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1
Galanov, V. A., and A. V. Galanova. "Stock Market Laws." Vestnik of the Plekhanov Russian University of Economics 20, no. 1 (February 7, 2023): 94–100. http://dx.doi.org/10.21686/2413-2829-2023-1-94-100.
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Stock market is seen as a sum total of different happenings, especially if we speak about share price. However, share price, as any other economic phenomenon is a combination of chance and law. Occasional nature of share price is evident in its everyday trading. In this case law is hidden under the opportunity to forecast share prices. For longterm periods law-governed nature of share price can be seen in its trend to growth, which can be accompanied by stock crises. The stock crisis in all its worth, as an even and as a process of share price drop is also a stock market law similar to a trend of its growth in time based on unlimited process of growing profit functioning capital. The law of changing the share price in the long-run period is a combination of opposite laws. Chance built in the growth trend, on the one hand includes uncertainty of both duration of share price growth period and characteristics of its drop during stock crises. On the other hand, long-term dynamics of share price is dynamics of its short-term casual changes.
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Gautam, Anamol, and Nar Bahadur Bista. "Factors Affecting Share Price of Nepalese Non-Life Insurance Companies." Nepalese Journal of Insurance and Social Security 2, no. 2 (December 31, 2019): 22–31. http://dx.doi.org/10.3126/njiss.v2i2.31826.
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This study examines the factors affecting the share price of Nepalese non-life insurance companies. This study is based on secondary data of 15 non-life insurance companies with 105 observations for the period from the fiscal year 2011/12 to 2017/18. The result shows that firm size is positively related to market price of share and price earnings ratio. It indicates that larger firm size leads to increase in market price of share and price earnings ratio. However, the study shows that inflation is negatively related to market price of share and price earnings ratio. The study also shows that dividend per share and return on assets are negatively related to the market price of share and price earnings ratio. Similarly, earnings per share have negative relationship with market price of share and price earnings ratio. The study concludes that the increase in return on assets and earnings per shares do not explain the variation in stock price in Nepalese non-life insurance companies. Nepal is one of the emerging economy; the determinants identified will provide knowledge to the potential investors about the key factors affecting share prices in the country and accordingly assist them in optimizing their investment strategy. The knowledge of the factors and their possible impact on share prices is highly appreciable as it would help investors make wise investment decisions and enable firms to enhance their market value.
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Acharya, Niraj, and Sumit Pradhan. "Relationship between trading volume, stock return and return volatility: A case of Nepalese insurance companies." Nepalese Journal of Insurance and Social Security 2, no. 2 (December 31, 2019): 32–41. http://dx.doi.org/10.3126/njiss.v2i2.31827.
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This study examines the factors affecting the share price of Nepalese non-life insurance companies. The knowledge of the factors and their possible impact on share prices is highly appreciable as it would help investors make wise investment decisions and enable firms to enhance their market value. This study is based on secondary data of 15 non-life insurance companies which are listed in Nepal stock exchange. The study covers seven years period from the fiscal year 2011/12 to 2017/18. The result shows that firm size is positively related to market price of share and price earnings ratio. It indicates that larger firm size leads to increase in market price of share and price earnings ratio. However, the study shows that inflation is negatively related to market price of share and price earnings ratio. The study also shows that dividend per share and return on assets are negatively related to the market price of share and price earnings ratio. Similarly, earnings per share have negative relationship with market price of share and price earnings ratio. The study concludes that the increase in return on assets and earnings per shares do not explain the variation in stock price in Nepalese non-life insurance companies. Nepal is one of the emerging economy; the determinants identified may provide knowledge to the potential investors about the key factors affecting share prices in the country and accordingly assist them in optimizing their investment strategy.
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Heaney, Richard A., John G. Powell, and Jing Shi. "Share Return Seasonalities and Price Linkages of Chinese A and B Shares." Review of Pacific Basin Financial Markets and Policies 02, no. 02 (June 1999): 205–29. http://dx.doi.org/10.1142/s0219091599000138.
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This paper investigates share price linkages between Chinese corporations' foreign-designated B shares and the numerically dominant domestic A shares of the same companies. Chinese share return seasonalities are examined and the suggested satellite trading relationships are subsequently tested in order to provide an understanding of the linkages between A and B shares. The seasonality results along with arbitrage activity in the market for Chinese A and B shares suggest that a dominant-satellite relationship is likely to exist whereby the A share market is the dominant market for price formation and the B share market is the satellite. The paper identifies significant price linkages from the A to B share markets which are nevertheless weaker in an economic sense than might be expected.
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Lamichhane, Bhubaneshwar. "Technical Analysis and Efficient Market Hypothesis in the Nepal Stock Exchange (NEPSE)." Academia Research Journal 2, no. 2 (July 27, 2023): 127–41. http://dx.doi.org/10.3126/academia.v2i2.56986.
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Stock exchange is a trading platform for the buyer and seller of securities. The stock exchange acts as a “barometer” of the health of the economy or considered a mirror of economy. If the market as a whole expects economic prospects to improve, share price will rise, and vice versa. The history of securities market began in Nepal with the flotation of shares by Biratnagar Jute Mills Ltd and Nepal Bank Ltd in 1937 A.D. Introduction of the company Act in 1964 A.D., and the establishment of Securities Exchange Center Ltd in 1976 was other significant developments relating to capital markets in Nepal. At present there is only one stock exchange in Nepal, which is also called secondary market i.e. Nepal Stock Exchange (NEPSE). Nowadays, Nepal’s stock market has become major area of investments. Basically, there are two approaches of analyzing the securities: fundamental analysis and technical analysis. Beside these there is another technique for analyzing the share price behavior that is called efficient market hypothesis. Each price of an individual share is independent of the previous price. The price of a moment does not affect the price of another moment. This type of moment of prices is called random walk of prices.
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Saragih, Anesa Novtiani, and Koramen H. Sirait. "PENGARUH MAKRO EKONOMI TERHADAP INDEKS HARGA SAHAM EMPAT NEGARA DI ASIA TENGGARA PERIODE 2003-2013." Media Ekonomi 23, no. 3 (December 6, 2015): 167. http://dx.doi.org/10.25105/me.v23i3.3517.
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<em>Investment in capital investment which is excessively done by companies or individuals in countries Southeast Asia. Investment which typically done is an investment in the capital market. By investing in these capital markets, it can raise particular country’s economic activity where share is one of the instruments of capital market. Many investors prefer this instrument in investing due to the attractive shares advantage. The movement of share prices changes every day, and observing the movements is essential by the investors. The information that can be observed by the investors in observing the movements of share prices is the joint share price index in a country. This research aims to analyze influence the macroeconomic variables towards share price index in some Southeast Asia countries, namely Indonesia, Malaysia, Philippines and Singapore from 2003 to 2013. This research employs panel data analysis to determine the variables which affect share prices in four Southeast Asian countries. The variables that affect the share price index are the interest rate, IHK, and GDP. Based on the panel data analysis, it is shown that the interest rate gives negative effect and significant towards the share price index of four countries in Southeast Asia, IHK gives negative effect and not significant towards the share price index of countries in Southeast Asia, and GDP gives positive effect and not significant towards the share price index of countries in Southeast Asia.</em>
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Lamichhane, Sabina, and Sarina Rai. "Dividends, earnings and stock prices: a case of Nepalese insurance companies." Nepalese Journal of Insurance and Social Security 4, no. 1 (December 31, 2021): 73–86. http://dx.doi.org/10.3126/njiss.v4i1.42362.
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The study examines the relationship among dividends, earnings and stock prices of Nepalese insurance companies. Market price per share and stock return are the dependent variables. The independent variables are earning per share, dividend per share, dividend payout ratio, PE ratio, return on assets and return on equity. This study is based on secondary data of 15 insurance companies with 105 observations for the period of 2011/12 to 2017/18. The data were collected from the annual reports of the selected insurance companies. The regression models are estimated to test the significance and importance of dividends, earnings and stock prices in Nepalese insurance companies.
