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1
PRDIĆ, NEDELJKO. "STOCK EXCHANGE INDICES AS AN INVESTMENT INDICATOR." Kultura polisa, no. 44 (March 8, 2021): 267–78. http://dx.doi.org/10.51738/kpolisa2021.18.1r.4.02.
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Stock exchanges are such specialised market institutions where standardised and tradable goods are traded and exchanged, which means precisely defining the quality and all other performances of goods. Trading is enabled by stock exchange customs and strict rules within the law. Stock exchange indices are the basic indicator of the importance of the stock market in the market on the basis of which decisions on investments in the stock market are made. The aim of this paper is to systematise the knowledge about the historical role of commodity exchanges on the market, but also to indicate the importance of the development of information technologies on the modern significance of stock exchanges. The results of the research show that stock exchange indices are the basic indicator of the state and development of the commodity market and investment tendencies. The conclusion is that stock exchange indices are an important factor in the development of the commodity market with special emphasis on their importance in agriculture. They are an indicator of economic trends and an indicator of investment.
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Khalikov, Ulugbek. "Role of Stock Exchanges in Economic Development of Uzbekistan." International Business Research 10, no. 1 (December 23, 2016): 172. http://dx.doi.org/10.5539/ibr.v10n1p172.
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The paper is devoted to study the contemporary role of investments to economic development in the context of Uzbek stock exchange. The comparative analysis of economic development and stock market trends in Uzbekistan, Kazakhstan and Russia for the period of 2000-2015 are conducted using documentary analysis, quantitative and qualitative analysis, and other statistical methods of research.The results reveal that Uzbekistan has made notable change in regulation and improvement of investment climate and has stable economic development trends for the studied period. However, Stock market development in Uzbekistan remains weak and recent government effort to accelerate privatization is expected to boost the market and support foreign investments attraction.
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Neumayer, Andreas. "There’s No Place Like Home: Investors’ Home Bias in Germany, 1898-1934." Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook 59, no. 2 (November 27, 2018): 447–69. http://dx.doi.org/10.1515/jbwg-2018-0015.
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Abstract This article studies investors’ expectations and investment decisions in regional stock exchanges in Germany from 1898 to 1934. Investments in stocks are particularly interesting, because research has identified a gap between model predictions of individual investment behaviour and actual investment behaviour. So far there is little information about individual investors or their characteristics in historical periods. To improve the interpretation of investors’ stock market behaviour, I look at investment behaviour and influences on that behaviour over time. I examine data on investors’ characteristics to understand local investment biases using data from regional stock exchanges in Germany from 1898-1934. The statistical analysis first indicates that local investment was clearly important during this period. Then, challenging these findings and analysing different sub-samples, it is suggested that investors’ home bias is potentially overestimated. Previous studies, which found evidence of local investment biases in Germany have presumably overestimated this effect.
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Abramov, Alexander, Alexander Radygin, and Maria Chernova. "Determinants of Private Investors’ Behavior on Russian Stock Market." Economic Policy 15, no. 3 (June 2020): 8–43. http://dx.doi.org/10.18288/1994-5124-2020-3-8-43.
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The article explores behavior features of different group of private investors on the Moscow and Saint Petersburg stock exchanges. It was found that the change in the size of the biggest group of registered broker clients on Moscow Exchange depended heavily on growth of real income and key characteristics of passive forms of income, such as deposit rates, government bond returns and stock dividend yield. Active broker clients on the Moscow stock exchange mainly focused on more speculative factors, such as equity premium, equity volatility, foreign stocks’ returns and exchange rate. The growth of individual investment accounts depended on factors of both active and speculative forms of income. The quantity of broker clients on Saint-Petersburg Exchange relied on an even wider set of factors, which included not only risk and returns on national markets, but also characteristics of foreign assets and exchange rates. The two Russian exchanges are interrelated. The bond and equity premium growth makes the national market more attractive than foreign assets. The expansion of private investors on the stock market in Russia, which began in 2018, is explained not only by a search for other investment instruments apart from deposits, especially under the ongoing decline in interest rates, but also by a growing interest in individual investment accounts. The latter represent a positive example of state influence on people’s savings through tax policy. Another factor of the raise of private investments was the implementation of modern investment platforms and active promotion of broker services by major banks. The financial crisis which begun in March 2020 can become a serious challenge for millions of private investors who had opened accounts in the previous two years.
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Prorokowski, Lukasz, and Paulina Roszkowska. "Comparison of practitioners' views on managing equity investments." Baltic Journal of Management 9, no. 2 (April 1, 2014): 153–67. http://dx.doi.org/10.1108/bjm-04-2013-0073.
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Purpose – The purpose of this paper is to examine the extent to which Central European emerging stock markets (focusing on Poland) have been affected by the recent international financial crisis, and how the current investment climate (barriers, risks, challenges and opportunities) influences appetite for investments in Polish equities. In doing so, the study aims to report timely findings in relation to the determinants of the safety and profitability of international portfolio diversification to the Polish stock market. Design/methodology/approach – Based on qualitative empirical research, the authors analyse the differences between the foreign (UK) and domestic (Poland) investors' views on equity investments in Poland. The study builds on questionnaires and interviews with practitioners associated with the Polish stock market. Findings – The authors report that the global financial crisis influenced changes to domestic and international investors' appetite for risk related to equity investments in emerging stock markets: investors are more prudent about emerging markets but the Polish stock market has shown substantial growth potential and positively distinguished itself from other Central European stock exchanges; particular types of investment risks associated with equity investments in the Polish stock market have abated. Polish equities are an attractive component of the international portfolio diversification, provided that trading strategies are adjusted to the contemporary investment environment. Originality/value – This paper addresses the absence of the academic literature devoted to the analysis of equity investments in the contemporary Central European emerging stock markets. The authors discuss the differences in appetite for risk between the UK and Polish investors and assumptions about investments in Poland. The authors also contribute to the international debate on investor protection and regulations that can improve investment processes.
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Alam, Lamia, and Muhammad Rehan Masoom. "‘Green Investing’ as an Approach to Make ‘Green Bangladesh’: the Role of Stock Exchanges." American Journal of Trade and Policy 5, no. 3 (December 31, 2018): 121–30. http://dx.doi.org/10.18034/ajtp.v5i3.443.
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Manufacturing various products and delivering numerous services have its respective impacts on the environment. Today, a range of eco-friendly economic instruments available worldwide, such as the eco-investment, green stocks, green investment, green banking, green bonds, green savings accounts, green mutual funds, green money market accounts and green certificates of deposit that have gained the positive reputation among many investors in the stock markets. Green investments are directed by corporations that invest in businesses committed to the environment. Some of these businesses either implement entire energy practices or good waste management systems. In the past, very few companies could have been called eco-friendly, along with several nations ensuring their support for the environment and creating environment-friendly policies, several companies have come forth with a clear objective of being responsive to the environment and lessen emissions. Bangladeshi mutual funds have not really presented much achievement in the green fund arena through the global counterparts is working in this sector. In this context, this paper intends to attract the attention of corporations towards green investments, which are effective for safe-environment and protection to earth. This paper focuses on various green investments and green investing companies in Bangladesh, and the primary focuses are: (1) to acquaint with nature of the companies involved in green funds and green investing, (2) to make an overview of different global green investing arrangements, (3) to suggest Bangladeshi companies to come forward in green investing to make Bangladesh green and pollution-free.
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Zadorozhna, Olha, and Bogna Gawronska-Nowak. "HOME BIAS: EVIDENCE FROM THE STOCK EXCHANGE." CBU International Conference Proceedings 6 (September 26, 2018): 503–9. http://dx.doi.org/10.12955/cbup.v6.1205.
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This paper deals with issues connected to the home bias, which is a tendency of investors to keep more domestic assets versus foreign ones. We use annual data on the value of share trading of 68 stock exchanges in 68 countries for the period of 2003-2015 to find out if home bias exists given domestic and foreign shares are traded under the same regulatory framework, with the same transaction costs and rules for information availability applied; and if it does, then what factors are responsible for it. We find that the home bias increases in periods of crisis and becomes lower in periods of relative stability. In addition, home bias tends to be smaller in countries with better control of corruption and that are more open to investments. A Hausman-Taylor estimation confirms this result and suggests that countries with better institutional environments tend to have smaller home bias. Moreover, countries that are more open to investments have more foreign companies listed on their stock exchanges.
