Journal articles: 'Egyptian Stock Market'

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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"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. "

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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.

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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.

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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.

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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.

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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.

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Mecagni, Mauro, and Maged Sawky Sourial. "The Egyptian Stock Market: Efficiency Tests and Volatility Effects." IMF Working Papers 99, no. 48 (1999): 1. http://dx.doi.org/10.5089/9781451846720.001.

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Abdelzaher, Mai Ahmed. "STUDY THE EFFICIENCY HYPOTHESIS IN THE EGYPTIAN STOCK MARKET." International Journal of Economics and Financial Issues 11, no. 1 (January 18, 2021): 18–25. http://dx.doi.org/10.32479/ijefi.10634.

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Abd-Alla, Mustafa Hussein, and Mahmoud Sobh. "Empirical Test of Fama and French Three-Factor Model in the Egyptian Stock Exchange." Financial Assets and Investing 11, no. 2 (December 31, 2020): 5–18. http://dx.doi.org/10.5817/fai2020-2-1.

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We test the empirical validity of the three-factor model of Fama and French in the Egyptian Stock Exchange (EGX) using monthly excess stock returns of 50 stocks listed on the EGX from January 2014 to December 2018. Our findings do not support Fama and French three-factor model, where the coefficient of the beta was insignificant. The “SBM” coefficient and the “HML” coefficient were equal to zero and insignificant, which confirms the absence of the small firm effect and book-to-market ratio effect in the market. We conclude that there is no relation between expected return and Fama-French risk factors.

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Abd-Alla, Mustafa Hussein, and Mahmoud Sobh. "Empirical Test of Fama and French Three-Factor Model in the Egyptian Stock Exchange." Financial Assets and Investing 11, no. 2 (December 31, 2020): 5–18. http://dx.doi.org/10.5817/fai2020-2-1.

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We test the empirical validity of the three-factor model of Fama and French in the Egyptian Stock Exchange (EGX) using monthly excess stock returns of 50 stocks listed on the EGX from January 2014 to December 2018. Our findings do not support Fama and French three-factor model, where the coefficient of the beta was insignificant. The “SBM” coefficient and the “HML” coefficient were equal to zero and insignificant, which confirms the absence of the small firm effect and book-to-market ratio effect in the market. We conclude that there is no relation between expected return and Fama-French risk factors.

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Jawid, Raed Fadel. "Study of Using Applications of Artificial Intelligence in Performance of Financial Markets." Journal of Cases on Information Technology 24, no. 2 (April 2022): 1–18. http://dx.doi.org/10.4018/jcit.20220401.oa4.

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In an attempt to revive the stock market in Egypt and revitalize it to fulfill its developmental role, the Egyptian government has pursued a program of economic and financial reform aimed at improving the regulatory environment for the work of that market and removing all restrictions on foreign exchange transactions for foreign investors on the Egyptian Stock Exchange, so this program allowed free movement of entry and exit of the heads Money without any restrictions. Despite differing opinions about the freedom of movement of capital, however

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Diab, Ahmed, Aref M. Eissa, and Samir Ibrahim Abdelazim. "Dividends Payout and Earnings Predictability: Evidence from a Developing Country." Academic Journal of Interdisciplinary Studies 11, no. 5 (September 2, 2022): 10. http://dx.doi.org/10.36941/ajis-2022-0121.

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This study investigates the relation between dividends payout and earnings predictability of firms listed on the Egyptian Stock Exchange as an emerging African market. We depend on a sample of firms listed on the Egyptian stock exchange (EGX100) during 2014-2018. To test the hypotheses, we use two independent sample t-test and OLS regression. The principal analysis revealed that dividends payout improves the ability of current earnings to forecast firms’ future earnings. Results also indicated that dividends payout could enhance the ability of current earnings to forecast one year-ahead cash flow. To the best of our knowledge, this is the first study that examines the implications of dividends payout on earnings predictability in the Egyptian market. The findings present new insights to investors, researchers, and regulators concerned with agency conflicts of interest within the firm. It also presents evidence on the potential alternative mechanisms for decreasing agency costs in African emerging markets. Received: 8 April 2022 / Accepted: 4 August 2022 / Published: 2 September 2022

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Abdelzaher, Mai Ahmed. "The Impact of January Events on Stock Performance in the Egyptian Stock Market." Accounting and Finance Research 8, no. 1 (February 7, 2019): 174. http://dx.doi.org/10.5430/afr.v8n1p174.

