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Journal articles on the topic 'Stock exchanges'
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Mrzygłod, Urszula, and Sabina Nowak. "Stock Exchanges Go Public. The Case of Warsaw Stock Exchange." JOURNAL OF INTERNATIONAL STUDIES 6, no. 2 (November 20, 2013): 111–23. http://dx.doi.org/10.14254/2071-8330.2013/6-2/10.
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Nyasha, Sheilla, and Nicholas M. Odhiambo. "The Australian stock market development: Prospects and challenges." Risk Governance and Control: Financial Markets and Institutions 3, no. 2 (2013): 39–48. http://dx.doi.org/10.22495/rgcv3i2art3.
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This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.
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Shrimal, Dr Kapil. "Volatility Spillover Effect from Foreign Stock Exchanges to National Stock Exchanges." Scholars Journal of Economics, Business and Management 3, no. 6 (June 2016): 328–39. http://dx.doi.org/10.21276/sjebm.2016.3.6.4.
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PRDIĆ, NEDELJKO. "STOCK EXCHANGE INDICES AS AN INVESTMENT INDICATOR." Kultura polisa, no. 44 (March 8, 2021): 267–78. http://dx.doi.org/10.51738/kpolisa2021.18.1r.4.02.
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Stock exchanges are such specialised market institutions where standardised and tradable goods are traded and exchanged, which means precisely defining the quality and all other performances of goods. Trading is enabled by stock exchange customs and strict rules within the law. Stock exchange indices are the basic indicator of the importance of the stock market in the market on the basis of which decisions on investments in the stock market are made. The aim of this paper is to systematise the knowledge about the historical role of commodity exchanges on the market, but also to indicate the importance of the development of information technologies on the modern significance of stock exchanges. The results of the research show that stock exchange indices are the basic indicator of the state and development of the commodity market and investment tendencies. The conclusion is that stock exchange indices are an important factor in the development of the commodity market with special emphasis on their importance in agriculture. They are an indicator of economic trends and an indicator of investment.
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Y. Uppal, Jamshed. "The Role of Satellite Stock Exchanges: A Case Study of the Lahore Stock Exchange." LAHORE JOURNAL OF ECONOMICS 14, no. 2 (July 1, 2009): 1–47. http://dx.doi.org/10.35536/lje.2009.v14.i2.a1.
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In many countries, capital markets are often served by multiple stock exchanges, typically with one national or dominant exchange and several regional or satellite exchanges. While multiple exchanges create a competitive landscape, they also lead to fragmented liquidity and diseconomies in operations. This paper examines the role of the Lahore Stock Exchange (LSE) in comparison with the country’s dominant exchange, the Karachi Stock Exchange (KSE), in four areas: (i) market efficiency in processing information, (ii) transaction costs, (iii) contribution to price discovery, and (iv) market integration. A comparative analysis of the exchange performance indicates the two exchanges to be at par in terms of informational efficiency and transaction costs. There is evidence of informational linkages and interdependencies between the two exchanges; the LSE appears to contribute to price discovery and competes to an appreciable extent. Against the background of proposals to merge the country’s three stock exchanges, a major consideration in evaluating public policy is the relative performance of the LSE and its viability as an effective competitor. Eliminating interexchange competition by merging the stock exchanges is predicted to lead to higher transaction costs, lower incentives for regulatory compliance, and diminished motivation for promoting capital market development.
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Adamska, Agata, Tomasz Dąbrowski, Magdalena Homa, Monika Mościbrodzka, and Jacek Tomaszewski. "Demutualization, Corporatization, and Sustainability Initiatives: Evidence from the European Stock Exchange Industry." Central European Management Journal 30, no. 3 (September 15, 2022): 2–35. http://dx.doi.org/10.7206/cemj.2658-0845.80.
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Purpose: The article analyzes the consequences of transformation in governance structures of stock exchanges on their CSR initiatives, in particular relations between their organizational forms and the number and nature of CSR initiatives as well as their influence on stock exchanges’ performance. Methodology: In our study covering 40 European stock exchanges, we identified 527 sustainability practices implemented between 1992 and 2019. We divided these practices into two categories: internal, applying to the stock exchange itself, and external, targeted at listed companies. Moreover, we proposed a synthetic indicator of stock exchange development to measure its economic performance. Findings: We found that publicly traded stock exchanges undertake a greater number of CSR initiatives and have a higher proportion of internal practices, than stock exchanges organized as non-public entities. Our study also indicates that a large number of implemented CSR practices positively affects the economic performance of stock exchanges, and furthermore, that internal practices have a greater impact than external ones. Research limitations: The surveyed European stock exchanges may differ from stock exchanges in other regions regarding their CSR policies. Originality: Our study proved that the corporatization of stock exchanges affect their CSR practices. It also showed that some types of sustainability activities affect performance in a more significant way than others.
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Gniadkowska-Szymańska, Agata. "The impact of trading liquidity on the rate of return on emerging markets: the example of Poland and the Baltic countries." e-Finanse 13, no. 4 (December 1, 2017): 136–48. http://dx.doi.org/10.1515/fiqf-2016-0042.
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AbstractEach type of investment has its own liquidity, i.e. the speed with which it can be converted into money. This can be seen with respect to various instruments (such as stocks or futures contracts), market segments, or even entire exchanges. The importance of liquidity has been acknowledged for a long time. A considerable number of studies have investigated stock liquidity, providing evidence that more illiquid stocks have higher returns, which may be deemed an ‚illiquidity premium’. In this paper I present various factors which have an effect on liquidity by presenting the results of research concerning relations between liquidity and stock return on the Warsaw Stock Exchange (WSE) and Nasdaq stock exchanges in Tallinn, Riga and Vilnius.
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Kumar, Shivam. "INVESTOR PERCEPTION TOWARDS THE STOCK MARKET." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 04 (May 1, 2024): 1–5. http://dx.doi.org/10.55041/ijsrem32943.
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A stock market is a market in which stocks are bought and sold. It is also called industrial securities market, because it is the market for the trading of company stocks i.e. corporate securities; both those securities listed on stock exchange as well as those only traded privately. The term ‘Stock Market’ is often used as synonymous to ‘Stock Exchange’. But there is a difference in the two terms. Stock exchange is a corporation in the business of bringing buyers and sellers of stocks together. It is a major part of stock market, but not whole of it. Because a stock market besides stock exchanges also includes the market for new issue of securities. Thus the stock market can be divided into two constituents as follows: - 1. Primary Market or New Issue Market 2. Secondary Market or Stock Exchange
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Bradfield, D. J. "A note on the seasonality of stock returns on the Johannesburg Stock Exchange." South African Journal of Business Management 21, no. 1/2 (March 31, 1990): 7–9. http://dx.doi.org/10.4102/sajbm.v21i1.909.
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Evidence from studies on the major stock exchanges world-wide suggests that stocks listed on these markets earn abnormally high returns in the month of January. In this article the seasonality of stocks on the Johannesburg Stock Exchange is empirically investigated. Surprisingly no January effects are found, however, a significant December seasonal effect is documented. A plausible explanation for this finding is offered.