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Agyei-Boapeah, Henry, Yuan Wang, Abongeh A. Tunyi, Michael Machokoto, and Fan Zhang. "Intangible investments and voluntary delisting." International Journal of Accounting & Information Management 27, no. 2 (May 7, 2019): 224–43. http://dx.doi.org/10.1108/ijaim-12-2017-0146.
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Purpose Drawing on a cost–benefit perspective, this paper aims to explore the relation between information asymmetry and the decision to delist from stock exchanges during periods of uncertainty. Specifically, it investigates the role of firms’ intangible investments and the availability of alternative sources of finance on the decision to delist from foreign stock markets. Design/methodology/approach The study takes advantage of a natural experiment in which cross-listed Chinese firms facing uncertainty in US markets because of widespread allegations of accounting fraud decide on whether to remain listed or voluntarily delist. The decision to delist is modelled as a function of the level of information asymmetry between firms and their stakeholders and the availability of alternative financing, while controlling for other drivers of firms’ delisting decision. The data used in the empirical analyses cover a hand-collected sample of 91 Chinese firms voluntarily delisting from US stock markets between 2010 and 2016. This sample is matched with an equal sample of Chinese firms, which remained listed in US stock markets during the same period. A probit regression model accounting for fixed effects is used. Findings There is a significant positive relationship between investments in intangible assets and firms’ decision to delist. Moreover, the positive intangibles−delisting nexus is accentuated by the availability of alternative sources of financing. Collectively, the results are consistent with the theoretical argument that the higher information asymmetry associated with intangible assets may increase the cost of staying listed on stock exchanges, particularly in periods of uncertainty (captured in this study by accounting fraud allegations targeting cross-listed firms). The results have important implications for corporate managers, capital market participants and policymakers. Practical implications Policymakers and standard setters must continue to work to improve the accounting regulations of intangible assets and to promote the adoption of global accounting standard across both emerging and advanced economies. Originality/value The study exploits a unique natural experimental setting to explore why cross-listed firms delist. The underlying theoretical framework to explain delisting is new. This framework captures the role of information asymmetry, uncertainty and alternative financing in explaining the cost and benefits of remaining listed on a foreign market.
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Chariri, Anis, Mohammad Nasir, Indira Januarti, and Daljono Daljono. "Determinants and consequences of environmental investment: an empirical study of Indonesian firms." Journal of Asia Business Studies 13, no. 3 (July 8, 2019): 433–49. http://dx.doi.org/10.1108/jabs-05-2017-0061.
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PurposeThis study aims to examine the effect of institutional ownership, audit committee and types of industry on environmental investment. Furthermore, this research investigates the consequences of environmental investments on firm financial performance.Design/methodology/approachThe sample consisted of 145 companies listed on the Indonesia Stock Exchanges and receiving PROPER awards issued by the Ministry of Environment, Republic of Indonesia in the year 2009-2015. The data were then analyzed using ordinal logistic regression and multiple regression.FindingsThe findings showed that environmental investment was significantly affected by types of industry. However, institutional ownership and audit committee did not influence environmental investment. Finally, the finding indicated that environmental investments positively affected firm financial performance.Research limitations/implicationsThis research only covered companies listed on the Indonesia Stock Exchanges and receiving PROPER awards. Thus, the findings cannot be generalized for all companies in Indonesia and other markets.Originality/valueThis study is the first effort intended to investigate the determinants and consequences of environmental investment which have been ignored by previous studies, especially in the Asian emerging markets. This study at least provides us with two main contributions. First, the findings on determinants of environmental investment can be used by governments in Asian countries, especially Indonesia as a reference in making policies concerning the obligations of companies to the environmental problems. Second, the finding on the relationship of environmental investment and financial performance can be used by companies as strategies to generate profits without destroying the environment.
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Farias Guimarães Júnior, Francisco Roberto, Charles Ulises De Montreuil Carmona, and Luciana Gondim de Almeida Guimarães. "Strategy of asset portfolio risk diversification through value drivers." REBRAE 8, no. 1 (July 27, 2015): 53. http://dx.doi.org/10.7213/rebrae.08.001.ao04.
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The risk diversification of an asset portfolio of investments is underlying in the idea that all securities have an idiosyncratic behavior which allows compensating a specific stock loss by the gain achieved by other stock into the portfolio. However, we know that the portfolio selection process should excel for choosing assets capable of creating and generating value on the long term. Thus, the objective of this research was to verify if the portfolios selected through their value drivers present the diversification benefits that were determined in prior researches. We had used the data available at Economatica data base of the following Stock Exchanges: Argentina; Brazil; Chile; and Mexico. To select the portfolios by value drivers we used a model based upon the weighted factors decision matrix where the securities were hierarchized by their grades. The variables used as factors, were the Tobin’s Q, Beta, Leverage, Price/Earning Ratio, and the Price Sales Ratio. All portfolios were compared with that selected through Markowitz (1952) model. The results show us that the portfolios selected through value drivers have obtained the benefits of the diversification process convergent with prior researches. On the other hand, we verified that the stocks amount into portfolios constructed through Markowitz (1952) model have had high positive correlation with the stocks amount in the Stock Exchange what resulted in portfolios with 44 assets, for instance. For future studies we suggest: the using of generalized linear model instead the multiple regressions to figure out the factor weights; to use others fundamentalist variables; to apply this study in other Stock Exchanges.
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Remlein, Marzena, and Vlasta Roška. "The disclosure of investments related to CSR in the management report. Evidence from non-financial listed companies in Poland and Croatia." Zeszyty Teoretyczne Rachunkowości 109, no. 165 (October 29, 2020): 85–104. http://dx.doi.org/10.5604/01.3001.0014.4343.
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Purpose: The paper examines the quality of information on investments related to corporate social re-sponsibility (CSR) in reports prepared by Polish and Croatian companies. The purpose of this paper is to assess the quality of information on investments related to corporate social responsibility (CSR), as con-tained in the management reports of non-financial companies listed on the Warsaw and Zagreb Stock Exchanges. Methodology/approach: basic research method is content analysis applied to the manage-ment reports of non-financial companies listed on the aforementioned stock exchanges. The examined period covers the years 2010-2018. Findings: The result of comparing the quality of information on investments related to CSR disclosure in Poland and Croatia shows that Polish companies disclosed higher quality information than Croatian companies. However, in both cases, we cannot notice very good quality information. They show the information on expenditure on environmental protection, local socie-ty and improving the working conditions of their employees. However, none of the examined companies uses the term Socially Responsible Investments. Originality/values: The results of the research increase knowledge in the field of reporting and the quality of information on investments related to CSR in man-agement reports prepared by Polish and Croatian non-financial companies.
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Kameoka, Akio. "A ‘Corporate Technology Stock’ Model." Industry and Higher Education 10, no. 6 (December 1996): 388–93. http://dx.doi.org/10.1177/095042229601000612.
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A concept of ‘corporate technology stock’ (CTS), facilitates understanding of the corporate technological process. A model based on ‘depreciation’ has led to a new formula for determining appropriate corporate investments on research and technology development (RTD), and simulations have revealed the model accords satisfactorily with experience in industry. The model was extended to define corporate RTD productivity, in terms of ‘knowledge productivity’ to clarify the performance of knowledge-based activities. A key factor for collaboration is to activate knowledge exchanges among researchers and engineers. The paper concludes that a sophisticated technology market infrastructure established by introducing new market mechanisms greatly contributes to RTD collaborations.
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Çal, Betül, and Mary Lambkin. "Stock exchange brands as an influence on investor behavior." International Journal of Bank Marketing 35, no. 3 (May 15, 2017): 391–410. http://dx.doi.org/10.1108/ijbm-05-2016-0072.
