La struttura settoriale del mercato azionario europeo

Emiliano Laruccia, Marcello Esposito and Gregorio De Felice

ECONOMIA E POLITICA INDUSTRIALE, 2000, vol. 2000/107, issue 107

Abstract: La struttura settoriale del mercato azionario europeo (di Gregorio De Felice, Marcello Esposito, Emiliano Laruccia) - ABSTRACT: Whit the event of EURO, the variability of exchange rates, differences in monetary policies and then in interest rates dynamics are no more relevant in explaining domestic Stock Exchanges behaviour. With economic convergence, expectations on corporate earnings will be the key factor. In this world, an important role will be played by different sector weights in each National Index. In order to anticipate this trend, some Financial Institutions recently started to be ?sector? diversified: Found Managers are increasingly moving from country-based portfolios to sector-based funds. This paper aim to describe the sectorial dimension of european Stock Exchange Market. In the fist part we analyse the sector composition, while in the second we statistically verify if sectors are emerging as factor explaining European Stock Indeces dynamics. In the third part we illustrate how valuation models can incorporate this factor.

Date: 2000
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