Dissertations / Theses: 'Market price of share'

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Råsbrant, Jonas. "The price impact of open market share repurchases." KTH, Entreprenörskap och Innovation, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-122239.

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This paper examines the stock performance around initiation announcements of open market share repurchase programs, the price impact of repurchase trading and the long-run abnormal stock performance following the initiation announcements in a European regulatory framework. The study uses a unique dataset on initiation announcements and actual repurchases conducted by firms listed on the Stockholm Stock Exchange during the period 2000-2009. The results show that initiation announcements of open market repurchase programs exhibit a two-day abnormal return of approximately 2%. The price impact on the actual repurchase days is positively correlated with the daily repurchase volume, and is both statistically and economically significant during the first 3 repurchase days in a repurchase program. The long-run abnormal stock performance is positively associated with the fraction of shares bought in the program and is approximately 7% the first year following the initiation announcement. The results indicate that repurchase trading provides price support and that the market participants detect and perceive the initiation announcement and the first repurchase days in a repurchase program as a signal of undervaluation.

QC 20130515

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Duryea, Judson Busse. "Toward an Understanding of the Effect of Market Share on Median Home Sale Price." Thesis, Virginia Tech, 2018. http://hdl.handle.net/10919/83799.

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This study analyzes the market share of the top 10 home builders in nine Metropolitan Statistical Areas, along with fourteen other independent variables, to find a statistical relationship with median home sales price. Through a stepwise regression of the independent variables it is determined that there is no correlation between median home sale price and market share of the top 10 home builders. In the stepwise regression two variables are found to be correlated to median homes sales price: Owner Occupancy Percentage and Residential Construction Wages, a data point compiled for this study. A linear regression is run between market share of the top 10 and median home sale price and no correlation is found.
Master of Science

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3

Křížek, Tomáš. "Ex-Dividend Day Share Price Decline and Efficiency of Equity Options Markets." Doctoral thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-200019.

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This paper analyses options/warrants price behavior around an ex-dividend day of underlying shares. Both equity options as financial instruments traded on options exchanges, and warrants/certificates as OTC financial instruments are analyzed. First, the paper analyzes the ex-dividend day share price drop. Findings of this part are further used to analyze the impact of unexpected share price decline on options prices. Further, the paper focuses on volumes of traded options contracts and changes in options prices around the ex-dividend day. The paper focuses on European shares and related options and warrants. The options data was collected from the options exchange EUREX and also from several OTC sources -- Vontobel, Lang & Schwarz, Erste, and xMarkets by Deutsche Börse. The main aim of the paper is to identify market inefficiencies in trading in and valuation of equity options. There are two main conclusions that around the ex-dividend day there is a significantly increased trading activity and the call options depreciate whereas put options appreciate between the cum-dividend and the ex-dividend day. This shows insufficient implementation of the share price drops into options valuation models of options dealers or investors / speculators. Further an impact of unexpected share price behavior was analyzed but no particular pattern has been identified. The impact of the unexpected share price drop (either too high or too low) has ambiguous implications on the options prices. Finally, ways how to utilize on knowledge of inefficient trading in options around the ex-dividend day were suggested. The suggestions were done both from the perspective of an investor / speculator and of an options dealer.

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Al-Ajmi, Fahed M. "The Determinants of OPEC Market Share Stability." PDXScholar, 1990. https://pdxscholar.library.pdx.edu/open_access_etds/1189.

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The objectives of this dissertation are to explain the production behavior of OPEC's member countries from 1971 to 1987 and to determine whether there was any structural shift in OPEC's production behavior after the organization attempted to assign a quota to each member. This study focused on political and social as well as economic variables, in order to overcome the misspecification of previous models. In order to achieve the above objectives, the study used the following four models, with modifications: the cartel, competitive, target revenue, and property rights models. The double log multiple linear regression technique was used to operationalize the cartel, competitive, and target revenue models; simple linear regression was used to estimate the property rights model. The cartel model was based not only on economic variables but also on social and political variables. The internal political instability of each OPEC country was measured by the number of armed attacks within the country. The structural shift in OPEC's production behavior between the 1971-1982 period and the 1983-1987 period was evaluated using the Chow-test. The Chow-test showed no significant difference between these two periods for OPEC overall or for individual members. Thus, the two periods were combined so that the study was performed for the entire 1971-1987 period. Because this period of analysis was relatively short, alternative models were applied to pool the data and thereby increase the reliability of the model estimates. A cross-sectional correlated and time-wise auto-regressive model (CCTA) was selected to pool the data and to estimate OPEC's production coefficients. Then each individual OPEC member's production model was estimated and compared to the pooled model. The results indicate that OPEC behaved as a cartel, and that a partial market-sharing hypothesis was significant for all 11 OPEC members. These findings indicate that OPEC was a loose cartel, with only partially effective cooperation on production decisions. Political instability was found to be significant (at the 10-percent level) overall, and it negatively affected production. It was also significant at the 5-percent level for the price-pusher group (Iran, Venezuela, and Algeria). This group was also the only one pooled using least squares with dummy variables (LSDV), because of its common slope and different intercepts. Overall results suggest that OPEC members were basing their production decisions on crude oil prices, excess production capacity, and each member's share of total OPEC output.

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5

Du, Ruixue. "The Relationship Between Share Price and Operating Cash Flow Under the Casual Theme Restaurant Setting." Thesis, Virginia Tech, 2008. http://hdl.handle.net/10919/33274.

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In spite of the well-accepted belief of the relationship between cash flow and stock price, there are some controversies about whether cash flow is a good value driver in terms of explaining the volatility of stock prices, when compared with other value drivers, such as earnings or dividends.

Most of the previous studies that have focused on the relationship between stock price and cash flow have used cross-industries data, primarily S&P 500 index. These studies do not distinguish service industry from manufacturing industry. However, the service industry is different from manufacturing in many ways. These differences make cash play different roles in the daily operation between the service industry and the manufacturing industry.

Given these factors, whether the relationship between stock price and cash flow indentified in previous studies will hold in the casual theme restaurant industry is the question this study tries to answer. Therefore, a set of 20 casual theme restaurant companies are selected through the COMPUSTAT database as the sample of this study.

In this study, the performance of cash flow, earnings and dividends helping to explain the stock price move will be compared and ranked under the setting of casual theme restaurants. This result will provide the management of casual theme restaurants a guideline, which explains how to maintain the stock price increase and minimize the volatility by monitoring the most important value driver of the industry.

The methodology of this study will follow the traditional multiple valuation model. The logic of this model is to compare the pricing error of different value drivers and determine which one is the best.

The results of this study show that operating cash flow outperformed earnings and dividends in the multiple valuation tests. This is different from the results of previous studies that earnings has the strongest explanatory power in the variance of share price.
Master of Science

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6

Al-Quadah, Kamal Ahamad Moh'd. "Capital expenditure decisions and company market value : a study of information flows and associated share price movements." Thesis, University of Abertay Dundee, 1991. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.247324.

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7

REDMOND, WILLIAM HILES. "THE EFFECTS OF PIONEER FIRM PRICE STRATEGY ON MARKET CONCENTRATION AND FIRM PERFORMANCE (STRUCTURE, SHARE, PROFITABILITY, INNOVATION)." Diss., The University of Arizona, 1985. http://hdl.handle.net/10150/188127.

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The research examines linkages between firm strategy and market structure and also between firm strategy and firm performance. To evaluate these linkages, the research focuses on the initial price strategy of market pioneer firms, changes in market concentration, and subsequent firm achievements in the area of market share and profitability. Drawing from previous research in the areas of marketing strategy, corporate strategy and industrial organization, arguments are developed supporting the notion of different structural and performance outcomes resulting from different pioneer firm price strategies. These strategies are penetration pricing and price skimming. A sample of pioneer firms/pioneered industries was obtained from published sources and examined for significant differences between the penetration price group and the price skimming group. Price strategy was found to have a significant impact on changes in market concentration as well as pioneer firm market share and profitability.

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8

Bellamy, David Ewan. "An analysis of ex-dividend day abnormal trading volumes and share price changes in the Australian equity market /." [St. Lucia, Qld. : s.n.], 2002. http://www.library.uq.edu.au/pdfserve.php?image=thesisabs/absthe16648.pdf.

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9

Grandner, Thomas. "Market shares of price setting firms and trade unions." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 1998. http://epub.wu.ac.at/236/1/document.pdf.

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In a unionized duopoly with price setting firms market shares in different wage determination settings are analyzed. I compare decentralized, centralized and sequential wage determination. In the decentralized setting the union in the more productive firm can exploit the differences in productivity for rising local wages. The rising wages in the more productive firm result in smaller differences of unit costs, therefore the market shares are split more equally in the decentralized setting than with centralized wage determination. Sequential wage determination results in an asymmetric outcome. Compared with the simultaneous case the market share of the wage-leader firm is smaller, because the competitor is able to undercut the wage. Additionally with sequential wage determination the union representing the workers of the more productive firm cannot exploit the productivity advantage by raising the wage rate by the same extent as in the simultaneous case. (author's abstract)
Series: Department of Economics Working Paper Series

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10

Omet, Ghassan Moh'd Kheir Said. "Amman financial market : an investigation into its formation and share prices' behaviour." Thesis, Henley Business School, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.235900.

