Thematische Bibliographien / Nordic Stock markets

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Auswahl der wissenschaftlichen Literatur zum Thema „Nordic Stock markets“

Autor: Grafiati

Veröffentlicht am 25. Juni 2021

Zuletzt aktualisiert am 9. Februar 2022

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Zeitschriftenartikel zum Thema "Nordic Stock markets"

Dengjun, Zhang. „Interdependence between Nordic stock markets and financial cooperation“. Review of Accounting and Finance 14, Nr. 2 (11.05.2015): 172–88. http://dx.doi.org/10.1108/raf-03-2013-0036.

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Purpose – This study aims to link the financial cooperation in the Nordic region and the interdependence between the stock markets in this area. The main emphasis is placed on the evolution of this interdependence as the financial integration was proceeding. Design/methodology/approach – Johansen’s cointegration technique and the exponential generalized autoregressive conditionally heteroskedastic model are applied to test the long-run and short-run interdependences, respectively, among Nordic stock markets. In particular, the recursive estimation approach is used to reveal the evolution of the interdependence between those markets. Findings – The existence of two cointegrations over the sample period indicates that the markets depend on each other to some extent. The recursive estimation of Johansen’s model further reveals that the interdependence had been greatly improving until late 2008. The interdependence between those markets is also confirmed convincingly by the short-term dynamics, noting that the spillover effects between most pairs of stock volatilities are witnessed in the empirical results. Practical implications – The findings show the dynamics of the long-run correlations between the Nordic stock markets, which imply the intrinsic response to the process of financial market reforms, the 2008 global financial crisis and the period after the crisis. The evidenced information about determinants of the interdependence between Nordic stock markets is sending strong signals to investors to enhance their investment strategies. Originality/value – Most of the existing studies have been restricted to the static long-run and/or short-run interdependence among those markets. However, this study contributes to the literature by investigating the dynamics of interdependence among the Nordic stock markets over time; moreover, the evolution of the market interdependence is sketched closely to the process of the regional financial market reforms.

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Pilvere-Javorska, Aija, und Irina Pilvere. „European Nordic Countries Stock Market Listed Companies’: Factor and Cluster Analysis Approach“. Emerging Science Journal 4, Nr. 6 (01.12.2020): 443–53. http://dx.doi.org/10.28991/esj-2020-01244.

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Public financial markets are crucial in the access to the funding and as a platform for investments to the investors in today’s world. Nordic European Union countries such as Sweden, Finland and Denmark are considered to have advanced and well-developed stock markets, while neighboring three Baltic States have rather small stock market. Backbone of the stock market are there listed companies. In this analysis authors attempt to analyze 510 Nordic countries listed companies’ absolute value indicators using factor and cluster analysis and to compare results with similar analysis of the Baltic States. Factor and cluster analysis revealed the homogeneity of Nordic countries stock market listed companies’ absolute values, authors obtained three complex factors, explaining 89% of dispersion within the indicators, which in turn resulted in being able to obtain the portrait of Nordic States stock market listed company. Similar results were obtained for Baltic States listed companies, though on different scale. Authors have not seen as detailed analysis of Nordic Stock market on the level of listed companies financial statement analysis. Time period covered in this research of the financials are from 2004 to 2018. The analysis could be beneficial for other researchers focusing on the Nordic region stock market companies and also to the policy makers in the Baltic States, how the neighboring well-developed countries indicators could be interpreted and obtained results used for the enhancement of Baltic States stock market. Doi: 10.28991/esj-2020-01244 Full Text: PDF

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Nielsson, Ulf. „Interdependence of Nordic and Baltic Stock Markets“. Baltic Journal of Economics 6, Nr. 2 (Dezember 2007): 9–27. http://dx.doi.org/10.1080/1406099x.2007.10840434.

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Mathur, Ike, und Vijaya Subrahmanyam. „Interdependencies among the Nordic and U.S. Stock Markets“. Scandinavian Journal of Economics 92, Nr. 4 (Dezember 1990): 587. http://dx.doi.org/10.2307/3440394.

