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The Impact of the Juncker Plan on Investors’ Beliefs

Adrian Cantemir Calin, Oana Popovici and Gheorghe Hurduzeu
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Gheorghe Hurduzeu: Bucharest University of Economic Studies.

Journal for Economic Forecasting, 2017, issue 3, 150-165

Abstract: The third quarter of 2014 brought the first mentioning of what became known as the Juncker Plan. This extensive investment plan targeted the rejuvenation of the dynamics of investments across the European Union and quickly became a topic of interest for both political authorities and academics. In this paper we aim to fill a gap in the existing literature and investigate the reaction of financial markets to the information regarding the Investment Plan. For this purpose we employ an event study methodology constructed on 32 modeling specifications. The results point out to clear influences on all of the three classes of financial assets included in the study, which could be seen as a shift in investors’ expectations, given that the effects of the proposed policies are likely to be noticed in the long run.

Keywords: Juncker plan; financial markets; volatility; investment sentiment; event study (search for similar items in EconPapers)
JEL-codes: C54 C58 G14 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:rjr:romjef:v::y:2017:i:3:p:150-165