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The aim of this paper is to evaluate the impact of the January25 revolution on stock performance in the Egyptian market during 2010–2012 by analyzing its effects on trading volume, market return fluctuation, and closing price. These variables are analyzed pre- and post-January25 revolution using the descriptive statistics group unit root test, cointegrating equation model, GARCH model, and ARCH model. The results indicate that there is a significant positive relation between the January events and return fluctuation and no significant effect between the January events and trading volume; however, the trading volume decreased before, during, and after these events, and there is a significant negative relation between the January events and closing price.

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., Sally Mahmoud Hashem Shams. "The Impact of Investor Sentiment on Stock Prices in the Egyptian Stock Market." المجلة العلمیة للدراسات التجاریة والبیئیة 9, no. 2 (April 1, 2018): 743–67. http://dx.doi.org/10.21608/jces.2018.50972.

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Rashed, Ahmed Sayed, Ebitihj Mostafa Abd, Esraa Fathi Mohamed Ismail, and Doaa Mohamed Abd El Samea. "Investigating the Relationship Between Ownership Structure and Investment Efficiency in Emerging Markets: Evidence From the Egyptian Stock Market." International Journal of Accounting and Financial Reporting 8, no. 4 (October 11, 2018): 1. http://dx.doi.org/10.5296/ijafr.v8i4.13630.

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This paper aims to examine the relationship between Ownership Structure Mechanisms (Managerial Ownership, Institutional Ownership, Block holder Ownership and Outside Director Ownership) and Investment Efficiency by using panel data analysis. To investigate this relationship used the multiple regression models. Findings of investigation of 35 firms listed on the Egyptian Stock Exchange in the period 2006 to 2015 by balanced Panel model representative. Results indicated that Managerial Ownership isn’t related with investment efficiency. In contract, institutional ownership, block holder ownership and outside director ownership have a negative relationship with investment efficiency. In addition, the researcher found that control variables (Firm size, Debt ratio, Tobin’s Q) not related to investment efficiency. These findings imply that the Majority of Egyptians firms relies on institutional without individual ownership and then reduces much of possible from agency problems and decreasing information asymmetry and facilitating the monitoring of investment decisions.

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El-Bassiouny, Dina, and Peter Letmathe. "Political instability and corporate social responsibility: the case of Egypt." Social Responsibility Journal 16, no. 5 (June 3, 2019): 745–67. http://dx.doi.org/10.1108/srj-11-2018-0289.

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Purpose This paper aims to examine the impact of political uncertainty and instability caused by the 2011 Egyptian revolution on the corporate social responsibility (CSR) practices of Egyptian firms. The study provides empirical evidence to support the link between political instability, financial performance, stock market uncertainty and CSR in the post-revolution context of Egypt. Design/methodology/approach Data on CSR practices in Egypt were collected through a survey of Egyptian firms and content analysis of annual reports from publicly traded firms. The final survey sample consisted of 99 listed Egyptian companies. Structural equation modeling was performed to examine the relationship between the variables of this study. Findings The results of the study show that political instability is perceived to have a significant positive effect on the CSR practices of Egyptian firms. The results also reveal that the financial performance of firms is perceived not to be affected by the political instability after the 2011 Revolution as opposed to stock market uncertainty, which is perceived to be significantly affected. However, financial performance and stock market uncertainty have a significant positive influence on the CSR practices of Egyptian firms. Originality/value This paper capitalizes institutional theory to capture the complex interactions between organizations and their external institutional environments. Previous studies tackling CSR in unstable political environments in the African context focused on countries with prolonged periods of violent conflict and on more localized forms of conflicts. Yet, little is known about CSR during the occurrence of different types of political instabilities in other African countries.

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Omran, M. F. "Risk assessment of the Egyptian stock market in the wake of the Arab Spring." Journal of Economic and Administrative Sciences 31, no. 2 (November 16, 2015): 66–70. http://dx.doi.org/10.1108/jeas-05-2014-0010.

