| Summary: | 碩士 === 大葉大學 === 國際企業管理學系碩士在職專班 === 97 === This study is to investigate the result of economic integration in Europe, which started from January 3, 1995 to December 31, 2007. Meanwhile, Euro countries including Germany, France and Holland and non-Euro countries including United Kingdom, Demark and Sweden had joined the project of economic integration throughout the phases of preparation, declaration, and issuance. This study will focus on the co-movement of percentage of stock reward during three phases of Euro currency to help investors and foundation managers with reducing risk when they proceed with in-ternational investment. We using a multivariate GARCH model by characterizing the time-varying cross-country covariances and correlations. The result indicates that except Germany and Demark Euro countries have most significant co-movement compared to non-Euro countries.
Therefore, those who invest funds to Euro-circulated area will suffer the higher risk. But the risk is lowest for non Euro-circulated area and particularly for Demark.
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