ATTENTION/WARNING - NE PAS DÉPOSER ICI/DO NOT SUBMIT HERE

Ceci est la version de TEST de DIAL.mem. Veuillez ne pas soumettre votre mémoire sur ce site mais bien à l'URL suivante: 'https://thesis.dial.uclouvain.be'.
This is the TEST version of DIAL.mem. Please use the following URL to submit your master thesis: 'https://thesis.dial.uclouvain.be'.
 

The Effects of the ECB’S Unconventional Monetary Policies on Stock Markets

Pereira Freire, Gonçalo
(2017)

Files

Freire_11111501_2017.pdf
  • UCLouvain restricted access
  • Adobe PDF
  • 1.08 MB

Details

Supervisors
Iania, Leonardo
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion
Abstract
The purpose of this research is to analyse the impact of the ECB’s unconventional monetary policies on European Stock Markets since the beginning of the financial crisis. In order to do so, I conduct an event study founded on the application of three different models, which are robust to the heteroscedasticity and autocorrelation of daily stock returns. My results suggest that the ECB’s unconventional monetary policy announcements had significant and positive effects on Italian, Spanish and Portuguese equities. Contrarily, the impact is negative for German stocks. Regarding the industries, the highest positive impact was on the banking sector.