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Purpose The purpose of this paper is to investigate the effect of stock exchange-related brand equity on intention to invest and the mediating role of perceived risk (PR) in this relationship in a comparative analysis between a developed and a developing market. Design/methodology/approach The study is carried out through an online survey among financially literate adults in two countries, Turkey and Ireland. Structural equation modeling is used to empirically test the relationships between brand equity dimensions and intention to invest, with a mediating role of PR. Findings The results indicate that the brand equity of a stock exchange is a relevant construct that significantly influences intention to invest. Also, the mediating role of PR is found to be strong in a developing market such as Turkey, but weak in a developed market like Ireland. Research limitations/implications One limitation of this paper is its inclusion of individual investors as the unit of analysis while leaving out institutional ones. The second limitation is the difficulty in generalizing the results to overall country populations. Practical implications This paper offers managerial implications regarding the need for emphasizing “stock exchange brand,” besides corporate brands traded, and customizing the management of brand-related influencers in investment decisions according to country context. Originality/value The impact of corporate brands in investment choices has been demonstrated before, but the influence of intermediaries – stock exchanges – through which investments are transacted, has not yet been investigated. This study addresses this gap, and further shows the differing extent of PR in this relationship between a developed and a developing country setting.
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Asafo-Adjei, Emmanuel, Daniel Agyapong, Samuel Kwaku Agyei, Siaw Frimpong, Reginald Djimatey, and Anokye M. Adam. "Economic Policy Uncertainty and Stock Returns of Africa: A Wavelet Coherence Analysis." Discrete Dynamics in Nature and Society 2020 (November 22, 2020): 1–8. http://dx.doi.org/10.1155/2020/8846507.
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This study explores how global economic policy uncertainty (EPU) shocks comove with stock returns (SR) of eight African countries—Botswana, Ghana, Kenya, Morocco, Namibia, Nigeria, South Africa, and Zambia. The study employed daily data from December 2010 to December 2019 using wavelet coherence analysis. The results showed that global EPU comoves with most of the SR of African markets and was concentrated in the longer term, especially during the period between 2011 and 2019, although not substantially. The findings indicate that short-term investments in African stocks are less susceptible to global economic policy uncertainty. It is recommended that foreign investors could hedge agaist policy uncertainties by investing in stock listed in African Stock exchanges while appropriate country-level policies are deployed to manage long-term effect of EPU.
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Németh-Durkó, Emilia. "Environment and finance." Economy & finance 7, no. 4 (2020): 425–40. http://dx.doi.org/10.33908/ef.2020.4.4.
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Carbon emissions and economic growth are related processes. Financial develop-ment is given increased attention in studies on their connection due to its impact on economic recovery. In economies having highly developed financial structures the growth of lending opportunities and active stock exchanges contribute to the reduction of financial difficulties for investments and developments both in the corporate and retail areas. Stock portfolios play a part in funding including popu-lar green investments promoting the implementation of sustainable goals. State-of-the-art investments may be implemented to achieve energy saving and causing less carbon emissions. This study is to prove, however, the impact of a high level of financial development is not unambiguously positive. It cannot only drive spread-ing environment-friendly technologies but may also cause an increase in energy consumption and carbon emissions despite its improvement of efficiency.
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Edlinger, Cécile, Maxime Merli, and Antoine Parent. "An Optimal World Portfolio on the Eve of World War I: Was There a Bias to Investing in the New World Rather Than in Europe?" Journal of Economic History 73, no. 2 (May 23, 2013): 498–530. http://dx.doi.org/10.1017/s002205071300034x.
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The geographical distributions of French and British foreign investment portfolios differ markedly before World War I. Did French portfolios favor European investments just as British portfolios favored “New World” assets? Should economic rationality have encouraged investors to invest widely in the “New World” rather than in Europe? Combining Modern Portfolio Theory and a new data set comprising assets listed on the Paris and London Stock Exchanges, we show that investing in the “New World” did not yield higher returns than investing in Europe. The “European preference” of the Paris Bourse and, by extension, of French investors was not inefficient.
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Selasi, Dini, and Muzayyanah Muzayyanah. "Wakaf Saham Sebagai Alternatif Wakaf Produktif Pada Perkembangan Ekonomi Syariah di Indonesia." TAWAZUN : Journal of Sharia Economic Law 3, no. 2 (October 3, 2020): 155. http://dx.doi.org/10.21043/tawazun.v3i2.7932.
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<p>Sharia economic development has been introduced to various types of halal investments including sharia stocks. The development of Sharia stock exchanges is very rapidly growing in line with the ease of access to become Sharia equity investors. The purpose of this journal is to introduce the Waqf of shares and its application in the development of sharia economy. This research uses literature research where all the materials are sourced from various sources, such as books, journals, scientific papers, newspapers, online news, etc. that support the writing of this journal. The result of this journal is the new stock Waqf was introduced in April 2019, investors can have their shares personally or through AB-SOTS (the Exchange member who owns the Sharia Online Trading System) which is a securities company that owns SOTS, a securities company in cooperation with the Indonesian Waqf Agency (BWI) and Dompet Dhuafa (DD Currently the new MNC Sekuritas, Indopremier Securities, Henan Securities and Philip Sekuritas. Waqf shares as an alternative of waqf productive with the purpose of the welfare of the people.</p>
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Nguyen, Huu Manh, Thi Huong Giang Vuong, Thi Huong Nguyen, Yang-Che Wu, and Wing-Keung Wong. "Sustainability of Both Pecking Order and Trade-Off Theories in Chinese Manufacturing Firms." Sustainability 12, no. 9 (May 9, 2020): 3883. http://dx.doi.org/10.3390/su12093883.
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Our study investigates Chinese manufacturing firms listed on both the Shanghai and the Shenzhen Stock Exchanges. These firms follow the pecking order or trade-off theories in their capital structure choices. Using panel data from the Taiwan Economic Journal and quantile regression, we construct three models to compare the two theories. Our first model tests the impact of profitability, tangible asset, firm size, and investment opportunities on leverage; our second model adds the dividend payout ratio to test the robustness of the first model; and our third model tests how leverage, profitability, firm size, and dividend variables affect a firm’s investments. From the results of all the models used in our study, we find a negative relationship between leverage and both profitability and the dividend payout ratio and a positive relationship between leverage and growth in a firm’s investments. We also find a negative relationship between dividends, firm size, and growth in a firm’s investments and a positive relationship between investment capital and profitability. The overall results indicate that the capital structure decisions of Chinese manufacturing firms are best explained by the pecking order theory.
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Bashir, Taqadus, Faisal Mehmood, and Altamash Khan. "Comforting Investments are Rarely Profitable: Impediments in Investor Decision Making." Global Social Sciences Review IV, no. II (April 23, 2019): 51–59. http://dx.doi.org/10.31703/gssr.2019(iv-ii).07.
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This research aims at testing and confirming existence of selected behavioral biases of investors that affect their decisions. Five behavioral biases affecting irrational behavior of investors were selected: overconfidence bias, illusion of control bias, confirmation bias and recency bias and optimism bias. Primary data was collected through a questionnaire from 300 investors from banks, insurance companies, stock exchanges etc. The results were obtained by employing a correlation and regression analysis for the presence of behavioral biases and to detect degrees of their influence on decision making. Correlation results indicate moderate association between behavioral biases and decisions of investors. Outcome of the research indicates that while making financial decisions investors are moderately affected by behavioral biases.
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Nichkasova, Yuliya O., Halina A. Shmarlouskaya, and Kulyash Zh Sadvokassova. "Attracting investments from the global and local IPO markets: A case study of Belarus, Kazakhstan and Russia." Voprosy Ekonomiki, no. 12 (December 3, 2019): 72–89. http://dx.doi.org/10.32609/0042-8736-2019-12-72-89.
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An initial public offering of shares is a global equity instrument of the stock market, which is used as the most effective way to raise capital for solving the strategic tasks of growth and development of the company. This tool is applicable both in international and national financial markets. The purpose of this study is to analyze the practice of attracting investment by the corporate sector of Belarus, Kazakhstan and Russia for 1996—2018. The article analyzes the current state of the global capital market, the size of capitalization of global stock exchanges and the primary public offering market. The degree of development of practice and the effectiveness of using the IPO tool is shown, significant country differences are revealed. The importance of this tool during privatization on market conditions and its relevance for the development of the institutional infrastructure of national stock markets and the integrated financial market of the EAEU member states are noted. The most significant advantages of IPO as a financial instrument for implementing state economic policy are identified.
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Ud Din Dar, Mearaj, and Khursheed Ahmad Butt. "STOCK MARKET LINKAGES AND CAUSAL RELATIONSHIPS: EMPIRICAL INVESTIGATION OF EM7 ECONOMIES." International Journal of Advanced Research 9, no. 09 (September 30, 2021): 252–61. http://dx.doi.org/10.21474/ijar01/13401.
