Academic literature on the topic 'Egyptian Stock Market'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the lists of relevant articles, books, theses, conference reports, and other scholarly sources on the topic 'Egyptian Stock Market.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Journal articles on the topic "Egyptian Stock Market"
1
Ahmed, Ahmed, and Sohair Ahmed. "Monthly Patterns in Egyptian Stock Market." GIS Business 12, no. 3 (June 26, 2017): 17–24. http://dx.doi.org/10.26643/gis.v12i3.3355.
Full textAbstract:
In this paper, monthly effect in Egyptian stock market is investigated for the period January 2007 to July 2015. After examining the random walk hypothesis of the return series, a Seasonal Autoregressive Moving Average (SARMA) model is specified to test the monthly effect in Egyptian Stock market. The results of the study imply that the banking sector of stock market is informationally efficient and does not confirm to the existence of seasonality in stock returns.
2
Sedeek, Doaa Samy, and Khairy Elgiziry. "Flight to Quality Existence in the Egyptian Stock Market: An Analysis of Stock Market, Quality Stock and Treasury Bills." Accounting and Finance Research 9, no. 2 (March 20, 2020): 1. http://dx.doi.org/10.5430/afr.v9n2p1.
Full textAbstract:
This paper examines the existence of the flight to quality phenomenon in the Egyptian stock market and highlights the role of quality stock and Treasury bills in mitigating the risk associated with the falling condition of the stock market. We used the return of market portfolio (EGX30), Treasury bill and quality sorted portfolio from January 2008 to December 2017. We employed the auto regressive distributed lag model (ARDL) to postulate both the co-movement between quality stock return and market portfolio return and the co-movement between Treasury bill return and market portfolio return. Our findings show no existence of flight to quality behavior in the Egyptian stock market, and quality stock is a good diversifier. Whereas, flight to quality behavior exists between the stock market and treasury bills in the crisis periods, and treasury bill can be used as stabilizing investment tool.
3
Saad, Ahmed, and Mahmoud Elsayed. "Determinants of capital adequacy at the Egyptian investors compensation fund." Corporate Ownership and Control 13, no. 2 (2016): 31–38. http://dx.doi.org/10.22495/cocv13i2p3.
Full textAbstract:
The purpose of this study is to investigate the protection system of investors in the Egyptian stock markets, using a number of econometric techniques and hand-collected data of Egyptian Investor Protection Fund over the period from 2006 to 2014. We measure the capital adequacy through two variables, which may be a benchmark in it selves or can be compared to similar regimes at developed stock markets, these variables are: the fund reserves as a percentage of market capitalisations and fund reserves available to compensate owners of the market capitalisations, which in turn depend upon the number of customers accounts subject to compensations, number of the market portfolio owners, the value of the investor securities account at every compensation fund member, number of stock traders, number of listed shares and number of transactions. Overall, there is significant positive coefficient/relationship between market capitalisation, retained earnings and reserve. However, there is significant negative coefficient/relationship between Number of listed companies and fund reserves capital.
4
Badr ElDin, Abeer. "A Hybrid Fuzzy-Neural Model for Pattern Detection to Predict the Egyptian Stocks Price Movement Direction." MATEC Web of Conferences 292 (2019): 03015. http://dx.doi.org/10.1051/matecconf/201929203015.
Full textAbstract:
In this paper, a hybrid fuzzy-neural system for Egyptian stocks price prediction is proposed. The model helps choosing the right stock mixture with the highest profit within a certain risk factor. A hybrid fuzzy-neural system is applied to significantly save effort and time of portfolio managers. The model increases the individual investors’ local market understanding by providing buy and sells signals that reflect market sentiments, breaking news and technical analysis expectations. An implemented system of the proposed model has demonstrated a promising performance of the applied test datasets containing 100 Stock Symbols over the past 9 years (January 2009-July 2018). The prediction accuracy of the model is computed by comparing the applied system predicted results against the actual results of the Egyptian stock market during the test period.