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Purpose – The purpose of this paper is to shed some light on the Egyptian stock market and its macroeconomic environment in the wake of the Arab Spring. Design/methodology/approach – The paper examines whether the averages of the EGX30 index price changes in addition to key macroeconomic variables are statistically significant pre and post Arab Spring. Findings – High inflation in the period up to the Arab Spring was a major contributing factor for the uprising. The solutions for the EGX30 index troubles are political and macroeconomic. Originality/value – The variables examined pre and post Arab Spring are EGX30 returns, EGX30 total market value, US$ reserves kept at the Egyptian Central Bank, US$ to Egyptian pounds exchange, and inflation.

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Omran, Mohammed Fawzy. "Single and multiple risk factors in the Egyptian stock market." Afro-Asian J. of Finance and Accounting 3, no. 3 (2013): 195. http://dx.doi.org/10.1504/aajfa.2013.054422.

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Mohamed, Ehab K. A., Mohamed A. Basuony, and Ahmed A. Badawi. "The impact of corporate governance on firm performance in Egyptian listed companies." Corporate Ownership and Control 11, no. 1 (2013): 691–705. http://dx.doi.org/10.22495/cocv11i1c7art6.

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This paper examines the impact of corporate governance on firm performance using cross sectional data from non-financial companies listed in the Egyptian Stock Exchange. The 88 non-financial companies on EGX100 index of listed companies on the Egyptian Stock Market are studied to examine the relationship between ownership structure, board structure, audit function, control variables and firm performance by using OLS regression analysis. The results show that ownership structure has no significant effect on firm performance. The only board structure variable that has an effect on firm market performance is board independence. Firm book value performance is affected by both board independence and CEO duality. Firm size and leverage have varying effects on both market and book value performance of firms

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Mohamed Dawood, Aly Saad, and Khairy El-Giziry. "Type of Traders’ Effect on Risk and Return: The Case of Egyptian Stock Exchange." International Journal of Economics and Finance 8, no. 2 (January 24, 2016): 256. http://dx.doi.org/10.5539/ijef.v8n2p256.

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This research paper aims to estimate the effect of investor categories (Foreigners, Arab, Egyptian institutions and individuals) trading volume, value and number of transactions on capital market returns and volatility. We depend on data Foreigners, Arabian and Egyptian trading volume, values and number of transaction of buying and selling for institutions and individuals and capital market values for the period from January 1st 2009 to December 31 2013.We used descriptive statistics to identify normal distribution of data. Then, performing lead lag structure approach to obtain the optimum lag for the independent variable which has the maximum correlation with the dependent variable. Next, Garch model utilized to estimate the effect of trading volume, value, number of transactions on capital market return and volatility. Finally, the same model utilized to estimate the effect of investor categories on capital market return and volatility for the six periods starting from January 1st 2009 to December 31 2013 which represents the whole period and five yearly periods for the same period.We found that institutions are the main source of volatility in the Egyptian stock market. Garch models showed weak effect on volatility for all periods. In the light of this study Foreigners and trading value items are the main source of effect on volatility. Finally, consistent with Chou (1988), the findings of GARCH model indicated that volatility persistence is less than unity which revealed that the Egyptian stock market could absorb shocks across time.

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kishk, israa walied. "the extent to which firm size affects stock return in the egyptian stock market." المجلة العلمیة للدراسات التجاریة والبیئیة 7, no. 1 (December 1, 2016): 1–23. http://dx.doi.org/10.21608/jces.2016.51682.

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EzzElDin, Ahmed, and Hayam Wahba. "Examining the Effect of Stock liquidity on the Relationship between Stock Split and Stock Market Performance." International Journal of Economics and Finance 14, no. 5 (April 15, 2022): 42. http://dx.doi.org/10.5539/ijef.v14n5p42.