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11

Dahya, Jay. "A market- and accounting-based analysis of changes in UK corporate management." Thesis, University of Dundee, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389870.

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12

Liang, Jing. "Market segmentation and dual-listed stock price premium - an empirical investigation of the Chinese stock market." Thesis, University of St Andrews, 2009. http://hdl.handle.net/10023/894.

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This thesis comprises, firstly, a careful and detailed description of the institutional workings of the Chinese stock market; secondly, a literature review of the Chinese segmented markets and dual-listed shares price premium; and thirdly, three evidence-based contributions designed to cast new light on the Chinese A-shares premium puzzle. Publicly-listed firms in China, under certain criteria, can issue two different types of shares, namely A-shares and B-shares, to local and foreign investors respectively. These shares carry the same rights and obligations, but are however priced differently due to market segmentation. After a review of the literature on determinants of the premium, the first contribution offers a complementary explanation. I propose that the premium reflects the difference in valuation preferences between the local and foreign investors, i.e., local investors pay more attention to stock liquidity, while foreign investors pay more attention to firm’s intrinsic value, and so firms having more favorable fundamentals tend to have lower premia. The second contribution involves the examination of a controversial question that which investor group is better informed about local assets, by testing the direction of information flows between the A- and B-shares markets. Both time series methods, and panel data techniques which are used for the first time in this context, are employed, in order to get a distinct and more insightful picture against the current literature. The third contribution compares and contrasts institutional settings of China, Singapore and Thailand which have similar market segmentation and dual-listing systems; examines whether or not the premia in the three countries are caused by same factors; and tries to answer why foreign investors in China pay less, rather than more, as commonly observed in other segmented markets, for identical assets. It provides the first cross-country comparison evidence after 1999 with updated data.

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13

Brand, Rene. "An econophysical investigation : using the Boltzmann distribution to determine market temperature as applied to the JSE all share index." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/879.

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Thesis (MBA (Business Management))--University of Stellenbosch, 2009.
ENGLISH ABSTRACT: Econophysics is a relatively new branch of physics. It entails the use of models in physics applied to economics. The distributions of financial time series are the aspect most intensely studied by physicists. This study is based on a study by Kleinert and Chen who applied the Boltzmann distribution to stock exchange data to define a market temperature that may be used by investors to indicate an impending stock market crash. Most econophysicists’ analysed the tail regions of the distributions as the tails represent risk in financial data. This study’s focus of analysis, on the other hand is the characterisation of the central portion of the probability distribution. The Boltzmann distribution, a cornerstone in statistical physics, yields an exponential distribution. The objective of this study is to investigate the suitability of using a market volatility forecasting method from econophysics, namely the Boltzmann/market temperature method. As econometric benchmark the ARCH/GARCH method is used. Stock market indices are known to be non-normally (non-Gaussian) distributed. The distribution pattern of a stock market index of reasonable high sampling frequency (typically interday or intraday) is leptokurtic with heavy tails. Mesoscopic (interday) distributions of financial time series have been found to be exponential distributions. If the empirical exponential distribution is therefore interpreted as a Boltzmann distribution, then a market temperature can be calculated from the exponential distribution. Empirical data for this study is in the form of daily closing values of the Johannesburg Stock Exchange (JSE) All Share Index (ALSI) and the Standard & Poor 500 (S & P 500) index for the period 1995 through to 2008. The Kleinert and Chen study made use of intraday data obtained from established markets. This study differs from the Kleinert and Chen study in that interday data obtained from an emerging market, namely the South African stock market is used. Neither of the aforementioned two differences had a significant influence on the results of this study. The JSE ALSI log-return data displays non-Gaussian properties and the Laplace (double exponential) distribution fit the data well. A plot of the market temperature provided a clear indication of when stock market crashes occurred. Results of the econophysical (Boltzmann/market temperature) method compared well to results of the econometric (ARCH/GARCH) method and subject to certain improvements can be utilised successfully. A leptokurtic, non-Gaussian nature was established for daily log-returns of the JSE ALSI and the S & P 500 index. The Laplace (double exponential) distribution fit the annual logreturns of the JSE ALSI and S & P 500 index well. As a result of the good Laplace fit, annual market temperatures could be calculated for the JSE ALSI and the S & P 500 index. The market temperature method was effective in identifying market crashes for both indices, but a limitation of the method is that only annual market temperatures can be determined. The availability of intraday stock index data should improve the interval for which market temperature can be determined.
AFRIKAANSE OPSOMMING: Ekonofisika is ‘n relatiewe nuwe studieveld. Dit behels die toepassing van fisiese modelle op finansiële data. Die waarskynlikheidsversdelings van finansiële tydreekse is die aspek wat meeste deur fisisie bestudeer word. Hierdie studie is gebaseer op ‘n studie deur Kleinert en Chen. Hulle het die Boltzmann-verspreiding op ‘n aandele-indeks toegepas en ‘n mark-temperatuur bepaal. Hierdie mark-temperatuur kan deur ontleders gebruik word as waarskuwingsmeganisme teen moontlike aandelebeurs ineenstortings. Die meeste fisisie het die uiterste areas van die verspreidingskurwes geanaliseer omdat hierdie uiterste area risiko in finansiële data verteenwoordig. Die analitiese fokus van hierdie studie, aan die ander kant, is die karakterisering van die die sentrale areas van die waarskeinlikheidsverdeling. Die Boltzmann verspreiding, die hoeksteen van Statistiese Fisika lewer ‘n eksponensiële waarskynlikheidsverdeling. Die doel van hierdie studie is om ‘n ondersoek te doen na die geskiktheid van die gebruik van ‘n ekonofisiese, vooruitskattingsmetode, naamlik die Boltzmann/mark-temperatuur model. As ekonometriese verwysing is die “ARCH/GARCH” metode toegepas. Aandelemark indekse is bekend vir die nie-Gaussiese verspreiding daarvan. Die verspreidingspatroon van ‘n aandelemark indeks met‘n redelike hoë steekproef frekwensie (in die orde van ‘n dag of minder) is leptokurties met breë stert-dele. Mesoskopiese (interdag) verspreidings van finansiële tydreekse is getipeer as eksponensieël. Indien die empiriese eksponensiële-verspreiding as ‘n Boltzmann-verspreiding geinterpreteer word, kan ‘n mark-temperatuur daarvoor bereken word. Empiriese data vir die gebruik in hierdie studie is in die vorm van daaglikse sluitingswaardes van die Johannesburgse Effektebeurs (JSE) se Alle Aandele Indeks (ALSI) en die Standard en Poor 500 (S & P 500) indeks vir die periode 1995 tot en met 2008. Die Kleinert en Chen studie het van intradag data vanuit ‘n ontwikkelde mark gebruik gemaak. Hierdie studie verskil egter van die Kleinert en Chen studie deurdat van interdag data vanuit ‘n opkomende mark, naamlik die Suid-Afrikaanse aandelemark, gebruik is. Nie een van die twee voorafgaande verskille het ‘n beduidende invloed op die resultate van hierdie studie gehad nie. Die JSE ALSI se logaritmiese opbrengs data vertoon nie-Gaussiese eienskappe en die Laplace (dubbeleksponensiële) verspreiding beskryf die data goed. ‘n Grafiek van die mark-temperatuur vertoon duidelik wanneer aandelemarkineenstortings plaasgevind het. Resultate van die ekonofisiese (Boltzmann/mark-temperatuur) metode vergelyk goed met resultate van die ekonometriese (“ARCH/GARCH”) metode en onderhewig aan sekere verbeteringe kan dit met sukses toegepas word. ‘n Leptokurtiese, nie-Gaussiese aard is vir daaglike opbrengswaardes vir die JSE ALSI en die S & P 500 indeks vasgestel. ‘n Laplace (dubbel-eksponensiële) verspreiding kan goed op die jaarlikse logaritmiese opbrengste van die JSE ALSI en die S & P 500 indeks toegepas word. As gevolg van die goeie aanwending van die Laplace-verspreiding kan ‘n jaarlikse mark-temperatuur vir die JSE ALSI en die S & P 500 indeks bereken word. Die mark-temperatuur metode is effektief in die identifisering van aandelemarkineenstorings vir beide indekse, hoewel daar ‘n beperking is op die aantal mark-temperature wat bereken kan word. Die beskikbaarheid van intradag aandele indekswaardes behoort die interval waarvoor mark-temperature bereken kan word te verbeter.

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Alhabshi, Syed Musa. "The market impact of European mergers and joint ventures on share prices of U.K. PLCs." Thesis, University of Strathclyde, 1994. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=21278.