5
Mertzanis, Charilaos, and Noha Allam. "Political Instability and Herding Behaviour: Evidence from Egypt’s Stock Market." Journal of Emerging Market Finance 17, no. 1 (February 23, 2018): 29–59. http://dx.doi.org/10.1177/0972652717748087.
Full textAbstract:
This article examines the existence of herding behaviour in the Egyptian stock market during the 2011 revolution period. Using daily and monthly data, we test for the existence of herding for the whole period, as well as for the pre- and post-revolution phases. For the whole period, our results fail to provide evidence of herding behaviour in the Egyptian stock market, but do provide evidence of adverse herding behaviour that exhibits non-linearity. The results also fail to provide evidence of herding behaviour during bull and bear markets, and show that herding behaviour is a short-lived phenomenon. When the pre- and post-revolution phases are considered separately, the results provide evidence of weak adverse herding for both phases and of adverse herding in bullish markets, but they are inconclusive regarding bearish markets. JEL Classification: G10, G15
6
Kamal, Abdelmonem Lotfy Mohamed. "Interrelation Dynamics between Exchange Rate and Stock Market Returns in Egypt." Archives of Business Research 10, no. 9 (September 21, 2022): 126–41. http://dx.doi.org/10.14738/abr.109.13134.
Full textAbstract:
This paper investigates the dynamics between exchange rate and stock market returns in Egypt that have been found to be interlinked with additional two variables, economic growth and inflation. To conduct such a research, the paper employed Autoregressive Distributed Lag (ARDL) model and Granger Causality tests using monthly data from Q1 2012 to Q3 2022. Econometric estimations prove that there exist a long run relationship among these four variables through the equation LNEGX30 = 1.1129 LNEXR + 2.3671 LNGDP – 2.5829 LNM2. The paper investigates that it is the stock market returns that lead to exchange rate fluctuations in the Egyptian economy. Similarly, the exchange rate volatilities lead to fluctuations in both economic growth rates and inflation rates. Indeed, stock market performance granger causes economic growth through a unidirectional causality that goes from stock market to economic growth. Therefore, the paper recommends several adjustments for the Egyptian financial policy through giving more incentives to over-performed and strong companies to be listed in the stock market. In addition, the Egyptian stock market is in need to develop newly established financial products, such as Exchange Traded Funds (ETFs), that would promote value and volume of trade in the market that would lead to boost economic growth. Finally, the central bank of Egypt, through reducing money supply growth rate, would target inflation rate to become one-digit to save the value of the Egyptian Pound from continuous devaluation and structural breaks.
7
Abd-Alla, Mustafa Hussein. "COVID-19 crisis as a systematic risk: an empirical study in the egyptian stock market." Journal of Financial Studies 5, no. 9 (November 15, 2020): 94–108. http://dx.doi.org/10.55654/jfs.2021.5.9.08.
Full textAbstract:
"This paper examines the ability of beta (β) to measure the systematic risks posed by the COVID-19 crisis and analyzes the impact of the COVID-19 crisis on stock returns for a sample of 50 stocks, grouped on the basis of size and value in the Egyptian Stock Market. CAPM beta of the stock was used to represent the systematic risk stocks, market capitalization was used to construct the large and small stocks portfolios and the book-to-market equity ratio was used to construct high medium and small portfolios. The results showed that systematic risks measured by beta increased after COVID-19 crisis for all sample stocks, the portfolios consisting of stocks with high and medium B/M ratio and the portfolios consisting of small capitalization stocks and big capitalization stocks. However, the COVID-19 crisis has no effect on systematic risks for the portfolio consisting of stocks with low B/M ratio. The results also indicated that stock returns decreased after the COVID-19 crisis for all sample stocks, the portfolios consisting of stocks with low B/M ratio and the portfolios consisting of big stocks. However, the COVID-19 crisis does not affect stock returns for the portfolios consisting of stocks with high and medium B/M ratio and the portfolios consisting of small stocks. "
8
Ezzat, Heba. "Principal Component Regression for Egyptian Stock Market Prediction." International Journal of Informatics, Media and Communication Technology 3, no. 1 (May 1, 2021): 23–43. http://dx.doi.org/10.21608/ijimct.2021.169612.
