Eiling, Esther; Gerard, Bruno; Roon, Frans A. De - In: Review of Finance 16 (2011) 3, pp. 755-798
This paper uses style analysis to investigate whether Euro-zone equity returns are driven by country or industry effects over the 1990--2008 period. We find that before the introduction of the Euro, country effects dominate, while industry effects prevail after 1999. This reversal is driven...