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Diffusion of information in the present era has become very fast, whether it is related to natural phenomena or human activities. Due to the technological advancement and fast face globalisation and liberalisation, events happening in financial markets are no exception, especially due to electronic stock exchanges and free flow of capital and financial information across borders. The present study aims to examine return patterns and find inter linkages/integration among the stock markets of seven largest emerging economies popularly known as EM7 (India, China, Russia, Brazil, Indonesia, Mexico and Turkey) by examining the monthly return data from Jan 2010 to Dec 2019. The study used descriptive analysis, correlation analysis, regression analysis and causality test to attain its objectives. The results indicate that EM7 stock markets are not interlinked, suggesting markets are quite segmented and there is scope for fund managers and both international and domestic investors to reap the advantages of portfolio diversification and mitigate the risks associated with their investments.
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Fayed, Ahmed Magdy, and Suchi Dubey. "An Empirical Study of Impact of EVA Momentum on the Shareholders Value Creation as Compared to Traditional Financial Performance Measures – With Special Reference to the UAE." International Journal of Economics and Finance 8, no. 5 (April 25, 2016): 23. http://dx.doi.org/10.5539/ijef.v8n5p23.
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The unawareness of value-based performance measures when allocating investments could lead to destroying value. This paper presents comparison of three groups of performance measures being accounting-traditional measures, market-based measures and value-based measures with special focus on EVA Momentum calculated as (ΔEVA / Trailing Sales). The study covers UAE stock exchanges from 2008 to 2013. A methodology is designed to determine the right transformation of panel data then deciding on the appropriate regression technique among Fixed Effects, Random Effects or Pooled OLS model. Advanced modeling techniques as Driscoll-Kraay and Prais-Winsten models are used to examine serial correlation and heteroskedasticity.
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Majanga, Byson Beracah. "Corporate CAPEX and market capitalization of firms on Malawi stock exchange: an empirical study." Journal of Financial Reporting and Accounting 16, no. 1 (March 12, 2018): 108–19. http://dx.doi.org/10.1108/jfra-10-2016-0080.
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Purpose Market capitalization of firms reflects the current value of a firm and provides a reasonable basis on mergers and acquisition bargains. Determinants of a firm’s increasing or decreasing market capitalization are multi-faceted, hence the study. The paper is about a historical study of the responsiveness of common share prices of some listed industrial companies to the firms’ investments in capital expenditure. This study aims to discuss the impact of capital expenditure on a firm’s market capitalization, with a focus on companies listed on the Malawi stock exchange (MSE). Design/methodology/approach The study reviews data collected from published annual reports for the years from 2007 to 2015. The variations in capital expenditure (CAPEX) which are termed “increase” or “decrease” were studied to establish their association with variations in stock prices before the increase or decrease, and after the increase or decrease. As stock price changes are caused by other determinants, the variables of return on capital employed (ROCE), net profit margin (NPM), asset turnover (ATO) and earnings retention ratio (ERT) were analyzed, and a respective correlation test was done against CAPEX movement over the years through panel data analysis and regression analysis to establish the correlation between the variables using XLSTAT. Findings At 95 per cent confidence level, CAPEX correlates with ROCE and NPM at 0.373 and 0.249 coefficients, respectively, and negatively with ERT at 6.45e-2. With tests favoring a positive relationship between elements of profitability and stock price, the study finds that there is a positive relationship between a firm’s CAPEXs and its future stock prices. Research limitations/implications The firm’s commitment to CAPEX has a positive impact on its stock price on the stock exchange. These findings, however, need to be interpreted with caution as the data reviewed excluded that from financial institutions, the inclusion of which may affect the outcome, and that the data are derived from a small and young stock market which may be lacking in its efficiency compared to the old and big ones the world over. Originality/value The study was undertaken based on the study of listed companies on the Malawi Stock Exchange, and the results may or may not reflect the reality on the ground in other stock exchanges.
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Adiputra, I. Gede, and Azhar Affandi. "The Effect of Micro and Macroeconomic on Investment Opportunity." AMAR (Andalas Management Review) 2, no. 2 (November 23, 2018): 59–81. http://dx.doi.org/10.25077/amar.2.2.59-81.2018.
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The purpose of this study is to obtain results: the influence of micro and macroeconomic factors of the company on investment opportunities. This research is conducted in five ASEAN countries, such as; Indonesia, Malaysia, Singapore, Thailand, and the Philippines (ASEAN-5). The microeconomic factors are measured by firm size, financial risk, profitability, and debt policy. The macroeconomic factors are measured by interest rates, exchange rates, inflation, and economic growth. The analysis unit of this study is 175 large capacity manufacturing industries listed on ASEAN-5 stock exchanges for the 2012-2017 period. The data analysis technique used is panel data regression analysis. The result shows that the Debt Equity Ratio has a negative and significant effect on investment opportunities in Microeconomic influence for the ASEAN-5 Countries. Risk does not have a significant effect on investment opportunities. Profitability is insignificant for the ASEAN-5 Countries and is significant for the State of Singapore, Thailand. Firm Size is significant for Indonesia, Malaysia, Singapore, and the Philippines. GDP growth has a significant effect on investment opportunities for the ASEAN-5 countries. The interest rate has harmed the opportunities of investment in Indonesia, Malaysia, and Singapore. Inflation has a negative and significant effect in Indonesia, Malaysia, Thailand, and the Philippines. Exchange rates are significant for Indonesia, Malaysia, and Singapore. Investment opportunities have a positive effect on the value of the company in ASEAN-5 Countries. The benefits of this study for creditors are as a guideline for disbursing credit, and for investors it is as a guideline for placing capital investments in companies that have favorable debt and equity considerations in five (5) ASEAN Countries.
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Schweda, Magdalena. "NewConnect as an alternative trading system." Equilibrium 5, no. 2 (December 31, 2010): 103–15. http://dx.doi.org/10.12775/equil.2010.028.
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The present paper is focused on NewConnect that is a new market organized and operated by the Warsaw Stock Exchange next to the main regulated market. On 30 August 2009 this new trading platform celebrated the second anniversary of its functioning. Because of short period of its operation, NewConnect still remains unknown and mysterious for both: potential issuers and investors as well as for many individuals interested in stock exchanges and capital markets. This common ignorance of NC Market operation is an essential obstacle to its development whereas NewConnect has the chance to become the significant part of Polish capital market. It is intended for young dynamic Polish and foreign entities as an alternative source of capital required for financing of small and very innovative companies and investments It gives them a chance to raise capital at a lower cost. On the other hand, investors gain great opportunity to become shareholders in a company with the prospects of success. The aim of this paper is to present basic information about NC Market, its rules, participants as well as to provide some statistics of NewConnect functioning from its beginning in August 2007 until the end of August 2009.
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Kim, In Joon, and Dong Haeng Lee. "Hedging Price Risk in the Presence of Quantity Risk." Journal of Derivatives and Quantitative Studies 23, no. 1 (February 28, 2015): 1–27. http://dx.doi.org/10.1108/jdqs-01-2015-b0001.
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This research looks into hedge strategies to resolve foreign exchange-related risks, generated when investing in overseas financial assets, as an example of quantity risk. If an investor has information with no uncertainty over the volume and there is only a price risk he want to hedge, an investor will be able to reduce or eliminate risks by using relative derivative securities such as forwards or futures contracts. However, if there are uncertainties over the volume of hedging targets that is called quantity risk, it is impossible to set the optimal hedge ratio with the traditional method without considering the presence of quantity risk. In this paper, we theoretically draw an optimal hedge ratio which is estimated via minimal variance criterion under static hedge structure. We also analyze its hedge performance and the impact of change in covariance on the optimal hedge ratio and variance of investment return denominated as its own country currency. For theoretical approach, we review the impact that overseas financial assets’ yield and exchanges rates distribution will have on optimal hedge ratio through simple numerical analysis. Empirical analysis is carried out by using the stock indices of the U.S., Europe and Asian countries, and the results indicate that hedge strategies taken with quantity risk for all markets produced better hedging performance than the strategies taken without quantity risk. Since there is a need for systematic research on risks involving foreign exchanges that occur in the event of foreign investments aimed to develop the domestic financial industry, we hope that our research serve as a stepping-stone for further research.