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This study analyses the announcements of European mergers and joint ventures as forms of intra-European direct investment that affect the share prices of U.K. plcs. From a review of the theories of multinational enterprise and foreign direct investment in the context of European economic integration, the study emphasized the importance of the single market and its implications on foreign direct investment. A comparison is made between mergers and joint ventures as forms of foreign direct investment based on their theories and empirical evidences. The effects of the integration on European mergers and joint ventures are then examined by analysing the announcement effects. Using event study methodology, the study investigates the effects of announcements of UK plc acquisitions of European firms and their involvement in European joint ventures on the share prices of UK plcs. Both parametric and non-parametric techniques are used to measure the impact of these announcements in terms of abnormal returns and volatility of returns. The results show positive significant market reaction to the merger announcements on the announcement day for the abnormal return and on the day before the announcement for the volatility. However a significantly negative post announcement cumulative abnormal return is found. A shift of the market reaction after U. K. Is entry into the Exchange Rate Mechanism (ERM) is also found. The market reaction to the joint venture announcements is not significant on the day of announcement. However a significant positive cumulative abnormal return is found a few days prior to the announcement of the joint venture. A positive significant relationship between cumulative market reaction and U.K. Is entry into ERM is also established. Profile analysis of the significant announcements also shows the relevance of certain factors that could explain the market impact of joint ventures.

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15

Ramatlo, Tshegofatso. "Monetary policy and the stock market in South Africa: how do South African equity prices respond to expected and unexpected changes in the repo rate?" Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30975.

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This analyses the impact of unexpected changes in monetary policy on the South African equity market over the period 2005 -2018. In an attempt to understand this relationship, two main views have emerged. The wealth effect suggests that monetary policy changes have an indirect effect on the stock market, via changes in the value of private portfolios. On the other hand, it has been argued that the stock market is an independent source of macroeconomic volatility to which policy makers may wish to consider. This paper applies an event study approach to examine the stock market reaction to monetary policy. Furthermore, to understand the economic sources underpinning that reaction a Vector autoregressive model is estimated. The results suggest that on average, a surprise rate hike of 100 basis points causes short term JSE All Share index total returns to decline by 2.71%. We also find that the stock market reacts positively (negatively) to expansionary (contractionary) unexpected monetary policy actions due to revised market expectations about future dividends, excess premiums and the discount rate. The findings are crucial for central bank policy makers and JSE stock market investors.

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16

CRUCITTI, FRANCESCA. "HETEROGENEOUS FIRMS MODELS AND FINANCIAL MARKET FRICTIONS." Doctoral thesis, Università degli Studi di Milano, 2019. http://hdl.handle.net/2434/613188.

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The common thread in this thesis is represented by general equilibrium models with heterogeneous firms. Initiated by Huggett (1993) and Aiyagari (1994), a strand of general equilibrium literature characterized by the distribution of heterogeneous individuals has been developed. In recent years, the introduction of heterogeneity in macroeconomics increased exponentially. The thesis is developed in this context. The first chapter provides a methodological analysis. It examines the importance of the modelization choice of the idiosyncratic productivity process of individuals. The second chapter proposes a theoretical model which can be able to reconcile four important facts shared by most of the advanced economies around the world: declining labor share of income, rising capital misallocation, low total factor productivity growth and the declining relative price of investment goods.

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Magliolo, Jacques. "The relevance and fairness of the JSE ALTX PRE-IPO share pricing methodologies." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1018652.

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This three year indepth study was prompted after a decade of working as a corporate advisor for numerous stockbroking firms' corporate advisory and listing divisions. An overwhelming lack of discernible pricing methodology for IPOs on the JSE's Main Board and failed Venture Capital and Development Capital Markets was transferred to the new Alternative Exchange (AltX). This prompted lengthly discussions with former head of JSE's AltX Noah Greenhill. Such discussions are set out in this dissertation and relate to pricing methodologies and the lack of guidance or legislation as set out in the JSE's schedule 21 of Listing requirements. The focus of this dissertation is thus centred on whether the current adopted methodologies to establish a fair and reasonable pre-IPO share price is effective. To achieve this, global pricing methodologies were assessed within the framework of various valuation techniques used by South African Designated Advisors.

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Mbawuni, Joseph. "The impact of accounting information (earnings and book values) on share prices : an emerging market perspective : the case of the Ghanaian capital market." Thesis, Birmingham City University, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.505977.

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Bredenkamp, Jhandre. "The effect of generic medicine competition on the market share growth and pricing of originator brand medicine in the South African private pharmaceutical market." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/21380.

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Thesis (MBA)--Stellenbosch University, 2011.
This study analyses the effects of generic medicine competition on the market share growth and pricing of originator brand medicine in the South African private pharmaceutical market. The study is based on five years (2005 to 2011) of IMS Health market share data for 39 originator brand drugs that have been exposed to competition from generic substitutes from 2001. The results show that, for all the drug molecules included in the study pooled together, the price of an originator brand medicine relative to the weighted average price of its generics has a significant negative impact on the change of its market share. Results for the molecules pooled according to anatomical classes, as well as each molecule separately, show that in four out of the nine classes represented in the study and nine out of the 39 molecules the relative price of the originator brand medicine had a significant negative impact on its change in market share. The manufacturers and marketers of generic medicines would be well advised to offer their medicines at significantly discounted prices compared to the originator brands, as the results suggest that the market penetration of the generic product may depend heavily on the price the generics are offered at. Investigations into the prices of the originator brands in relation with the number of generic equivalents in the market show that the number of generics available in a specific market has a significant positive impact on the relative price of originators, thereby making originators relatively more expensive compared with their generic competitors, while at the same time the results show that the absolute price of the originator brand medicines declines as the number of generic equivalents in the market increases. This indicates that, from a policy perspective, reducing the barriers to entry for generic medicine once originator patents expire may have a significant role to play in reducing the cost of pharmaceutical drugs in the South African market.

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20

Beníšek, Jan. "Světový trh FTTx připojení." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15557.

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This master thesis focuses on the worldwide optical connection situation.Within the respective regions of Asia-Pacific,the Americas and Europe, it identifies the main countries and focuses on the situation and share of FTTx subscribers in them.It tries to answer the question of what technologies are represented the most on particular markets. Within each country,two service providers are chosen and their offer analyzed.For an overview,the price offer for an Internet connection with the highest transmission rate and the price for VoIP service are provided. The analytical part uses the obtained data from individual countries and regions for a price comparison and market forecast.The price comparison deals with the price level of a standard connection in relation to GDP per capita in PPS.This comparison enables the discovery of how expensive the Internet connection via FTTx is in a particular country.Furthermore, the analytical part, in relevant countries, focuses on the calculation of the ratio of costs for the yearly use of a FTTx subscription in relation to the disposable family income. The highest ratio-8.37%-was recorded in India. The thesis also includes a market forecast in the horizon of the end of 2009 and 2010 for the most important countries.For each country,the main growth factor is identified and subsequently the development for the entire year 2009 and 2010 is forecast.The worldwide forecast is 61.37 million (as of the end of 2009) and 72.67 million (as of the end of 2010) FTTx subscriptions.The contribution of this master thesis is the analysis of in what state of development the market of Internet optical connection is in the most important countries, with price comparisons and a market forecast constituting further contributions.

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21

Mvita, Mpinda Freddy. "The impact of dividend policy on shareholders' wealth : evidence from the Vector Error Correction Model." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/31010.

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Dividend policy is widely researched in financial management, but determining whether it affects the market price per share is difficult. There has been much published on the subject, which presented theories such as the Modigliani, Miller, Gordon, Lintner, Walter and Richardson propositions and the relevance and irrelevance theories. However, little research has been done on the impact of dividend policy on shareholders’ wealth while considering the short- and long-run effects. The Vector Error Correction Model (VECM) was used to describe the short-run and long-run dynamics or the adjustment of the cointegrated variables towards their equilibrium values in South Africa. This study attempts to explain the effect of dividend policy on the market price per share. A sample of 46 companies listed on the Johannesburg Securities Exchange (JSE) was selected for the period 1995-2010. Three variables were used, namely the market price per share, the dividend per share and the earnings per share. The market price per share was used as a proxy in measuring shareholders’ wealth and the dividend per share was used as a proxy in measuring the dividend policy. Fixed and random effects models were applied to panel data to determine the relation between dividend policy and market price per share. The fixed effects method was used to control the stable characteristics of the companies over a fixed period. The random effects model was applied when the companies’ characteristics differed. Results for both models indicated that dividend yield is positively related to market price per share, while earnings per share do not have a significant impact on the market price per share. To test the strength of the long-run relationship, the VECM was applied. The coefficient for dividend per share in the co-integrating equation was positive, while the coefficient for earnings per share was negative. This confirms previous research findings. The results suggest that there is a long-run relationship between dividend per share and market price per share. The Granger causality test indicates there is bi-directional Granger causality between market price per share and dividend per share in South Africa. Therefore dividend policy does have a significant long-run impact on the share price and therefore provides a signal about the company’s financial success.
Dissertation (MCom)--University of Pretoria, 2012.
Financial Management
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Ejeklint, Anna, and Malin Henriksson. "Köper studenten köprekommendationen? : En studie om aktierekommendationer." Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-72881.

