Does Quantitative Easing positively affect stock returns in European stock markets in the short and long run?

Simple item page
dc.contributor.advisorQiu, J.
dc.contributor.authorNguyen, Vy
dc.date.issued2019-08-05
dc.description.abstractThis paper aims to examine the relation between the unconventional monetary policy of Quantitative Easing (QE) of European Central Bank (ECB) and stock returns in Euro zone financial markets. We cover the whole period from the announcement date until the end of the program. We apply the event study to examine the abnormal return (AR) or buy-and-hold abnormal return (BHAR) to several major event windows. The main findings are: first, not all Euro zone nations are equally affected by QE. We find in short term, only Finland, Germany and Austria have impact of QE in Announcement and Implement period respectively. Secondly, in long term, there are only significant effect of QE found in stock markets of France, Ireland and Spain. The effects are diversified. Our results contribute to literatures by confirming the effectiveness of QE to financial markets, complementing similar findings of earlier researches. Furthermore, we provide evidence of heterogeneous impact of QE to euro zone countries, calling for more consideration when comes to such unconventional monetary policy of ECB. Key words: Quantitative Easing, stock market, ECB, different European countries, event study.en_US
dc.identifier.urihttps://theses.ubn.ru.nl/handle/123456789/7855
dc.language.isoenen_US
dc.thesis.facultyFaculteit der Managementwetenschappenen_US
dc.thesis.specialisationFinancial Economicsen_US
dc.thesis.studyprogrammeMaster Economicsen_US
dc.thesis.typeMasteren_US
dc.titleDoes Quantitative Easing positively affect stock returns in European stock markets in the short and long run?en_US
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
MTHEC RU Vy Nguyen s1008306.pdf
Size:
710.7 KB
Format:
Adobe Portable Document Format
Download
Collections
Faculteit der Managementwetenschappen