Full text
9
Elhennawy, E. M. "The Impact of Corporate Governance on the Value of the Company in the Egyptian Stock Market." Business Ethics and Leadership 3, no. 4 (2019): 81–90. http://dx.doi.org/10.21272/bel.3(4).81-90.2019.
Full textAbstract:
This research aims to examine the relationship between corporate governance and the value of the company in the stock market, using a sample of non-financial companies listed on the Egyptian stock exchange for the period of four years 2015-2018. The study was conducted on companies registered in the Egyptian stock market, but after the exclusion of financial institutions because they are subject to special rules for disclosure and transparency and oversight, where a sample of non-financial companies will be selected at random. And You will get the necessary data for the applied research through the financial statements and reports of the Board of Directors and reports to the audit committees of listed companies in the Egyptian stock market during the period from 2015 and 2018, and the researcher will depend on the method of regression analysis to test the research hypotheses. The research problem stems from the need to answer the following questions: 1. Does corporate governance affect the level of the company’s performance? 2. Does the performance of the company’s affect value in the stock market? 3. Does corporate governance affect the value of the company in the stock market? The research is aimed at theoretical apartment: to identify the general framework for corporate governance in the light of the latest standards and studies and analyze the most important studies that have looked at the relationship between corporate governance and performance level of the company, as well as studies that looked at the relationship between corporate governance and the company’s value in the stock market in order to benefit from the findings of previous studies in this regard. The paper presents the results of an empirical analysis, studies the impact of corporate governance on the value of the company in the Egyptian stock market, which showed that there is a positive relationship, but not significant between the corporate governance index and the ratio of market value to book value per share, and the results indicate that there is a positive relationship, but not significant between the corporate governance index and the percentage of Tobin’s Q. The results of the research can be useful through its response to the theme, which is a vital and important as it tests the relationship between corporate governance mechanisms and the performance of the company and its value in the stock market with the application in the Egyptian environment. Keywords: corporate governance, firm value, and firm performance.
10
Metawa, Noura, M. Kabir Hassan, Saad Metawa, and M. Faisal Safa. "Impact of behavioral factors on investors’ financial decisions: case of the Egyptian stock market." International Journal of Islamic and Middle Eastern Finance and Management 12, no. 1 (March 4, 2019): 30–55. http://dx.doi.org/10.1108/imefm-12-2017-0333.
Full textAbstract:
Purpose This paper aims to investigate the relationship between investors’ demographic characteristics (age, gender, education level and experience) and their investment decisions through behavioral factors (sentiment, overconfidence, overreaction and underreaction and herd behavior) as mediator variables in the Egyptian stock market. Design/methodology/approach This paper collects data from a structured questionnaire survey carried out among 384 local Egyptian, foreign, institutional and individual investors. This paper used a partial multiple regression method to analyze the effect of investors’ demographic characteristics on investment decisions through behavioral factors as the mediator variable. Findings Investor sentiment, overreaction and underreaction, overconfidence and herd behavior significantly affect investment decisions. Also, age, gender and the level of education have significant positive effects on investment decisions by investors. Experience does not play a significant role in investment decisions, but as investors gain experience, they tend to overlook the emotional factors. Practical implications The findings of this paper would help to understand common behavioral patterns of investors and indicate a path toward the growth of the Egyptian stock market. Originality/value There is a lack of research in behavioral finance covering Middle East and North African markets. This paper attempts to fulfill the gap by analyzing behavioral factors in the Egyptian market.
Dissertations / Theses on the topic "Egyptian Stock Market"
1
Hegazy, Zakaria S. G. "Price performance and Egyptian stock market efficiency : an intial public offerings perspective." Thesis, University of Strathclyde, 1998. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=21324.