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Bakgrund: Aktierekommendationer är vanligt förekommande i finansiell media samtidigt som teorier säger att man inte systematiskt kan över- eller undervärdera en aktie. Trots detta visar studier att finansmarknaden influeras av aktierekommendationer då handeln ökar efter en annonsering, vilket innebär att de finansiella kunskaperna en student har lärt sig under sin utbildning inte påverkar lika starkt när den sedan väljer att följa en aktierekommendation. Syfte: Syftet med denna studie är att undersöka vilka faktorer som påverkar ekonomistudenters uppfattning av aktierekommendationer och hur stor påverkan valet av utbildningslinje har för hur studenten bedömer aktierekommendationer. Referensram: Referensramen kommer ge en förförståelse samt behandla de teorier som är väsentliga för att utreda studien. Referensramen innefattar prisbildning, EMH, behavioural finance, risk, kulturella influenser, utbildningens influenser och skolornas bakgrund. Metod: För att bäst kunna besvara och undersöka syftet genomförs studien som en förklarande surveyundersökning med en kvantitativ ansats. Undersökningen utförs genom en elektronisk enkät som skickas ut till studenter. Empiri: Det empiriska materialet består av enkätsvar från studenter från fyra olika ekonomiska utbildningslinjer som bearbetats med stistiska metoder. Slutsats: Valet av utbildningslinje påverkar studentens uppfattning om aktierekommendationer. De faktorer som påverkar är tron på den effektiva marknadshypotesen, studentens finansiella intresse, kön, riskbenägenhet, teoretisk kunskap samt kultur. Dessa faktorer påverkar utbildningslinjerna olika starkt.
Background: Share price recommendations are a common feature in the financial media. At the same time the financial theories argue that an asset can't systematically be over- or under valued. In spite of this, former studies show that share price recommendations do influence the financial market since the trade increases after an announcement. This means that the financial knowledge the student obtain during its education won’t matter when he or she chooses to follow a share price recommendation. Purpose: The purpose of this study is to investigate which factors influence students’ opinions about share price recommendations, and how big effect the students’ business education has on that opinion. Theory: The frame of reference will give the reader a deeper knowledge beyond the theory and also theoretical perspectives essential for analysing the study. The frame of reference will consist of asset pricing, the effective market hypothesis, behavioural finance, cultural influences, educational influences as well as the schools backgrounds. Methodology: For best being able to answer to the purpose of this study, an explanatory survey investigation with a quantitative method is being made. The study will be investigated through an electronic questionnaire that will be sent to students. Empirical findings: The empirical material consits of the answers of students from four different business educations. Conclusions: The business educations affect the students’ opinion about share price recommendations in differing ways. The influencing factors are whether the student believes in effective market hypothesis, the students’ personal interest in finance, gender, risk appetite, theoretical knowledge, and culture.

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Crawford, Robert Cameron. "Forecasting economic growth from the capital and share markets : the South African case revisited." Thesis, Stellenbosch : Stellenbosch University, 2000. http://hdl.handle.net/10019.1/51766.

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Thesis (MBA)--Stellenbosch University, 2000.
ENGLISH ABSTRACT: The relationship between asset markets and economic growth is well documented in economic literature. Harvey (1989), conducted a study of the relationship between interest rate spreads, share market prices and real economic growth in the USA. He developed a model to forecast real economic growth using interest rate spreads and share market prices and concluded that interest rate spreads produced superior forecasts to those based on share market information. He further established that the forecasts obtained from his simple model, which made no provision for serial correlation, compared favourably with those of leading economic forecasters in the USA. Van der Mescht (1991) undertook a similar study based on interest rate spreads and share market prices in South Africa. He concluded that there were no significant differences between the capital market and share market as predictors of economic growth in South Africa when provision was made in Harvey's model for the effects of serial correlation. His results indicated that both the capital and share markets were able to explain more than 65 percent of the variation in economic growth over the period of his study and that the forecasts were able to accurately predict the turning points in the economy and compared favourably with other leading economic forecasters. A similar study to Van der Mescht's using updated South African data found that in general the conclusions reached by Van der Mescht remain valid. A difference which is evident, however, is that, whereas previously, there was little difference between the results of the interest rate spread and share market index model, the interest rate spread model produced better results over the period of this study (1981 - 1998).
AFRIKAANSE OPSOMMING: Die verwantskap tussen die kapitaal- en aandelemark en ekonomiese groei is deeglik in die ekonomiese literatuur ge-dokumenteer. Harvey (1989) het navorsing gedoen oor die verwantskap tussen die termynstruktuur van rentekoerse, aandelepryse en reële ekonomiese groei in die VSA. Hy het 'n vooruitskattingsmodel ontwikkel vir ekonomiese groei, gebaseer op die termynstruktuur van rentekoerse en aandelepryse en het tot die gevolgtrekking gekom dat die termynstruktuur van rentekoerse 'n beter vooruitskatter van ekonomiese groei is as die aandelemark, en dat sy model, wat geen voorsiening vir outokorrelasie maak nie, goed vergelyk met ander ekonometriese modelle wat ekonomiese groei in die VSA vooruitskat. Van der Mescht (1991) het 'n soortgelyke studie, gebaseer op die termynstruktuur van rentekoerse en aandelepyse in Suid Afrika, onderneem. Hy het tot die gevolgtrekking gekom dat daar geen betekenisvolle verskil is tussen die kapitaal en aandelemark as vooruitskatters van ekonomiese groei indien daar vir outokorrelasie in die modelle voorsiening gemaak word nie. Sy resultate dui aan dat die kapitaal- en aandelemark meer as 65 persent van die persentasieverandering in die ekonomiese groei kon verklaar oor die termyn van sy studie, dat dit akkurate vooruitskattings van die draaipunte in die Suid Afrikaanse ekonomie gelewer het, en dat dit gunstig vergelyk met ander ekonomiese vooruitskatters. 'n Soortgelyke studie as die van Van der Mescht is onderneem, met die jongste inligting omtrent termynstruktuur van rentekoerse en aandelepryse in Suid Afrika. In die algemeen is die gevolgtrekkings van Van der Mescht steeds van toepassing. Daar is egter aangetoon dat, waar daar voorheen geen betekenisvolle verskil tussen die kapitaal- en aandelemark as vooruitskatters van ekonomiese groei was nie, die termynstruktuur van rentekoerse beter resultate oor die termyn van hierdie studie gelewer het. (1981 -1998).

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Medan, Lena, and Arturo Montoya. "Reporäntan och dess påverkan på svenska bankers aktiekurser : En eventstudie." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-27910.

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Syfte: Uppsatsen syfte är att klargöra och analysera reporäntans ränteförändringars påverkan på aktiekurserna för samtliga svenska banker i large cap på Stockholmsbörsen. Metod: Kvantitativa händelsestudier har gjorts med deduktiv forskningsansats på fyra företag, samtliga noterade på Stockholmsbörsen. Den onormala avkastningen för de undersökta aktiekurserna har beräknats en dag före till en dag efter samtliga realiseringar av reporänteförändringar som skett mellan åren 2004 till 2015. Teori: Den teoretiska referensramen för studien består av den effektiva marknadshypotesen och överreaktionshypotesen. Slutsatser: Studien har påvisat att det råder signifikant samband mellan ränteförändringar och de studerade aktiernas avkastning vid realisering av ränteförändringarna.
Purpose: The purpose of this thesis is to clarify and analyze the changes in the discount rate and its impact on stock prices of all Swedish listed banks in large cap on the Stockholm stock exchange. Methodology: Quantitative event studies has been done with deductive research approach on four companies, all listed on the Stockholm Stock Exchange. The abnormal returns for the examined stock prices have been calculated one day before to one day after all the realizations of the changes in the discount rate that occurred between year 2004 to 2015. Theory: The theoretical framework in this study consists of The Effective Market Hypothesis and The Overreaction Hypothesis. Conclusions: The study has shown that there is a significant correlation between the changes in the discount rate and the equity returns of the studied stocks.

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Sömskar, Alexandra, and Zlata Zapolskaia. "Short term effects of Covid-19 on stock market performance - a comparison of the fashion and the food industry : A study on how volatility and the expected return affect the share price." Thesis, Högskolan Dalarna, Nationalekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:du-34376.

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The aim of the study is to investigate how the share prices of food and fashion companies listed on the Stockholm Stock Exchange OMX have changed from when Covid-19 started until end of April 2020, by studying how stock price, volatility and expected return have affected the development of the stock. Using the financial theories of CAPM model and volatility, we investigate how the stock market has developed during the pre-Covid-19 period in comparison to the period when Covid19 is ongoing. Our results show that the volatility increased a lot after the virus burst out and that the expected return changed to higher and more frequent fluctuations. We also compare the two industries showing that the food industry changed less during the post-Covid-19 compared to the fashion industry.

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Nukpezah, Daniel, and Cephas Nyumuyo. "What Drives customer loyalty and Profitability? Analysis of Perspectives of retail customers in Ghana's Banking Industry." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-1190.