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Bradfield, D. J. "A note on the seasonality of stock returns on the Johannesburg Stock Exchange." South African Journal of Business Management 21, no. 1/2 (March 31, 1990): 7–9. http://dx.doi.org/10.4102/sajbm.v21i1/2.909.
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Evidence from studies on the major stock exchanges world-wide suggests that stocks listed on these markets earn abnormally high returns in the month of January. In this article the seasonality of stocks on the Johannesburg Stock Exchange is empirically investigated. Surprisingly no January effects are found, however, a significant December seasonal effect is documented. A plausible explanation for this finding is offered.
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Schammo, Pierre. "REGULATING TRANSATLANTIC STOCK EXCHANGES." International and Comparative Law Quarterly 57, no. 4 (October 2008): 827–62. http://dx.doi.org/10.1017/s0020589308000651.
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AbstractThis paper examines the regulatory questions surrounding transatlantic stock exchange consolidation. Underlying these questions is, in essence, a problem of fit between, on the one hand, the market space and, on the other hand, the regulatory space. Legislation which has predominantly a domestic focus is outdated in view of the increasingly global focus of financial market actors. High-profile mergers such as NYSE Euronext have brought the problem of the regulation of transatlantic or indeed global stock exchanges to the fore. Which national securities laws apply? What consequences does technological integration have for the regulatory position of exchanges and financial market actors? What are the extraterritorial implications? This article takes these questions as a starting point for investigating the problems of, and solutions to, transatlantic stock exchange consolidation.
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Nyasha, Sheilla, and Nicholas M. Odhiambo. "The dynamics of stock market development in the United States of America." Risk Governance and Control: Financial Markets and Institutions 3, no. 1 (2013): 93–102. http://dx.doi.org/10.22495/rgcv3i1c1art3.
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This paper highlights the origin and development of the stock market in the United States of America. The country consists of several stock exchanges, with the three largest being the NYSE Euronext (NYX), National Association of Securities Dealers Automated Quotation (NASDAQ), and the Chicago Stock Exchange. Stock market reforms have been implemented since the stock market crash of 1929; and the exchanges responded positively to some of these reforms, but not so positively to some of the reforms. As a result of the reforms, the U.S. stock market has developed in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the U.S. stock market has developed over the years, its market still faces wide-ranging challenges.
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Pera, Jacek. "The Effectiveness of Investing in Stock Exchange Markets in Central and Eastern European Countries with Regard to NYSE2‑LSE‑HKSE2. a Comparative Risk Analysis." Comparative Economic Research. Central and Eastern Europe 22, no. 2 (July 18, 2019): 121–40. http://dx.doi.org/10.2478/cer-2019-0016.
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The aim of this paper is to assess the effectiveness and risk in the stock exchange market in Central and Eastern Europe countries (CEE) in view of the largest stock exchanges: NYSE2‑LSE‑HKSE2. The implementation of this objective was based on an analysis of basic stock market indicators and a discussion of the investment effectiveness of the stock exchange and the risk and investment effectiveness analysis in the stock exchange market in CEE with regard to NYSE2‑LSE‑HKSE2 – assumptions, test method, tests results. The following working hypothesis was adopted in the analysis: Despite high vulnerability to investment risk, the stock exchanges in CEE, due to dynamic development, are improving their investment position with regard to global stock exchanges. The relative indices of stock market attractiveness and an autoregressive model for forecasting changes in the stock market index were used to verify this thesis. The results from the tests make it possible to state that the stock exchanges in CEE are constantly improving their position with regard to operational effectiveness and risk mitigation when compared to the largest global stock exchanges analysed, ambitiously striving to become significant financial centres within Europe and worldwide.
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Tlemsani, Issam, Fai Albadeen, Ghada Althaaly, Maha Aljughaiman, and Hala Bubshait. "Tadawul and Dubai Financial Market - A Comparative Study." Journal of Business Administration Research 9, no. 2 (November 4, 2020): 45. http://dx.doi.org/10.5430/jbar.v9n2p45.
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This research is intended to identify the fundamentals of stock valuation and utilize them in the macro analysis and micro valuation of two major stock exchanges ‘Tadawul’ and ‘Dubai Financial Market’. These stock exchanges are compared in terms of their strengths and weaknesses according to significant economic indicators, alongside essential stock market determinants, all the while highlighting relevant relationships among them. Upon assessment, GDP has a strong influence on the valuation of the market and KSA’s GDP growth in the last two years has been slightly higher than UAE’s growth, affecting projected GDP growth rates. Tadawul performed better than DFM in P/E ratio indicating a higher willingness to invest in the Saudi stock exchange as well as a higher return expectation. DFM’s stocks are highly undervalued. It can be concluded that both stock exchanges are strong and competitive respectfully, and their potential for growth depends on the economic market that they originate from.
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Jote, Girma Gudde. "Corporate Ownership transfer: The role of stock market in Ethiopia." African Journal of Commercial Studies 3, no. 3 (October 25, 2023): 135–49. http://dx.doi.org/10.59413/ajocs/v3.i3.1.
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Stock market is one of the types of markets where shares or stocks of different public companies are bought and sold (exchanged). The exchanges of stocks are conducted through formal organized stock exchanges and without a central exchange or broker through over-the-counter marketplaces that operate under a predetermined set of regulations. Since stock represents the corporate ownership & the existence of stock market facilitates ownership transfer. Ethiopia is the largest country in the world with a closed capital account and a functioning capital market. The current underdevelopment of its capital markets starkly opposes the vibrant money and securities market during the 1960s. To achieve the objective of the study, data were collected from both primary sources as well as secondary sources. The researcher has collected primary data through distributing questionnaires to managers and shareholders of companies. The collected data from questionnaires were analyzed using descriptive analysis method. The study employed a convenience sampling technique to select a managers and shareholders of corporations operating in the country. The study evaluated the challenges and existing practice of ownership transfer, and the current condition of stock market in Ethiopia in terms of legal, regulatory, technical, macroeconomic, technological and other factors and found that the legal factors (degree of stability, peace and internal security of a country, inadequate laws and regulation), regulatory factors (lack of good regulation and supervision, deficient corporate governance and public authority, economic factor (high inflation rate) and insufficient technological infrastructure as vital factors that need to be addressed to have an efficient stock exchange market in Ethiopia.
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Paltrinieri, Andrea. "Stock exchange industry in UAE." International Journal of Emerging Markets 10, no. 3 (July 20, 2015): 362–82. http://dx.doi.org/10.1108/ijoem-12-2012-0181.
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Purpose – The purpose of this paper is to give an overview of UAE Stock Exchange industry. In particular this paper aims to assess a potential merger between Dubai Financial Markets-Nasdaq-Dubai and Abu Dhabi Securities Exchange, evaluating risks, rewards, policy and business implications. Design/methodology/approach – The paper presents a theoretical framework and a literature review of M & As in financial sector. It then carries out a case study on a potential merger between the UAE Stock Exchanges and a discussion on the implications for the actors involved. Findings – The contraction both in market capitalization and in trading value in the three UAE Stock Exchanges caused by subprime financial crisis and market fragmentation could be a key factors in implementing a merger between them. Because of high-fixed costs and trading platform, a single consolidated stock exchange may benefit from significant economies of scale, particularly network effects, and economies of scope. Practical implications – This paper could be useful to Security and Commodity Authority, in order to support a merger between Dubai and Abu Dhabi Stock Exchange. Given that UAE capital market regulator has tried to improve efficiency in UAE stock market over the last years, a merger between UAE Stock Exchanges could have positive effects on overall efficiency. Originality/value – It is the first paper that analyze UAE Stock Exchange industry. It is the first study that focusses on a potential merger between emerging markets’ stock exchanges. It is one of the first contributions that relates stock exchanges belonging to emerging and developed countries.
