Template-Type: ReDIF-Paper 1.0 Author-Name: Salvatore Perdichizzi Author-X-Name-First: Salvatore Author-X-Name-Last: Perdichizzi Author-Email: salvatore.perdichizzi@unicatt.it Author-Workplace-Name: Università Cattolica del Sacro Cuore Author-Workplace-Name: Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore Title: The impact of ECBs conventional and unconventional monetary policies on European banking indexes returns. Abstract: This paper investigates how conventional and unconventional monetary policies announcements a ect European banking indexes returns through an event-study analysis. We use data of 11 European banking indexes for the periods 1999-2015. We examine the state dependency of such e ects and focus on the surprise elements of policy changes derived from the Euribor futures market. Overall, we nd a positive relation between the unexpected changes in the ECBs reference rate and European banking indexes returns. We also discover that the e ect is stronger during the nancial crisis, especially during the sovereign debt crisis. Moreover, we identify a positive relation between the announcements of unconventional policies and the European banking indexes returns , particularly where the banking system was more risky such as Spain, France and Italy but with a low degree of magnitude than expected. Hence, the Euro banks reactions to monetary policies announcements seem to be more relevant through conventional measures with respect to non-conventional ones. Length: 68 Creation-Date: 2017-05 File-URL: http://dipartimenti.unicatt.it/economia-finanza-def059.pdf File-Format: Application/pdf File-Function: First version, 2017 Number: def059 Classification-JEL: G01, G014, G018, E44, E52. Keywords: Banking,Conventional and Unconventional Monetary Policy, Interest rate, ECB. Handle: RePEc:ctc:serie1:def059