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Zhang, Dengjun, und Frank Asche. „The oil price shocks and Nordic stock markets“. International Journal of Trade and Global Markets 7, Nr. 4 (2014): 300. http://dx.doi.org/10.1504/ijtgm.2014.067260.

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Haavisto, Tarmo, Björn Hansson und Bjorn Hansson. „Risk Reduction by Diversification in the Nordic Stock Markets“. Scandinavian Journal of Economics 94, Nr. 4 (Dezember 1992): 581. http://dx.doi.org/10.2307/3440370.

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Liljeblom, Eva, Sabur Mollah und Patrik Rotter. „Do dividends signal future earnings in the Nordic stock markets?“ Review of Quantitative Finance and Accounting 44, Nr. 3 (07.11.2013): 493–511. http://dx.doi.org/10.1007/s11156-013-0415-3.

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Xie, Wenjing, João Paulo Vieito, Ephraim Clark und Wing-Keung Wong. „Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX“. Sustainability 12, Nr. 20 (16.10.2020): 8581. http://dx.doi.org/10.3390/su12208581.

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This study investigates whether the merger of NASDAQ and OMX could reduce the portfolio diversification possibilities for stock market investors and whether it is necessary to implement national policies and international treaties for the sustainable development of financial markets. Our study is very important because some players in the stock markets have not yet realized that stock exchanges, during the last decades, have moved from government-owned or mutually-owned organizations to private companies, and, with several mergers having occurred, the market is tending gradually to behave like a monopoly. From our analysis, we conclude that increased volatility and reduced diversification opportunities are the results of an increase in the long-run comovement between each pair of indices in Nordic and Baltic stock markets (Denmark, Sweden, Finland, Estonia, Latvia, and Lithuania) and NASDAQ after the merger. We also find that the merger tends to improve the error-correction mechanism for NASDAQ so that it Granger-causes OMX, but OMX loses predictive power on NASDAQ after the merger. We conclude that the merger of NASDAQ and OMX reduces the diversification possibilities for stock market investors and our findings provide evidence to support the argument that it is important to implement national policies and international treaties for the sustainable development of financial markets.

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Antell, Jan, und Mika Vaihekoski. „Pricing Currency Risk in Two Interlinked Stock Markets“. Applied Finance Letters 1, Nr. 1 (20.07.2016): 16. http://dx.doi.org/10.24135/afl.v1i1.2.

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We investigate the role of currency risk on stock markets in two interlinked Nordic countries exhibiting a gradual move from fixed to floating exchange rate regime. Tests are conducted for a conditional asset pricing model using the Ding and Engle (2001) specification which allows estimation of multivariate GARCH-in mean models. Using a sample period from 1970 to 2009, we find that the currency risk is priced in both stock markets, and that the price and the risk premium are lower after the flotation of the currencies. We also find some evidence of crosscountry exchange rate effects. Our model has many practical applications and can easily be applied to study other countries, different asset classes, or industries that are closely connected.

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Butt, Hilal Anwar, und Nader Shahzad Virk. „Liquidity and Asset prices: An Empirical Investigation of the Nordic Stock Markets“. European Financial Management 21, Nr. 4 (September 2015): 672–705. http://dx.doi.org/10.1111/eufm.12041.

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Dissertationen zum Thema "Nordic Stock markets"

Mäki-Uuro, Hannes. „Nordic Capital Markets' Response to Terrorism : Focus on the Swedish Stock Market“. Thesis, Uppsala University, Department of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-7983.

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This study examines the economic impacts of three large-scale terrorist attacks on the Nordic capital markets. Past research has shown evidence of the increasing resilience of the US capital markets towards terrorist attacks. Hereby the Nordic regions capital markets were studied and compared with the US's capital markets, in an intention to find evidence whether or not the same development can be observed in the Nordic countries. The results implied that the Nordic markets did not absorb the shocks as well as the US markets. The analysis was taken into an industry level on the Swedish stock market to get a deeper insight of the impacts of such events. The results indicated the Energy sectors good ability to absorb terrorist attacks in terms of negative abnormal returns and time of recovery. The Financing sector seemed to be the most sensitive sector, since its performance was the weakest in terms of market recovery.

