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 Euro Membership as a Real Option Trigger: An Empirical Study of EU15 Manufacturing Firms

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This empirical study of manufacturing firms (NAICS 33) in the EU15 countries shows that the introduction of the Euro has made Euro firms (firms based in one of the twelve Euro countries) more inclined than non-Euro firms (firms based in one of the three non-Euro countries: UK, Sweden and Denmark) to exercise real options such as to establish alliances / partnerships, to enter new markets / market segments, to switch suppliers, and to generally expand in the Euro-area. The results are robust after controlling for the size of the firms and their sales in the Euro-area. The results go beyond what is explicitly revealed in trade statistics and contribute to our understanding of the potential long-term effects of the Euro.
Original languageEnglish
Publication year2007
Number of pages33
Publication statusPublished - 2007
EventFinancial Management Association European Conference - Barcelona, Spain
Duration: 30 May 20071 Jun 2007


ConferenceFinancial Management Association European Conference

    Research areas

  • Euro, Euro membership, Real options

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