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Afni, Zalida, Lindawati Gani, Chaerul D. Djakman, and Elvia Sauki. "THE EFFECT OF GREEN STRATEGY AND GREEN INVESTMENT TOWARD CARBON EMISSION DISCLOSURE." International Journal of Business Review (The Jobs Review) 1, no. 2 (December 15, 2018): 97–112. http://dx.doi.org/10.17509/tjr.v1i2.13879.
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This research aims to test the influence of the green strategy and green investment against disclosure of carbon emissions. Global warming leads to extreme climate change in various places around the world including in Indonesia. There is strong evidence that it is caused by human activity, mainly from burning fossil fuels so as to have an impact on the increasing greenhouse gases. One of the company's efforts in reducing the impact of carbon emissions is by disclosure of carbon emissions. Research on the relationship of the disclosure of carbon emissions by a factor of green strategy and green investments at private sector organization is still relatively limited and there are differences in the methods used. This research contributes to providing empirical evidence about the influence of the green strategy and green investment against disclosure of carbon emissions. Research on the relationship of the disclosure of carbon emissions by a factor of green strategy and green investments at private sector organization is still relatively limited and there are differences in the methods used. This research contributes to providing empirical evidence about the influence of the green strategy and green investment against disclosure of carbon emissions. This research using a sample of companies listed on stock exchanges in the country which is included in the rate of carbon emissions in the world, namely Indonesia and German. This study uses data from the 2014-2016 period in the annual report and the corporate sustainability report. The results showed that there is a significant influence of the green strategy and green investment against disclosure of carbon emissions
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Kharka, Damber S., M. S. Turan, and K. P. Kaushik. "Stock Market Integration in South Asia." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 1, no. 2 (July 25, 2012): 8–20. http://dx.doi.org/10.24297/ijmit.v1i2.1442.
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While the topic of stock market integration has been one of the highly researched area in the literature but focus had mostly been on the stock markets of developed economies. Few have focused on analyzing market integration in South Asian region and no inclusion of Bhutanese stock has been found in the literature in any of the earlier studies. The objective of this paper is to analyze market integration between Bhutanese, Indian and other indices in the region. We also analyzed whether other indices in the region are co-integrated with Indian stock market, as Indian market is more proficient in the region and can be believed to have influences on others. We analyzed all indices in the region on one to one basis (using pairwise co-integration test). We used weekly data from January 2006 to December 2011 period from the stock exchanges of (Bhutan, India, Nepal, Bangladesh, and Pakistan). Applying, Dickey-Fuller method, we tested unit root for each stock indices and used Johansen co-integration approach pairwise to test the long-term relationship between stock indices and multivariate approach to test market integration as a whole. We found that all indices are stationary at I(1) and confirmed no long-term relationship between Bhutanese stock with Indian and other regional stock markets. In fact we find no market integration either on one to one basis or for the south Asian market as a whole. Information on market integration should help market players in managing their investments in capital markets in a sustainable manner.
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Potrykus, Marcin. "The share of investments in gold and oil using the example of selected European stock exchanges– A comparative analysis." Cogent Economics & Finance 9, no. 1 (January 1, 2021): 1929679. http://dx.doi.org/10.1080/23322039.2021.1929679.
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Shaik Mohammed, Wasiullah, Mufti Abdul Kader Barkatulla, Mohammed Husain Khatkhatay, and Zaffar Abbas. "Purging of impure income: a comparative study of the existing purging methodologies." ISRA International Journal of Islamic Finance 9, no. 1 (July 10, 2017): 62–80. http://dx.doi.org/10.1108/ijif-07-2017-006.
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Purpose The purpose of this paper is to study the concept of purging and present a comparative study of the existing purging methodologies prevailing in the market with a view to evolving a more effective method of capturing the entire impure income to be purged. Design/methodology/approach To illustrate the present discussion, a case study of purging based on numerical examples has been included. The argument has also been supported with empirical data related to the universe of Sharīʿah-compliant stocks listed on Indian stock exchanges. Findings During the study, it was found that the existing purging methodologies of calculating impure income to be purged have conceptual and practical shortcomings. Research implications/limitations The scope of the current research is limited to calculation of impure income which accrues on account of Sharīʿah non-compliant investments directly or indirectly. It does not try to quantify the benefit which may be imputed in the form of capital gains made in trading of the investee company shares due to higher market value of the shares as a result of the impure income earned by the investee company. The paper has focused on identifying and calculating the impure income on account of interest. Impure income earned from specific Sharīʿah non-compliant products or services has not been considered directly. The reason for this is that companies dealing in such products or services are generally excluded at the business screening stage itself. In the case of those companies which derive a relatively small proportion of their total income from such activities and pass the business screening stage, the quantum of the impure income is not generally reported separately in company accounts. Practical implications/limitation The result of adopting the proposed methodology will lead to complete purging of impure income (to the extent that is possible under present Company Law and stock exchange reporting regulations). Implementation of the proposed method requires a proper understanding of the working of listed companies and either a sound mathematical background or access to a software application to calculate the impure income to be purged. Originality/value The current paper is original and based on the authors’ personal understanding and experience of providing Sharīʿah consultancy services related to Sharīʿah-compliant investments.
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Zook, Matthew, and Michael H. Grote. "The microgeographies of global finance: High-frequency trading and the construction of information inequality." Environment and Planning A: Economy and Space 49, no. 1 (September 28, 2016): 121–40. http://dx.doi.org/10.1177/0308518x16667298.
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Automated high-frequency trading has grown tremendously in the past 20 years and is responsible for about half of all trading activities at stock exchanges worldwide. Geography is central to the rise of high-frequency trading due to a market design of “continuous trading” that allows traders to engage in arbitrage based upon informational advantages built into the socio-technical assemblages that make up current capital markets. Enormous investments have been made in creating transmission technologies and optimizing computer architectures, all in an effort to shave milliseconds of order travel time (or latency) within and between markets. We show that as a result of the built spatial configuration of capital markets, “public” is no longer synonymous with “equal” information. High-frequency trading increases information inequalities between market participants.
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Mpofu, Raphael Tabani. "Stock markets vs GDP growth in South Africa." Corporate Ownership and Control 12, no. 1 (2014): 695–702. http://dx.doi.org/10.22495/cocv12i1c8p1.
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nvestors look at stock market performance and assume that it anticipates economic developments or that the latest GDP quarterly figures have a huge effect on the market’s movements. This study seeks to test if this is true in the long-term. According to a study of the USA stock exchanges done by Holger Sandte (2012) he found that this relationship does not exist. In this paper, we examine the relationship between GDP growth and stock markets returns. We observe that the relationship between these two variables remains complicated because of the effects of multiple factors interwoven over time, which can differ from one country to the next (Boubakari and Jin, 2010). While accurate economic forecasts are helpful for stock investing, we argue that investors should not rely on a single economic indicator in predicting future market developments. As counterintuitive as it might seem, research suggests that high growth rates do not necessarily correlate with the highest long-term stock market returns (Levine, and Zervos, 1996). Nevertheless, major stock market movements may contain valuable information for economic forecasters. This paper reveals that the relationship between the FTSE-JSE All-Share Index growth rates and GDP growth rates is coincidental and cannot be used for prediction. Stock prices generally reflect investor expectations for future corporate earnings and consequently for future economic growth but the papers argued that this relationship cannot be modelled to accurately predict the stock market growth from GDP growth. The findings of the study indicate that investors should not rely on past economic growth as an indicator of future stock gains. Accurately forecasting future economic growth might help but those forecasts are difficult to get right. We suggest that investors should not base their stock investments purely on economic cycles because of the unreliability and unpredictability of such cycles. It is advisable that investors look at fundamentals before investing in high-risk equity markets of growing economies
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Rodriguez, Javier. "Are micro-cap mutual funds indeed riskier?" Review of Accounting and Finance 14, no. 4 (November 9, 2015): 352–62. http://dx.doi.org/10.1108/raf-03-2015-0045.