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The effect of stock liquidity on the relation between stock split and stock market performance is puzzling. This paper examines the factors that affect the relationship between stock split and stock market performance. The data are gathered from the Egyptian Stock Exchange listed companies, based on their market capitalization from all sectors in Egypt during 2010 to 2020. This event study employs multiple regression analysis. Liquidity is measured by volume and number of transactions. Announcement date is considered for stock split as independent variable. Also, firm size, split factor, Industry type as control variables have been tested in the model. The research is event study; The time window is based on twenty days and five days. Results indicate that liquidity as moderator is positively affect the relationship between stock split and stock market performance for five- and twenty-days’ time windows. A robustness check has been performed for every regression model. Showing significant effect of liquidity as moderator, measured by volume of transactions, on the relationship for the sample period between 2010 and 2019 for twenty days’ time window. Results support the easiness and enhancing the process of stock split. For example, Financial Regulator Authority could waive its approval for stock split to companies’ general assembly as the market would correct itself for disturbance in liquidity after stock split announcement. Also, Minimizing the number of companies that don't execute stock split affect the investors’ behavior which affects the relationship of stock split announcement and stock market performance.

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Barakat, Hanan Amin, Ahmed Mahmoud El-Zayat, Haidi Essam Mohamed, Ibrahim Khaled El-Naggar, Nada Ahmed Mohamed, and Nourhan Hesham Mounir. "The impact of COVID-19 spread on Egyptian stock market return." Corporate Governance and Organizational Behavior Review 6, no. 4, special issue (2022): 338–48. http://dx.doi.org/10.22495/cgobrv6i4sip14.

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The COVID-19 outbreak is considered as one of the most severe infectious viruses experienced by the world during the 21st century. This pandemic has economic, social, and psychological consequences on all countries, so the main purpose of this paper is to determine the impact of COVID-19 on the Egyptian stock return specifically as Egypt has been one of the countries that were strongly affected. The impact of COVID-19 on the Egyptian Stock Exchange (EGX100) was investigated using a multiple regression model and historical data from 20 listed firms in the EGX100 index between February 2020 and March 2022. Additionally, we included inflation as a control variable in our model. The results indicated that COVID-19 significantly impacted the stock’s cumulative returns when used as an independent variable and measured using the cumulative coronavirus cases (CCC) and cumulative coronavirus deaths (CCD) collected for the time period of February 2020 through March 2022 from the World Health Organization (WHO) database. The findings also showed a negative correlation between these elements and the cumulative returns of the stock. Furthermore, The outcome of our model also showed that there was no significant relationship between inflation as measured by headline CPI and the stock’s cumulative returns

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El Ansary, Osama Abd ElKhalek, and Mervat Hussien El-Azab. "The Impact of Stock Dividends and Stock Splits on Shares’ Prices: Evidence from Egypt." Accounting and Finance Research 6, no. 4 (September 12, 2017): 96. http://dx.doi.org/10.5430/afr.v6n4p96.

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This research aims to examine the effect of two types of corporate actions,“Stock Split” and “Stock Dividends”, on the shares’ prices, liquidity changes, and price volatility; and to investigate the efficiency of the Egyptian stock market in response to the announcement of the corporate actions. The research provides the investors with a scientific tool to predict and explain changes in stock prices in response to announced corporate actions and to improve their investment decision-making process.The objective is to investigate whether the two actions collectively or independently have a positive impact on the prices of the related stocks listed on the Egyptian Stock Exchange (EGX), and assess the similarities and dissimilarities between their individual impacts.We applied the “Event Study” approach to measure the impact of the stock splits and stock dividends announcement on the stock prices through measuring the cumulated average abnormal return (CAAR) resulted from events to assess their impact on the stock performance around the announcement day (for a period of 30 prior and 30 days post announcement) as applied before by Terhi (2011). The analysis concluded that the announcement of both of stock split and stock dividend has a positive impact on stock prices. This positive impact drove the authors to test the efficiency of EGX in respect of the impact of the announcement the corporate actions to the public investors. A correlation analysis is performed to reflect this impact.

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El-Ansary, Osama, and Dina Mohssen. "Testing the Predicting Ability of Technical Analysis Classical Patterns in the Egyptian Stock Market." Accounting and Finance Research 6, no. 3 (August 1, 2017): 94. http://dx.doi.org/10.5430/afr.v6n3p94.