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Fagerlund, Elias, und Talukder Mashrukh. „Where to Invest? : Choosing the optimal stock market for investing in a cross-listed Nordic firm“. Thesis, Umeå universitet, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-60556.

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The purpose of this study is to investigate whether the location of buying stocks in a Nordic cross-listed company matters in terms of 1) earning abnormal returns, or 2) gaining in optimizing the amount spent by buying the specific stock cheap. Nowadays, markets are becoming more integrated and if we believe in the efficient market hypothesis, prices of the same class of stocks paying the same dividend annually, of an MNC must be the same irrespective of the stock exchange it is listed upon. Though efficient market hypothesis exists in theory, market imperfection is a reality. All the Nordic (Swedish, Finnish, Norwegian, Danish and Icelandic) firms listed on foreign stock exchanges in addition to their home market have been included in the sample. In fact, this sample represents 100% of the population. The daily prices of cross-listed stocks have been analyzed and conclusions have been drawn based on the mean returns and mean prices along with Wilcoxon Signed-Rank test statistics. The data have been analyzed over the last ten years capturing the recent economic cycle. The whole period has also been divided into three sub-periods to establish comparisons with the whole period. This paper reports that even though returns on cross-listed stocks are statistically same over all periods, prices of the stocks vary according to the location of listing. That is, investors can buy from a stock exchange where the specific stock is underpriced thereby decreasing the amount invested in absolute term and optimizing the amount spent if not the return. The returns and prices have analyzed using the local currency of the MNC’s country of origin and Special Drawing Rights (SDRs). No considerable differences on the returns or pattern of price movements have been observed while using two currencies.

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Näslund, Fredrik, und Sumaiya Hafsa. „The Value-Relevance of CSR in Stock Recommendations : A Study of the Nordic Markets“. Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-123548.

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Financial markets have many different key actors, but one of the most important ones are the financial analysts. They are considered as experts in gathering and disseminating the information that firms produce, to those that seek it, such as stock recommendations and reports on firms. Related to this is a growing interest in society toward disclosures in regards of CSR as well as ESG. There has been considerable discussion in academia of whether or not CSR can be considered to be value relevant. This is a question which relate to both institutional and legitimacy perspectives in terms of theory, but also discussions in regards to agency and stakeholder theory as well: Has value relevance of CSR disclosures increased in stock recommendations for the Nordic markets? Thereby, the main purpose of this thesis is to find out whether or not there has been a shifting view of CSR over time, which would be evidenced in an increasing legitimization of CSR in terms of an increasing value-relevance to financial analysts. This would also be related to a shifting institutional logic, whereby it would be possible to relate to a shift in the view of the firm and its role in society. This is both looked at purely from the starting point of the dataset to the end point, but also for two different periods of time, so as to test if there is a different view of the issue after the financial crisis. In addition to this main purpose, this thesis furthermore sets out to answer whether CSR is value-relevant or not in different subsegments, such as nations, industries and the different types of recommendations that exist. To answer the research question, an objectivist and positivist stance is taken, which subsequently leads the authors to utilize quantitative methods and statistical analysis to the data. Here, different panel models are fitted to the data to account effects that exist within it. To explain the findings, a theoretical framework is built upon three different levels: societal, firm and individual level. Here, on the societal level theories such as institutional theory as well as legitimacy theory are dealt with. On the firm level, agency theory and stakeholder theory as well as theoretical views of CSR forms the basis, and the individual level deals with theory related to the financial analyst. In looking at the results and the analysis, one cannot draw the conclusion that there has been a shifting view of the value-relevance of CSR. Financial analysts appear to not find it value-relevant in issuing their stock recommendations, except for two cases: namely in terms of the industrial sector Basic Materials and the Buy recommendations. In terms of Basic Materials, it appears to be value-relevant in a positive manner. In regards to the Buy recommendation, it appears to have a negative effect on the value-relevance. All in all, this thesis cannot find evidence for a value-relevance of CSR to financial analysts in the Nordic markets. Essentially, the view of it appears to be pessimistic.