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Customer loyalty as a concept is a critical strategic option in today’s competitive environment. It is no surprise therefore that managers and researchers have increased their study and understanding of the concept as a strategic marketing imperative over the past decades to capture market share and improve profitability. Indeed the theoretical perspective is that competitive pricing as well as company image and reputation contribute to customer satisfaction and that service quality along a number of pathways drives customer loyalty and profitability thus: service quality--> customer satisfaction--> customer loyalty --> market share --> profitability. A few empirical studies have found these linkages to be true. However these factors differ in importance based on the cultural setting. We investigate (1) whether these relationships exist and (2) which of these factor(s) is/are important in motivating consumer loyalty from the perspectives of retail banking customers in Ghana. The study draws on customer behaviour and attitude premised on the SERVQUAL and SERVPERF models originated by Parasuraman et al., (1988), Cronin and Taylor (1992), and Brady and Cronin (2001) respectively as well as other researches based on the literature on customer satisfaction and loyalty. We used both quantitative and qualitative research approaches in our study and have drawn from both primary and secondary sources of data. We made use of a 7 point likert scale to develop indexes for the main constructs measured in this study and applied correlation, chi square (χ2) and regression analyses to evaluate the hypothesised relationships. Further we qualitatively analysed aspects of the data hinging on explanatory aspects of our research. The results among other things reveal that whilst service quality (especially empathy and reliability) and bank image and reputation are important instigators of customer satisfaction and loyalty, competitive pricing showed a weak linear relationship with customer satisfaction and loyalty (r < 0.5). On the other hand, increased market share was found to influence banks’ profitability. Finally we discuss the management implications of the study in terms of customer retention and profitability strategies for the banks in Ghana. We emphasise that management strategies that are service quality conscious, use person-organisation fit approaches to recruitment and effectively communicate strategies could help institutionalise a culture that is customer relation centred, help banks survive the competition, retain their customers and in the long run increase their profitability.

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Birgersson, Jonna, and Silvia Nguyen. "Marknadens talan : En eventstudie om marknadens reaktion när företag byter VD." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-29418.

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Purpose: The purpose of this work is to investigate how the market reacts to a change of CEO and if the impact on the share price is different when a company changes founder-CEO compared to a non founder-CEO. We chose to write about this type of phenomenon mainly because we see that CEOs today are replaced more frequently than before. Theory: The efficient market hypothesis, the agent theory and corporate governance. Method: The study is based on a quantitative deductive research approach. The companies investigated were Swedish companies listed on Nasdaq Stockholm and they have been examined using an event study and two hypothesis tests. Results: The result consists of 20 observations from 20 companies. The cumulated average abnormal return is presented for all days of the event window. The results of the hypothesis tests are also presented. Analysis: The first hypothesis test shows that the announcement of the change of CEO has an impact on the share price. The second hypothesis test shows that there is a difference regarding the impact between the announcement of change of a founder-CEO and a non founder-CEO. The event study shows that the impact of the change of a founder-CEO is positive and the impact of the change of a non founder-CEO is negative. Conclusion: The result of the study shows that the announcement of a change of CEO has a significant impact on the share price and the announcement of the change of a founder-CEO affect the stock price different from the change of a non founder-CEO.
Syfte: Syftet med detta arbete är att undersöka marknadens reaktion när ett företag byter VD samt om marknaden reagerar olika mellan ett byte av grundar-VD och icke grundar-VD. Vi valde att skriva om just denna typ av fenomen då vi upplever att VD:ar idag byts ut oftare jämfört med tidigare. Teori: Den effektiva marknadshypotesen, agentteorin och corporate governance. Metod: Den metod undersökningen har utgått från är en kvantitativ metod med deduktiv ansats. Svenska börsföretag har undersökts med hjälp av ett hypotestest och en eventstudie. Empiri: Empirin består av 20 observationer från 20 företag. Den ackumulerade genomsnittliga abnormala avkastningen presenteras för alla dagar i händelsefönstret. Även empirin från hypotestesten presenteras. Analys: Hypotestestet visar att tillkännagivande av VD-byte har en påverkan på aktiekursen. Det andra hypotestestet som utförts visar att det finns en skillnad i påverkan mellan tillkännagivande av VD-byte för grundar-VD och icke grundarVD. Eventstudien visar att påverkan av grundar-VD är positiv medan påverkan av icke grundar-VD är negativ. Slutsats: Empirin av undersökningen visar att tillkännagivande av VD-byte har en signifikant påverkan på aktiekursen samt att tillkännagivande för byte av en grundar-VD påverkar aktiekursen annorlunda jämfört med tillkännagivande av byte av en icke grundar-VD.

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Keskin, Robin, and Ersad Colic. "Hur stark påverkan har aktiekursen på kapitalstrukturen? : En kvantitativ studie om sambandet mellan aktiekursen och kapitalstrukturen på Stockholmsbörsen." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-35512.

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Today, the capital structure is an established research area in economics. Capital structure refers to the relationship between equity and liabilities, which through history has been explored through many different aspects. Capital structure is influenced by several factors and the results is ambiguous as to which of these factors are related to capital structure and which can explain the capital structure. The purpose of this study is to investigate the relationship between the share price and capital structure as well as investigate which control variable is correlating with capital structure. The study is of quantitative form, where data was collected between 2009-2017 from the 15 largest companies, set at market value, from Large Cap and Mid Cap listings from Nasdaq Stockholm. The result of the study shows that the share price and capital structure have a positive relationship for both lists, also share price could explain variations in the capital structure. The control variables result differ significantly depending on the list and variables. Profitability is the variable that explains the capital structure best, especially on the Large Cap list. Company size has no connection with the capital structure, and the explanation rate is reasonably comparable to share price as a single independent variable. Firm age has no connection with the capital structure and only affects the explanation negatively.
Idag är kapitalstruktur ett etablerat forskningsområde inom företagsekonomi. Kapitalstruktur avser förhållandet mellan eget kapital och skulder vilket har genom tiden utforskats ur mängder av aspekter. Utformningen av kapitalstrukturen påverkas av flera faktorer och idag är empirin tvetydig angående vilka av dessa faktorer som har samband med kapitalstrukturen och vilka som är kan förklara kapitalstrukturen. Syftet med denna studie är att undersöka sambandet mellan aktiekursen och kapitalstrukturen samt undersöka vilka kontrollvariabler som korrelerar kapitalstrukturen. Studien är av kvantitativ form och data samlades in mellan 2009–2017 från de 15 största företagen, sett till börsvärde, från Large Cap och Mid Cap listorna från Nasdaq Stockholm. Resultatet från studien visar att aktiekursen och kapitalstrukturen har ett positivt samband för båda listorna och att aktiekursen kan förklara variationer i kapitalstrukturen. Kontrollvariablerna skiljer sig i resultatet markant beroende på lista och variabel. Lönsamhet är den kontrollvariabeln som förklarar kapitalstrukturen bäst bland kontrollvariablerna, speciellt på Large Cap listan. Företagsstorlek har inget samband med kapitalstrukturen och ökar förklaringsgraden någorlunda jämförelsevis med aktiekurs som ensam oberoende variabel. Företagsålder har inget samband med kapitalstrukturen och påverkar förklaringsgraden endast negativt.

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Hedlund, Simon, Philip Janols, and Glans Daniel Kling. "Aktieprisförändringar vid extrema händelser : Hur Pfizer och Modernas aktiekurser påverkades av pressmeddelanden rörande vaccinframtagningen för covid-19." Thesis, Högskolan Dalarna, Institutionen för kultur och samhälle, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:du-37647.

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In late 2019, the spread of the coronavirus SARS-CoV-2 (Severe acute respiratory syndrome coronavirus 2) began. The viral disease, also known as covid-19, started spreading from China to large parts of the world in early 2020, resulting in a large number of cases, deaths, as well as major impacts on the economy of nations, organizations, and individuals alike. In order to limit the spread of the virus, several pharmaceutical companies, including Pfizer and Moderna, initiated a vaccine development. This process led pharmaceutical companies to communicat ea large amount of corporate news to investors, among other stakeholders. Previous research has shown how the stock market responds to corporate news. However, prior to this study, a lack of research on how the stock market behaves in relation to corporate news announced by companies under difficult global conditions was identified. The aim of this study is to investigate the stock market's reaction to press releases by Moderna and Pfizer regarding their vaccine development for covid-19. The methods used to study the subject are based on analysis of historical share price data and the calculation of abnormal returns. The results have to some extent indicated that selected press releases have played a significant role as an influencer in relation to investor sentiment and the stock market’s behavior. In terms of the result as a whole, the number of significant days is not sufficient to support the alternative hypothesis. Market reactions in the share prices were identified on the dates surrounding the press releases regarding the vaccine-development, but since only 22 percent of the abnormal yield was significant, the result did not appear to be aligned with the alternative hypothesis.
Under slutet av år 2019 började spridningen av coronaviruset SARS-CoV-2 (Severe acute respiratory syndrome coronavirus 2). Virussjukdomen, i folkmun känd som covid-19, började under år 2020 spridas från Kina till stora delar av övriga världen, vilket har resulterat i ett stort antal insjuknade, dödsfall och även en påverkan på såväl nationers som organisationers och individers ekonomi. För att begränsa spridningen av viruset påbörjade ett flertal läkemedelsbolag en vaccinframtagning. Denna process ledde till att läkemedelsbolagen kommunicerade en stor mängd bolagsnyheter till omvärlden, däribland investerare. Tidigare forskning har visat hur aktiemarknaden svarat på bolagsnyheter, men inför denna studie identifierades en brist på forskning kring hur aktiemarknaden agerar i förhållande till bolagsnyheter under extrema världssituationer likt coronaviruspandemin. Syftet med denna studie är att undersöka marknadens reaktion till följd av pressmeddelanden från företagen Moderna och Pfizer rörande vaccinutvecklingen för covid-19. Reaktionen studeras med hjälp av historiska aktiekursdata och beräkning av onormal avkastning. Resultaten har till en viss del indikerat på att utvalda pressmeddelanden har spelat en signifikant roll som påverkande faktor gentemot aktiemarknaden. Sett till resultatet i sin helhet är antalet signifikanta dagar inte tillräckligt för att utgöra stöd till alternativhypotesen. Marknadsreaktioner kunde identifieras till följd av pressmeddelanden om vaccinutvecklingen, men eftersom enbart 22 procent av den onormala avkastningen var signifikant så föreföll inte resultatet i linje med alternativhypotesen.