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As an emerging market, Egyptian stock market is characterized by inefficiency which is confirmed empirically in this research. This provoked us to test the ability of technical analysis classical patterns in predicting the future returns through calculating the expected price target consequently the expected future return and compare it with the actual return.Statistical techniques and models including Box Pierce (Ljung-Box), Variance ratio test, Runs test, and t-test bootstrapping technique have been applied to test the research proposed hypotheses. The empirical results revealed that the Egyptian stock market is inefficient as returns don’t follow random walk and are dependent, it is found also that the actual returns have significantly exceeded the expected returns of the detected patterns indicating that classical patterns can perfectly predict the direction of the price movements rather than the exact price targets.

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Elsayed, Abdullah. "The Impact of Internal Corporate Governance Mechanisms on Profitability in Companies Listed in the Stock Market." Journal of Quality in Health Care & Economics 5, no. 3 (2022): 1–10. http://dx.doi.org/10.23880/jqhe-16000279.

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This paper attempts to investigate the effects of the internal corporate governance mechanisms represented in (the size of the board of directors, CEO duality, the administrative ownership, and the ownership of Block Shareholders Ownership) on the profitability of the companies listed on the Egyptian Stock Exchange. The sample of the study reached (85) companies listed on the Egyptian Stock Exchange for the period 2012 to 2016. The researcher relied on the method of "Moment Structures Analysis (AMOS) Of Analysis to study the relationships between the study variables. A program specially prepared by Dr. Andrew F. Hayes is to test the direct effects of the sub-elements of one variable on the sub-elements of another variable. The methodology of this method depends on the Sobel test and the Bootstrap method. The research has reached several results, the most important of which are: There is a positive, statistically significant impact relationship between the internal corporate governance mechanisms with its various dimensions and profitability, and the researcher has recommended that companies should strive to comply with corporate governance rules and support internal corporate governance mechanisms because of their positive impact on profitability.

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Aboud, Ahmed, and Ahmed Diab. "The financial and market consequences of environmental, social and governance ratings." Sustainability Accounting, Management and Policy Journal 10, no. 3 (July 1, 2019): 498–520. http://dx.doi.org/10.1108/sampj-06-2018-0167.

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Purpose This study aims to examine the combined impact of environmental, social and governance (ESG) ratings on the market and financial performance of Egyptian companies during the period from 2007 to 2016 and, thereby, determines the influence of the recent political revolutions –that broke out in the MENA region in early 2011 – on the association between ESG practices and corporate performance. Design/methodology/approach The present work uses data from the S&P/EGX ESG index, which is the first of its kind in the MENA region. The ESG index is designed to increase the profile of companies listed on the Egyptian Exchange and is expected to boost the level and quality of ESG practices in the Egyptian context. The sample includes the 100 most active Egyptian companies in the Egyptian Stock Exchange as measured by the EGX 100 index in the financial year that ended in 2016. The sample begins in 2007, concurrent with the start of the ESG index, and ends in 2016. The period from 2007 to 2010 represents the pre-revolution period, and the period from 2012 to 2016 is the post-revolution period. Findings Firms with high ESG ratings are found to enjoy a better financial and market performance. The authors found some evidence that the influence of ESG ratings on financial performance is more obvious after the revolutions than before the revolutions. Practical implications This study provides insights regarding the impact of political events on the market in the Middle East region. Despite its increasing economic and political importance, this region still suffers from inadequate attention in the literature. The present work investigates the variances that evolved out of the events that started in early 2011 and the implications of these events on the market. The results of this study have implications for regulators and investors in the Egyptian stock market. The authors believe that the relatively new S&P/EGX ESG index provides a way to enhance ESG ratings in Egypt. Social implications The results of the present study provide insights for policymakers regarding the usefulness of the sustainability indices. Originality/value The present results contribute to the growing literature on the economic consequences of ESG ratings, especially in relation to a context characterized by intense political/revolutionary changes. In particular, this study contributes to the few works that have addressed the economic implications of ESG ratings in emerging markets.

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AlBanna, Hatem, and Fady Tawakol. "Market Efficiency and Insider trading: Evidence from the Egyptian Stock Exchange." المجلة العلمیة للإقتصاد و التجارة 48, no. 1 (April 1, 2018): 639–67. http://dx.doi.org/10.21608/jsec.2018.39050.

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Heba, Abdel-Gawad, Sakr Ahmed, and Abdou Rabab. "Conventional Determinants of Corporate Payout Policies in the Egyptian Stock Market." American Journal of Industrial and Business Management 11, no. 11 (2021): 1089–112. http://dx.doi.org/10.4236/ajibm.2021.1111066.