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Mäki, David, und Martin Lundström. „An empirical study of real estate stock return behavior on the Nordic markets : – A 2003-2013 study“. Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-79752.

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The financial crisis has made the stock markets a very turbulent place. Investors have therefore begun searching for stable and profitable investments. Nordic real estate has for decades steadily increased in value and the stocks of real estate companies are said to be less risky than the market. This has led to a view of them being a safe haven for risk adverse investors. Very few empirical studies have been done on how these supposedly safe stocks actually behave in the Nordic countries. The purpose of this study is hence to investigate how these real estate companies stocks perform. The method employed is deductive and quantitative.One part of the research is to test whether or not the stocks are more profitable than the overall market. Additionally, motivated by previous research on market efficiency, this paper looks into if any predictable patterns for the real estate stocks returns can be found. In other words, if historical returns can be used to predict future returns. Thirdly this research paper looks into how risky the real estate stocks are compared to the market. For the last part of research, an examination on whether the usage of CAPM as a return calculator is appropriate for real estate stocks in the Nordic countries. The statistical tool SPSS and Microsoft Excel has been used to examine the relationships between the variables. The paper has used time series regression to find beta values and alpha values for risk assessments and tests of CAPM, and autocorrelation tests to determine market efficiency, or more precisely random walk.The research is are done on all real estate stocks on the Swedish, Finnish, Danish and Norwegian markets, a total of 31, over a time period of 10 years, between 2003 and 2013 on daily, weekly and monthly data. The result of the first part was that the real estate stock returns in general were not more profitable than the overall market. This research also found significant predictability of future returns through historical data on a daily basis, and some signs on a weekly basis while no predictability on a monthly basis. The result of the third part of the research is that the risk levels for the real estate stocks are different and in general much lower than the market risk. Lastly the test of CAPM shows no significant difference between the expected returns and the actual observed returns.

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Edberg, Christopher, und Oliver Kjellander. „Calendar Anomalies in the Nordic Stock Markets : A quantitative study of the Sell in May effect, January effect & Monthly Anomalies“. Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-105272.

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This study has applied a geographical perspective with the ambition of evaluating the presence of the Sell in May effect, January effect and monthly anomalies in the Nordic stock markets. In extension the study examines the relationship between corporate size and the returns of calendar anomalies. The study has conducted statistical tests based on Newey-West regressions as well as a Generalized Auto-Regressive Conditional Heteroscedasticity model. The findings suggest that the Sell in May and January are present in the Nordic region and partially abide by theory and results of previous research. The findings suggest that the Sell in May and January effect are independent, however, tendencies when the January effect has a considerable influence on the Sell in May effect are also evident. Additionally, the “April Effect” is an unexpected outlier with positive excess returns that was identified through this study.

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Wang, Chenxi, und Phet Gerky King. „Stock Return Performance around Earnings Announcements : Empirical Evidence from Nordic Stock Market“. Thesis, Umeå universitet, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-56958.