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Tam, Chi-ho, and 譚志豪. "Market segmentation: the case of A shares andB shares." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31954613.

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Roszczyńska-Kurasińska, Magdalena Sylwia. "Shared interpretation of market changes in the synchronization of investors' behavior on financial markets." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010022.

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Cette étude démontre une nouvelle forme de synchronisation des investisseurs sur les marchés des changes qui résulte de deux phénomènes psychologiques : La forme de synchronisation examinée ici est un effet des actions spontanées et décentralisées des individus qui prennent leurs propres décisions basées sur leur compréhension interne du marché qui est, en l'occurrence, une "interprétation commune". Dans ce cas, le comportement des investisseurs n'est pas guidé par de quelconques informations « objectives » concernant le marché ni par leurs interactions sociales intentionnelles qui peuvent naturellement faciliter la synchronisation. Dans la première étude, j'ai étudié l'influence des émotions sur le choix des stratégies d'investissement qui peuvent avoir une incidence sur le schéma dominant de la politique des prix. J'ai découvert qu'il existait un effet d'interaction significative de la valence affective et de la stimulation sur le choix de la stratégie d'investissement. Les émotions positives qui occasionnent un niveau élevé d'excitation peuvent faciliter l'émergence d'une synchronisation dans une tendance haussière. Dans la deuxième étude, j'ai utilisé une combinaison de deux techniques expérimentales : des expériences avec des sujets humains et des simulations par ordinateur, pour étudier la dynamique d'une prise de décision collective dans un modèle simple de marchés financiers. Les expériences montrent à quel point l'interaction de l'historique des prix et de certains mécanismes d'apprentissage peut conduire à l'émergence de préjugés collectifs spontanés. De plus, le fait d'appliquer des simulations par ordinateur sur des données générées par des humains permet d'effectuer une prévision de la synchronisation. Les expériences et le cadre théorique suggèrent de nouvelles voies permettant d'aborder la constitution collective d'un comportement spéculatif
This work shows a new way of synchronization of investors on exchange markets, which results from two psychological phenomena: 1) emotions and 2) cognitive mechanisms. The way of synchronization considered here is an effect of spontaneous and decentralized actions of individuals, who make their own decisions based on their internal understanding of the market which happens to be “shared interpretation”. In such case, the behavior of investors is not guided by any kind of 'objective' market information or their intentional social interactions, which may naturally facilitate synchronization. In the first study I investigated the influence of emotions on choice of investment strategies that may impact a dominant pattern of the price behavior. I found that there is a significant interaction effect of affective valence and arousal on the selection of investment strategy. Positive emotions, which cause high arousal, may facilitate emergence of synchronization in the direction of uptrend. In the second study, I used a combination of two experimental techniques: experiments with human subjects and computer simulations, to study the dynamics of collective decision-making in a simple financial markets' model. The experiments show how interplay of certain price history and learning mechanisms can lead to the emergence of spontaneous collective biases. Additionally, applying computer simulations to the data generated by the humans enables prediction of synchronization. The experiments and a theoretical framework suggest new ways to access the pathways involved in a collective formation of speculative behavior

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Stolin, David. "Survivorship issues in share price research." Thesis, London Business School (University of London), 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.246910.

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Tinoco, Bruno Miguel Aleixo. "O impacto da comunicação social na tomada de decisão da compra e venda de acções." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/8114.

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Mestrado em Decisão Económica e Empresarial
Com a realização deste estudo procurou-se aferir a influência da comunicação social na tomada de decisão no momento de comprar e vender acções, determinando quais as notícias que mais influenciaram a tomada de decisão. O estudo ao índice PSI 20. Os dados que permitiram a realização do estudo foram recolhidos no período de 15-12-2008 a 16-05-2011 tendo sido consideradas todas as notícias presentes na primeira página do Jornal de Negócios e Diário Económico e as cotações de fecho em bolsa dos títulos da EDP, ALTRI SGPS e BES, empresas estas que se encontram ambas cotadas no índice PSI 20. A análise foi iniciada com a categorização das notícias recolhidas, através do software IBM SPSS Modeler. Após a conclusão deste processo e tendo em conta a possível relação existente entre algumas das categorias, foi utilizada a análise das componentes principais, tendo sido obtidos componentes formados por duas ou mais categorias, que na prática podem ser vistas como temas de notícias publicadas nos referidos jornais. Por fim e com o intuito de aferir a relação existente entre as componentes obtidas e as decisões dos investidores, os dados existentes foram analisados através de uma regressão linear múltipla, utilizando para o efeito o software IBM SPSS Statistics, que permitiu constatar que a decisão de compra e venda de acções é influenciada por notícias relacionadas com a crise actual, por negócios inerentes à compra ou venda de uma percentagem considerável de participações de empresas nacionais e por casos de crime e corrupção mediáticos em Portugal.
The goal of this work is to review and prove the existence of influence of the social communication on decision making when buying or selling market stocks and to determine which news influence such decisions. The work was applied in the real conditions of the Portuguese market and its primary stock market index PSI 20. The necessary data for this study was collected between 15 December 2008 and 16 May 2011 including three major stocks EDP, ALTRI SGPS and BES and all the related news published on the first pages of the most influent Portuguese economical-financial journals, namely Jornal de Negócios and Diário Económico. At the beginning of the analysis, the collected data has been categorized with the IBM SPSS Modeler. After concluding this process, having in mind that relations may exist among some categories, the component analysis was performed. Naturally there were components formed by two or more categories which can be seen as different topics published in referred journals. Finally, in order to assess an existing relationship between obtained components and decisions made by investors, the data was analysed through a multiple linear regression using IBM SPSS Statistics. This analysis allowed to conclude that a decision whether to buy or sell a stock is influenced by news related to the actual financial crisis on the world market, by news inherent to a purchase or disposal of considerable amount of participations owned by large national companies and by "medialized" cases of crime and corruption in Portugal.

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Ho, Kin-wai Patrick, and 何健偉. "Determination of issue price for share flotation." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B31265327.

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Ho, Kin-wai Patrick. "Determination of issue price for share flotation /." [Hong Kong : University of Hong Kong], 1992. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13302231.

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Vanderplank, Kevin N. "Share price response associated with additions to and deletions from the S&P ASX 200 share price index." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2009. https://ro.ecu.edu.au/theses/1895.

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In the 1970’s Managed Investment Funds began to source funds directly from the public for investment in the capital markets. The main selling feature of the funds was that they could accumulate a pool of investment capital which would then be invested to earn returns, through economies of scale, in excess of those that could be earned by the investors individually. Investors in managed funds usually benchmark the performance of their investments, and by default the performance of the fund managers, against the returns available on the index. So that they may at least mimic the return on the index many fund managers will weight the assets in their portfolio to match that of the index. The present study uses a raw return, a dividend adjusted return and a market model return to analyse the impact on investors returns of shares that either enter or exit Australia’s benchmark market index. The period of the study is between the introduction of the benchmark S&P ASX 200 Index in April 2000 and December 2004. The present study finds conclusive evidence that the announcement of changes to the index does not contain any information of which the market is unaware. In fact there is strong evidence that investors begin to respond to potential changes in the in index constituents six months prior to the actual change. These results differ significantly from those found in studies on the US and the UK markets and are of importance to those investors that attempt to track returns of the index. The results of the present study also provide strong evidence of the dominance of the funds management industry in the Australian market. This has significance for the small investor who is trying to compete and manage their portfolio for themselves.

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Cusbert, Thomas Peter. "Essays on Asset Pricing in Incomplete Markets." Thesis, The University of Sydney, 2022. https://hdl.handle.net/2123/29151.

