Abstract
The Amsterdam Exchanges Index (AEX), the main index of Euronext Amsterdam, produced a tremendous performance in the period 1988-1998 relative to the MSCI World Index. However, coinciding remarkably neatly with the introduction of the euro, this outperformance abruptly came to an end in 1999. In this paper we examine the factors that could explain the relative performance of the AEX from its inception in 1983 up until 2002. Our results suggest that the sector mix, the US dollar and the general market climate play a role, but that the relationship with institutional money flows is hard to prove, possibly due to a lack of data. Movements in bond yields apparently have had little effect.
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