The result shows that earning per share has a positive impact on market price per share and stock returns. It reveals that increase in earnings per share leads to increase in market price per share and stock returns. Similarly, PE ratio has a positive impact on market price per share and stock returns. It shows that increase in PE ratio leads to increase in market price per share and stock returns. Likewise, return on equity has a positive impact on market price per share and stock returns. Similarly, higher the return on equity, higher would be the market price per share and stock returns. The result also shows that dividend per share has a positive impact on market price per share. It indicates that increase in dividend per share leads to increase in market price per share. Similarly, dividend payout ratio has a positive impact on market price per share. It shows that increase in dividend payout ratio leads to increase in market price per share. Likewise, return on assets has a positive impact on stock return. It shows that higher the return on assets, higher would be the stock returns. However, dividend payout ratio has negative impact on stock return which reveals that higher the dividend payout ratio lower would be the stock return. Likewise, dividend per share has a negative impact on stock return which reveals that higher the dividend per share lower would be the stock return. Similarly, return on assets has negative impact on market price per share which reveals that higher the return on assets lower would be the market price per share.
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Rai, Raju Kumar, and Prem Silwal. "Impacts of bonus issue on stock price in Nepalese Equity Market." International Research Journal of Management Science 2 (December 4, 2017): 106–17. http://dx.doi.org/10.3126/irjms.v2i0.28049.
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The aim of this study is to examine the effect of bonus issue on the price of equity share. The study is based on pooled cross-sectional data of 10 commercial banks whose stocks are listed in NEPSE and traded over the market. An attempt has been made in this study, to analyze the behaviour of the share prices in the Nepalese equity market towards the announcements of bonus issue, taking into account the price movements of the stocks listed in NEPSE. In order to assess the stock price reactions to bonus issue in the Nepalese equity market, Wilcoxon Matched Pairs Test has been applied in this study. The research has revealed that there is a significant impact on the price movement of shares in accordance with the bonus issue in the Nepalese equity market which is consistent to other foremost global equity markets.
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Chaudhary, Mohammad Irfan, and Mohammed Nishat. "Key Fundamental Factors and Long-run Price Changes in an Emerging Market—A Case Study of Karachi Stock Exchange (KSE)." Pakistan Development Review 41, no. 4II (December 1, 2002): 517–33. http://dx.doi.org/10.30541/v41i4iipp.517-533.
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Share prices are the most important indicator readily available to the investors for their decision to invest or not in a particular share. Theories suggest that share price changes are associated with changes in fundamental variables which are relevant for share valuation like payout ratio, dividend yield, capital structure, earnings size of the firm and its growth, [Wilcox (1984); Rappoport (1986); Downs (1991)]. Linter (1956) linked dividend changes to earnings while Shapiro valuation model (1962) showed dividend streams discounted by the difference in discount rate and growth in dividend should be equal to share price. This predicts direct relation between pay out ratio and the price-earning multiple. Conversely it means that there is an inverse relation between pay out ratio and share price changes. Several eventbased studies established direct relation between share price changes and either earnings or dividend changes [Ball and Brown (1968); Baskin (1989)]. Sharpe (1964) and Hamada (1972) suggested direct relation between share price changes and capital structure. Beaver, Kettler and Sholes (1970) showed that firms appear to pay less of their earnings if they have higher earning volatility. This suggests payout ratio as relevant factor for share price changes. Investigations of share price changes appear to yield evidence that changes in fundamental variable(s) should jointly bring about changes in share prices both in developed and emerging markets. However, the actual fundamental factors found to be relevant may vary from market to market. For example, changes in asset growth of firms are significant in the case of Japanese shares while earnings appear to be universally a relevant factor [Ariff, et al. (1994)]. However, it is widely agreed that a set of fundamental variables as suggested by individual theories is no doubt relevant as possible factors affecting share price changes in the short and the long-run [Ariff and Khan (2000)].
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Zhao, Haihui. "Stock Price Forecast based on ARIMA Model-Taking Yowant Technology and New Oriental Online as Examples." BCP Business & Management 44 (April 27, 2023): 760–71. http://dx.doi.org/10.54691/bcpbm.v44i.4952.
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With the growth in the personal standard of living, public play is also undergoing tremendous changes. Increasingly people begin to take note of and participate in share market investment. Shares have high returns, but also high risks. Many factors limit the share market and unpredictable prices. The share price forecast is of great significance. So, since the birth of the share market, stock price prediction has been a hard nut for shareholders and researchers to probe. This paper selects the closing prices of Shenzhen A-share Yowant Technology and Hong Kong stock New Oriental Online as the time series empirical analysis data forecasts the change price trend of these two stocks in the next 30 days by establishing the ARIMA model, and analyzes which stock will rise more. The empirical results show that the imitative effect of the model is well, and the conclusion is that Hong Kong shares of New Oriental Online will increase significantly in the future, which can supply utility assistance for enterprises and investors enterprises to make corresponding decisions.
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Tanheitafino, Christobal, Helma Malini, Wendy, Giriati, and Ramadania. "The Effect of Market Capitalization, Trading Volume, Book Value, and Capital Structure on Share Prices." International Journal of Scientific Research and Management 11, no. 01 (January 10, 2023): 4418–28. http://dx.doi.org/10.18535/ijsrm/v11i01.em02.
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The share price represents the company's value on the share market; buyers and sellers establish the company's value based on the quantity of demand and supply of shares. This research looks at how market capitalization, trading volume, BV, and DER are used to analyze share price variations. The research aims to understand investor behavior in fluctuating market situations. The method used is to analyze multiple linear regression, and the data collection method is secondary data. This study's results indicate a relatively significant correlation between market capitalization, trading volume, BV, DER, and share prices, implying that predictor variables may adequately describe the reasons for price fluctuations. The conclusion of the research results reveals that from 2019 to 2021, investors act rationally in making judgments while conducting transactions or preserving their cash in the Bank and Insurance Sub-Sector.
JEL, classification：
G11 G12
Keywords: Market Capitalization; Trading Volume; BV; DER; Share Stocks
12
GOKUL U D. "Forecast Share Price Using Technical analysis Tool." Pacific International Journal 4, no. 1 (June 30, 2021): 01–06. http://dx.doi.org/10.55014/pij.v4i1.17.
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In recent years many of us have been interesting in investing in the share market. This study focuses on the prediction of share price using a technical analysis tool (candlestick chart). In this study we use 30 companies' one-year data of share prices, top companies of the individual sector in NSE (National Stock Exchange) to forecast the share prices. The sample charts are taken from moneycontrol.com. In this study, we predict the share price using the previous price changes in the share market. Compare them with an actual price, find how many decisions are correct, how many decisions are wrong.
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Kleshchelski, Isaac, and Nicolas Vincent. "Market share and price rigidity." Journal of Monetary Economics 56, no. 3 (April 2009): 344–52. http://dx.doi.org/10.1016/j.jmoneco.2009.02.006.
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Silitonga, Debora, Putri Delima S. I. Siregar, Rijal Siahaan, Andi Pranata Ginting, and Rosmita Sari Siregar. "Pengaruh Earning Per Share, Total Assets Turn Over dan Pertumbuhan Penjualan terhadap Harga Saham pada Perusahaan Sektor Property And Real Estate yang Terdaftar Di Bursa Efek Indonesia." Journal of Economic, Bussines and Accounting (COSTING) 2, no. 2 (June 23, 2019): 356–62. http://dx.doi.org/10.31539/costing.v2i2.693.
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The stock price is the price of a stock that occurs on the stock market, at a certain time determined by the market actor and determined by the demand and supply of the shares concerned in the capital market. This study aims to examine the effect of earnings per share, total asset turn over and sales growth on stock prices in the property and real estate sector companies listed on the Indonesia Stock Exchange (IDX). The population in this study was 47 companies and made a sample of 21 companies with purposive sampling technique. This study uses multiple linear regression analysis. The results of simultaneous research have an effect on stock prices. Partially earnings per share has a significant effect on stock prices, while total asset turnover and sales growth have no significant effect on stock prices. Simultaneously earnings per share, total assets turn over and sales growth have a significant effect on stock prices.
Keywords: Earning Per Share, Total Assets Turn Over, Sales Growth, Stock Price
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Amiputra, Satria, Florentina Kurniasari, and Kristianus Ade Suyono. "Effect of Earnings Per Share (EPS), Price to Earnings Ratio (PER), Market to Book Ratio (MBR), Debt to Equity Ratio (DER), Interest Rate and Market Value Added (MVA) on stock prices at commercial banks registered in 2016-2019 Indonesia Stock Exchange." Conference Series 3, no. 2 (December 16, 2021): 200–216. http://dx.doi.org/10.34306/conferenceseries.v3i2.590.