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The aim of my thesis is to investigate two important economics trends and their consequences for asset markets. First, the drift down in the labour share of income and the consequences for stock market pricing. Second, changes in nancing conditions and the consequences for housing markets. For each investigation it is crucial to consider an important feature of the real world market that is often missing from economic models: human capital cannot be traded; and housing rental markets are widespread. The rst chapter examines how the drift in the US labour share of income over the past 40 years has contributed to the rise in the equilibrium price-to-earnings ratio in the US stock market over the same period. Accounting for my modelled e ects of the rising labour share increases the predictability of excess US stock market returns, and explains some cross-country patterns in price-earning-ratios. The second chapter explores how renters and landlords in uence the role of credit constraints in a stylised model of the housing market. With no renters or landlords, credit supply shocks can cause a house price boom. However, allowing for a realistically sized rental market means lower mortgage rates and looser collateral constraints can increase the home-ownership rate rather than prices. Extending the model of the housing market in Justiniano, Primiceri & Tambalotti (2019) to include renters and landlords moderates the e ect of increased credit supply on prices. Modelling landlord heterogeneity allows me to examine the di ering roles of constrained and unconstrained investors in the market. This can account for the sharp rise in investor mortgage borrowing in the nal years of the boom, and shows how these leveraged investors added to upward pressure on prices. The third chapter takes a di erent approach to exploring the role of credit constraints in the housing market. I use heterogeneous willingness to pay data from a stated-preference experiment in Fuster & Zafar (2021) to estimate price changes, by analysing the structure of housing demand curves and the marginal buyer. My analysis builds on their original paper and nds that the marginal buyer's response to credit constraints is systematically less than the average response.

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38

Hagba, Dorbor M. "Can market volume help in predicting share market volatility." Thesis, Stellenbosch : University of Stellenbosch, 2007. http://hdl.handle.net/10019.1/15043.

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Thesis (MBA)--University of Stellenbosch, 2007.
ENGLISH ABSTRACT: This paper explores a number of statistical models for predicting the daily stock return volatility of an aggregate of all stocks traded on the Johannesburg Stock Exchange (JSE). The study is largely inspired by the work of Chris Brooks (1998). The volume of shares traded might be as important as the change in a market index since substantial price increases and decreases are often accompanied by heavy trading activity. An application of linear and non-linear Granger causality tests highlights evidence of bidirectional causality, although the relationship is stronger from volatility to volume than from volume to volatility. The out-of-sample forecasting performance of various linear and non-linear models of volatility are evaluated and compared. The models are also augmented by the addition of a measure of lagged volume to form more general ex-ante forecasting models. The results indicate that augmenting models of volatility with measures of lagged volume leads only to fairly small improvements in forecasting performance. The report also shows that the Johannesburg Stock Exchange is vulnerable to financial turmoil in other major markets.
AFRIKAANSE OPSOMMING: Hierdie navorsingsverslag verken 'n aantal statistiese modelle vir die vooruitskatting van die daaglikse onbestendigheid in aandeleopbrengste van die totaal van alle aandele wat op die Johannesburgse Aandelebeurs (JSE) verhandel word. Hierdie studie is grotendeels geinspireer deur die werk van Chris Brooks (1998). Die volume aandele wat verhandel word, kan net so belangrik wees soos die verandering in 'n markindeks omdat beduidende prysverhogings en -verlagings dikwels met swaar verhandelingsaktiwiteite gepaard gaan. 'n Toepassing van liniere en nie-liniere Grangeroorsaaklikheidstoetse lewer bewys van tweerigting-oorsaaklikheid, hoewel daar 'n sterker verband van onbestendigheid na volume is, as van volume na onbestendigheid. Die buite-steekproef vooruitskattingsprestasie van verskeie liniere en nie-liniere modelle van onbestendigheid word geevalueer en vergelyk. Die modelle word aangevul deur die byvoeging van gesloerde volumes om meer algemene vooruitskattingsmodelle te vorm. Die resultate dui daarop dat aangevulde modelle van onbestendigheid met sloerings in volume slegs tot betreklik klein verbeteringe in vooruitskattingsprestasie lei. Die resultate dui daarop dat die Johannesburgse Aandelebeurs kwesbaar is vir finansiele turbulensie in ander belangrike markte.

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39

Eadie, Edward Norman. "Small resource stock share price behaviour and prediction." Title page, contents and abstract only, 2002. http://web4.library.adelaide.edu.au/theses/09CM/09cme11.pdf.

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40

Forslund, Gustaf, and David Åkesson. "Predicting share price by using Multiple Linear Regression." Thesis, KTH, Farkost och flyg, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-140645.

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The aim of the project was to design a multiple linear regression model and use it to predict the share’s closing price for 44 companies listed on the OMX Stockholm stock exchange’s Large Cap list. The model is intended to be used as a day trading guideline i.e. today’s information is used to predict tomorrow’s closing price. The regression was done in Microsoft Excel 2010[18] by using its built-in function LINEST. The LINEST-function uses the dependent variable y and all the covariates x to calculate the β-value belonging to each covariate. Several multiple linear regression models were created and their functionality was tested, but only seven models were better than chance i.e. more than 50 % in the right direction. To determine the most suitable model out of the remaining seven, Akaike’s Information Criterion (AIC), was applied. The covariates used in the final model were; Dow Jones closing price, Shanghai opening price, conjuncture, oil price, share’s opening price, share’s highest price, share’s lowest price, lending rate, reports, positive/negative insider trading, payday, positive/negative price target, number of completed transactions during one day, OMX Stockholm closing price, TCW index, increasing closing price three days in a row and decreasing closing price three days in a row. The maximum average deviation between the predicted closing price and the real closing price of all the 44 shares predicted were 6,60 %. In predicting the correct direction (increase or decrease) of the 44 shares an average of 61,72 % were achieved during the time period 2012-02-22 to 2013-02-20. If investing 50.000 SEK in each company i.e. a total investment of 2.2 million SEK, the total yield when using the regression model during the year 2012-02-22 to 2013-02-20 would have been 259.639 SEK (11,80 %) compared to 184.171 SEK (8,37 %) if the shares were never to be traded with during the same period of time. Of the 44 companies analysed, 31 (70,45 %) of them were profitable when using the regression model during the year compared to 30 (68,18 %) if the shares were never to be sold during the same period of time. The difference in yield in percentage between the model and keeping the shares for the year was 40,98 %.

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Sioli, Lucilla. "Asymmetric firms and market-share rivalry." Thesis, University of Southampton, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.285782.

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Lundgren, Anton, and Sara Ahlgren. "P/B i kombination med marknadsvärde : En studie på Stockholmsbörsen 2006 - 2016." Thesis, Linköpings universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-138819.

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Bakgrund: Denna studie är ett test av investeringsstrategi baserad på relativvärdering av multiplar. Den multipel som kommer att studeras som investeringsstrategi är Price-to-Book (P/B). Valet av multipel på P/B beror på att det är en väl omskriven multipel som fortfarande väcker frågeställningar avseende betydelsen av bokfört värde i kombination med marknadsvärde. Syfte: Syftet med denna studie är att undersöka och analysera multipeln P/B som investeringsstrategi för aktier. Vidare syftar studien till att undersöka aktier med låga respektive höga P/B från de olika börslistorna Small, Mid och Large Cap på Stockholmsbörsen. Genomförande: Sex portföljer skapas baserat på låga respektive höga P/B från de marknadsvärdemässiga börslistorna Small, Mid och Large Cap på Stockholmsbörsen. Portföljerna ombalanseras årligen och följs mellan 2006 och 2016. Resultat: Fyra av sex portföljer har högre ackumulerad avkastning än jämförelseindex före och efter riskjustering. Dock hindrar svag statistisk evidens påvisande av överavkastning över tid. På motsvarande vis finnes svaga säkerställda skillnader i avkastning mellan låga och höga P/B. Ej heller förefaller det förekomma signifikanta skillnader i avkastning och risk mellan portföljer på Small, Mid och Large Cap.
Background: This study is a test of an investment strategy based on relative valuation of multiples. The multiple to be studied is Price-to-Book (P/B). P/B is chosen because although previously researched, the implications of book values paired with market values are still not well understood. Aim: The aim of this study is to examine and analyze the multiple P/B as an investment strategy for stocks. Moreover, this study intends to examine stocks with low and high P/B: s from the Small, Mid and Large Cap on the Stockholm Stock Exchange. Completion: Six portfolios are created based on low and high P/B: s respectively from the market value-based stock exchange lists Small, Mid and Large Cap on the Stockholm Stock Exchange. The portfolios are rebalanced annually and are followed between 2006 and 2016. Results: Four out of six portfolios exhibit higher levels of cumulative returns than the chosen stock index before and after adjusting for risk. However, weak statistical evidence prevent conclusive showings of excess returns over time. Similarly, we find weak support for differences in returns between low and high P/B: s. Neither does there seem to exist significant differences in return and risk between the Small, Mid and Large Cap.

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Tolsma, Mischa. "Dispersal of information into share markets : a stochastic model simulation." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/95665.

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Thesis (MBA)--Stellenbosch University, 2012.
This research report examines the dispersal of information into the share market. According to the efficient market hypothesis, the share price always reflects all available information on a company. This information is incorporated into the share price via heterogeneous trader interaction: a transaction between a willing buyer and a willing seller sets the latest share price. Therefore, the dispersal of information is a dynamic process. This process has been modelled with a newly developed micro-economic, stochastic, dynamic model for share price based on trader interaction. The model has been implemented as a Monte Carlo simulation with several supporting metrics to assess simulation results. Extensive Monte Carlo simulations have been performed to validate the model and to examine the dispersal and value of information. Key findings are that trader interaction is a dominant effect in both the dispersal of information and portfolio performance; technical trading, i.e. trading on only past share price information, can be beneficial under certain conditions; technical trading causes the share price to increase significantly compared to rational trading; information is more valuable for fast changing markets and small companies. The findings from Monte Carlo simulation have been compared with sectors of the Johannesburg Stock Exchange and advice is provided with regards to the value of information per sector.

