Bank of Finland research looks at ECB’s effects on eurozone equities


A working paper published by the Bank of Finland looks at the effects of the European Central Bank’s (ECB) monetary policy on expected risk premia in eurozone equities markets.

In Monetary policy and stock market valuation, Olli-Matti Laine estimates these risk premia using data from analysts’ dividend forecasts, the Eurostoxx 50 stock index and Eurostoxx 50 dividend futures.

He finds that “the expected average stock market return has remained quite stable at around 9%”. This is despite risk

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