TAILIEUCHUNG - STOCK MARKET INTEGRATION IN EUROPE

Our basic assets are value-weighted country-industry and country-style port- folio returns. For the country-industry portfolios, we first need a uniformindus- try classification. DataStream provides FTSE industry identifications for each firm,while . industry identification in CRSP is fromStandard Industrial Classification (SIC).We group the 30 SIC industries and the 40 level-4 FTSE in- dustry classifications into a smaller number of industries that approaches the number of countries in our sample, resulting in 26 industries. An additional table (available at the Journal of Finance’s website: .) shows the reconciliation between the SIC and the FTSE systems. To form country- industry portfolios, we group firms within each country into these 26 indus- try groups. | STOCK MARKET INTEGRATION IN EUROPE Amir N. Licht Harvard Law School Program on International Financial Systems March 1997 TABLE OF CONTENTS I. II. EUROPEAN STOCK A. Overview of National Stock B. Cross-Listing and Transborder C. Cross-Market III. EUROPEAN INTEGRATION IN A. The Special Case of European B. Milestones in European C. The Legal Mechanisms of IV. REGULATORY HARMONIZATION AND COOPERATION IN THE EU24 A. STOCK Exchange B. Intermediaries C. Issuer D. Transaction E. Actual Regulatory F. The Effect of Regulatory V. PAN-EUROPEAN INTEGRATION A. The Unique European B. the 1985 white C. D. eurolist and E. F. G. Euro H. French-German I. The Federation of European Stock J. VI. STOCK MARKET RELATED a. Corporate B. Public Saving and C. Clearance and D. Foreign Exchange E. VII. .

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