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Próchniak, Joanna, Renata Płoska, Anna Zamojska, Błażej Lepczyński, and Giuseppe T. Cirella. "Maturity Analysis of Stock Exchanges in Africa: Prepandemic Sustainability Perspective." Sustainability 15, no. 8 (April 18, 2023): 6820. http://dx.doi.org/10.3390/su15086820.
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This paper focuses on the economic dimension of sustainability by examining the stock exchange interface of financial markets, the influence of capital market stakeholders, and the instruments that contribute to a supportive fiscal framework. Only mature stock exchanges are present in sustainability indices; hence, comparative assessment of stock exchanges is limited and contributes to the complexity of conducting such a study. Utilizing multivariate analysis, this study investigates the potential for African stock exchanges to support sustainability. An empirical study was conducted on a selected sample of 15 African stock exchanges at the end of 2020 using collected 5-year interval data from Q1 of 2021. A total of 22 variables were selected based on their legitimacy to support sustainability. Using exploratory factor analysis, two key sustainability drivers of differentiation and classified exchanges were identified, i.e., hard and soft. K-means classification method verified the results and found that of the four identified homogeneous groups, one—the Johannesburg Stock Exchange, Nigerian Stock Exchange, and the Egyptian Exchange—emerged on top. Two smaller groups had the potential to be strengthened, and the majority group lagged behind. The research demonstrated the importance of identifying key sustainability drivers and examined the materiality of the drivers within an African context.
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Marks, Bogusław Piotr. "Etyka maklera w świetle polskiego prawa giełdowego okresu 1921–1939." Annales. Etyka w Życiu Gospodarczym 14, no. 2 (January 1, 2011): 81–92. http://dx.doi.org/10.18778/1899-2226.14.2.07.
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The stock exchange is regarded as one of the key institutions of market economy. Stockbrokers were a truly essential group of workers of the stock exchanges. It was on the level of their organization and professional ethics that depended the level of efficient functioning of this institution. The basic law regulations, orders and stock charters were traced in this paper as well as – essential for exchanges – different documents, which marked principles of stockbrokers’ activity. These principles were considered from the point of view of the ethical norms establishing the contemporary ethics of economic life. My special attention was concentrated on these principles of stockbrokers’ activities which concern the way of their appointing, rights as well as duties. „Ethical aspects” of stockbrokers’ activity on the Polish stock-exchanges were traced for the period from acceptation, in 1921, the first in independent Poland Act of exchanges organization to the outbreak of World War II. Except stock exchanges which were formed during the Period of the Partitions of Poland (in Warsaw and Lodz), and which resumed their activities after World War I, the new ones were created when Poland had regained its independence. Stock exchanges – except the above-mentioned – were organized in Cracow, Poznan, Vilnius and in Lvov. In initial period of the second Republic of Poland acted six commodities exchanges too. The comparatively quick unification of exchange law by the government of independent Poland was the expression of understanding the importance which was fulfilled (not only) in economy by the institution of stock exchange. In turn, issuing separate regulations for stockbrokers was proof of high position held by this group in the structure of the basic organs of a stock exchange.
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Khoo, Tzung Hsuen, Dharini Pathmanathan, and Sophie Dabo-Niang. "Spatial Autocorrelation of Global Stock Exchanges Using Functional Areal Spatial Principal Component Analysis." Mathematics 11, no. 3 (January 28, 2023): 674. http://dx.doi.org/10.3390/math11030674.
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This work focuses on functional data presenting spatial dependence. The spatial autocorrelation of stock exchange returns for 71 stock exchanges from 69 countries was investigated using the functional Moran’s I statistic, classical principal component analysis (PCA) and functional areal spatial principal component analysis (FASPCA). This work focuses on the period where the 2015–2016 global market sell-off occurred and proved the existence of spatial autocorrelation among the stock exchanges studied. The stock exchange return data were converted into functional data before performing the classical PCA and FASPCA. Results from the Monte Carlo test of the functional Moran’s I statistics show that the 2015–2016 global market sell-off had a great impact on the spatial autocorrelation of stock exchanges. Principal components from FASPCA show positive spatial autocorrelation in the stock exchanges. Regional clusters were formed before, after and during the 2015–2016 global market sell-off period. This work explored the existence of positive spatial autocorrelation in global stock exchanges and showed that FASPCA is a useful tool in exploring spatial dependency in complex spatial data.
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Marks, Bogusław Piotr. "Kwestie etyczne w prawie giełdowym okresu zaborów i pierwszych lat niepodległości Polski (do 1921 r.)." Annales. Etyka w Życiu Gospodarczym 13, no. 2 (May 15, 2010): 71–82. http://dx.doi.org/10.18778/1899-2226.13.2.07.
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The object of the article are the questions concerning the „ethical aspects” of functioning of stock exchange law during partitions of Poland and in the first years of independent Poland. The analysis covers the period from 1817 (when in Warsaw the first official stock exchange on Polish territory was created) to 1921 when the first in independent Poland Act about the Organization of Stock Exchanges was passed. In the 19th century, several stock exchanges were created on Polish territory, from which the most essential were those in: Warsaw, Lvov and Lodz. The stock exchange was (and still is) regarded as one of the key institutions of market economy. Already, even on this account, the stock exchange law constituted the essential reference to economic law. On its basis the important institutions functioned, not only in the area of economy. In this article, the basic records of laws and exchange charters were traced, as well as different – essential for stock exchanges – documents (for instance, ministerial instructions), which set the principles of functioning of those institutions. The principles were considered from ethical norms’ point of view, which established ethics of economic life of that time. I have especially focused my attention on the principles of functioning of stock exchanges, which related to: the main stock organs, members of exchanges, as well as the so-called clientele. The stock exchange law also related to realities of that time, where-for different reasons – common cases of disobedience of the law occured. It should be stressed here, that stock exchange law was shaped on basis of economic legislation of the partitioners and that it was subject to changes along with political, economic and social transformations, which took place on Polish territory in the discussed period.
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BLAHODATNYI, Andrii. "COMMODITY EXCHANGE AS AN INNOVATION-INSTITUTIONAL ELEMENT OF THE DEVELOPMENT OF INTERNATIONAL COMMODITY MARKETS." Ukrainian Journal of Applied Economics 4, no. 4 (October 30, 2019): 52–59. http://dx.doi.org/10.36887/2415-8453-2019-4-6.