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Kamel, Hany, and Said Elbanna. "Investigating the phenomenon of earnings management in the Egyptian stock market." Corporate Governance: The international journal of business in society 12, no. 3 (June 8, 2012): 337–52. http://dx.doi.org/10.1108/14720701211234591.

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M., Ismail. "Assessing Machine Learning Linear Models to Predict Egyptian Stock Market Prices." International Journal of Computer Applications 184, no. 43 (January 25, 2023): 33–43. http://dx.doi.org/10.5120/ijca2023922543.

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Masry, Mohamed. "The Impact of Technical Analysis on Stock Returns in an Emerging Capital Markets (ECM’s) Country: Theoretical and Empirical Study." International Journal of Economics and Finance 9, no. 3 (February 15, 2017): 91. http://dx.doi.org/10.5539/ijef.v9n3p91.

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Technical analysis, even if deliberated by some as purely conjecture, is still generally acknowledged as additional information to main brokerage companies. There are existent two reasons for the achievement of technical analysis and why its success is still debated: (1) stock return predictability stems from efficient markets that can be analysed by time-varying equilibrium returns, and (2) stock return predictability forms from prices wandering apart from their fundamental valuations. Fundamentally, both explanations show some kind of overall market inefficiency where investors are capable of exploiting. Therefore, technical analysis derived its importance from its ability to train investors to take investment decision based on historical trends of securities prices. To help find answers to the issues raised and to structure the study, the following general research question is set: is it possible for technical analysis to achieve abnormal returns in an Emerging Capital Markets (ECM’s) country, more specifically, the Egyptian Stock Exchange? If yes, hence it could be possibly used to help individual investors to take effective investment decision. By means of theoretical and empirical investigation, this study provides significant evidences that technical analysis achieved abnormal returns in inefficiency periods. This study suggests that simple trading rules, more specifically; the simple moving average beat the standard buy-and-hold strategy for the Egyptian stock exchange.

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Ahmed, Walid M. A. "The Dynamic Linkages among Sector Indices: The Case of the Egyptian Stock Market." International Journal of Economics and Finance 8, no. 4 (March 23, 2016): 23. http://dx.doi.org/10.5539/ijef.v8n4p23.

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The main thrust of this study is to investigate both the long-term and short-term links among sectors of the Egyptian equity market. The empirical analysis is carried out using Johansen’s multivariate cointegration analysis and Granger’s causality analysis. The investigation period extends from 3 April 2011 to 31 May 2015. The results of cointegration analysis indicate that there exists a single cointegrating vector within the sample sector indices. The Granger’s causality analysis shows that the short-term causal relationships between the sector indices are substantially limited and, where they exist, practically unidirectional. By and large, an important implication of these findings is that there is still possibility to obtain gains from portfolio diversification in the short run. Nonetheless, investors with long-term horizon might not be able to benefit from diversifying into the various sectors of the Egyptian market.

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Almaleeh, Nisreen Mohammed. "Are Sustainable Firms More Profitable? Evidence From Egypt." International Journal of Accounting and Financial Reporting 9, no. 1 (January 3, 2019): 122. http://dx.doi.org/10.5296/ijafr.v9i1.13984.

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The purpose of this study is to investigate the association between adopting sustainability practices by Egyptian companies and their level of profitability. Three hypotheses were tested, the first concerned whether sustainable firms achieve higher levels of market value of equity than non-sustainable firms, the second involved whether sustainable firms have higher levels of return on equity compared to non-sustainable ones, and the last was about the amount of cash dividends paid by sustainable firms to their stockholders as opposed to non-sustainable ones. The population of 221 Egyptian companies listed in the Egyptian stock market in the year 2015 was used to test these hypotheses. The results demonstrate that sustainability practices are associated with higher level of both market value of equity and return on equity. Furthermore, cash dividends paid to stockholders are proven to be higher for sustainable firms.

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Masry, Mohamed, and Heba El Menshawy. "The Impact of Unsystematic Risk on Stock Returns in an Emerging Capital Markets (ECM’s) Country: An Empirical Study." International Journal of Financial Research 9, no. 1 (November 30, 2017): 189. http://dx.doi.org/10.5430/ijfr.v9n1p189.

