh, Y. (2013), Relationship between Financial Information Transparency and Financial Performance of Listed Companies in Tehran Stock Exchange, Research Journal of Recent Sciences, Vol. 3(3), pp. 27-32.
  • Lang, M. (2011), Transparency and Liquidity Uncertainty in Crisis Periods, Journal of Accounting & Economics, Vol. 52, pp. 101-125.
  • Lang, M. (2012), Transparency, Liquidity, and Valuation: International Evidence on When Transparency Matters Most, Journal of Accounting Research, Vol. 50, No 3, pp. 729774.
  • Lin, Y-M. (2014), Transparency, idiosyncratic risk, and convertible bonds, The European Journal of Finance, Vol. 20, No.1, pp. 80-103.
  • Lipson, M. L., Mortal, S. (2009), Liquidity and capital structure, Journal of Financial Markets, Vol. 12, pp. 611-644.
  • Malinova, K., Park, A. (2013), Liquidity, volume and price efficiency: The impact of order vs. quote driven trading, Journal of Financial Markets, Vol. 16, pp. 104-126.
  • Miyajima, K., Shim, I. (2014), Asset managers in emerging market economies, BIS Quarterly Review, September 2014.
  • Millar, CJM C., Eldomiaty, I. T., Choi, J. C., Hilton, B. (2005), Corporate Governance and Institutional Transparency in Emerging Markets, Journal of Business Ethics, Vol.59, pp. 163-174.
  • Sujan, N., Govil, M. (2013), International Diversification-Can it reduce systematic risk, Journal of Management andReseacrh, Vol. 3(2), pp. 81-92.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.