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This thesis examines the impact of earnings announcements on the stock return performance. Most literature regarding this topic is related to the US market. We follow 40 of the largest and most liquid stocks on the virtual OMX Nordic Exchange from 2010 to 2012. In this research paper, we present the theoretical framework that gives an overview of the possible research areas, and provide empirical evidence of the repercussion of the earnings announcements on stock returns. We use the event study methodology to conduct this thesis. It is a standard approach established by Fama et al. (1969). It has been used in a variety of researches for gauging the effect of new information on the market value of a security. As we expected good news and bad news to have different reactions on the stock return performances, we have split our data in good news and bad news. To differentiate good news from bad news, we measure analysts’ forecast error. It consists in subtracting the earnings per share (EPS) of the analysts’ consensus forecast from the reported EPS of the same year. The analysis is composed of three different subdivisions: the study of the abnormal return during an event window of 17 days, the cumulative abnormal return during this event window, stock price behavior from growth stocks and from value stocks. Our findings show that stock behavior gradually responds to the earnings announcement. The stock reactions that appear within pre-event window may indicate information leakage. Our results describe most average abnormal returns as statistically insignificant during the event window. Earnings information has a lower impact on the stock market. We also find that the effect of positive earnings surprise on stock price lasts longer than that of negative earnings surprise. Stocks from OMX Nordic 40 index have a stable reaction on negative earnings surprise. As a conclusion, we highlight three points. Earning interim and annual earning information disclosure were unable to influence the stock market effectively, and therefore could not fully reflect the changes on the stock price. Investors can get the abnormal returns by using this earnings information during the whole event window.

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Salimi, Sofla Amin. „Correlation of Returns in Stock Market Prices : Evidence from Nordic Countries“. Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-39330.

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Huttunen, Sasu, und Govert Looije. „Cyclical consumption and the aggregate stock market: Evidence from the Nordic countries“. Thesis, Jönköping University, IHH, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52733.

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Researchers have dedicated considerable work to explaining components to excess stock market returns. Recently, Atanasov et al. (2020) managed to explain some of this variance in the US stock markets with a cyclical consumption variable. We have applied their model into the Nordic countries and compared it to a second model containing additional control variables. From the analysis, we find that cyclical consumption is able to explain excess stock market returns across five different h-quarter ahead excess returns. However, results are not consistent across countries. The extended model improves the explanatory capabilities of the model only up to two-year ahead excess returns. The cyclical consumption measure is also able to predict excess returns better than an historical average model. The findings in this paper are robust to out-of-sample predictability analysis and to a different measure of consumption and returns.

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Saar, Helen. „Analysis of trade dependence and correlation of market returns between the United States and Nordic countries“. CSUSB ScholarWorks, 2007. https://scholarworks.lib.csusb.edu/etd-project/3269.

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The purpose of the present research paper was three fold. First, determine if there is a trade interdependence between the United States and Nordic countries (Denmark, Finland, Sweden, and Baltic States). Second, determine if there is correlation between the respective equity markets. Third, determine if the changes in the trade relations lead to the changes in stock market correlations. The hypothesis of the project was that weaker trade relations between two countries would lead to lower correlation between their stock markets, providing beneficial opportunities for portfolio diversification. The overall objective is to ascertain if Nordic markets are good targets to hedge portfolio risk for U.S. investors, and if the risks of investing in these markets would be rewarded by the higher returns.

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Henriksson, Albin. „Market efficiency and the financial crisis : A study based on the market efficiency in the Nordic countries“. Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-104589.

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The efficient market hypothesis states that stock prices fully reflect availablei nformation and that stocks thereby always are priced correctly. Hence, it should be impossible to predict future prices in the stock market, and investors will gain no benefits from engaging themselves into historical analyzes. This is a quantitative study which aim to investigate if there is any difference in market efficiency in Nordic stock markets during and after the financial crisis of 2008. By applying various statistical methods, such as unitroot tests, autocorrelation tests and runs test on the returns from each country’s leading market index, the study tries to find evidence for or against the weak form of market efficiency. The study finds evidence both for and against weak form market efficiency but concludes that there is no distinct difference in market efficiency during and after the financial crisis.

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Bücher zum Thema "Nordic Stock markets"

Hansen, Jesper. Nordic Financial Market Law: The Regulation of the Financial Markets in Denmark, Finland, Iceland, Norway And Sweden. Danmarks Jurist, 2003.

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Market efficiency in Nordic and Baltic Stock Exchanges - Final report. Nordic Council of Ministers, 2004. http://dx.doi.org/10.6027/tn2004-534.

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Lau, Hansen Jesper, Hrsg. Nordic financial market law: The regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden. Copenhagen: DJØF Pub., 2003.

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