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The article examines the role of the commodity exchange as an innovative and institutional element in the development of international commodity markets. The current trends in the development of the international commodity stock market have been determined, compared to the volumes of world futures and options for 2018-2019, the number of outstanding contracts and their changes have been investigated. The transformation processes inherent in the international commodity exchange are considered and characterized. The structure of the international stock market by geographical regions is reflected. Trading volumes in different regions of 2019 are compared to 2018. Analysis of futures, options index of the capital index, interest rate trading, energy futures, options trading and precious metals trade have been done. The results of the world's largest stock exchanges by volume of trading in 2018-2019 are presented. One of the criteria examined is the volume of trading on the Intercontinental Exchange, which is due to the lower level of activity on all its subsidiaries in Europe, North America and the Asia-Pacific region. The current state of stock exchange trade in Ukraine is analysed, examples of obstacles for the effective functioning of stock exchanges of Ukraine are given. The development of commodity exchanges in Ukraine over recent years is considered, with an indication of the tendency of their development. Examples of commodities are indicated that will be used for the development of the commodity stock market of Ukraine. The statistical information on the number and structure of exchanges by specialization, their characteristics and role are investigated. The conclusions on the stock role market in an economy have been formed. The international experience of trading on the exchanges is generalized. The evolution of the stock market from the fair to the modern electronic stock market with its advantages and convenience is noted. The conclusions of the development of stock exchange trade in Ukraine are summarized: namely obstacles to its development and misunderstanding of advantages. Suggestions for successful development of stock exchange trading are given in accordance with world experience and national peculiarities. Key words: commodity exchange, futures, option, stock trading, international commodity exchanges, agricultural products, market infrastructure, stock exchange.
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ZINCHENKO, Fedir. "THE DEVELOPMENT OF GLOBAL EXCHANGE NETWORKS." WORLD OF FINANCE, no. 4(57) (2018): 137–47. http://dx.doi.org/10.35774/sf2018.04.137.
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Introduction. For every exchange it is critical to maintain and spread its trading network. The desire to achieve so called liquidity effect is especially important in highly competitive environment in which modern trading platform are operating. The way exchanges expands their networks evolves and differs from country to country. The purposeof the article is to analyze and define the characteristics of exchange networks establishment at the present stage of global capital market development, to specify different forms of integration among regulated markets, especially from developing countries. Results. The article investigates the influence of network or liquidity effects on the strategy of organized stock markets behavior. Two main directions of exchange networks development are revealed: through integration and by use of modern communication tools. Characteristics of different forms of exchanges international integration are defined: from formal cooperation to corporate merger. The specific functions of the most known regional organized stock markets integration are analyzed, by the example of MILA, SEE Link and Stock Connect. The leading role of information and communication providers in the construction of modern global stock exchanges networks has been identified. Conclusions. Advantages that provide a network effect for organized stock markets leads to a different forms of stock exchanges cooperation - from formal agreements to full consolidation and mergers. At the same time, these processes are typical for exchanges from markets with different levels of development. With the rapid development of IT and algorithmic trading, the creation of stock exchange networks has significantly intensified globally. Striving to satisfy the demand of modern computerized traders, exchanges are in close cooperation with communication providers that own and operate world-wide optic-fiber networks.
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Yeung, Wing Him, and Asad Aman. "Sensitivity of stock indices to global events: the perspective for Pakistani Canadians." Journal of Economic and Administrative Sciences 32, no. 2 (November 21, 2016): 102–19. http://dx.doi.org/10.1108/jeas-05-2015-0014.
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Purpose This paper compares the performance and volatility of the Toronto Stock Exchange in Canada and the Karachi Stock Exchange in Pakistan, as well as the sensitivities of the two stock exchanges to major global events. The purpose of this paper is to assist the Pakistani immigrants in Canada in their investment decisions. Design/methodology/approach This paper uses the generalized autoregressive conditional heteroskedasticity model to estimate volatility of the two stock exchanges. Moreover, the mean adjusted returns approach associated with the event study methodology is used to find out the impact of major global events on these stock exchanges. Findings The study finds that the Toronto Stock Exchange outperforms the Karachi Stock Exchange in the pre-September 11 attack period, while the latter outperforms the former in the post-September 11 attack period. The study also shows that there has been a significant improvement in the risk-adjusted return of the Karachi Stock Exchange in the post-September 11 attack period. Moreover, this paper finds that the impact of major global events is more significant on the Toronto Stock Exchange relative to the Karachi Stock Exchange on the event date. Originality/value This paper is one of the very few to analyze and compare stock performances from the perspective of immigrant communities. The paper is valuable for Pakistani immigrants living in Canada or any investors interested in Karachi Stock Exchange and its comparison with Toronto Stock Exchange. Moreover, the paper can be of value to the Pakistani Government in terms of their promotional activities.
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Adisetiawan, R., and Ahmadi Ahmadi. "CONTAGION EFFECT ANTAR NEGARA ASEAN-5." J-MAS (Jurnal Manajemen dan Sains) 3, no. 2 (October 17, 2018): 203. http://dx.doi.org/10.33087/jmas.v3i2.58.
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This study was conducted to determine whether there is a contagion effect on the stock exchanges among ASEAN-5 countries (Indonesia, Singapore, Malaysia, Thailand and Philippines) during 2001.1 - 2018.5 period using the monthly return data of the five ASEAN-5 stock exchanges. This study uses granger causality test to see the direction of mutual influence that indicates the existence of contagion effect. The results revealed that the Indonesian stock exchange has a mutually influential relationship with the Thai stock exchange.
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Sokhatska, Olena. "EXCHANGES AND WAR: HISTORICAL PARALLELS AND THE UKRAINIAN CASE." INNOVATIVE ECONOMY, no. 4 (December 2022): 5–12. http://dx.doi.org/10.37332/2309-1533.2022.4.1.
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Purpose. The aim of the article is to reveal the trends of the influence of the large-scale military invasion of Russia into Ukraine on the stock exchanges of the countries participating in the war, in particular, and the world stock markets in general, based on the analysis of the dynamics of stock exchange prices on securities rates. Methodology of research. The theoretical and methodological basis of the research is the position of modern economic theory, scientific works of scientists. In the research process, general scientific and special methods were used, in particular: dialectical, monographic and systemic analysis – to substantiate the essence of the stock market; analysis and synthesis – for studying the object and subject of research; comparative analysis – to compare economic indicators in time and space; graphic – for a visual display of the dynamics of exchange prices for securities rates; abstract and logical – during the formation of theoretical generalizations, assumptions, conclusions. Findings. Peculiarities of changes in exchange prices for securities rates during two centuries are considered. The trends of the influence of Russia's large-scale military invasion of Ukraine on the stock exchanges of the countries participating in the war in particular and the world stock markets in general have been revealed. The influence of past wars on the dynamics of changes in prices and exchange rates of stock exchange assets has been studied. The feature of digitalization of the world economy is emphasized, in particular, the importance of cryptocurrency exchanges on financial markets. Originality. The importance of cryptocurrency exchanges in the context of military operations is substantiated, in particular the activity of the Binance exchange in evading sanctions by the Russian military. Practical value. The main results of the conducted research will create favourable conditions for a better understanding of the role of cryptocurrency exchanges in the modern conditions of economic activity of business entities and countries. Key words: financial market, stock exchange, security, stock trading, cryptocurrency exchange, cryptocurrency market, Binance, military invasion.
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Ginevičius, Romualdas, and Manuela Tvaronavičiene. "STOCK EXCHANGES OF BALTIC COUNTRIES: DEVELOPMENT AND PROSPECTIVES." Journal of Business Economics and Management 4, no. 2 (June 30, 2003): 130–43. http://dx.doi.org/10.3846/16111699.2003.9636047.