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Purpose – This study aims to examine the cross-sectional variation in risk of US-based micro-cap open-end mutual funds. Micro-cap mutual funds allow investors to access very low-priced stocks issued by the smallest of companies. The stock of these firms is usually not traded in major exchanges, and their financial information is not readily available and, thus, regarded as risky investments. Design/methodology/approach – The author examines the cross-sectional variation in risk and higher moments of US-based micro-cap mutual funds in comparison with that of small-cap and mid-cap mutual funds. Total, systematic and idiosyncratic risk metrics, along with higher moments, are estimated before, during and after the 2008 financial crisis. Findings – The author finds that, indeed, based on total and idiosyncratic risk metrics, the sample of micro-cap funds is riskier than the size-matched samples of small-cap and mid-cap funds. The author also reports that the sample of micro-cap funds fail to generate higher excess returns than the less risky small-cap and mid-cap funds. Originality/value – To the best of the author’s knowledge, this is the first time that the risk of small-cap mutual funds has been examined.
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Zumente, Ilze, and Nataļja Lāce. "ESG Rating—Necessity for the Investor or the Company?" Sustainability 13, no. 16 (August 10, 2021): 8940. http://dx.doi.org/10.3390/su13168940.
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With the rise of responsible investments, the demand for non-financial data has multiplied. Even for those companies who have obtained an environmental, social and governance (ESG) assessment, the scores issued by rating agencies tend to depict differing pictures of the sustainability performance. First, this article explores the approaches employed by different ESG rating providers. Next, it aims to evaluate the availability and correlation of multiple third-party ratings awarded to companies that are stock-listed on European stock exchanges. Finally, an independent t-test analysis is performed to explore whether the lack of ESG rating availability in the region of Central and Eastern Europe (CEE) has a negative impact on stock’s trading volume and returns. The results suggest substantial divergence in the ratings awarded to the European companies; therefore, companies should pay attention to the methodologies and practices applied by differing agencies to make sure that their efforts are appropriately evaluated, while investors should bear in mind the correlation coefficient of only 0.58 between the two most popular ESG ratings. The analysis on CEE companies shows significant differences in the trading volume between companies that have been awarded an ESG rating and those that have not, implying the importance of the ESG score not only for the investors but also for the companies.
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Adilieme, Chibuikem, and Obinna Umeh. "Sensitivity of Real Estate Investment Return to Market Return Index: The Case of Nigerian Real Estate Investment Trusts." Baltic Journal of Real Estate Economics and Construction Management 8, no. 1 (January 1, 2020): 197–207. http://dx.doi.org/10.2478/bjreecm-2020-0014.
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Abstract The level of sensitivity of every investment option to a market index is crucial to investors. Sensitivity analysis of individual or a set of returns on investments to market return index predicts the reaction of the investment(s) to changes in the market index; informs investors of prospective performance of different investments types; as well as assists the investors in making appropriate decisions on investment selections. This paper assessed how sensitive indirect real estate investments in Nigeria were to market index. The three companies whose asset returns were considered in this study were real estate investment trusts listed in the Nigerian Stock Exchange. The data used in this study were sourced from annual reports of the listed companies, and reports of the Nigerian Stock Exchange. The beta coefficients were used to determine the sensitivity of the selected stocks to market return index. The study found a very low and insignificant beta coefficient among various real estate investments and market return index. Hence, there is no relationship between the market return index and the returns on the Real Estate Investment Trusts listed in the Nigerian Stock Exchange.
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Sun, Bing, Hongyu Liu, and Siqi Zheng. "A COMPARATIVE STUDY ON THE INVESTMENT VALUE OF RESIDENTIAL PROPERTY AND STOCKS." International Journal of Strategic Property Management 8, no. 2 (June 30, 2004): 63–72. http://dx.doi.org/10.3846/1648715x.2004.9637508.
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As real estate, residential property comprises not only the value of utilization, but also the value of investment, which is somewhat different from that of securities such as stocks and bonds. In this paper, the investment value of newly‐built residences and stocks are compared and analyzed theoretically and empirically. Firstly, the paper summarizes the diversity of costs, risks, and benefits of these two investments. Secondly, by quoting the quarterly price/rent indices on the housing market and that at the stock exchange in Shanghai, the paper explores the variances of these two investments with respect to their risk‐return characteristics from 1993 to 2003. Thirdly, the paper discusses the correlations between residential property price/rent index, property/general stock price index, and Consumer Price Index (CPI). Finally, by utilizing the Capital Asset Pricing Model (CAPM), the systematic and the unsystematic risks of these investments are segregated and compared with each other, based on a series of assumptions. The result suggests, on a quarterly basis, that residential property investment produces a higher risk‐adjusted return than that of general stock and property stock investment. Because of a weak/negative correlation between residential property and stock returns, residential property is an ideal candidate to be included into the stock investment portfolio. Moreover, residential property and property stock can be used as effective hedges against inflation.
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Kim, Oksana. "Western-style capital market reforms in Russia: Implications for market efficiency and firms’ financing decisions." Risk Governance and Control: Financial Markets and Institutions 10, no. 3 (2020): 62–74. http://dx.doi.org/10.22495/rgcv10i3p5.
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Over the past decade, the Russian government implemented numerous reforms aimed at attracting investor capital and improving the capital market conditions. These reforms included adoption of stringent listing regulations and governance norms, revisions in the tax and ownership laws, restructuring of the major stock exchanges, and more importantly, adoption of International Financial Reporting Standards (IFRS) in 2011. We employ an adaptive market hypothesis (AMH) perspective formulated by Lo (2004, 2005) to examine whether the informational efficiency of the market changed over time as a result of these reforms. While we report that the Russian stock market is still not weak-form efficient, as it was before the reforms, we find the evidence of improvement in efficiency over time. Next, we find that financing decisions of Russian public firms changed following adoption of IFRS when financial statements became more transparent and better aligned with informational needs of local and foreign investors. Particularly, Russian companies that adopted IFRS were more likely to raise finance via issuance of equity rather than debt instruments, whereas for non-adopters there was no change in the firm capital structure. Finally, we report that there was an increase in the inflow of foreign direct investments (FDI) in the post-reform period, suggesting that the above noted reforms conferred significant benefits to the entire Russian economy.
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Bhat, Rajani B., and V. N. Suresh. "Inter-linkages and performance of Asian stock markets amidst COVID 2019." International Journal of Financial Engineering 07, no. 03 (September 2020): 2050028. http://dx.doi.org/10.1142/s2424786320500280.
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The corona virus outbreak, which originated in China, has infected lakhs of people. Its spread has left businesses around the world counting costs. The corona virus is going global, and it could bring the world economy to a standstill. COVID-2019 that began in the depths of China’s Hubei province is spreading rapidly, persuading the World Health Organization to declare it as a pandemic. There are now significant outbreaks from South Korea to Italy and Iran, from America to Britain. The ongoing spread of the new corona virus has become one of the biggest threats to the global economy and financial markets. The economic impact of the COVID-2019 pandemic has introduced extraordinary volatility in global financial markets, as participants are obliged to reassess their valuations of all investments and associated derivatives as the situation develops. In an environment where uncertainty makes it unusually hard to price assets and for market-makers to operate, exchanges are providing the only way to establish consensus on these valuations in real time. Volatility has reached levels comparable with the Global Financial Crisis of 2008, with one-day losses not seen since 1987. The situation is made more challenging by high levels of indebtedness and already low interest rates. The financial markets are all integrated into one as global markets in the current era of globalization. It is important that financial markets remain able to perform their role — providing investors with liquidity, facilitating price discovery, and allowing for risk transfer and the transmission of monetary policy. This study aims at examining the performance of the selected Asian stock markets amidst the times of COVID-2019. This study intends to examine the interlinkages of Asian stock markets selected and to observe the impact of COVID-2019 on these markets. The period of study is from 1st December, 2019 to 31st March, 2020. The tools adopted for the study are correlation, regression, ANOVA and paired sample [Formula: see text] test.
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Gniadkowska-Szymańska, Agata. "The impact of trading liquidity on the rate of return on emerging markets: the example of Poland and the Baltic countries." e-Finanse 13, no. 4 (December 1, 2017): 136–48. http://dx.doi.org/10.1515/fiqf-2016-0042.
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AbstractEach type of investment has its own liquidity, i.e. the speed with which it can be converted into money. This can be seen with respect to various instruments (such as stocks or futures contracts), market segments, or even entire exchanges. The importance of liquidity has been acknowledged for a long time. A considerable number of studies have investigated stock liquidity, providing evidence that more illiquid stocks have higher returns, which may be deemed an ‚illiquidity premium’. In this paper I present various factors which have an effect on liquidity by presenting the results of research concerning relations between liquidity and stock return on the Warsaw Stock Exchange (WSE) and Nasdaq stock exchanges in Tallinn, Riga and Vilnius.