Full textAbstract:
The core of this thesis has involved an examination of the efficiency of the Egyptian stock market (ESM) with a specific focus on the price performance of the privatised initial public offerings (PIPOs). Recent structural changes in the Egyptian economy during the 1990s permit testing hypotheses about how these changes have affected the behaviour of ESM, in general, and PIPOs in particular. An analytical review of prior studies is provided in Chapter Two. Two documented anomalies of IPOs price performance, i.e. short-run underpricing and long-run overpricing, are revealed. Some researchers attribute these findings to the trading system of the developed capital markets. Our study refutes this explanation because we also find these anomalies in the ESM, although it is a market without an investment-banker (specialist) system. Accordingly, five empirical chapters are constructed to investigate the ESM. Before examining the price performance of PIPOs in the ESM, two chapters are assigned to examine the whole market at the domestic and international levels, as a preliminary exploration. From the domestic point of view, Chapter Four deals with questions of normality, volatility, randomness, and the efficiency of the ESM. Several basic tests were employed for testing normality. All indicated that none of the indices has a normally distributed return. Then, the Autoregressive Conditional Heteroscedastic model (ARCH) proposed by Robert Engle (1982) and the Generalized ARCH model (GARCR) of Bollerslev (1986) are employed to describe the process of stock returns. The findings show that the variance of returns is time-varying in the GARCH context. Also, the integratedness of the volatility of asset returns is analyzed using the IGARCH model. The results indicate that the volatility of stock returns is integrated. To test the stationarity of the ESM returns, unit root tests of Dickey and Fuller (1979) and the variance-ratio test of Lo and MacKinlay (1988) were implemented. The results support the notion that there is a relatively significant stationary component in past returns that can be used to predict future returns; therefore, returns do not follow pure random walks. Since the random walk hypothesis is not equivalent to market efficiency, we conduct the test of efficiency by using unit root and cointegration techniques, which are recently developed techniques in the time series literature. It is found that disaggregate stock price indices of the ESM are cointegrated which is interpreted as a violation of the concept of static efficiency introduced by MacDonald and Power (1993). Then, Chapter Five is assigned to test the internationalization of the ESM among eighteen emerging international stock markets. The Engle-Granger two-step methodology and the Johansen's multivariate cointegration tests were performed on these prices. The findings show that the eighteen emerging markets are cointegrated, indicating Granger-Causality in levels and these are suggesting of inefficiency. However, for the Middle Eastern and Mediterranean Rim markets groups, the results reveal an absence of any clear evidence of cointegration among them. Then, to measure the price performance of PIPOs, we use both the market-adjusted and risk-adjusted models. In the risk-adjusted model, both the general CAPM and the Returns Across Time and Securities (RATS) model were employed. Chapter Six illustrates that the Egyptian PIPOs are underpriced with average initial returns of 15.03 % and the observed distribution is heavily skewed and has a median of 13 %. Chapter Seven shows that insignificant positive excess market returns exist, on average, between the close in the first day of listing and the close in the fourth week of trading. It is suggested that these early positive excess market returns in the aftermarket may result from speculative bubbles which burst in subsequent trading in the aftermarket period giving rise to negative excess market returns. Also , the results indicate that the mean beta declines after-listing and varies around the market beta of unity. The mean beta in the Egyptian PIPOs market thus appear to behave nearly in a similar manner to the risk behaviour in other markets. Finally, Chapter Eight investigates the efficiency of the Egyptian PIPOs in the aftermarket. The results supported both the weak-form and semistrong-form of the Efficient Market Hypothesis of the PIPOs in the ESM.
2
ElGhouti, Amal. "Effect of ownership structure on firm stock returns and financial performance : evidence from the Egyptian Stock Market." Thesis, University of Plymouth, 2015. http://hdl.handle.net/10026.1/3358.