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The paper deals with Stock Exchanges of Lithuania, Latvia and Estonia. Authors tackle issues related with differences and peculiarities, activity and prospects of development of the Stock Exchanges. The main emphasis has been put on looking for the best solutions for effective functioning of Lihuanian Stock Exchange. Various variants of privatization have been considered.
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Zuhro, Idah, and Della Andrieanny Putri. "Investors Reaction to Bad News of COVID 19 (Evidence for Food and Beverage stocks: Comparison between IDX and BIST)." Jurnal Ekonomi Pembangunan 19, no. 01 (July 19, 2021): 44–56. http://dx.doi.org/10.22219/jep.v19i01.16434.
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The study aims to examine the reaction of stock investors in the food and beverage sub-sector to the announcement of COVID-19 on the Indonesia Stock Exchange (IDX) and the Turkish Istanbul Exchange (BIST). The approach method is an Event Study by comparing the return and volume of trading activity before and after the announcement of COVID-19 on the Indonesian and Turkish Stock Exchanges. The research sample is 32 IDX stocks and 27 BIST stocks. Observation period 13 weeks before and after the announcement. The distribution of the data is the basis for the selection of hypothesis testing. The study results showed that IDX investors reacted positively to the announcement of the COVID-19 pandemic, where stock returns were higher than before. Likewise, VTA was higher after the information, although not significant. Meanwhile, on the Turkish Stock Exchange, investors' positive reactions were shown by stock returns and trading volume activity, which was significantly higher after the COVID-19 announcement than IDX, which tends to stagnate.
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Kilian, N. "ESG Metrics Disclosures for Index-Listed Companies in Paris, New York and Johannesburg." European Company Law 20, Issue 4 (August 1, 2023): 76–83. http://dx.doi.org/10.54648/eucl2023012.
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Against the background of Index listed companies, for example the Paris Stock Exchange (Euronext) CAC 40 ESG Index, New York (NY) Stock Exchange iShares Core MSCI World UCITS ETF Index and the Johannesburg Stock Exchange (JSE) Equity Fund or Index, this article will review similarities in ESG metrics disclosures relevant to each index and whether a stock exchange could rate an index for ESG compliance without making use of an external rating company, for example MSCI. This article also discusses the method used by MSCI to rate listed companies for ESG compliance and whether asset or fund managers could rate their investment portfolios independently from a stock exchange. In this regard, three asset managers – BNP Paribas, Blackrock and Old Mutual – are examined for similarities in their ESG rating processes. In addition, this article explains whether the above stock exchanges are using the same ESG metrics or not. Paris Stock Exchange, New York Stock Exchange, Johannesburg Stock Exchange, ESG, asset manager index, asset manager ESG compliance, ESG rating, United Nations Sustainable Stock Exchanges Initiative
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Polčák, Radim. "Stock Exchange Interconnections and Legal Issues in Data Exchange." Masaryk University Journal of Law and Technology 11, no. 2 (September 30, 2017): 351–62. http://dx.doi.org/10.5817/mujlt2017-2-7.
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If philosophical cybernetics was interested in stock exchanges, it would probably treat them as relatively simple information structures. From that perspective, stock exchanges can be viewed as places where data on supply and demand of various negotiable instruments are processed. Besides that, stock exchanges, as institutions, provide respective transactions with additional informational (organisational) value that mostly consist of trust regarding the traders, clearing etc.Consequently, a stock exchange interconnection can be seen as very natural process providing for bigger pool of useful data. One of key tasks in the establishment of exchange schemes is then not to hinder or diminish the added information value, i.e. to at least keep the existing level of trust. In that sense, one of the most important components of interconnection design is the legal compliance.In the comment, we will examine some of the most emerging legal issues in data sharing between stock exchanges that were subject to examination under recently concluded project ‘Creating a legal and regulatory framework for interconnections between stock exchanges: A comparative study of the UK and Taiwan’ funded by the British Academy (UK) and the Ministry of Science and Technology, Taiwan. We will particularly focus in this comment on compliance issues in cross-border transfers of personal data and newly emerging regulatory phenomenon of cybersecurity.
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Sharma, Dhanraj, Ruchita Verma, and Murad Al- Bukari. "Does Stock Market React to Terrorist Attack? An Evidence from 9/11 Attack Using Event Study." Studies in Economics and Business Relations 4, no. 1 (July 7, 2023): 45–56. http://dx.doi.org/10.48185/sebr.v4i1.778.
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The global economy and financial markets around the world are said to be adversely affected by the terrorist attack of 11 September 2001. The present study empirically evaluates the impacts of terrorist attacks on the top 20 stock market indices of the world. The Event study approach is used to conclude that there is a significant impact of the terrorist attack on stock indices of the selected countries, as the following stock market indices showed an adverse abnormal return on the day of the event namely, New York Stock Exchange, NASDAQ, Shenzhen Stock Exchange, National Stock Exchange of India, Frankfurt Stock Exchange, Bombay Stock Exchange, Euronext Paris Exchange, Johannesburg stock exchange and Euronext Brussels. While the rest of the selected stock markets showed a positive abnormal return on the event date. In the following days of the event, the Stock exchange in China showed a negative abnormal CAR for 80 days, while stock exchanges in India showed a negative abnormal CAR in the 20 days following the event. Most of the stock exchanges were not much affected by the event, even if there was an effect it didn’t last long, as the abnormal return was positive after a while.
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Patel, Divyang, and Nikita Kagalwala. "The Impact of Exchange Rate on Indian Stock Exchanges like BSE & NSE." International Journal of Scientific Research 2, no. 10 (June 1, 2012): 1–2. http://dx.doi.org/10.15373/22778179/oct2013/160.
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Fauzi, Ahmad, and Asri Sitompul. "The Impact of Internationalization of Sarbanes-Oxley Act to the U.S. Listed Indonesian Companies." Randwick International of Social Science Journal 1, no. 2 (August 1, 2020): 31–41. http://dx.doi.org/10.47175/rissj.v1i2.43.
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In every country the existence of capital markets is fundamental in the development of the economy. Capital market, in addition to its function as a means to gather and allocate the public funds. Numerous companies attempted to fix up in order to get into a stock market and do the Initial Public Offering (IPO). But it is not an easy job, various preparations should be carried out and of course it takes some time and effort and considerable cost. In addition to stock market laws, the market is also governed by various regulations issued by the market authorities and stock exchanges as the SRO. In the U.S., the authority is the SEC and in Indonesia the capital market authority is the OJK. Stock exchanges such as the NYSE in the U.S. and Indonesian Stock Exchange (BEI) in Indonesia also issued various rules regulate all companies listed the shares in the stock exchanges. Internationalization means to bring something local to the international level. The Sarbanes-Oxley Act is supposed to applicable only in the U.S, it is not applicable in Indonesia. But the law is brought from the U.S brought to Indonesia to be applied to Indonesian companies that have the stocks listed with the U.S stock market. The application of the Act brought some problems to Indonesian companies that have to comply with all requirements stipulated in the Act.