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Mauko, Arfan, Muslimin B, and Putu Sugiartawan. "Sistem Pendukung Keputusan Kelompok pemilihan Saham LQ45 dengan menggunakan metode AHP, Promethee dan BORDA." Jurnal Sistem Informasi dan Komputer Terapan Indonesia (JSIKTI) 1, no. 1 (September 30, 2018): 25–34. http://dx.doi.org/10.33173/jsikti.6.
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Investments shares on the Indonesia Stock Exchange is one of the investment with a high rate of return. Stock investment profit greatly influenced by the selection of the right stocks in a portfolio. Analyzing the uncertainty of a stock investor can involve the process of stock selection in group decision which includes investors, investment bankers, analysts, and brokers. Stock selection as a group can produce a stock portfolio with a higher rate of profit than the results of individual decision-making.
Implementation of stock selection in group decision support systems (GDSS) used two economic approaches, namely fundamental analysis, and technical analysis. Fundamental analysis uses data financial ratios which have a significant influence on the development of a company's stock. Technical analysis is a stock valuation based on stock movement data time series. This research using AHP, PROMETHEE, and Borda to accommodate the results of shares in group decision making.
This research resulted in ranking stocks as a group that can serve as recommendations for investors stock picking.
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Ye, Songqin, Jiangjiarui Zeng, Feimei Liao, and Jin Huang. "Policy Burden of State-Owned Enterprises and Efficiency of Credit Resource Allocation: Evidence from China." SAGE Open 11, no. 1 (January 2021): 215824402110054. http://dx.doi.org/10.1177/21582440211005467.
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This article selects A-share state-owned listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2018 as samples and uses OLS together with intermediary effect tests to study the impact of state-owned enterprise’ (SOEs) policy burdens on credit resources and their allocation efficiency. The research finds that the heavier the policy burden SOEs assume, the more credit resources they obtained. However, they are also more likely to make inefficient investments after obtaining the credit resources, and these credit resources have a negative effect on the value of the SOEs which bear the policy burden. These negative impacts are more significant in SOEs with low degree of marketization in the region, low level of government control, and low information transparency. The path analysis elaborates that the policy burden of SOEs reduces the efficiency of resource allocation by increasing management agency costs and reducing financing constraints. The conclusions enrich the understanding of the consequences of policy burdens under the background of Chinese system, further broaden the analytical framework of the efficiency of credit resource allocation, and unveil the importance of relevant government departments that can optimize the efficiency of credit resource allocation.
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Pera, Jacek. "The Effectiveness of Investing in Stock Exchange Markets in Central and Eastern European Countries with Regard to NYSE2‑LSE‑HKSE2. a Comparative Risk Analysis." Comparative Economic Research. Central and Eastern Europe 22, no. 2 (July 18, 2019): 121–40. http://dx.doi.org/10.2478/cer-2019-0016.
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The aim of this paper is to assess the effectiveness and risk in the stock exchange market in Central and Eastern Europe countries (CEE) in view of the largest stock exchanges: NYSE2‑LSE‑HKSE2. The implementation of this objective was based on an analysis of basic stock market indicators and a discussion of the investment effectiveness of the stock exchange and the risk and investment effectiveness analysis in the stock exchange market in CEE with regard to NYSE2‑LSE‑HKSE2 – assumptions, test method, tests results. The following working hypothesis was adopted in the analysis: Despite high vulnerability to investment risk, the stock exchanges in CEE, due to dynamic development, are improving their investment position with regard to global stock exchanges. The relative indices of stock market attractiveness and an autoregressive model for forecasting changes in the stock market index were used to verify this thesis. The results from the tests make it possible to state that the stock exchanges in CEE are constantly improving their position with regard to operational effectiveness and risk mitigation when compared to the largest global stock exchanges analysed, ambitiously striving to become significant financial centres within Europe and worldwide.
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Parlagutan Pulungan, Dolly, Sugeng Wahyudi, Suharnomo Suharnomo, and Harjum Muharam. "Technical analysis testing in forecasting Socially Responsible Investment Index in Indonesia Stock Exchange." Investment Management and Financial Innovations 15, no. 4 (November 12, 2018): 135–43. http://dx.doi.org/10.21511/imfi.15(4).2018.11.
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This study aims to examine whether the Autoregressive Integrated Moving Average (ARIMA) model is appropriate to be applied in the Indonesia Stock Exchange, especially for the socially resposible investment stocks. For the ARIMA model combines the autoregressive and moving average method, so it is viewed as a useful tool to predict the stock prices. Those methods are frequently used methods to forecast the stock prices. The data used in this study were daily SRI-KEHATI Index during the period of June 8, 2009 to July 17, 2017. The results showed that the daily SRI-KEHATI Index data were not stationary data, thus this data needed to be transformed. The transformation was done by using the first seasonal differencing transformation process. After being transformed, those data became stationary. Furthermore, this study found that ARIMA (3,1,1) was a model, which might be appropriate and fit with the data condition. This method was also relevant to be applied in the Indonesia Stock Exchange in order to forecast the stock prices.
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Tarassov, Evgeni. "Exchange Traded Funds (ETF): history, mechanism, academic literature review and research perspectives." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 10, no. 2 (July 1, 2016): 89–108. http://dx.doi.org/10.17323/j.jcfr.2073-0438.10.2.2016.89-108.
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Evgeny Borisovich Tarasov - National Research University "Higher School of Economics".
E-mail: etarasov@hse.ru
Prior to March of 2016, when the first exchange traded fund (ETF) on RTS was introduced, Russian investors’ only option for investing in the domestic index was through a mutual fund. By contrast, the majority world stock exchanges have been giving their clients the option to invest in their leading domestic indexes not only via index mutual funds but also via exchange traded funds (ETF) since decades. Their absence and therefore the lake of familiarity with these funds might be one of the several reasons Russian investors have been willing to pay a premium for ETF investments through intermediaries relative to what they would pay investing directly. Large number of investors buy western ETF via mutual funds. The premiums Russian mutual funds charge for investing in ETFs translate on up to a 36% premium over a 10-year horizon, compared to buying the same ETF directly. This paper introduces to a broader Russian speaking community ETFs, one of the most important financial innovations of the last 20 years, and provides a survey of the research done in this field. This paper reviews the literature on ETFs and provides a brief history of ETFs and these funds’ investment mechanism. In conclusion, some ideas for further research are suggested.The existing paper are divvied in three groups that unite six topics:The first group of literature is devoted to traditional ETF. There are two topics:1. Is the ETF substitute for index mutual funds? If yes, to which level? If it is substitute, why it did not still the index funds?2. Which influence has the introduction of an ETF on the active that it tracks. This topic covers also liquidity, hedge and arbitrage. Second group of papers emerging recently unites the following topics:3. How effective are the ETF tracking the foreign indexes?4. ETF development besides USA. 5. ETF that track not the share indexes. New generation ETF: synthetic, leveraged, actively managed and smart-beta.Third group of papers devoted to the following topic:6. ETF use for optimal portfolio construction.
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Isnaini, Desi, and Cipta Isratul Muslih. "Pemahaman Mahasiswa Tentang Saham Syariah Sebelum dan Sesudah Berdirinya Galeri Investasi Syariah BEI." Jurnal BAABU AL-ILMI: Ekonomi dan Perbankan Syariah 5, no. 1 (April 30, 2020): 30. http://dx.doi.org/10.29300/ba.v5i1.3117.
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The purpose of this study is (1) to find out how students understand of Islamic Economics majors about Islamic stock investments before the establishment of the IDX Islamic Investment Gallery IAIN Bengkulu at the Faculty of Islamic Economics and Business. (2) to find out how students understand of Islamic Economics in the Islamic about stock investment department after the establishment of the Indonesia Stock Exchange Islamic Investment Gallery IAIN Bengkulu at the Faculty of Islamic data in the form is observation, interviews, and documentation. The results of this study is : (1) before enstabilistment GIS many students knows Islamic stocks is still limited to theory because there is no place of practice and educational tools to better understand about Islamic stock investment. (2) after the formation of GIS, students' understanding of sharia shares has increased compared to before the enstabilistment of GIS. Students have used existing support facilities.