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Li, Jing-Wei, and 李竟維. "Market Equilibrium of Open Market Share Repurchases: Price Information, Market Liquidity and Firms’ Private Information." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/93535891673195161533.

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碩士
國立中正大學
財務金融研究所
101
This study pioneers to develop a market equilibrium model of open market share repurchases (OMRs) within micro-structure theory to explain how the market liquidity and firms’ private information to influence the outstanding share price in equilibrium. The model setup is alone the line of Kyle(1985) to apply on the OMRs so that it is able to provide a complete analysis among the three OMRs’ characteristics- market liquidity, firms’ private information and the change of outstanding share price. The empirical investigation sampled Hang-Seng listed companies which executed open market share repurchases from 2003 to 2013 in Hong Kong. The results are coincide with the developed market equilibrium at this study.

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khera, akshit. "IMPACT OF EPS, DPS & P/E ON MARKET PRICE OF SHARE." Thesis, 2020. http://dspace.dtu.ac.in:8080/jspui/handle/repository/17965.

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Capital market comprises of primary market & secondary market. Primary market is where a company issues new shares through underwriting which involves a deep analysis of market, sentiment, price, etc. in order to issue new shares in the market. On the other hand, secondary market comprises of trading of these equity shares when they get listed on a stock exchange such as BSE, NSE, etc. Companies undergo a rigorous process in order to issue new shares. They are done basically to raise funds for the company rather than raising their debt. For trading in secondary market, one must do so through a broker such as Zerodha, Axis Direct, Fidelity Investments, etc. The problem statement before us is to understand the impact of earning per share, dividend per share & price to earnings ratio on the market price of the share. Market price of the share in India is mostly effected by the economic & international activities that go on. For example: during this current pandemic, our stock market has faced huge decline in the price of the share as the market sentiment is not right. People are rushing towards panic selling which has caused decline in the valuation of billion dollar’s company. These situation keep coming for example there have been multiple scenarios post the great depression where the market declined drastically because of some political, international or national dispute, etc. The data for market price, EPS & DPS has been obtained from the annual reports of the selected companies whose market price is under the analysis. Market price monthly highs & lows are collected from annual reports for a particular year. Average of that months high & low constitute the average price for that month. This average for all months of that particular year constitutes to that year’s annual average price. EPS (consolidated) and DPS can be traced from their annual report as well which are shown in detail in the report as well as in the excel file attached. The data is taken from 2010 to 2019. Our aim is to understand whether the above described variables can be used as a significant variables for predicting the market price of the shares. The collected data is explanatory data whose impact on market price is measured through various methods such as correlation analysis, multiple regression, analysis of variance, multi collinearity, autocorrelation, etc. In order to measure the impact, Null & alternate hypothesis have been formulated which states; Null Hypothesis: No significant impact of EPS, DPS & PE on market vi price of the share. Alternate Hypothesis: Significant impact of EPS, DPS & PE on market price of the share. Various tools & software’s such as: Have been used in order to analyze & study various factors & the extent to which they impact the market price of the shares. The report also comprises of application of data analytics in capital market in trading, market research, surveillance, risk management, etc. Results & findings describe my individual findings of this study after the analysis of data using various methods & tools. Some limitations have been mentioned in the report that might have hindered the study but not having a major impact on the study or distort the study in any way. These are basically on why data post 2010 have been taken & why not previous year’s data is used for this study. All the company’s data used in the study are obtained solely from their annual reports & all of them are listed on BSE & their shares are heavily traded. The companies are Cipla, Torrent, Sun Pharma, Aurobindo Pharma & Dr. Reddy laboratories.

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Lu, Chun-Chung, and 陸俊承. "How Did IPO Spread Influence the Share Price – Using Emerging Market Price for Reference." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/4424qv.

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碩士
國立臺灣科技大學
財務金融研究所
107
After initial public offering, it always has incredible abnormal initial return, and many researches are trying to explain it. Initial return can be divided into two part. First, spread between underwriting price and market price caused high incredible initial return. Another one is pure initial return, which shows reaction from investor after IPO. Regulation for listing in Taiwan stock market ask company have to list on emerging market for six months, and then qualify to go public on stock exchange market or OTC market. We can treat emerging market price as market price before IPO to get spread and calculate pure initial return. In this research, I observe whether different spread would affect stock performance, and check whether Allen & Faulhaber (1989) signaling theory works in Taiwan market. In this paper, the calculation based on emerging market price and got three conclusions. (i). Spread, the price between emerging market and underwriting price, is the biggest factor affect initial return on past research. (ii). Different spread will affect stock long term performance but short term. (iii). Allen & Faulhaber(1989) signaling theory exists in Taiwan stock market, but Jegadeesh, Weinstein & Welch (1993) market feedback hypothesis doesn’t work in Taiwan.

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ching-ching, Chang, and 張慶清. "The Influence of Price Promotion Upon The Market Share— Take Detergent Market as an Example." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/47248815542135394580.

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碩士
大葉大學
國際企業管理學系碩士在職專班
93
Price is an important factor that could create benefit directly for the firms from marketing mix. It is also the easiest factor to be controlled and adjusted by the firms. Generally speaking, rather than setting up one unique price, the firms will adjust the price to inspire consumer’s consumption according to the competition between the firms in the market. Price promotion is usually a Zero-sum Game . If one of the firms success in the price promotion, then the competitors will soon follow. The effect of the benefit will disappear. If they fail, it will end up with capital lose. This research is mainly based on the market survey of ACNielsen which analysis through the information gathered form the real market. The reliability and objectivity of this research can be assured. The purpose of this research are as follows: (1) Discuss whether the share of market can be influenced by the price promotion. (2) Discuss the affect of price promotion towards the share of market under the oligopoly and perfectly competitive market. (3) Discuss how to set the price in the price promotion to improve the share of market in the short-term market. Keywords: Product life cycle, Promotion activity, Price promotion, Internal reference price, Oligopoly and perfectly competitive market.

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48

Karmakar, Madhusudan. "Share price volatility and efficient market hypothesis - An analysis of Indian experiences." Thesis, 1993. http://hdl.handle.net/2009/4151.

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49

Chiu, Tsu-Tseng, and 丘祖增. "Long Term Price Performance of Share Capital Reduction Firms inTaiwan Stock Market." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/62267340758132442669.

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碩士
國立高雄第一科技大學
財務管理所
94
ABSTRACT This study investigates the long run abnormal returns of capital reduction and stock repurchase firms who exercised within the period of Aug, 2000 to Jun, 2005. Adopting the methodology used by Ikenberry et al. (1995); equal and valued weighted indexes, size-based, and size-book-to-market-based benchmarks were employed to measure the long run abnormal returns for these two kinds of firms. The results show the abnormal returns of 25.24% and 5.89% for stock repurchase and capital reduction firms while we trace the performance for three years. These cumulative abnormal returns are indifferent from zero significantly under the 10% level. We go further to identify whether capital reduction firms experience structural change in operation. Only the quick ratio shows in our investigation. Contrarily, the quick ratio, free cash flow return, operating profit ratio, and debt-to-equity ratio experience structural change significantly in the case of stock repurchase firms. We interpret the abnormal returns for these two capital reduction firms can be explained by size and book-to-market effects.

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Chang, Yi-Ting, and 張尹亭. "The Impact On The Taiwan Stock Market Share Price Of The Securities Lending." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/67521084961321175952.

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碩士
國立臺北大學
國際財務金融碩士在職專班
103
Discussion on the domestic securities lending literature relatively small number, mainly on exploring the relationship between stock price and securities lending, securities lending target weight for the size of the TAIEX weighted index if differential impact was not done related research, so this study TAIEX weighted index of stocks listed on the balance of the market value of securities lending, securities lending to sell the balance of the market value of listed stocks and other Japanese data, and according to the size of the weights, the sample is divided into all the listed stocks, value stocks and small-cap stocks the right to self-vector regression (VAR) to analyze securities lending transactions and changes in the relationship between Taiwan stock weighted index, and through Granger causality test to explore the causal relationship between the presence of lead or lag between the variables, but also with understanding the impact of the reaction function of the TAIEX weighted index of securities lending changes response function and the deferred effect. The results found that the balance of all the listed shares and securities lending increases the value of Shares and the right to sell securities lending balances are TAIEX weighted index will fall, increasing the negative impact on the Taiwan stock weighted index of small-cap securities lending balances, and in the short term, securities lending balances increased weighted TAIEX share index reacted sell securities lending balance increased compared to the rapid increase in foreign investment and display specific body corporate securities lending balances, the market investors on the market outlook and expectations that conservative herd behavior, and then sell the stock market in focus, resulting in a negative impact on the Taiwan stock weighted index; in addition, we also found that due to the specific mechanism of foreign and domestic corporation engaged mainly in securities lending weight stocks, so foreign and specific body corporate with SBL sell TAIEX, and then on the Taiwan stock weighted index cause a negative effect on the above empirical results provide the competent authorities to develop the system and stock market traders reference.

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