Full textAbstract:
The effect of institutional ownership and ownership concentration on the firm’s stock returns and volatility and financial performance has long been an interesting issue in the international business literature. A lot of debate has been going on regarding the relationship between institutional ownership, ownership concentration, returns, volatility and financial performance. The objective of this thesis is to study the effect of institutional ownership and ownership concentration on firm stock returns and financial performance of the listed companies in the Egyptian Stock Exchange. For this purpose, panel data model is employed. The results from the analysis show that institutional ownership has no effect on ex post stock returns as well as ex ante stock returns. On the contrary, institutional ownership represented by top management and individuals have a negative and significant effect on stock volatility, while employee associations have a positive and significant effect. No significant effect is detected on ex ante risk except for employee associations that have negative and significant effect on ex ante risk. In addition, the results show that institutional ownership has no effect on stock liquidity except employee associations and individuals that have a negative and significant effect on stock liquidity. Finally, the results show that institutional ownership represented by companies, holdings and individuals have negative effect on financial performance represented by ROA and ROE. Also, institutional ownership has no effect on debt to equity ratio except banks that have negative and significant effect and employee associations that have positive and significant effect. The results also show that ownership concentration has no effect on ex post stock returns but it has a positive effect on ex ante stock returns. Also, it has no effect on ex post risk but it has a positive effect on ex ante risk. On the other hand, ownership concentration has a negative and significant effect on stock liquidity. Finally, the results show that ownership concentration has no effect on either financial performance represented by ROA and ROE or debt to equity ratio. As such, the thesis makes an important contribution to the literature, since it tests the impact of ownership type and concentration on ex ante returns and volatility of stocks in Egypt, an emerging country that has been ignored in literature. Also, the analysis extends the literature by decomposing institutional ownership to several types. Moreover, it adds two components of volatility, volatility clustering and persistence, testing their effect on ex post and ex ante risk, which is not dealt by previous studies.
3
Omran, Mohammed Moustafa A. "The impact of Egypt's economic reform programme on the stock market performance." Thesis, University of Plymouth, 1999. http://hdl.handle.net/10026.1/384.
Full textAbstract:
The objective of this thesis is to highlight the Egyptian experiment concerning its economic reform programme, and to determine whether this programme has affected Egypt's stock market performance. Using 18 years of data, which covered the period 1980/8 1 to 1997/98 and incorporates time periods prior to and after adopting the economic reform programme, the thesis empirically investigates three main issues. Firstly, there is an examination of whether the Egyptian government succeeded in implementing its economic reform programme by looking to the main economic indicators: nominal interest rates, real interest rates, the inflation rate, exchange rate stability, the real GDP growth rate, per capita income and the budget deficit in Egypt after 1991, and comparing them with the same indicators prior to this period. Secondly, the thesis considers the changes in Egypt's stock market after the introduction of the economic reform programme by measuring the changes in four main dimensions: market activity, market size, market liquidity and market concentration. Thirdly, and this is the main part of the thesis, the research concentrates on examining the impact of Egypt's economic reform programme on its stock market performance. For the first two issues, several logistic regressions are performed to determine whether the data prior to 1991 can be separated from the data relating to the period after 1991. The results from this analysis indicate clearly that both type of data series witnessed dramatic changes after 1991. As to the third issue, cointegration analysis is used to model the relationship between economic reform programme variables and the stock market performance variables within an error correction model form. Generally speaking, the results from this analysis demonstrate that economic variables have an impact upon various features of market activity, market size, market liquidity and market concentration. An important observation in this thesis is that Egypt still needs to accelerate its rate of growth, as it was the only independent variable, which did not show any significant change or significant impact upon the stock market performance variables.
4
Youssef, Nancy. "The effect of board structure on mutual funds' performance and fee structure in the Egyptian stock market and the effect of board structure on stock picking and market timing abilities of the Egyptian mutual fund managers : evidence from financial crisis." Thesis, Cardiff Metropolitan University, 2016. http://hdl.handle.net/10369/8197.