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This research was conducted by using the object of research, 7 banks listed on the Indonesia Stock Exchange. The independent variable in this study is earnings per share (EPS), price earnings ratio (per), market to book ratio (MBR), debt to equity ratio (DER), interest rate (int) and Market Value Added (MVA). While the dependent variable in this study is the stock price (market price). The results of this study are earnings per share (EPS), price earnings ratio (per), and the Market to Book Ratio (MBR) have a positive effect on stock prices. While the Debt to Equity Ratio (DER), Interest Rate (INT), and Market Value Added (MVA) have a negative effect on stock prices. Earnings Per Share (EPS), Price Earnings Ratio (PER), Market to Book Ratio (MBR), Debt to Equity Ratio (DER), Interest Rate (INT), and Market Value Added (MVA) together influence and significantly against stock prices.
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Melching, Konstantin, and Tristan Nguyen. "On the Impact of Dividend Payments on Stock Prices - an Empirical Analysis of the German Stock Market." Studies in Business and Economics 16, no. 1 (April 1, 2021): 255–69. http://dx.doi.org/10.2478/sbe-2021-0020.
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Abstract This paper examines the relation between dividend payments and stock prices of all firms in the German prime standard DAX 30 in the time period from 2012 to 2019. The irrelevance theory introduced by Miller and Modigliani states that dividend payments must not have an impact on stock prices in a perfect market. In contrast, the signaling theory and the dividend puzzle indicate that dividend payments are likely to have a profound impact on the stock price. According to our findings the ex-dividend decrease of stock prices was significantly smaller than the dividend payment. Nevertheless, the results support the impact of the dividend payment on the share price. Firstly, the existence of the ex-dividend markdown is a proof that dividend payments cause share price losses. Secondly, the study explains in particular that high dividend payments result in high share prices over the examined period. Thirdly, our analysis demonstrates a positive correlation between the dividend and the stock price development according to the signaling theory. Considering the above- mentioned results, we can conclude that the share price of a company is highly affected by the decision making of the company regarding the dividend policy.
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Rahal, F. "ASSESSING THE IMPACT OF ACCOUNTING INFORMATION ABOUT COMPANIES ON THEIR STOCK QUOTES: AN EMPIRICAL ANALYSIS OF THE ACTIVITIES OF COMPANIES PARTICIPATING IN KUWAIT AND SAUDI ARABIA STOCK EXHANGES." Vestnik of Polotsk State University. Part D. Economic and legal sciences, no. 5 (June 27, 2021): 5–14. http://dx.doi.org/10.52928/2070-1632-2021-56-5-5-14.
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Market Share Prices have important roles in determining the performance of the companies. Companies aim continuously to have a high market share prices for many goals. Therefore, understanding all variables that affect share prices is vital for investors. To examine if the Accounting Information affects market share prices, we studied the effect of some financial ratios determined from accounting statements on share prices for listed firms on Kuwait Stock Exchange and Saudi Stock Exchange. For Kuwait stock exchange, the quantitative methodology relied on the panel multiple regression through compiling and analyzing the Accounting Information and Market Share Price using secondary data for the period 2011 – 2018. The independent variables are Return on Equity (ROE), Earning per Share (EPS), and Dividend per Share(DPS) and the dependent variable is Market Share Price (MSP) of premier listed companies on Kuwait stock exchange. The analysis of the coefficient of correlation (R) shows that the correlation is very strong among DPS and EPS, DPS and ROE, EPS and ROE whilst it is strong among MSP and ROE, MSP and DPS, and EPS and MSP. Moreover, the variation of the three variables affects strongly the variation of MSP significantly on 1%. Therefore, there is a cause-effect relation between Accounting Information and MSP. Moreover, this paper examines the impact of return and leverage ratios on the Market Share Price of listed firms on Saudi Stock Exchange. The panel-data approach of fixed effect is used during the period of 2015 to 2018. To achieve the purpose of research return on equity as a proxy for profitability information, debt to equity ratio as a proxy for profitability ratio and natural logarithm of total assets as a proxy for the firms’ size are considered as dependent variables while market share price is considered as an independent variable. The results indicate that debt ratio and degree of financial leverage is negatively determining the share price while size has significant positive impact on the share. Debt to equity ratio is insignificant in effecting share price.
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Lu, Changjiang, Kemin Wang, Haiwei Chen, and James Chong. "Integrating A- and B-Share Markets in China: The Effects of Regulatory Policy Changes on Market Efficiency." Review of Pacific Basin Financial Markets and Policies 10, no. 03 (September 2007): 309–28. http://dx.doi.org/10.1142/s0219091507001082.
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We investigate the effectiveness of two recent regulatory policy changes on market efficiency in the Chinese A- and B-share markets. Overall, the opening of the B-share market to domestic Chinese investors and the limited opening of the A-share market to foreign investors increase market efficiency. The opening of the B-share market significantly reduces the price differential between A- and B-shares. Furthermore, there is no longer feedback in returns between the two markets in recent years. Our results provide evidence that there is no detrimental effect to market efficiency by integrating Chinese investors to international markets and foreign investors to the Chinese stock markets.
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Brorsen, B. Wade, Jean-Paul Chavas, and Warren R. Grant. "Market Structure and Spatial Price Dynamics." Journal of Agricultural and Applied Economics 23, no. 2 (December 1991): 65–74. http://dx.doi.org/10.1017/s0081305200018185.
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AbstractA method was developed with time series models to test hypotheses about the relationship between market structure and spatial price dynamics. Long-run dynamic multipliers measuring the magnitude of lagged adjustment for spatial milled rice prices were calculated from the time series model and used as the dependent variable in a regression model that included a number of factors expected to influence price determination. Results show that price adjustments were slower as regional submarket concentration increased and were faster in the regions with a higher market share. Arkansas, the state with the largest market share, was consistently a price leader.
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Nalurita, Febria. "IMPACT OF EPS ON MARKET PRICES AND MARKET RATIO." Business and Entrepreneurial Review 15, no. 2 (June 18, 2019): 111. http://dx.doi.org/10.25105/ber.v15i2.4629.
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<p><em>In this paper the researchers have made an attempt to examine the impact of Earnings Per Share on the MarketPrices, Price-Earning-Ratio and Price to Book Value. In the study, the researchers have taken into consideration twenty-four companies which represent Property and Real Estate industry. A reference period of seven years has been taken from 2009 to 2015. In order to achieve the objectives of the study, regression data panel has been employed and the findings put forth by the study affirmed that on the one hand there exists a positive relationship between earnings per share and market price of shares and on the other hand earnings per share does not statistically influence the market ratio. We suggest that investors must consider other factors as well as EPS in order to invest in the security market</em></p>
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Nirmala, P. S., P. S. Sanju, and M. Ramachandran. "Long-run causal nexus between share price and dividend." Journal of Asia Business Studies 8, no. 2 (April 29, 2014): 136–45. http://dx.doi.org/10.1108/jabs-09-2011-0042.
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Purpose – The purpose of this paper was to examine the long-run causal relations between share price and dividend in the Indian market. Design/methodology/approach – Panel vector error correction model is estimated to examine the long-run causal relations between share price and dividend. Prior to this, panel unit root tests and panel cointegration tests are carried out to test the unit root properties of the data and test for the existence of long-run cointegrating relationship between the variables, respectively. Findings – The results of empirical investigation reveal that there exists bi-directional long-run causality between share price and dividends. Research limitations/implications – For the chosen sample, data on share price are available only for limited years. This limits the time dimension of the sample. Hence, in the future, the analysis can be extended to cover longer time series. Practical implications – The interplay between share prices and dividends needs to be given due consideration by firms while framing their policies. A change in dividend policy would have an effect on the market value of the firm; hence, firms need to frame dividend policy in such a way that it would enhance their market value. Similarly, investors need to take into consideration the influence of share prices and dividends on each other. While making investment decisions, they need to consider the dividend history of shares, as better dividends would lead to better share prices. Originality/value – To the best of the authors' knowledge, this study is the first attempt in the Indian market to examine the long-run causal relations between share price and dividend. The results of this study would be helpful to the investors in taking wise investment decisions. It would also enable firms in formulating appropriate dividend policies.
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Serbin, V., and U. Zhenisserov. "ANALYSIS OF MACHINE LEARNING METHODS FOR PREDICTIONS OF STOCK EXCHANGE SHARE PRICES." Scientific Journal of Astana IT University, no. 5 (July 27, 2021): 94–100. http://dx.doi.org/10.37943/aitu.2021.47.22.009.