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In this study, we aim to introduce behavior of unsystemayic risk and its forecasting ability in prediction of future return in Egyptian Stock Exchange (ESE) as an Emerging Capital market (ECM), over the period of 2006 to 2015. We measure equally weighted unsystemayic volatility by following the Campbell’s (2001) Indirect Method, by considering market size and weekly basis. Our results reveal that unsystemayic risk is the biggest component of total volatility and show no trend, although market volatility has a slow decreasing trend in this period. We also find that small size stocks have slightly higher volatility than the big size stocks but both portfolios have similar idiosyncratic risk behavior. Finally, our analyses about the predictive ability of various measures of unsystematic risk provide evidence that unsystematic risk volatility is not a significant predictor for future return in ESE.

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El Ansary, Osama, and Mona Atuea. "Testing the Effect of Technical Analysis Strategies on Achieving Abnormal Return: Evidence from Egyptian Stock Market." Accounting and Finance Research 6, no. 2 (February 27, 2017): 26. http://dx.doi.org/10.5430/afr.v6n2p26.

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This study examined the effect of using inter and exit signals of three of the most common used technical analysis strategies on achieving abnormal return compared with the buy and hold strategy in the Egyptian security market. The tests were done using data for short term, relatively long term, during bull and bear market. Using bootstrap methodology and wilcoxon/mann-whitney test for daily closing prices during the period from 1-1-1998 to 14-1-2016, the results indicated that; First, market timing with technical analysis yields more return and reduces risk in general. Second, short term investing is not recommended at all, as it is less profitable even than bear market period. Third, in long term and during bull market technical analysis is more profitable than short term. Fourth, technical analysis importance have been reduced during the last few years due to the effect of the Egyptian revolution on the security market. As for investors, they should use technical analysis trading rules to determine when to enter and exit the market, so that they can improve their investment decisions, as it leads to achieve abnormal return and reduces risk more than buy and hold strategy in all cases, while pay more attention for the current and political events than before.

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Hassan, Amira Bushra Ali, and Amira Gad Alrab. "The Effect of Foreign ownership on stock Return Volatility In Egyptian Stock Market "An Empirical Investigation"." المجلة العلمیة للدراسات التجاریة والبیئیة 6, no. 3 (July 1, 2015): 34–78. http://dx.doi.org/10.21608/jces.2015.51644.

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Dawood, Aly Saad Mohamed, and Mahmoud Otaify. "Target Capital Structure of Egyptian Listed Firms: Importance of Growth and Risk Factors." International Journal of Financial Research 12, no. 1 (December 25, 2020): 158. http://dx.doi.org/10.5430/ijfr.v12n1p158.

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This paper investigates the determinants and adjustment speed to the target capital structure of the Egyptian Listed firms over the period of 2009 – 2018. We use panel regression analysis to examine role of growth factors as well as risk factors in explaining the dynamics of target leverage. The main findings of the growth factors model (GFM) reveal that political risk, profitability and stock market return are negatively affect the target leverage of Egyptian firms. In contrast, investment opportunities, non-debt tax shield, firm size have significant positive effect on the target leverage. On the other hand, the results of risk factors model (RFM) indicate that political risk, size and profitability lose their significant effects for the account of firm risk, stock return, investment and asset tangibility. The business risk captures the effect of political risk on the target leverage. Interestingly, both the investment opportunities and the non-debt tax shield preserve their positive effects and thereby they are considered as the most important firm-specific determinants of the target leverage. We find no significant effects of the economic growth, macroeconomic risk and stock market volatility on the target leverage in Egypt. Regarding the adjustment speed and in the presence of growth (risk) factors, the Egyptian firms take 2.7 (4.4) years to adjust their current leverage toward the target leverage.

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Massa, Isabella, and Andreas Billmeier. "Go Long or Short in Pyramids? News From the Egyptian Stock Market." IMF Working Papers 07, no. 179 (2007): 1. http://dx.doi.org/10.5089/9781451867435.001.

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Billmeier, Andreas, and Isabella Massa. "Go long or short in pyramids? News from the Egyptian stock market." International Review of Financial Analysis 17, no. 5 (December 2008): 949–70. http://dx.doi.org/10.1016/j.irfa.2008.02.003.

