Linkages between the USA  and the Pan-­European Equity Markets 

Business Journal for Entrepreneurs, 2008(2), 53-67

Posted: 21 Nov 2016 Last revised: 26 Dec 2018

See all articles by Konstantinos Gkillas

Konstantinos Gkillas

Hellenic Mediterranean University

Manolis Maurokokoulakis

University of Crete - Department of Economics

Date Written: March 1, 2008


This paper investigates the existence of long-run benefits of the international diversification in the equity markets of the US and the Pan-European Stock Exchange. The study which spans 6 years uses weekly data based on closing values of the general indices of Dow & Jones Industrial Average and Euronext 100. The objective of this study is to present and analyze the long-run relations before and after to January in 2006 when the market run by Euronext has a market capitalization of US $2.9 trillion, making it the 5th largest exchange on the planet. The analysis used the methods of Engle & Granger and Johansen for the cointegration analysis.

Keywords: Long-run Benefits, Diversification, Pan-European Stock Exchange

JEL Classification: G11, G15

Suggested Citation

Gkillas, Konstantinos and Maurokokoulakis, Manolis, Linkages between the USA  and the Pan-­European Equity Markets  (March 1, 2008). Business Journal for Entrepreneurs, 2008(2), 53-67, Available at SSRN:

Konstantinos Gkillas (Contact Author)

Hellenic Mediterranean University ( email )

Heraklion, 71410


Manolis Maurokokoulakis

University of Crete - Department of Economics ( email )


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