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Since the stock market is one of the most important areas for investors, stock market price trend prediction is still a hot subject for researchers in both financial and technical fields. Lately, a lot of work has been analyzed and done in the field of machine learning algorithms for analyzing price patterns and predicting stock prices and index changes. Currently, machine-learning methods are receiving a lot of attention for predicting prices in financial markets. The main goal of current research is to improve and develop a system for predicting future prices in financial markets with higher accuracy using machine-learning methods. Precise predicting stock market returns is a very difficult task due to the volatile and non-linear nature of financial stock markets. With the advent of artificial intelligence and machine learning, forecasting methods have become more effective at predicting stock prices. In this article, we looked at the machine learning techniques that have been used to trade stocks to predict price changes before an actual rise or fall in the stock price occurs. In particular, the article discusses in detail the use of support vector machines, linear regression, and prediction using decision stumps, classification using the nearest neighbor algorithm, and the advantages and disadvantages of each method. The paper introduces parameters and variables that can be used to recognize stock price patterns that might be useful in future stock forecasting, and how the boost can be combined with other learning algorithms to improve the accuracy of such forecasting systems.
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Khim, Soei, Sultan Fajar Fadillah, and Nusa Muktiadji. "Faktor-faktor Yang Meningkatkan Harga Saham Perusahaan Food And Beverages." Jurnal Ilmiah Manajemen Kesatuan 11, no. 1 (March 16, 2023): 71–80. http://dx.doi.org/10.37641/jimkes.v11i1.1679.
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The capital market is a meeting place for two interests, namely those who need funds (companies) and those who have excess funds (investors). One of the capital market instruments, namely stocks, companies can get funds from investors by selling shares and investors can buy company shares to get profits in the future. The stock price of a company can be influenced by various factors including financial performance. Whether or not the company's financial performance can affect the rise or fall of the company's stock price. The better the company's performance, the better the opportunity to get a stock price increase in the future. This study aims to analyze the effect of Earning Per Share, Price Earning Ratio and Price Book Value on Stock Prices. The type of data used is secondary data and is a quantitative research. Sources of data obtained from the company's financial statements published on the company's website and the idx website. The population used is food and beverages sub-sector companies listed on the Indonesia Stock Exchange in 2016 - 2020. The sample used is 7 companies using purposive sampling. The analytical method used is multiple regression analysis using the SPSS version 22 program. The results showed that partially Earning Per Share, Price Earning Ratio and Price Book Value had a significant effect on stock prices. Simultaneously Earning Per Share, Price Earning Ratio and Price Book Value have a significant effect on stock prices
Keywords: Earning Per Share, Price Earning Ratio, Price Book Value, and Stock Price.
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Mausuly, Fajar Rizky, and Riris Aishah Prasetyowati. "Pengaruh Profitabilitas dan Market Value Ratio terhadap Harga Saham Bank Umum Syariah." Bukhori: Kajian Ekonomi dan Keuangan Islam 2, no. 1 (July 6, 2022): 49–64. http://dx.doi.org/10.35912/bukhori.v2i1.1868.
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Puprose: The purpose of this study is to explore the relationship between Earnings Per Share, Price to Earnings Ratio and Price to Book Value Ratio on the share prices of Islamic commercial banks. Methodology: This research used quantitative methods to analyze financial data from Islamic commercial banks for the 2021 period. In this study used 4 sharia commercial banks as samples. The analysis was performed using panel data regression analysis using E-views software version 10.0. Results: The results of the study showed that increasing Earnings Per Share (EPS) had a positive effect on stock prices, while the Price to Earnings Ratio (PER) had no significant negative effect, and the Price to Book Value (PBV) had an effect positive but not significant. Meanwhile, simultaneously increasing EPS, PER, and PBV all had a significant effect on stock prices. Contribution: With this research, it is hoped that Islamic banking practitioners and sharia investors will analyse the financial performance of the enterprise before making an investment decision. This esearch also contributes to the development of literature on the factors that influence the share prices of Islamic commercial banks. Keywords: 1. Earning Per Share 2. Price to Earning Ratio 3. Price to Book Value 4. Stock Price
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Singh, Vijay Raj, Manoj V, Sunil Kumar GP, Dr Sheshappa S. N, and Prof Mr Byre Gowda B. K. "Equity Market Price Prediction Forecast and Analysis with Technical Indicators and Diversification Analysis Using Deep Learning Technique." International Journal for Research in Applied Science and Engineering Technology 11, no. 4 (April 30, 2023): 4462–71. http://dx.doi.org/10.22214/ijraset.2023.51297.
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Abstract: Many experts, analysts, and novice investors have found it challenging to predict valuations of shares. Investors are, in fact, quite interested in the field of price forecasting for equity study. Many investors are interested in understanding the future state of the equity market in order to make a smart and profitable investment. By giving helpful information like the equity market's future direction, good and effective equity market prediction systems assist traders, investors, and analysts. equity market price forecasting is a challenging undertaking that often necessitates intensive human-computer interaction. For forecasting share prices, many prediction approaches are available. The foundation of price for shares forecasting and other financial model forecasts is time series forecasting. More sophisticated time series prediction methods are necessary when share prices become less linear. The predictability of current systems is insufficient. In this research, we suggest using the LSTM Deep Learning Algorithm for effective equity price forecasting and analysis technique with diversification analysis. When compared to current equity price prediction systems, this will produce more accurate findings.
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Firman Setiawan and Desi Ismi Rojasari. "PENGARUH RETURN ON ASSET (ROA), RETURN ON EQUITY (ROE) DAN EARNING PER SHARE (EPS) TERHADAP HARGA SAHAM SYARIAH." LISAN AL-HAL: Jurnal Pengembangan Pemikiran dan Kebudayaan 13, no. 2 (December 16, 2019): 259–80. http://dx.doi.org/10.35316/lisanalhal.v13i2.596.
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Sharia share prices (including conventional shares) always fluctuate due to the interaction of demand and supply of shares in the capital market. Rising levels of demand for shares will trigger a rise in stock prices, and vice versa. However, aside from supply and demand factors, it turns out that there are other factors that are also identified as being capable and potentially affecting stock prices, particularly Shariah share prices, namely Return On Assets (ROA), Return On Equity (ROE), and market ratios namely Earning Per Share (EPS). So to prove whether the financial ratios really have an influence on sharia stock prices, the authors conducted a quantitative analysis with ROA, ROE and EPS as X variables and Shariah stock prices as Y variables. The data used in this test / analysis are Return On Assets (ROA), Return On Equity (ROE) data, Earning Per Share (EPS) and Syariah stock prices from PT. Aneka Tambang Persero Tbk 2013-2017. From the analysis that has been done, it is known that partially ROA has no effect on the Shariah share price caused by the lack of companies in earning profit, ROE has no effect on the Sharia share price caused by the lack of net profit from their own capital and the lack of business sales profits, and EPS positive effect on sharia stock prices. Whereas simultaneously, ROA, ROE and EPS have a positive influence on the Shariah stock price.
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Kim, Sang-Jun, and Kay Sook Park. "Market share of the largest publishers in Journal Citation Reports based on journal price and article processing charge." Science Editing 7, no. 2 (August 20, 2020): 149–55. http://dx.doi.org/10.6087/kcse.210.
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Purpose: There are growing questions about the market share of the largest publishers. Although evaluations based on Journal Citation Reports (JCR) are important, librarians are more interested in journal costs. Therefore, this study was conducted with the aim of estimating the market share of the largest publishers listed in JCR using the journal subscription price (journal price) and article processing charge (APC). Methods: The top 10 publishers were selected based on six indicators in JCR 2014 to 2018, and then their journal prices and APCs were investigated according to list prices. Other prior studies were also compared to estimate their market share more realistically because list and actual prices are not identical. Results: The estimated average price of subscription journals in JCR was 2,300 US dollars and the average APC for an article was 2,652 US dollars. The APC per article was more expensive than the average journal price. Based on journal price and APC, the market influence of the top three publishers was 48.0%, but their market share was estimated to be 55.2% when annual reports and other studies were combined with this study. The difference was due to Elsevier’s journal costs, as Elsevier’s market share was higher than its market influence. Conclusion: APCs require additional budgetary resources from institutions, but are another revenue source for publishers. Librarians need to reflect APC spending in journal subscription negotiations with the largest publishers. To clarify the market share more accurately, it is necessary to share information on subscription and APC costs paid by institutions.