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Gnatchenko, Yevgeniia Yu, and Iurii O. Tararuiev. "Diagnosing the Competitiveness of Ukrainian Stock Exchanges." Business Inform 1, no. 540 (2023): 137–45. http://dx.doi.org/10.32983/2222-4459-2023-1-137-145.
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The article is concerned with the formulation of recommendations for the diagnostics of competitiveness of stock exchanges in Ukraine. The main stages of the study are described, the definitions and stages of economic diagnostics are given, and the features of the diagnostics of the competitiveness of economic entities are formulated. A brief characterization of three of the four existing capital market operators (stock exchanges) selected by the authors as objects of competitiveness diagnostics is presented. Based on a detailed analysis of the public reporting of stock exchanges, annual reports of securities issuers, audit reports, regulatory provisions governing exchange activities in Ukraine, and other open information, the article substantiates the choice of indicators of competitiveness of stock exchanges and provides the ratio for their determination. Indicators of competitiveness are determined for 2020–2021 (exclusion from the list of objects for diagnosing the competitiveness of the PFTS stock exchange is due precisely to the lack of relevant information for the implementation of the necessary calculations). In order to correctly determine the competitive status of capital market operators, the normalization of the values of the selected competitiveness indicators was carried out using their minimum and maximum values (which made it possible to abandon the formation of the object of comparison with the best hypothetical characteristics and allowed to use the maximum values of indicators of stock exchanges as guidelines for their competitiveness in the most important areas of activity). The integral indicator of the competitiveness of stock exchanges is proposed to be determined as a result of averaging the normalized values of the corresponding indicators. Based on the results of the carried out diagnostics of the competitive status of stock exchanges, general recommendations for improving their competitiveness are formulated, together with the promising directions for further research in this sphere.
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Jarungkitkul, Wanida, and Sorasart Sukcharoensin. "Benchmarking the competitiveness of the ASEAN 5 equity markets." Benchmarking: An International Journal 23, no. 5 (July 4, 2016): 1312–40. http://dx.doi.org/10.1108/bij-05-2014-0047.
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Purpose – The purpose of this paper is to study the competitiveness of the stock markets in ASEAN 5, which are the Stock Exchange of Thailand (SET), the Singapore Exchange (SGX), Bursa Malaysia (BM), the Indonesia Stock Exchange (IDX), and the Philippine Stock Exchange (PSE). Design/methodology/approach – This research applies Porter’s (1990) diamond model to analyze the competitiveness and the data were collected from World Economic Forum, International Institute for Management Development, the World Federation of Exchanges database, and DataStream. Findings – The results show that SGX is the most competitive exchange in ASEAN 5 region. It dominates other exchanges in every dimension. It gains its reputation for being the region’s most prominent exchange, followed by BM, SET, IDX, and the PSE, respectively. Practical implications – The results of this investigation provide rank for competitiveness of stock exchanges among ASEAN 5 and identify the way to improve its competitive position. Social implications – It is useful for public and private sectors involved in the development and policy making to promote funding and investment efficiency of the exchanges. It will be benefit to establish the well-planned development strategy and policy to build up the competitive advantage of the nations. Originality/value – Identifying and benchmarking the competitiveness of the stock markets in ASEAN economies. By using Diamond Model, the authors propose indicators to assess the competitiveness of the stock markets in ASEAN 5 countries. Assessing the competitiveness of the ASEAN stock markets in this paper will lead us to better understand about each country’s strengths and weaknesses and to promote a mutual collaboration among the region toward ASEAN Economic Community.
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Yudina, Svitlana, and Kostiantyn Hoholiuk. "WORLD STOCK MARKET: CURRENT STATE AND PROSPECTS OF DEVELOPMENT OF STOCK EXCHANGE." ECONOMIC BULLETIN OF THE DNIPROVSK STATE TECHNICAL UNIVERSITY, no. 2(5) (January 2, 2023): 60–66. http://dx.doi.org/10.31319/2709-2879.2022iss2(5).271092pp60-66.
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The stock exchange is the main element of the stock market, and it is also an indicator of the efficiency of capital movement and the rapid development of the economy. It is a virtual marketplace where buyers and sellers can trade existing securities. Stocks are also called stocks or equity, most companies have shares with a turnover of more than a billion dollars. Stock exchanges play a great role in the structure of the leading stock prices, exchange courses and indexes in the country's economy. The stock market acts as a powerful and effective platform for the realization of opportunities for the mobilization of financial resources and the birth of a number of new competitive investment instruments. The main role of the stock exchange is to serve the movement of money capital, which mediates the distribution and redistribution of national income both in the national economy as a whole and between social groups, sectors and spheres of the economy. А stock trading can be considered any market where bonds are bought and sold, the prices of which are determined by offer and purchase. The activity of the stock exchange largely determines the efficiency of the stock market and the degree of influence on economic processes in the country. It is the stock exchange that ensures the concentration of demand and supply of securities, their balance at the expense of stock exchange pricing, which truly reflects the level of efficiency of the functioning of equity capital. For each financial system, the determining factor is the degree of involvement of the banking sector and the stock market in the process of financing the investment activity of enterprises. The development of the stock market increases the degree of participation of companies in the process of raising additional funds for their investment programs by placing their securities on the market, and a developed stock market also plays a key role in financing the economy compared to the banking sector. Therefore, the purpose of this article is to evaluate the process of globalization of the stock market in the world environment and analyze current state. Indicators of the stock market in the world were also considered and the main conditions of restraint to the prospects of its effective functioning were highlighted. The state and development prospects of well-known stock exchanges and further possible directions for improvement of the world stock market are analyzed.
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Mzevinar Nozadze, Mzevinar Nozadze, and Giorgi Turmanidze Giorgi Turmanidze. "Globalization of Stock Markets and The Factors Affecting It." Economics 105, no. 11-12 (January 25, 2024): 76–84. http://dx.doi.org/10.36962/ecs105/11-12/2023-76.
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Stock exchanges occupy a special place among the links of the financial and credit system. Mobilization of temporarily free cash and its effective distribution is carried out on the stock exchange. The financial market is an extremely complex and multifaceted structure, where the following participate: 1. Market infrastructure institutions; 2. Financial intermediaries; 3. Consumers of financial services. It is important to note that trading on modern stock exchanges is mainly carried out through electronic trading terminals. However, in the world stock markets today, all the conditions exist for stock trading and stock exchange settlement to be affected by blockchain technology, and even more so than traditional currency markets. One of the important benchmarks for investors and speculators in organized stock markets to make transactions is the stock market index. Stock market indices are directly related to share prices and are calculated based on the value of shares (in appropriate proportions) included in the base for calculating the index. Thus, the participants of the financial market and the instruments circulating in the market, which serve its various types of operations and segments, are characterized by great diversity at the modern stage. Therefore, it is necessary to go through the listing procedures on the stock exchanges and trade in the securities of only those issuers that meet the established requirements, which include financial indicators of the issuer, level of liquidity and degree of risk. Keywords: stock markets; globalization of exchanges; Factors affecting
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Francisco, Michael. "Regional stock exchanges trade biotechnology stock options." Nature Biotechnology 16, no. 2 (February 1998): 133. http://dx.doi.org/10.1038/nbt0298-133.
