The Euro Is Good After All : Evidence from Corporate Valuations ∗


In this paper we study the changes in corporate valuation induced by the formation of Economic and Monetary Union (EMU) in Europe. We use corporate—level data from ten countries that adopted the euro, the three EU countries that did not join EMU, as well as Norway and Switzerland. We show that the introduction of the euro has increased Tobin’s Q-ratios in… (More)

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