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Ame Ojobo Jacob, Sunday Egbe Idaka, and Gabriel Femi Goodwill. "Announcement of accounting performance variables predictory power on share prices of listed deposit money banks in Nigeria." World Journal of Advanced Research and Reviews 18, no. 3 (June 30, 2023): 173–89. http://dx.doi.org/10.30574/wjarr.2023.18.3.1006.
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The study assessed the announcement of accounting performance variable predictory power on share prices of listed Deposit Money Banks in Nigeria. The study adopted an ex-post facto research design to assess the relationship between return on equity, return on assets, price-earnings ratio, and earnings per share-on-share prices of deposit money banks in Nigeria. A sample of 12 Deposit Money Banks quoted on the Nigerian Exchange Group was selected between the years 2012 to 2021. Panel data methodology was adopted because it combines time series and cross-sectional data. The methods of data analysis were descriptive statistics, correlation, and regression techniques, and other econometric statistical analyses were adopted. The results obtained disclosed that the shares market price of DMBs and accounting performance indicators (ROE, ROA, EPS PER) are related in the long run. Additionally, Granger causality tests showed that share prices are even more predicted by the explanatory variables. Further analysis revealed that all the explanatory variables have a strong and positive correlation with the share prices of DMBs. The regression result of the study showed that return on equity and return on asset hurt the share prices of DMBs while price-to-earnings ratios and earnings per share had a positive impact on share prices. Based on the findings, the study concluded that the accounting performance indices of DMBs of Nigeria are important predictors of share price oscillations in the capital market.
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Romaniuk, Jenni, John Dawes, and Magda Nenycz-Thiel. "Modeling brand market share change in emerging markets." International Marketing Review 35, no. 5 (September 10, 2018): 785–805. http://dx.doi.org/10.1108/imr-01-2017-0006.
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Purpose The purpose of this paper is to examine what happens to key brand performance metrics as brands change in market share, in the context of packaged goods. The metrics are: penetration—the number of buyers a brand has; and loyalty—measured as purchase frequency (PF) and share of category requirements (SCR). Design/methodology/approach The study utilizes 24 data sets in 17 packaged goods categories in three emerging markets: China, Malaysia and Indonesia. The authors examine changes in penetration, loyalty and SCR in the context of volume and value market share change. In addition, the authors examine whether initial price point and price movements influence the results. Findings The primary finding is that market share change is accompanied by a greater change in penetration than in any other metric. This finding is very consistent across categories and countries. The relative importance of the two loyalty metrics varies by country. SCR was a stronger factor in Indonesia, while PF was stronger in Malaysia. Analysis indicated that pricing strategy (initial price and promotional depth) did not alter the main pattern of results, suggesting the results hold for brands with different price levels and tactics. Practical implications Irrespective of circumstance, to grow in value or volume market share, brands should aim to grow in penetration, while the importance of changes in specific loyalty measures depends on market conditions. Originality/value This research extends past research on brand growth to the very different economic, geographic and cultural conditions of three crucially important emerging markets. Its main value lies in recommendations on how much to invest in building the size of the customer base vs consumer retention.
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Asif, Muhammad, Kashif Arif, and Waqar Akbar. "Impact of Accounting Information on Share Price: Empirical Evidence from Pakistan Stock Exchange." International Finance and Banking 3, no. 1 (June 6, 2016): 124. http://dx.doi.org/10.5296/ifb.v3i1.9323.
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Purpose—The purpose of this paper is to examine the relationship between accounting information and share price. In order to achieve this, a model that includes specific accounting ratios (earning per share, book value per share, capital employed per share and operating cash flow per share) and shares a price is developed. Design/methodology/approach—The data were collected from the companies listed in KSE-30 index. The time frame spans from 2006 to 2013 and OLS regression models were used to examine the relationshipsFindings—The resulting evidence suggest that accounting information parameters have significant influence on share price and they have joint explanatory power in determining stock prices. This research finds the consistent results with pervious empirical researches.Originality/value—The present study adds to the existing literature by examining the impact of accounting information on share prices within the context of an emerging capital market such as Pakistan Stock Exchange using KSE-30 companies. This is believed to be the first study which considers the aforementioned issues in the Pakistan’s capital market environment.
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Wattanakul, Thanet, Sakkarin Nonthapot, and Tanawat Watchalaanun. "Factors Influencing the Processed Pineapple Export Competitiveness of Thailand." Australasian Business, Accounting and Finance Journal 15, no. 3 (2021): 119–27. http://dx.doi.org/10.14453/aabfj.v15i3.7.
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This study aims to explore the factors influence the competitiveness of Thailand’s processed pineapple exports as well as the impact size of these factors by focusing on canned pineapple (HS 200820) and pineapple juice (HS 200949). This study also determine the competitiveness and market share effects for both products in each market in each Thailand major partner countries. The average price of processed pineapple, GDP per capita and exchange rate were the explanatory variables. The panel data from 2013 to 2017 of 10 partners were used in a panel regression model with pooled OLS, fixed effect and random effect models. The empirical results show that the fixed effect model is the most suitable and that price significantly negatively affected the market share of both products. Moreover, there is a positive effect from GDP per capita on market share for pineapple and the exchange rate positively affected market share for canned pineapple. In addition, Thailand’s pineapple juice market share is less price sensitive than the canned pineapple market. The stable and competitive price are necessary conditions to enhance sustainable export competitiveness under current intense competition. The implementation of effective exchange rate management to prevent massive fluctuation is a crucial supporting mechanism to achieve this target. Moreover, the appropriate devaluation is other essential policy to enhance sustainable price competition under the tension competitive environment leads to accelerate the continue market shares in important markets.
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Milhøj, Anders. "Structural Changes in the Danish Alcohol Market." Nordisk Alkoholtisdkrift (Nordic Alcohol Studies) 13, no. 1_suppl (February 1996): 33–42. http://dx.doi.org/10.1177/145507259601301s09.
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This paper examines annual (1978–1995) and quarterly (1990–1995) data on the Danish consumption of beer, wine and spirits, in order to identify changes in their respective market shares as a result of the major tax cuts introduced for beer and wine in 1991 and 1992. It is immediately clear that the sales of spirits have decreased while the sales of wine have increased. The changes are too large to be explained exclusively on the basis of the reduced level of border trade with Germany, the main motive for the tax reductions. The statistical analyses give a more detailed picture of the reasons for the decline in the market share of spirits in total Danish alcohol sales from 14 % in 1990 to 11 % in 1993. It is included that the main part of this fall, at least 2 %, is due to the tax-induced changes in price relations, while more than 1 % comes from a trend movement. The market share of beer has been relatively constant for a number of years. However, this is the net effect of a trend movement tending to reduce its market share and, on the other hand, the reduced price of beer relative to the price of spirits caused by the tax reductions, which has increased its market share. The market share of wine has been steadily increasing since the 1970s. There is no evidence of any dependencies on the prices of alcohol. This conclusion cannot, however, be sufficiently documented on the basis of the Danish data series, as it is impossible to distinguish between effects due to changing wine prices and effects due to changing beer prices, because of the parallel tax cuts for beer and wine.
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Ramadian, Erlangga, and Togar Alam Napitupulu. "Relationship Between Products Unit Sold and Price Changes with Market Share: The Case of Skin Care Products." Advanced Science Letters 21, no. 4 (April 1, 2015): 843–46. http://dx.doi.org/10.1166/asl.2015.5898.
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In industries such as Fast-Moving Consumers Good (FMCG), where the products are usually transferred in high volume with low value, comparing value market share is important. The paper will further research on the relationship of the total unit sold and the changes in price with the market share of a specific company in the industry in hope that this research may help company to decide on product strategy based on whether the existing products’ contribution to the market shares is necessary or should the product need to be discontinued and replaced. The report will measure the relationship between the total products sold and the changes in price with the market share, which is derived from the proportion of values compared to the total market value of the skin care market. A Multiple Regression analysis was used to formulate the relationship using Ordinary Least Square (OLS) estimation method. It can be concluded that, number of unit sold of each product does have relationship to the market share regression model regardless its contribution’s significance. While prices changes do not significantly impacting the changes in the market shares, this can be caused by the loyalty of the customer towards the brand. In other word, these loyal customers will buy the product no matter how much the price has changed.