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Srivastava, Aman. "Volatility of Indian Stock Market: An Emperical Evidence." Asia Pacific Business Review 4, no. 4 (October 2008): 53–61. http://dx.doi.org/10.1177/097324700800400405.
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The purpose of this paper is to apply the GARCH-class models to two major stock exchanges of Indian stock markets. The study includes main indices of Bombay Stock Exchange (SENSEX) and that of National stock exchange (NIFTY). GARCH-class models have been applied to analyze the characteristics of the volatility of Indian stock market. The findings suggest that both the Indian stock exchanges have significant ARCH effects and it is appropriate to use ARCH/GARCH models to estimate the process and also demonstrated that there are leverage effects in the markets. That means the investors in those markets are not grown well and they will be heavily influenced by information (good or bad) very easily.
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Czupryn, Rafał. "Operations of Deutsche Börse and the role of the German stock exchange in relation to several European stock exchanges." Central European Review of Economics & Finance 34, no. 3 (December 31, 2021): 13–32. http://dx.doi.org/10.24136/ceref.2021.010.
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This article analyzes the operation of the German stock exchange on the basis of applicable national regulations, directives of the European Parliament and the adopted manner of operation of the entity in accordance with the information contained on the official website of the stock exchange. The following part of the article presents a comparative analysis of fifteen European stock exchanges. The comparative criterion was the achieved results concerning the offered financial instruments. The study was conducted on the basis of data from the Federation of European Stock Exchanges covering the state at the end of January 2021.
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Đaković, Miloš, Milica Inđić, and Danica Cicmil. "Financial analysis of the business of the Belgrade Stock Exchange." Trendovi u poslovanju 10, no. 1 (2022): 50–58. http://dx.doi.org/10.5937/trendpos2201050d.
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Financial exchanges are the basic form of a country's financial market. The subject of this research is the Belgrade Stock Exchange, while the aim of the paper is to analyze the main indicators of the business of the stock exchange as a single company. The analysis covers the period from 2017 to 2020, where in addition to observing the basic items of assets, liabilities, income and expenses of the stock exchange, we also deal with the ratio analysis of liquidity, indebtedness, coverage, activities and profitability of the stock exchange. The results indicate a pronounced liquidity of the market and debt control, but very low profitability of the company itself. Financial analysis also provides additional more precise insight into the business of the stock exchange as a single company. The paper also provides a basis for further research in terms of comparative analysis with other developed stock exchanges in the world.
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Khan, Salleh Nawaz, and Mohamad Saad Aslam. "Co-integration of Karachi Stock Exchange with major South Asian Stock Exchanges." International Journal of Accounting and Financial Reporting 4, no. 1 (March 31, 2014): 106. http://dx.doi.org/10.5296/ijafr.v4i1.5454.
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International cross listing have amplified the interest of academics and investors to the subject of co movement among the stock markets of the world . This study investigates the co integration of Pakistan stock exchange (KSE 100 index) with major stock exchanges of south Asia . The results reveals that there is no co integration of Pakistan’s stock market (KSE100 index) with china and Japan stock markets. However there is co integration of Pakistan’s stock market (KSE 100 index) with the stock market of India, Indonesia, Malaysia and Singapore.
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Brockman, Paul, Dennis Y. Chung, and Christophe Pérignon. "Commonality in Liquidity: A Global Perspective." Journal of Financial and Quantitative Analysis 44, no. 4 (August 2009): 851–82. http://dx.doi.org/10.1017/s0022109009990123.
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AbstractWe conduct a comprehensive study of commonality in liquidity using intraday spread and depth data from 47 stock exchanges. We find that firm-level changes in liquidity are significantly influenced by exchange-level changes across most of the world’s stock exchanges. Emerging Asian exchanges have exceptionally strong commonality, while those of Latin America exhibit little if any commonality. After documenting the pervasive role of commonality within individual exchanges, we examine commonality across exchanges. We find evidence of a distinct, global component in bid-ask spreads and depths. Local (exchange-level) sources of commonality represent roughly 39% of the firm’s total commonality in liquidity, while global sources contribute an additional 19%. We also investigate potential sources of exchange-level and global commonality. We show that commonality is driven by both domestic and U.S. macroeconomic announcements.
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Musikhina, Ekaterina. "Initial Public Off erings’ Process at the World's Largest Stock Exchanges in 2001–2012." Moscow University Economics Bulletin 2015, no. 5 (October 30, 2015): 104–28. http://dx.doi.org/10.38050/01300105201556.
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This article is investigating the initial public offerings (IPO) activity at world’s largest stock exchanges in 2001–2012. The main goal of the article is to determine the main trends of the IPO process at the world largest Stock Exchanges in 2001—2012. To achieve this goal the the author examines world and regional exchange centers of IPO-activity concentration and dentifies the factors determining the leading position of particular stock exchanges in various countries and regions in different periods of time. The autor coliects and analyses data from annual «IPO Watch Europe» reports provided by PwC Company in 2001—2012. The obtained time-series gives the opportunity to examine the variations of IPO-activity at different world Stock Exchanges along two dimensions: the overall volume and value of IPO deals at various Stock Exchanges. The analysis proves that the IPO-activity was mostly concentrated at European, US and the Greater China stock exchanges during the period under con sideration. The study reveals the shift of the world IPO-activity to Asian equity markets, with high IPO-activity indicators reported in emerging market econo mies. Brazilian, Saudi Arabian, Polish stock exchanges demonstrate the highest offerings indicators in this group. Thus, they are expected to become the new re gional centers of IPO-activity in future. In order to maintain or increase the current IPO-activity indicators ex-leaders had to resort to the consolidation of existing facilities throng M&A processes.
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Majumder, Amit. "Thy Governance Matters: A Study on Governance Practices of Stock Exchanges in India." International Journal of Management, Entrepreneurship, Social Science and Humanities 4, no. 1 (June 30, 2021): 41–54. http://dx.doi.org/10.31098/ijmesh.v4i1.525.
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Historically the responsibility of ushering the practices of good governance, transparent management and effective control process for the corporate houses rests under the jurisdiction of those stock exchanges where the shares of the companies are listed. However, the very question of the management and governance of these stock exchange houses are always under the scanner across the globe in view of the limitations of their historic pattern of member-owned ‘non-profit’ kind of mutual organizational structure. The lacunae of that typical organizational structure was that their activities are primarily targeted towards members interests as well as that set up was not immune fully from the malice like insider trading and conflict of interest for office bearers and traders. In view of this following the global pattern the Union Government of India had decided for corporatization of stock exchanges thereby creating a separation of ownership, management and trading membership of stock exchanges which is formally known as demutualization and corporatization of stock exchanges. A committee was set up by the SEBI under the chairmanship of Justice M.H. Kania which had submitted the report in 2002 recommending corporatizations and demutualization of stock exchanges which become mandatory for every stock exchange in India to implement within a stipulated period of time. Against this backdrop the present study is conducted to make an overview of the present state of governance affairs of major stock exchanges in India. It has been observed that the corporatization and governance practices of the major bourses in India had followed governance practices like separation of the post of chairman and CEO, inclusion of public interest directors as outside directors in the board, adherence to code of conducts for directors, organizing frequent meetings of directors etc.