Full textAbstract:
The purpose of this thesis is to investigate whether mutual fund governance has an effect on fund performance, fee structure, and stock selection and market timing of the Egyptian fund managers' pre-and-post 2007-2008 financial crises. The thesis includes three separate but inter-connected studies on the effect of the board structure and ownership in the mutual fund industry. The first two studies investigate the impact of board structure on mutual funds' performance and mutual fund fee structure in the Egyptian Stock Market, whereas the third one investigates the impact of board composition on the two skills of stock picking and market timing of the Egyptian fund managers' pre-and-post 2007-2008 financial crisis. Using a final sample of 82 mutual funds between 2004 and 2013, this thesis first determines the fund performance and fund fees, and tests whether corporate governance characteristics such as board composition and ownership affect the fund performance and fund fees. The thesis further investigates the effect of mutual fund board composition and ownership on stock picking and market timing abilities of the Egyptian mutual fund managers‟ pre and post financial crisis. This research applies a Structural Equation Modelling technique to solve the potential endogeneity problem between internal governance measures, fund performance, fee structure, and stock selection and market timing of the Egyptian fund managers. The results find no evidence on a significant relation neither between the corporate governance index of the Management Company and performance, nor between the governance index of the Management Company and fees. The thesis further finds no evidence on a significant relation neither between the corporate governance index of iv the fund Management Company and stock selection, nor between the corporate governance index of the fund management company and market timing of the Egyptian fund managers‟ pre and post the crisis. The results are relevant to the misconduct of corporate governance rules in Egypt, especially the weaknesses in board composition in mutual fund industry. Overall, the financial crisis demonstrates a need for enforcing the application of the regulations of the Egypt Code of Corporate Governance to increases the firm value.
5
Omar, Hisham Farag. "Essay on price overreaction and price limits in emerging markets : the case of the Egyptian stock exchange." Thesis, University of Birmingham, 2012. http://etheses.bham.ac.uk//id/eprint/3781/.
Full textAbstract:
The main objective of this thesis is to investigate the short and long–term overreaction phenomenon in the Egyptian stock market. In addition, the thesis investigates links between stock market regulatory policies (price limits and circuit breakers) and the profitability of contrarian strategies. Finally, the study examines the effect of regime switch – from strict price limits to circuit breakers – on the volatility spillover, delayed price discovery and trading interference hypotheses. Using data from the Egyptian stock exchange, I find that a panel data approach adds a new dimension to the existing models, offers interesting additional insights and reveals the importance of the role of unobservable firm-specific factors in addition to observable factors in the analysis of the overreaction phenomenon. Moreover, portfolios based on unobserved factors i.e. management quality, corporate governance and political connections of board members, significantly outperform traditional portfolios based on size. Results also show evidence of genuine long-term overreaction phenomenon in the Egyptian stock market as the contrarian profits of the arbitrage portfolio cannot be attributed to the small firm effect, formation period length, and stability of time varying factor or seasonality effect. Finally, switching from a strict price limit to a circuit breakers regime increases stock price volatility and disrupts the price discovery mechanism in the Egyptian stock market.
Books on the topic "Egyptian Stock Market"
1
The Egyptian bourse. Cairo: Zeitouna, 2010.
Find full text
2
Mecagni, Mauro. The Egyptian stock market: Efficiency tests and volatility effects. [Washington, D.C.]: International Monetary Fund, Middle Eastern Department, 1999.
Find full text
3
Billmeier, Andreas. Go long or short in pyramids?: News from the Egyptian stock market. [Washington, D.C.]: International Monetary Fund, Middle East and Central Asia Dept., 2007.
Find full text
4
Conan, Doyle Arthur. The Adventure of the Engineer's Thumb and Other Cases. London: Penguin English Library, 2014.
Find full text
5
Conan, Doyle Arthur. The Classic Illustrated Sherlock Holmes: Thirty Seven Short Stories Plus a Complete Novel. Stamford, CT, USA: Longmeadow Press, 1987.
Find full text
6
Klinger, Leslie S., ed. Sherlock Holmes anotado: Relatos I. Spain: Akal, 2010.
Find full text
7
Conan, Doyle Arthur. Sherlock Holmes: The complete novels and stories: Volume I. New York: Bantam Books, 2003.
Find full text
8
Conan, Doyle Arthur. The Original Illustrated 'Strand' Sherlock Holmes. Ware, Hertfordshire: Wordsworth Editions, 1996.
Find full text
9
Conan, Doyle Arthur. Sherlock Holmes: The Complete Illustrated Short Stories. London: Chancellor Press, 1994.
Find full text
10
Conan, Doyle Arthur. Sherlock Holmes, the complete novels and stories. Toronto: Bantam Books, 1986.
