References
- Albulescu, C., Goyeau, D., Tiwari, A. (2015), Contagion and dynamic correlation of the main european stock index futures markets: A time-frequency approach, Procedia Economics, and Finance, Vol. 20, pp. 19–27. https://doi.org/10.1016/S2212-5671(15)00042-8.
- Aliu, F., Krasniqi, B., Knapkova, A., Aliu, F. (2019), Interdependence and risk comparison of Slovak, Hungarian and Polish stock markets: Policy and managerial implications, Acta Oeconomica, Vol. 69, No. 2, pp. 273–287. https://doi.org/10.1556/032.2019.69.2.6.
- Aliu, F., Nuhiu, A., Krasniqi, B., Aliu, F. (2020), Modeling the optimal portfolio: the case of the largest european stock exchanges, Comparative Economic Research. Central and Eastern Europe, Vol. 23, No. 2, pp. 41–51. https://doi.org/10.18778/1508-2008.23.11.
- Beck, K.L, Perfect, S.B., Paterson, P.P. (1996), The role of alternative methodology on the relation between portfolio size and diversification, Financial Review, Vol. 31, No. 2, pp. 381–406. https://doi.org/10.1111/j.1540-6288.1996.tb00878.x
- Berrill, J., Kearney, C. (2010), Firm-level internationalisation and the home bias puzzle, Journal of Economics and Business, Vol. 62, No. 4, pp. 235–256. https://doi.org/10.1016/j.jeconbus.2010.02.002.
- Bertero, E., Mayer, C. (1990), Structure and performance: global interdependence of stock markets around the crash of October 1987*, European Economic Review, Vol. 34, No. 6, pp. 1155–1180. https://doi.org/10.1016/0014-2921(90)90073-8.
- Bird, R., Tippett, M. (1986), Note – naive diversification and portfolio risk – a note, Management Science, Vol. 32, No. 2, pp. 244–251. https://doi.org/10.1287/mnsc.32.2.244.
- Bloomfield, T., Leftwich, R., Long J.B. Jr. (1977), Portfolio strategies and performance, Journal of Financial Economics, Vol. 5, No. 2, pp. 201–218. https://doi.org/10.1016/0304-405X(77)90018-6.
- Brands, S., Gallagher, D.R. (2005), Portfolio selection, diversification, and fund-of-funds: a note, Accounting & Finance, Vol. 45, No. 2, pp. 185–197. https://doi.org/10.1111/j.1467-629x.2004.00130.x.
- Dajcman, S. (2015), An empirical investigation of the nexus between sovereign bond yields and stock market returns – a multiscale approach, Engineering Economics, Vol. 26, No. 2, pp. 108–117. http://dx.doi.org/10.5755/j01.ee.26.2.6416
- De Araújo, A.S., Garcia, M.T.M. (2013), Risk contagion in the north-western and southern European stock markets, Journal of Economics and Business, Vol. 69, No. Sept–Oct, pp. 1–34. http://dx.doi.org/10.1016/j.jeconbus.2013.04.005.
- De Groen, W.P. (2011), A closer look at Dexia: the case of misleading capital ratios. CEPS, retrieved from https://www.ceps.eu/ceps-publications/closer-look-dexia-case-misleading-capital-ratios/ [ 11th July 2020].
- Dorodnykh, E. (2014), Stock market integration: an international perspective, Palgrave Pivot, London. https://doi.org/10.1057/9781137381705.
- Dwyer, G., Jr., Hafer, R. (1988, Nov/Dec), Are national stock markets linked? Review, pp. 4–15, retrieved from https://fraser.stlouisfed.org/title/820/item/24535/toc/499892 [ 19th July 2020].
- Espinosa-Méndez, C., Gorigoitía, J., Vieito, J. (2017), Is the virtual integration of financial markets beneficial in emerging markets? Evidence from MILA, Emerging Markets Finance and Trade, Vol. 53, No. 10, pp. 2279–2302. https://doi.org/10.1080/1540496X.2017.1307101.
- Espinosa-Méndez, C., Gorigoitía, J., Vieito, J. (2020), Stock exchange mergers: a dynamic correlation analysis on Euronext, Portuguese Economic Journal, Vol. 19, No. 2, pp. 81–98. https://doi.org/10.1007/s10258-019-00160-5.
- Eun, Ch. S., Shim, S. (1989), International transmission of stock market movements, Journal of Financial and Quantitative Analysis, Vol. 24, No. 2, pp. 241–256. https://doi.org/10.2307/2330774.
- Euronext (2021), Stock exchange in Europe, operating markets in Amsterdam, Brussels, Dublin, Lisbon, London, Milan, Oslo and Paris, retrieved from https://www.euronext.com/en [ 30th May 2021].
- Fama, E.F. (1968), Risk return and equilibrium: some clarifying comments, The Journal of Finance, Vol. 23, No. 1, pp. 29–40. https://doi.org/10.1111/j.1540-6261.1968.tb02996.x.
- Fielitz, B.D. (1974), Indirect versus direct diversification. Financial Management, Vol. 3, No. Winter, pp. 54–62. https://doi.org/10.2307/3664930.