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Vartanian, Pedro Raffy, and Roberto Simioni Neto. "The VIX Index and the Volatility of the Latin American and G7 Stock Exchanges before and during the COVID-19 Pandemic." International Journal of Economics and Finance 15, no. 12 (November 5, 2023): 25. http://dx.doi.org/10.5539/ijef.v15n12p25.
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This study analyzes and compares the influence of the VIX index, known as the “fear index,” on the volatility of the stock exchanges of the main Latin American countries (Brazil, Chile, and Mexico) and on some of the main international exchanges of the member countries of the G7 (the United States, Germany, France, and the United Kingdom) from January 2017 to December 2021. Through the application of the univariate and multivariate econometric GARCH models of volatility, the research hypothesizes the existence of a negative conditional correlation between the VIX index and the other stock exchange indices, with emphasis on the Brazilian stock exchange. However, except for the pandemic period, it is not possible to identify the presence of a negative conditional correlation between the VIX and the stock exchange indices selected throughout the analyzed period, contrary to expectations, highlighting the need to advance investigations with studies that analyze the VIX index with the respective effects on the stock market as well as investor behavior and the macroeconomic and particular influences of the country of each of the stock exchanges considered.
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Anto, Randi, and Irene Rini Demi Pangestuti. "Transmission of Information of the Indonesian Dual Listed Shares." International Journal of Financial Research 11, no. 2 (March 16, 2020): 255. http://dx.doi.org/10.5430/ijfr.v11n2p255.
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Various studies have been carried out in relation to the behavior of dual listing stock prices, unfortunately, study on the effects of changes in dual listing stock prices on the Indonesia Stock Exchange (IDX) is still limited. Differences in trading time and stock exchange class between one stock exchange with another in different countries raise an opportunity for the accumulation of information when one of the exchanges is experiencing a closing trading period. Indonesian companies such as PT. Telekomunikasi Indonesia (Persero) Tbk. (TLKM) whose shares are listed on the New York Stock Exchange (NYSE) and IDX experience the difference in time of their transaction which can affect the shares on the NYSE and on the IDX. This study conducted by using daily data from January 2018 to December 2018. This study found that there is a significant effect of changes in TLKM stock prices on the NYSE in (t-1) period to changes in TLKM stock prices on IDX in t-period. This finding proves that there was the existence of transmission of information between the stock exchanges utilized by investors.
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Jiang, Jing. "Cross-sectional variation of market efficiency." Review of Accounting and Finance 16, no. 1 (February 13, 2017): 67–85. http://dx.doi.org/10.1108/raf-02-2016-0018.
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Purpose This paper aims to provide evidence that market efficiency varies greatly across individual stock, and across market exchanges. Design/methodology/approach Three approaches, partial adjustment model, Dimson beta model and variance ratio test, are used on a large sample of US stocks. Findings This paper finds prices are closer to random walk benchmarks (i.e. more efficient) for stocks with better liquidity provision, frequent trading, greater return volatility, higher prices, larger market capitalizations and smaller trade sizes. These findings suggest that liquidity stimulates arbitrage activity, which, in turn, enhances market efficiency. Market efficiency also varies with information environment. The results show that stocks with greater information-based trading exhibit higher level of efficiency. Finally, market structure influences market efficiency. New York Stock Exchange stocks achieve higher level of efficiency than NASDAQ stocks do. The empirical results are robust and not driven by differences in stock attributes between the two markets. Research limitations/implications Overall, these results indicate that liquidity provision, stock attributes and market structure exert a significant impact on the realization of market efficiency. Practical implications In addition, this paper is also relevant to both stock exchanges facing increased competition and to market regulators. Originality/value Prior studies offer little evidence on the speed at which new information is impounded into the price. There is also limited evidence regarding how liquidity provision and market structure affect market efficiency. Using a transformation of the speed of price adjustment and other measurements as proxies for individual stock efficiency, this study may shed further lights on our understanding of market efficiency.
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Azizan, Noor Azlinna, and Sazali Zainal Abidin. "Behavior Among Stock Price, Financial Performance, and Financial Distress Evidence from the Australian and New Zealand Stock Exchanges." Revista de Gestão Social e Ambiental 18, no. 6 (April 2, 2024): e05549. http://dx.doi.org/10.24857/rgsa.v18n6-077.
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Objective: The main objective of this study is to investigate the behavior among stock price, financial performance, and financial distress in Australian and New Zealand Stock Exchanges. Similar studies have been done on United States and European markets, but none on Australian and New Zealand Stock Exchanges. Our finding suggested that PE Ratio is not a reliable measure of financial performance in Australian and New Zealand Stock Exchanges. Method: Altman’s Z-score is applied to reflect the financial distress of the large listed firms in Australian Stock Exchange and New Zealand Stock Exchange while expected return on total investment minus the market premium, which is associated with the overall risk of a firm, is used as a proxy to stock price performance. In addition, this study also investigates the various effects on profitability, financial leverage, liquidity, growth, and size factors on stock performance. Results: Regression models are applied to investigate the stock performance upon independent variables’ effects. Results of the study show that all selected variables are reliable to use to measure performance, except P/E ratio. Moreover, Z-score, current ratio, P/E ratio, and ROE generally have significant positive relationship with stock price performance, while total assets, in general, have significant negative relationship with stock price performance. Conclusion: This paper has a potential to contribute in knowledge of stock price and financial performance. It also examines financial distress of the market. The objective of the study is to examine the dynamics of stock prices using market value ratios and financial performance using financial ratios under financial distress of selective countries particularly. Using the empirical data from listed companies from the stock exchanges, this study determines the stock performance in a unique way with the combination of market value ratios and financial ratios.
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El Abiad, Zouhour, Mariam Al Malak, and Azzam Rifi. "The effect of COVID-19 on Qatar and Italy stock exchanges." Journal of Contemporary Research in Business Administration and Economic Sciences 1, no. 2 (September 18, 2021): 1–12. http://dx.doi.org/10.52856/jcr311280124.
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The aim of this research is to study the effect of Covid-19 on both Qatar and Italy stock exchanges between 2018 and 2020. Based on a sample derived from five different indexes from Qatar and Italy stock exchange (Banking index, Industrial index, Insurance index, Goods and Services index, Telecommunication index), the results reveal that Covid-19 has a negative effect on both stock exchange indexes. It is also revealed that Italy stock exchange was more volatile to changes caused by Covid-19 than Qatar stock exchange.
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Kowalski, Wojciech Szymon. "Economic Policy Towards Domestic Stock Exchanges." Studia Historiae Oeconomicae 35, no. 1 (December 20, 2017): 143–61. http://dx.doi.org/10.1515/sho-2017-0010.
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Abstract Over the past forty years, stock exchanges have undergone a number of transformations (legal, organizational and technological). They resulted both from general external conditions (including technological progress) as well as were the expression of various economic (structural) policies. Two of which seem to be basic. The first implemented in France, based on optimal centralization of stock exchange trading. The second one, implemented in Germany and Spain, expressing the concept of a complementary and effective combination of the potentials of the main trading floor and regional exchanges. Promisingly, especially in this latter dimension of experience together with the Edinburgh ‘stock market experiment’ that has just begun, they may reveal yet another not yet fully recognized characteristics of the stock market - the institutional exemplification of the market economy.