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Gay, Robert D. "Effect Of Macroeconomic Variables On Stock Market Returns For Four Emerging Economies: Brazil, Russia, India, And China." International Business & Economics Research Journal (IBER) 15, no. 3 (May 2, 2016): 119–26. http://dx.doi.org/10.19030/iber.v15i3.9676.
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The relationship between share prices and macroeconomic variables is well documented for the United States and other major economies. However, what is the relationship between share prices and economic activity in emerging economies? The goal of this study is to investigate the time-series relationship between stock market index prices and the macroeconomic variables of exchange rate and oil price for Brazil, Russia, India, and China (BRIC) using the Box-Jenkins ARIMA model. Although no significant relationship was found between respective exchange rate and oil price on the stock market index prices of either BRIC country, this may be due to the influence other domestic and international macroeconomic factors on stock market returns, warranting further research. Also, there was no significant relationship found between present and past stock market returns, suggesting the markets of Brazil, Russia, India, and China exhibit the weak-form of market efficiency.
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Neldi, Mondra, Hamdy Hady, Elfiswandi, and Lusiana. "The Determinants of Price Earning Ratio: Evidence from Indonesia." International Journal of Professional Business Review 8, no. 8 (August 1, 2023): e03373. http://dx.doi.org/10.26668/businessreview/2023.v8i8.3373.
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Purpose: This paper aims to examine the determinants of the Price Earning Ratio of LQ45 Companies listed on the Indonesia Stock Exchange 2016-2021.
Theoretical framework: Price Earning Ratio (PER) is a comparison between market price per share and earnings per share, PER is the ratio used by investors to value a company's shares, Price Earning Ratio (PER ) as a way of valuation to find out the true value of shares of a company. This PER is used to analyze stock prices that show unreasonable prices, (Fahmi, 2016) . Meanwhile, (Wahyudiono, 2014) Price Earning Ratio (PER) is a ratio that shows the comparison between the price of shares in the primary market offered compared to the income received.
Design/Methodology/Approach: Sampling in this study was carried out by purposive sampling, meaning that the sample selection method was selected based on judgment sampling, which means the selection of samples was not random, the information obtained with certain considerations. Using Panel Data regression to determine the determinants of the Price Earning Ratio in LQ45 companies in Indonesia from 2016 to 2021.
Findings: This study reveals that the five determinants of the Price Earning Ratio (Debt to Equity Ratio, Return On Assets, Firm Size, Sales, and Dividend) have a significant effect on the price earning ratio. The Debt to Equity Ratio has a positive correlation with the Price Earning Ratio, while Return On Assets, Firm Size, Sales and Dividend has a negative correlation with the Price Earning Ratio. In addition, one other variable, the current ratio, has no significant effect on the Price Earning ratio. The shares of SMGR, ASII, HMSP, TLKM, BBCA are the most expensive shares when viewed from the ratio of share prices to earnings, and shares of TKIM, ITMG, INKP, ADRO, PGAS are the cheapest share prices when viewed from the ratio of share prices to company profits period 2016-2021
Research, practical & social implications: where the findings of this study prove that ROA, Sales, and Dividend have a significant negative effect on PER, meaning that if a company wants a share price ratio (PER) value that is attractive to investors (the lower the PER the more attractive it is to investors), then the company must increase profits, sales growth and the value of the company's cash dividends. Furthermore, for investors, the findings of this study prove that SMGR, ASII, HMSP, TLKM, BBCA shares are the most expensive stock prices when viewed from the ratio of share price to earnings earned during the 2016-2021 period. And TKIM, ITMG, INKP, ADRO, PGAS shares are the cheapest share prices when viewed from the ratio of share prices to company profits for the 2016-2021 period. So this will be a consideration for investors in choosing the best stock portfolio for stock investment on the Exchange.
Originality/Value: LQ45 companies listed on the Indonesia Stock Exchange for the period 2016-2021 were recruited as the research sample. However, the controversy and inconsistency of the results is debatable.
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Neldi, Mondra, Hamdy Hady, Elfiswandi, and Lusiana. "The Determinants of Price Earning Ratio: Evidence from Indonesia." Journal of Law and Sustainable Development 11, no. 4 (August 24, 2023): e1003. http://dx.doi.org/10.55908/sdgs.v11i4.1003.
Full textAbstract:
Purpose: This paper aims to examine the determinants of the Price Earning Ratio of LQ45 Companies listed on the Indonesia Stock Exchange 2016-2021.
Theoretical framework: Price Earning Ratio (PER) is a comparison between market price per share and earnings per share, PER is the ratio used by investors to value a company's shares, Price Earning Ratio (PER ) as a way of valuation to find out the true value of shares of a company. This PER is used to analyze stock prices that show unreasonable prices, (Fahmi, 2016) . Meanwhile, (Wahyudiono, 2014) Price Earning Ratio (PER) is a ratio that shows the comparison between the price of shares in the primary market offered compared to the income received.
Design/Methodology/Approach: Sampling in this study was carried out by purposive sampling, meaning that the sample selection method was selected based on judgment sampling, which means the selection of samples was not random, the information obtained with certain considerations. Using Panel Data regression to determine the determinants of the Price Earning Ratio in LQ45 companies in Indonesia from 2016 to 2021.
Findings: This study reveals that the five determinants of the Price Earning Ratio (Debt to Equity Ratio, Return On Assets, Firm Size, Sales, and Dividend) have a significant effect on the price earning ratio. The Debt to Equity Ratio has a positive correlation with the Price Earning Ratio, while Return On Assets, Firm Size, Sales and Dividend has a negative correlation with the Price Earning Ratio. In addition, one other variable, the current ratio, has no significant effect on the Price Earning ratio. The shares of SMGR, ASII, HMSP, TLKM, BBCA are the most expensive shares when viewed from the ratio of share prices to earnings, and shares of TKIM, ITMG, INKP, ADRO, PGAS are the cheapest share prices when viewed from the ratio of share prices to company profits period 2016-2021
Research, practical & social implications: where the findings of this study prove that ROA, Sales, and Dividend have a significant negative effect on PER, meaning that if a company wants a share price ratio (PER) value that is attractive to investors (the lower the PER the more attractive it is to investors), then the company must increase profits, sales growth and the value of the company's cash dividends. Furthermore, for investors, the findings of this study prove that SMGR, ASII, HMSP, TLKM, BBCA shares are the most expensive stock prices when viewed from the ratio of share price to earnings earned during the 2016-2021 period. And TKIM, ITMG, INKP, ADRO, PGAS shares are the cheapest share prices when viewed from the ratio of share prices to company profits for the 2016-2021 period. So this will be a consideration for investors in choosing the best stock portfolio for stock investment on the Exchange.
Originality/Value: LQ45 companies listed on the Indonesia Stock Exchange for the period 2016-2021 were recruited as the research sample. However, the controversy and inconsistency of the results is debatable.
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Jayarathne, M. D. S., S. M. R. K. Samarakoon, and R. P. Pradhan. "The Reaction of Share Prices to the Announcements of Right Issues and Debenture Issues: Evidence from a Frontier Market." International Journal of Accounting and Business Finance 9, no. 1 (July 12, 2023): 188–211. http://dx.doi.org/10.4038/ijabf.v9i1.139.
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Employing the event study methodology, this research probes the response of share prices to announcements of rights issues and debenture issues within the Colombo Stock Exchange. The market model, a quintessential tool for estimating abnormal returns, was harnessed to scrutinize samples encompassing rights issue announcements (n=85) and debenture issue announcements (n=106). These events transpired within the period spanning 2012 to 2019, providing a context post-Global Financial Crisis and pre-COVID-19 pandemic. The findings evince a notable negative reaction of share prices concurrent with the disclosure of rights issuance on the announcement day. Conversely, a non-significant positive reaction was observed for share prices on the debenture issue announcement date. The examination of the selected sectors' share price responses to both rights issue announcements and debenture issue announcements yielded mixed outcomes. Additionally, the results unveil a discrepancy with the semi-strong form of the market efficiency hypothesis, indicating the Sri Lankan Stock market does not adhere strictly to this theoretical proposition. Consequently, this study furnishes crucial insights into the dynamics of share price reactions in frontier markets like Sri Lanka, thereby contributing to the broader discourse on market efficiency.