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Kazem Ebrahimi, Seyed, Ali Bahrami Nasab, and Mehdi Karim. "Evaluating the effect of accruals quality, investments anomaly and quality of risk on risk premium (return) of stock of listed companies in Tehran Stock Exchange." Problems and Perspectives in Management 14, no. 3 (September 15, 2016): 296–306. http://dx.doi.org/10.21511/ppm.14(3-si).2016.01.
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Nowadays, reaching to economic goals in any society requires public participation, which is only the result of people participation. Investment in stock market is one of people participation methods. So, awareness from stock return and its affecting factors is one of anxieties of investors and owners of shares. In this research, authors evaluate the effective factors on stock return using Fama and French models. So, authors study the effect of some factors including accruals quality, anomalies of investments, size factor, market’s risk premium factor, and book equity to market equity factor, on stock’s risk premium which is representative of stock returns, in 70 listed companies in Tehran stock exchange from 20 March 2003 to 20 March 2014. Results showed that accruals quality and quality of risk have meaningful effect on risk premium, which is representative of stock returns. Results also show that investment anomaly has no meaningful effect on risk premium and, consequently, on stock returns. Keywords: accruals quality, investments anomaly, risk premium, return diversity, stock returns, quality of earnings, discretionary accruals, systematic risk. JEL Classification: M41, G12, G14
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Kotane, Inta. "EVALUATION OF THE LATVIAN STOCK MARKET AS AN INVESTMENT OBJECT." SOCIETY. INTEGRATION. EDUCATION. Proceedings of the International Scientific Conference 6 (May 21, 2019): 615. http://dx.doi.org/10.17770/sie2019vol6.3944.
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Development of the securities market in Latvia compared with the countries of Western Europe, Scandinavia, and North America has started much later and has been slow; therefore, the interest of individuals and companies to actively participate in the capital market can be assessed as low. The stock market that is considered as one of the types of the securities market is an unstructured environment where every investor has to decide on how to invest. The potential investor interested in stocks as an investment object can buy shares of the companies and potentially earn money despite the fact that investments in stocks are considered as a very high-risk investment. The research aim: to evaluate the Latvian stock market as one of the investment objects. The scope of the research determines the topics covered: investment opportunities in the stocks of the regulated Latvian stock exchange. The research findings point out that the performance of the Nasdaq Riga stock exchange despite its relatively small number of the issuers of shares is effective. The author concludes that use of the investment accounts is not sufficiently promoted for private individuals, consequently, the culture of savings lags behind in Latvia. In order to educate the private investors and promote decision-making on the purchase of shares, it would be advisable for the Nasdaq Riga to provide the investors with concise information on the shares of the companies and their characteristics. The quantitative and qualitative methods of economics research, including the method of comparative analysis and synthesis, as well as statistical and graphical analysis methods are used in the research.
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Nidar, Sulaeman Rahman, and Erwin Jaya Diwangsa. "The Influence of Global Stock Index and the Economic Indicators of Stock Investment Decision by Foreign Investors in the Indonesian Stock Exchange." Journal of Finance and Banking Review Vol.2(1) Jan-Mar 2017 2, no. 1 (March 19, 2017): 32–37. http://dx.doi.org/10.35609/jfbr.2017.2.1(5).
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Objective - The objective of this study is to determine how the movement of several indices and indicators of the global economy affect the change in investment by foreign fund flows in the Indonesia Stock Exchange (BEI). Methodology/Technique - Some global stock indices used in this study comprise the Dow Jones index, the Nikkei 225 index, the Shanghai index (SSE) and the Singapore Index (STI). Data were taken monthly from March 2009 to June 2014. Findings - The results obtained from this study indicate that the Dow Jones index and the STI index have a significant positive effect on the movement of foreign investmentsin the Stock Exchange. In contrast, the movement of world oil prices and exchange rate of the IDR/USD have a significant negative effect on the movement of foreign investments in the BEI. Novelty - The results of this study reinforces that the depreciation of the rupiah against the USD is an indication that the fundamentals of the Indonesian economy is not strong enough. Type of Paper: Empirical Keywords: Dow Jones, Nikkei 225 Index, Shanghai Index (SSE), STI Index, World Oil Prices, World Gold Price, Exchange Rate IDR/USD
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Kadi, Xhensila. "Advantages Of Stock Exchange Lıstıng." European Scientific Journal, ESJ 12, no. 4 (February 28, 2016): 190. http://dx.doi.org/10.19044/esj.2016.v12n4p190.
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The Stock Exchange is a regulated market of securities where contracts for the sale and purchase of the financial instruments are stipulated. The financial instruments such as stocks, bonds, derivatives with a definite price are traded and exchanged in the Stock Exchange. In this case the price is determined by the balance of supply and demand. If we would describe the Stock Exchange with an image, we would think a square in which some companies with public offer or companies with public participation operate. In particular, in it we may found industrial companies, financial companies, banks, services companies, etc. If we refer to history, the first and real trade of securities occurred around the year 1500 in Bruges. Nevertheless, Antwerp has been considered the first Stock Exchange, as the one of Bruges cannot be defined a genuine Stock Exchange. In Albania, till the end of 2014 we have had the Tirana Stock Exchange (TSE). The Tirana Stock Exchange was founded in 2002 in the form of a joint stock company, and has operated in accordance with the provisions of the Law No. 9901 dated 14.04.2008 “On the Entrepreneurs and trading companies” and the Law no. 9879, date 21.02.2008 “On Securities”. Initially, the listing of securities on the stock exchanges, for many entrepreneurs, meant an advertisement for the company, while now it is a widespread phenomenon in the world. If we refer to our country, we believe that the listing in the stock exchange has an important role towards the awareness of our companies regarding finding different manners from the traditional ones about their liquidity. Through this paper, it is aimed to answer to a fundamental question as the one related to the reasons why companies should be listed on the stock exchange. Each of the actions related to trading on the stock exchange is one of the steps in the process of investment, therefore we can say that this kind of financial transactions is not just about buying or selling a particular security.
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Sayyadi Tooranloo, Hossein, Pedram Azizi, and Ali Sayyahpoor. "Analyzing causal relationships of effective factors on the decision making of individual investors to purchase shares." International Journal of Ethics and Systems 36, no. 1 (November 17, 2019): 12–41. http://dx.doi.org/10.1108/ijoes-03-2019-0053.
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Purpose Changes in economic markets have made it necessary to understand the psychology of individual investors. Conducting effective studies on the decision of investors to buy stock in the stock market can be useful. Therefore, it is necessary to identify and prioritize the factors affecting the decision-making of investors to purchase shares of the stock exchange. The purpose of this study was to analyze causal relationships and to weight effective factors on individual investment to purchase shares of Tehran Stock Exchange. Design/methodology/approach The present study is applied research in the term of its purposes and a descriptive-survey one in the term of data gathering methods. The data required in this study was collected through library and field studies. The study population included 35 investment experts. In present study, multi-criteria decision-making techniques in type-2 fuzzy environments have been used to analyze the causal relationships and weighing the factors affecting individual investment in purchasing stock in the stock market. Findings In the study, 4 indicators and 20 sub-indicators influencing individual investors’ decision to purchase shares of Tehran Stock Exchange were selected based on the literature review in the field of investment in the stock exchange, as well as interviews with experts. Analyzing the opinions of experts showed that they have much paid attention to financial index compare to the economic, political and psychological indicators of the market in determining the priority of indicators. In analyzing sub-indicators, it was identified that Iranian investors pay special attention to economic and political developments, political news and international economic developments. Research limitations/implications The present study has been carried out in Iran, and therefore, is geographically limited to Iran. In thematic terms, it is limited to effective factors of individual investments in Tehran Stock Exchange. The statistical population of present study was limited to investing experts in Tehran Stock Exchange. The difference in financial, economic, social and political conditions of individuals was another limitation of present study. The main consequences of research were the explanation of causes of investors’ higher attention to financial factors than economic, political and mental factors of market in buying stocks. Originality/value Given the uncertainty in the market status, using multi-criteria decision-making techniques in financial analysis can help decision-makers to make better decisions. In addition, it would be possible to take into account many variables that do not have a mathematical aspect but are important in decision-making and lead to increased decision-making satisfaction. The research initially analyzed causal relationships of determinants of individual investment on stock exchange for buying stocks through a type-2 fuzzy approach.