Find full textBook chapters on the topic "Egyptian Stock Market"
1
ElAal, Maha Mahmoud Abd, Gamal Selim, and Waleed Fakhr. "Stock Market Trend Prediction Model for the Egyptian Stock Market Using Neural Networks and Fuzzy Logic." In Bio-Inspired Computing and Applications, 85–90. Berlin, Heidelberg: Springer Berlin Heidelberg, 2012. http://dx.doi.org/10.1007/978-3-642-24553-4_13.
Full text
2
Kawy, Rasha Abdel, Walid M. Abdelmoez, and Amin Shoukry. "Deep Learning Quantitative Trading Models’ Performance Assessment: The Egyptian Exchange Stock Market as a Case Study." In Proceedings of the International Conference on Advanced Intelligent Systems and Informatics 2021, 49–61. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-89701-7_5.
Full text
3
Ben Sassi, Salim, and Azza Bejaoui. "On the Impact of Long Memory on Market Risk." In Advances in Finance, Accounting, and Economics, 42–62. IGI Global, 2018. http://dx.doi.org/10.4018/978-1-5225-3767-0.ch003.
Full textAbstract:
This chapter investigates the influence of the long memory behavior in returns and volatility on the market risk for four emerging stock markets during the pre- and post-crisis periods. In this respect, the authors consider four major political events (Tunisian revolution, Egyptian revolution, assassination of Prime Minister Rafik El Hariri, and a series of suicide bombings in Morocco). Using the modified R/S test and GPH test, they show the long memory property in returns and volatility over the two sub-periods. To explore the dual long memory property, the authors apply the joint ARFIMA–FIGARCH specification on the returns and volatility of the four emerging stock markets. The dual long memory property is prevalent in the returns and volatility of the emerging stock markets over the pre-crisis period. During the post-crisis period, the dual long memory process is only detected in the Moroccan market. The authors also display the dynamic behavior of VaR during the two sub-periods. In addition, based on the backtesting test, VaR performed better during the two sub-periods for all countries.
4
Hassaan, Marwa. "Corporate Governance Codes in a Transitional Economy." In Advances in Electronic Government, Digital Divide, and Regional Development, 27–47. IGI Global, 2014. http://dx.doi.org/10.4018/978-1-4666-4639-1.ch003.
Full textAbstract:
This study aims to investigate the influence of the introduction of a corporate governance code in 2005 on the levels of compliance with mandatory IFRS disclosure requirements by companies listed on the Egyptian Exchange (EGX) as a leading stock exchange in the Middle East. Using a disclosure index derived from mandatory IFRS disclosure requirements for the fiscal year 2007, this study measures the levels of compliance by a sample of 75 non-financial companies listed on the focus stock exchange. This study extends the financial reporting literature and the emerging market disclosure literature by being the first to investigate the influence of corporate governance requirements for best practices on the levels of compliance with mandatory IFRS disclosure requirements by companies listed on the EGX. Results provide evidence of the lack of influence of corporate governance best practices on the levels of compliance with mandatory IFRS disclosure requirements as it is not yet part of the cultural values within the Egyptian context. These findings are consistent with the notions of the proposed theoretical foundation.
5
Holt, Elizabeth M. "It Was Cotton Money Now." In Fictitious Capital. Fordham University Press, 2017. http://dx.doi.org/10.5422/fordham/9780823276028.003.0006.
Full textAbstract:
Yaʿqūb Ṣarrūf’s first foray in the novel genre, Fatāt Miṣr (The Girl of Egypt) was serialized as a literary supplement to Al-Muqtaṭaf over the course of 1905. A tale of finance capital’s restless wandering in Egyptian cotton fields, Cairo apartment buildings, Japanese war bonds, and the stock markets of the world -- from London, to St. Petersburg, Tokyo and back to Cairo --, Fatāt Miṣr met with critical praise upon its initial publication. Soon forgotten, the novel has been left unread by Arabic literary critics, despite the prescient augury it held for how a culture of speculation in Arabic would culminate in Egypt less than two years later in the stock and real estate crash of 1907. Indeed, the plot of Fatāt Miṣr owes much to Ṣarrūf’s own personal financial speculation in Egyptian land.