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Wu, Jing. "Did the Inclusion of China’s A-Shares in the MSCI Index Improve the Information Content of Listed Firms? Analysis Based on Stock Price Synchronisation and Environmental Social Governance." Wireless Communications and Mobile Computing 2022 (August 23, 2022): 1–9. http://dx.doi.org/10.1155/2022/7623580.
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Chinese A-shares were officially included in the Morgan Stanley Capital International (MSCI) Emerging Markets Index from June 2018. The inclusion of the A-share market into the MSCI Index is one of the most influential events in the opening up of the capital market of China. However, China’s A-share market has an imperfect system compared with that of developed countries. Stock price synchronisation is more serious in China than in developed countries, and Environmental Social Governance (ESG) disclosures are imperfect. Excessive stock price synchronicity can affect the information content of stock prices, and imperfect ESG disclosures are not conducive to the investment decisions of investors and thus not conducive to the price mechanism for adjusting the market. From the perspective of stock price synchronisation and ESG disclosure, this study discusses the impact of the exogenous event of the inclusion of A-shares in the MSCI Index on China’s capital market. Based on data of listed firms from 2011 to 2019, this study determines whether MSCI target stocks have high stock price information content and explores the ESG disclosure level based on a difference-in-differences (DID) model. In addition, this study conducts a parallel trend hypothesis test and propensity score matching (PSM) to test the robustness of the results. Empirical results show that the inclusion of A-shares in the MSCI Index increased the stock price information content and reduced the stock price synchronisation of MSCI target stocks. At the same time, this study tests the quality of the ESG information disclosure of A-shares after their inclusion in the MSCI Index and finds that the level of disclosure of the underlying stocks improved. This finding indicates that the inclusion of A-shares in the MSCI Index plays a role in improving the quality of ESG disclosure through information channels. The research conclusions have important implications for the active promotion of the expansion of the MSCI Index and further opening up of the capital market of China. In addition, the conclusions can provide a reference for subsequent MCSI decision-making and insights into the capital markets of other emerging-market countries.
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Islam, Mir Md Nazrul. "Effect of Dividend on Stock Price: A Case of Fuel and Power Industries in Bangladesh." International Journal of Accounting and Financial Reporting 9, no. 2 (April 15, 2019): 87. http://dx.doi.org/10.5296/ijafr.v9i2.14715.
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Dividend policy is an extensively researched topic in the arena of investments but still it remains an enigmatic that whether Dividend Policy affects the Stock Prices or not. The consequences of researches conducted in different stock markets are different. In Bangladesh, capital market investment is very essential and significant for the growth and market capitalization of domestic industry, trade and commerce. In current years Bangladesh had faced many precarious situations in its stock market. The Stock price reactions to the declaration of dividend of the fuel and power industry of Bangladesh are empirically examined. This study examines stock price reactions of listed dividend paying fuel and power industries in Dhaka stock exchange, Bangladesh for period of 11 years from of 2008-2018. This study will help us to make effective dividend decisions and effective implementation of dividend policies. In this study, Fixed Effect Model along with Random Effect Model have been used to estimate results. Both Models are implemented on panel data for explaining the association between dividend payments and share prices while controlling logarithm value of Profit after Tax, Earnings per Share and Return on Equity. The research is accompanied with a view to find whether the dividend announcement convey any evidence to the market that results a stock price volatility for adjusting the dividend announcement information while controlling the variables like Profit After Tax Earnings, Per Share and Return on Equity. The study also tested both the Models and found Random Effect Model is more significant than Fixed Effect Model. The result documented on the Random Effect Model shows that there are significant relationship with Retention Ratio, dividend per share and Return on Equity. In addition, Profit after tax shows the negative significant association and Earning per Shares insignificant with the share prices in Bangladesh Fuel and Power sector.
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Milhøj, Anders. "Structural Changes in the Danish Alcohol Market." Nordisk Alkoholtisdkrift (Nordic Alcohol Studies) 13, no. 2 (April 1996): 67–76. http://dx.doi.org/10.1177/145507259601300213.
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This report researched yearly (1978–1994) and quarterly (1990–1994) data on the Danish consumption of beer, wine and spirits in order to identify changes in the market shares of each of these types of alcohol which were caused by major tax reductions for beer and wine in 1991 and 1992. Plots of the data immediately show that the sales of spirits decreased while the sales of wine increased. These changes are too large to be explained only by the reduction of the cross-border trade with Germany. Cross-border trade was the main reason for the tax reductions. The statistical analyses give a more precise picture of the reasons for the reduction in the market share of spirits in the total Danish alcohol sales, from 14 percent in 1990 to 11 percent in 1993. The main part of this reduction, at least 2 percent, is caused by the tax-induced changes in price relations, while, at most, 1 percent comes from a trend movement. The market share of beer has been almost constant for many years. However, the statistical analysis shows that a trend movement tends to reduce market share, while a reduction in beer price, relative to the price of spirits caused by tax reductions, has increased the market share, resulting in minimum change for the beer sector. The market share of wine has been steadily increasing since the 1970s and no dependencies on the prices of alcohol was found.
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Chan, Kalok, and Johnny K. H. Kwok. "Market Segmentation and Share Price Premium." Journal of Emerging Market Finance 4, no. 1 (April 2005): 43–61. http://dx.doi.org/10.1177/097265270400400103.
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Taher Shammout, Belal Rabah. "The Impact of Stock Characteristics on Its Market Price in Jordanian Commercial Banks." Modern Applied Science 14, no. 3 (February 19, 2020): 45. http://dx.doi.org/10.5539/mas.v14n3p45.
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The study aims at identifying the impact of stock characteristics represented by (Earnings Per Share (EPS), Book Value Ratio (BVR), Dividends Per Share (DPS), Dividends Payout Ratio (DPR), Market to Book Ratio (MBR), Price Earnings Ratio (PER), and Yield Per Share (YPE)) on the market stock price in the 13 commercial banks in Jordan during the period from 2005 to 2018. Multiple Linear Regression has been used to illustrate the impact of the independent variables and the controlling variables on the dependent variable.
The study has found that there is a significant impact of stock characteristics on its market price at the Jordanian commercial banks. The study also found a statistically significant impact for each book value ratio, dividends per share, market to book ratio, price-earnings ratio, and yield per share on the market price at the Jordanian commercial banks. However, there was no statistically significant effect for each of the earnings per share and dividend’s payout ratio on the market price at the Jordanian commercial banks. The study recommends that investors, analysts, and decision-makers use the characteristics of stocks when carrying out analyses before making important investment decisions that can affect their wealth in the future through forecasting stock prices.
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Mujisukamto, Aprinta Trisna, and Aftoni Sutanto. "ANALISIS EFISIENSI PASAR MODAL SYARI’AH DAN KONVENSIONAL BENTUK LEMAH BURSA EFEK INDONESIA." Jurnal Fokus Manajemen Bisnis 4, no. 1 (March 31, 2014): 65. http://dx.doi.org/10.12928/fokus.v4i1.1351.
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The analysis in this study was to test the efficiency of the Indonesian capital market in the form of weak. this research has two objeactives, the first objectives is analyze whether Indonesia capital market (convensional and syari’ah) has been efficient (weak-form). The second one is to analyze differentiation efficient market between convensional and syari’ah capital market. This study uses monthly stock price data, from 23 conventional stocks included in the index LQ45 and 2 Islamic stocks included in the index during the observation period 2012-2013 JII. To test the hypothesis efficiency of capital markets weak form using the Run Test, this test is used to test randomness stock price changes. Results from this study are in the period 2012-2013 of conventional and islamic capital market is efficient in the weak form and analyze by looking for a random number of shares on the capital market conventional and islamic capital market, the results showed that there were 22 (95.7%) share price conventional random and 2 (100%) the share price of sharia are random. Based on the analysis of Islamic capital markets more efficient than the conventional capital market.
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Cronjé, Tom, and Johan de Beer. "Share pricing of South African banking groups - Importance of efficiency and earnings per share." Corporate Ownership and Control 8, no. 1 (2010): 679–88. http://dx.doi.org/10.22495/cocv8i1c7p2.