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Aziz, Essam Fawzy. "MODELLING EGX30 OF EGYPTIAN STOCK MARKET USING SPECTRAL ANALYSIS AND HARMONIC REGRESSION." Advances and Applications in Statistics 53, no. 4 (October 23, 2018): 325–43. http://dx.doi.org/10.17654/as053040325.

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Lobão, Júlio. "Are African Stock Markets Inefficient? New Evidence on Seasonal Anomalies." Scientific Annals of Economics and Business 65, no. 3 (September 1, 2018): 283–301. http://dx.doi.org/10.2478/saeb-2018-0023.

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Abstract It is widely acknowledged that having efficient financial markets is paramount in the allocation of social resources to their most productive uses. This paper explores the informational efficiency of six of the most important African stock markets for indication of seasonal predictability in stock returns. The results reveal that all markets exhibited some kind of seasonal patterns. The prevalence of the phenomenon was higher in the Egyptian and Tunisian markets, suggesting the presence of inefficient prices. Surprisingly, the only advanced emerging market of the sample (South Africa) showed a relatively large number of anomalies. This paper also reports the existence of strong pre-holiday effects and turn-of-the-month effects in most of the markets under scrutiny. Moreover, this study is the first to document the presence of quarterly effects in African markets. Collectively, the evidence obtained highlights the opportunity for arbitrageurs to reap profits as well as the need of decision-makers to implement legal and regulatory reforms in the markets of the continent.

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Saweris, Silvia Adly, Sara Hassan El Gazar, Svetlana Sapuric, and Ifigenia Georgiou. "Introducing a framework identifying stock market return determinants: A micro and macroeconomic perspectives: An Empirical study on the Egyptian Stock Market." مجلة جامعة الإسکندریة للعلوم الإداریة 59, no. 5 (August 20, 2022): 111–59. http://dx.doi.org/10.21608/acj.2022.272233.

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Alber, Nader, and Ehab Ezzat. "The Impact of Herding Behavior on Stock Mispricing: The Case of Listed Companies at the Egyptian Exchange." European Journal of Business and Management Research 6, no. 4 (July 2, 2021): 7–10. http://dx.doi.org/10.24018/ejbmr.2021.6.4.917.

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This paper aims at examining the impact of herding behavior on stock mispricing. Herding behavior is measured by Cross Sectional of Standard Deviation (CSSD), while stock mispricing is measured by the difference between the market value and intrinsic value of stock. This has been conducted using a sample of 24 companies are listed at the Egyptian exchange during the period from 2002 to 2018. Results indicate there is a significant effect of herd behavior on stock mispricing in a bivariate context, while the effect remains significant, even after controlling for inflation rate and discount rate. Besides, the discount rates don’t seem to have any significant effects on stock mispricing.

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Farag, Hisham. "The influence of price limits on overreaction in emerging markets: Evidence from the Egyptian stock market." Quarterly Review of Economics and Finance 58 (November 2015): 190–99. http://dx.doi.org/10.1016/j.qref.2015.01.003.

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Bedier, Reem Essam, and Mohamed H. H. Abdel-Azim. "Information Processing Effects of Accounting Consistency: Evidence from Egypt." Journal of Research in Emerging Markets 1, no. 2 (April 9, 2019): 1–15. http://dx.doi.org/10.30585/jrems.v1i2.322.

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Using path analysis, this study investigates the direct and indirect effect of accounting consistency and accounting-based earnings quality proxy on market synchronicity of the Egyptian listed firms. We firstly examine how time-series accounting consistency achieves earnings quality. We find a significant association between time series accounting consistency and lower variation of accruals residuals. We also examine the direct impact of accruals quality on stock returns synchronicity. We find a significant association between lower variation of accruals residuals and higher stock returns synchronicity. Finally we examine the direct and indirect impact of accounting consistency on market synchronicity. We find that the consistent use of accounting policies can achieve market synchronicity only after achieving earnings quality. Our findings indicate that earnings quality increases the effect of time series accounting consistency on achieving stock returns synchronicity.

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Journal articles on the topic 'Egyptian Stock Market'

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