- Grubel, H.G. (1968), Internationally diversified portfolios: welfare gains and capital flows, The American Economic Review Vol. 58, No. 5, pp. 1299–1314, retrieved from https://www.jstor.org/stable/1814029.
- Haas, R., Horen, N. (2012), International shock transmission after the lehman brothers collapse: evidence from syndicated lending, American Economic Review, Vol. 102, No. 3, pp. 231–237, retrieved from https://www.jstor.org/stable/23245534.
- Jennings, E.H. (1971), An empirical analysis of some aspects of common stock diversification, Journal of Financial and Quantitative Analysis, Vol. 6, No. 2, pp. 797–813. http://dx.doi.org/10.2307/2329715.
- Johnson, K.H., Shannon, D.S. (1974), A note on diversification and the reduction of dispersion, Journal of Financial Economics, Vol. 1, No. 4, pp. 365–372. http://dx.doi.org/10.1016/0304-405X(74)90015-4.
- Karim, B.A., Jais, M., Karim, S.A. (2011), The subprime crisis and stock index futures markets integration, The Journal of Risk Finance, Vol. 12, No. 5, pp. 400–408. http://dx.doi.org/10.1108/15265941111176136.
- Klemkosky, R.C., Martin, J.D. (1975), The effect of market risk on portfolio diversification, The Journal of Finance, Vol. 30, No. 1, pp. 147–154. http://dx.doi.org/10.1111/j.1540-6261.1975.tb03166.x.
- Kokkoris, I., Olivares-Caminal, R. (2008), Lessons from the recent stock exchange merger activity, Journal of Competition Law and Economics, Vol. 4, No. 3, pp. 837–869. https://doi.org/10.1093/joclec/nhn002.
- Lowenfeld, H. (1909), Investment, an exact science, London: The Financial Review of Reviews.
- Markowitz, H. (1952), Portfolio selection, The Journal of Finance, Vol. 7, No. 1, pp. 77–91. http://dx.doi.org/10.1111/j.1540-6261.1952.tb01525.x.
- Markowitz, H. (1959), Portfolio selection: efficient diversification of investments, Cowles Foundation Monograph No. 16, John Wiley & Sons Inc, New York.
- McAndrews, J., Stefanadis, C. (2002), The consolidation of European stock exchanges, Current Issues in Economics and Finance, Vol. 8, No. 6, pp. 1–6.
- Mellado, C., Escobari, D. (2015), Virtual integration of financial markets: dynamic correlation analysis of the creation of the Latin American Integrated Market, Applied Economics, Vol. 47, No. 19, pp. 1956–1971. https://doi.org/10.1080/00036846.2014.1002892.
- MILA. (2021), The Latin American integrated market, retrieved from https://mercadomila.com/en/who-we-are/our-history/ [ 28th May 2021].
- Morana, C., Beltratti, A. (2008), Comovements in international stock markets, Journal of International Financial Markets, Institutions, and Money, Vol. 18, No. 1, pp. 31–45. http://dx.doi.org/10.1016/j.intfin.2006.05.001.
- Nasdaq Baltic-NB (2021), Nasdaq Baltic exchanges, retrieved from https://nasdaqbaltic.com [ 28th May 2021].
- Nielsson, U. (2009), Stock exchange merger and liquidity: The case of Euronext, Journal of Financial Markets, Vol. 12, No. 2, pp. 229–267. https://doi.org/10.1016/j.finmar.2008.07.002.
- Oehler, A., Wendt, S., Horn, M. (2017), Are investors really home biased when investing at home? Research in International Business and Finance, Vol. 40, No. April, pp. 52–60. http://dx.doi.org/10.1016/j.ribaf.2016.12.003.
- SEE Link (2021), SEE link of Bulgaria, Macedonia and Zagreb stock exchanges, retrieved from http://www.see-link.net [ 30th May 2021].
- Shawky, H.A., Smith, D.M. (2005), Optimal number of stock holdings in mutual fund portfolios based on market performance, The Financial Review, Vol. 40, No. 4, pp. 481–495. http://dx.doi.org/10.1111/j.1540-6288.2005.00120.x.
- Shiller, R. (2001), Irrational exuberance, Broadway Books, New York City.
- Statman, M. (1987), How many stocks make a diversified Portfolio? Journal of Financial and Quantitative Analysis, Vol. 22, No. 3, pp. 353–363. http://dx.doi.org/10.2307/2330969.
- Syllignakis, M., Kouretas, G. (2011), Dynamic correlation analysis of financial contagion: Evidence from the Central and Eastern European markets, International Review of Economics & Finance, Vol. 20, No. 4, pp. 717–732. http://dx.doi.org/10.1016/j.iref.2011.01.006.
- Tamakoshi, G., Hamori, S. (2012), On the time-varying linkages among the London interbank offer rates for major European currencies, International Journal of Financial Research, Vol. 4, No. 1, pp. 46–53. http://dx.doi.org/10.5430/ijfr.v4n1p46.