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Previous research findings indicate that the relevant performance of firms is one way or another, reflected in the market prices of shares. Such research is focussed on different performance components of firm individual risk (FIR), but none of the research segregates systematic and unsystematic risk of the shares to levels where the relative FIR components that were researched could be quantified in proportion to FIR level share price determinants. This brings about the objective of this research to segregate the pricing of shares in terms of market and firm specific factors with the intention to quantify the association of relative bank efficiency and earnings performance with the pricing of South African bank shares. The study draws a parallel between the actual significance of measured efficiency and earnings per share (EPS) with share pricing and quantified FIR. Within this context the comparative significance of measured efficiency and EPS are explored to investigate the Efficient Market Hypothesis (EMH) prevalence. An analysis of efficiency and share price relationships at different financial year time points shows a semi-strong form of the EMH in both the pre-Global Financial Crises (GFC) and GFC periods. This indicates that the application of an active investment strategy by investors based on efficiency measures may be beneficial. The impact of EPS as contributing determinant of share prices increased during the GFC period compared to the pre-GFC period, but reflects a strong form of the EMH.
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Nidar, Sulaeman Rahman, and Nurul Ulfa. "Overreaction Market Analysis, Dividend Policy, Firm Size, and Seasonality to Price Reversal Phenomena." Accounting and Finance Review (AFR) Vol.2(2) Apr-Jun 2017 2, no. 2 (March 12, 2017): 73–77. http://dx.doi.org/10.35609/afr.2017.2.2(10).
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Objective - In an efficient capital market, the price of a stock reflects the outstanding and relevant information. However, some studies find that is the capital markets are not always efficient. Sometimes investors put too high a price, good news and vice versa. That's why there are variety of capital market anomalies such as the price reversal. This research, test share return following one day a big change of the share price in the Indonesia capital market. Methodology/Technique - The unit of analysis in this study are the stocks that listed in the Jakarta Islamic Index. Then we used purposive sampling method for sampling and 21 samples obtained shares. These samples, then classified into 11 shares 10 shares winner and a loser. Analysis the user is paired sample t-test and doubled regression. In addition, double regression analysis with market overreaction, dividend policy, firm size and the January effect as independent variables and price reversal as the dependent variable. Findings - Regression test showed that in the group winner stocks, market overreaction, firm size and January effect have an effect on signs of price reversal. And dividend policy has no significant influence. For the group of loser stocks, market overreaction, dividend policy, firm size and January effect affect both simultaneously and partially on price reversal. Novelty - The study contributes decision making of investors in Indonesia financial market with its evidences. Type of Paper: Empirical Keywords: Market Overreaction; Dividend Policy; Firm Size; January Effect; Price Reversal. JEL Classification: G11, G14, M41.
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Al-Dwiry, Mohammad, Ghaith N. Al-Eitan, and Weaam Amira. "Factors affecting stock price: Evidence from commercial banks in the developing market." Journal of Governance and Regulation 11, no. 4, special issue (2022): 339–46. http://dx.doi.org/10.22495/jgrv11i4siart14.
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This study aims to investigate the impact of microeconomic and macroeconomic factors on the market price per share using panel data from 13 listed Jordanian commercial banks during the period 2010–2021. Based on a microeconomic level the firm-specific variables are earnings per share (EPS), dividend per share (DPS), price-earnings ratio (PE), book value per share (BV), return on assets (ROA), and size (S). Similarly, gross domestic product (GDP), inflation (INF), and money supply (MS) were chosen as independent variables for the macroeconomics whereas the company’s dependent variable is market price per share (MPS). Earnings per share are the most internal and external factors affecting the share price (Arshad, Arshaad, Yousaf, & Jamil, 2015). This paper has investigated the influence of bank-specific and macroeconomic factors on the share price of Jordanian commercial banks using multiple regression models. Based on the regression results, the coefficient of EPS is positive at the 1% level of significance. implying that the greater the EPS, the higher the MPS. The same positive impacts for DPS, ROA, and S are considered major predictors of stock prices in Jordan. Volume was discovered to be the most important determining variable impacting stock price among the factors. This indicates that the bigger the company’s market capitalization, the higher the stock price. Major variables that impact the stock price include macroeconomic data such as GDP and MS.
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Bojnec, Štefan, and Drago Papler. "Deregulation of Electricity Market and Drivers of Demand for Electrical Energy in Industry." Management and Production Engineering Review 7, no. 3 (September 1, 2016): 4–10. http://dx.doi.org/10.1515/mper-2016-0021.
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Abstract This paper investigates deregulation of electricity market focusing on electricity prices and drivers of demand for electrical energy in industry in Slovenia. The patterns in evolution of real electricity price developments and the three main components of the electricity price are calculated: liberalized market share for purchased electricity price, regulated infrastructure share for use of electricity network grids and mandatory state charges in the sale of electricity (duty, excise duty and value-added tax). To calculate the real value of electricity prices, producer price index of industrial commodities for electricity prices in industry is used as deflator and implicit deflator of gross domestic product for the size of the economy. In the empirical econometric part is used regression analysis for the amount electricity consumption in the industry depending on the real gross domestic product, direct and cross-price elasticity for natural gas prices in the industry. The results confirmed volatility in real electricity price developments with their increasing tendency and the increasing share of different taxes and state charges in the electricity prices for industry. Demand for electrical energy in industry is positively associated with gross domestic product and price of natural gas as substitute for electrical energy in industry use, and negatively associated with prices of electrical energy for industry.
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Kankaanpää, Eila, Ismo Linnosmaa, and Hannu Valtonen. "Market competition, ownership, payment systems and the performance of health care providers – a panel study among Finnish occupational health services providers." Health Economics, Policy and Law 8, no. 4 (October 12, 2012): 477–510. http://dx.doi.org/10.1017/s174413311200031x.
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AbstractMany health care reforms rely on competition although health care differs in many respects from the assumptions of perfect competition. Finnish occupational health services provide an opportunity to study empirically competition, ownership and payment systems and the performance of providers. In these markets employers (purchasers) choose the provider and prices are market determined. The price regulation of public providers was abolished in 1995. We had data on providers from 1992, 1995, 1997, 2000 and 2004. The unbalanced panel consisted of 1145 providers and 4059 observations. Our results show that in more competitive markets providers in general offered a higher share of medical care compared to preventive services. The association between unit prices and revenues and market environment varied according to the provider type. For-profit providers had lower prices and revenues in markets with numerous providers. The public providers in more competitive regions were more sensitive to react to the abolishment of their price regulation by raising their prices. Employer governed providers had weaker association between unit prices or revenues and competition. The market share of for-profit providers was negatively associated with productivity, which was the only sign of market spillovers we found in our study.
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Osereme Amiolemen, Omoike, Uwalomwa Uwuigbe, Olubukola Ranti Uwuigbe, Ilogho Simon Osiregbemhe, and Ajetunmobi Opeyemi. "Corporate social environmental reporting and stock prices: an analysis of listed firms in Nigeria." Investment Management and Financial Innovations 15, no. 3 (September 21, 2018): 318–28. http://dx.doi.org/10.21511/imfi.15(3).2018.26.
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The study investigated Corporate Social Environmental Reporting and its association with stock prices (using market price per share as at the financial year end) among listed firms in Nigeria. The study used a cross-sectional research design comprising 50 publicly listed companies across various sectors for the period of five years (2011–2015). For the selected firms, the annual report was used to collect the data. This research utilizes the panel data regression in analyzing the influence of the independent variable (measured by corporate social and environmental expenditure) on the dependent variable measured using the market price per share) for the respective years. Also, in an attempt to examine the relatively market price per share across the sampled industries, the study made use of the one-way analysis of variance; while the Granger causality test was also conducted to ascertain whether bi-directional relationships exist between explanatory variable and the dependent variable (i.e. corporate social and environmental expenditure and market price per share). Findings from the study revealed that the association between corporate social and environmental expenditure and the market price of the firm (when considered in aggregate) is not significant. The result from the Analysis of Variance (ANOVA) showed that the market price per share is significantly different across the industries.
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Khadke, Prof A., Samyak Ajmera, Anand Ghatol, Akshay Singh, and Himanshu Narwal. "Institutional Market Analysis in Stock Market." International Journal for Research in Applied Science and Engineering Technology 10, no. 11 (November 30, 2022): 1805–7. http://dx.doi.org/10.22214/ijraset.2022.47653.
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Abstract: A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses. In stock market analysis we are trying to predict the price of given share or stock The result was achieved at the end of this project was quite impressive as model was able to predict the trend successfully, it was not 100% accurate but considering that model it predicted only on the basis of past data is quite impressive. All these things we are able to do with help of machine learning.