Journal articles on the topic 'Stock market speculation'
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Chang, Ruiqian. "Financial Technology: China’s Stock Markets vs U.S. Stock Markets." E3S Web of Conferences 275 (2021): 01006. http://dx.doi.org/10.1051/e3sconf/202127501006.
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This paper provides a detailed analysis of the difference between the Chinese stock market and the U.S. stock market under the development of financial technology. In conclusion, we find that the Chinese stock market is more dominated by retail investors, but the United States owns more stocks, mostly held by institutional investors, and has a better financial mindset. The behavior of investors in the Chinese stock market is mainly the excessive speculation of investors in the Chinese market. This is one of the reasons for the many fluctuations in the Chinese stock market. Due to the speculative nature of China’s stock market, the floating ratio reflects the management mechanism of China’s stock market and helps to observe the correlation with the U.S. stock market. And technology and digitalization affect the trading of the stock market. This research is correlational, and there is no causality implied.
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Ahmed, Ehsan, J. Barkley Rosser Jr., and Jamshed Y. Uppal. "Emerging Markets and Stock Market Bubbles: Nonlinear Speculation?" Emerging Markets Finance and Trade 46, no. 4 (January 2010): 23–40. http://dx.doi.org/10.2753/ree1540-496x460402.
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Nyman, Ingmar. "Stock market speculation and managerial myopia." Review of Financial Economics 14, no. 1 (January 2005): 61–79. http://dx.doi.org/10.1016/j.rfe.2004.06.002.
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Freed-Thall, Hannah. "Speculative Modernism: Proust and the Stock Market." Modernist Cultures 12, no. 2 (July 2017): 153–72. http://dx.doi.org/10.3366/mod.2017.0166.
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This article argues that practices of gambling and stock-market speculation shaped Marcel Proust's aesthetic imagination. What drew Proust to speculation was not only the thrill of sudden losses or gains, but the experience of mediated connectivity itself. Proust loved the anticipation, gossip, and queer sociability that speculation afforded him, and he mobilized a strategy of wild expenditure calculated to draw others close. Attending to the effects of speculation brings out a new side of In Search of Lost Time, revealing a narrative that foregrounds the pleasures of intimacy at a distance, and stages scene after scene of erotic, aesthetic, and epistemological mis-estimation and surprise.
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Slobodianyk, Anna, and George Abuselidze. "Influence of speculative operations on the investment capital: Anempirical analysis of capital markets." E3S Web of Conferences 234 (2021): 00084. http://dx.doi.org/10.1051/e3sconf/202123400084.
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The article is devoted to substantiation of significance of speculative operations and follows the goal to study their condition and development. The purpose of this article is to reveal the essence of the speculative component of the movement of investment capital in stock exchange. It is substantiated that existence and stability of the securities market plays a significant role in development of financial market, which in turn becomes a key element in the mechanism of economy. The authors emphasize that the liquid market continues to function even with a large number of economic agents while price fluctuation of securities have a little change. It has been established that speculation can be carried out on the stock exchange both using cash and in futures transactions. However, operating with cash transactions has fewer combinations and in general less profitable, thus the main arena of speculators becomes the market of future transactions. It has been proven that speculative profits are possible during both “bullish games” and in shorting’s, thus becoming an important tool for additional attraction of investments. Consequently, speculations have a crucial role in achieving a balance between capital market participants.
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Crawford, Daniel L. "Stock Market Investing — Gambling or Intelligent Speculation." Journal of Investing 3, no. 2 (May 31, 1994): 52–53. http://dx.doi.org/10.3905/joi.3.2.52.
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Wagner, Tamara S. "SPECULATORS AT HOME IN THE VICTORIAN NOVEL: MAKING STOCK-MARKET VILLAINS AND NEW PAPER FICTIONS." Victorian Literature and Culture 36, no. 1 (March 2008): 21–40. http://dx.doi.org/10.1017/s1060150308080029.
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In THE WAY WE LIVE NOW (1875), the Melmottes’ origins remain a mystery that becomes increasingly irrelevant. Few of Augustus Melmotte's business partners venture to inquire too closely into the specious public faith in his financial integrity even as they prepare to extract the promising output of his highly speculative enterprises. On the contrary, a suspicion that their seemingly stable investments are as unsafe as they are spurious, that they bear the marks of risky speculation, accompanies the rise of the commercial Melmotte Empire from its beginnings. Close inquiry is not so much guarded against as shirked by those who wish to believe in it. When aristocratic would-be investors scramble for a seat on the boards of this “New Man,” they are therefore guilty not simply of nourishing a fraudulent financier whose history as a swindler they are well aware of, for Melmotte's connections to continental scams are notorious. Rather, they are building on ambivalent attitudes to the seemingly successful speculator. Just as the instability associated with speculation is conveniently embodied by an international man of mystery in the worst sense, it can also be exorcised just as easily by his self-destruction.
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HASAN, MOHAMMAD S. "ON THE VALIDITY OF THE RANDOM WALK HYPOTHESIS APPLIED TO THE DHAKA STOCK EXCHANGE." International Journal of Theoretical and Applied Finance 07, no. 08 (December 2004): 1069–85. http://dx.doi.org/10.1142/s0219024904002797.
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This paper employs a battery of statistical tests to examine the random walk variant of the weak-form efficient market hypothesis (EMH) using the daily data of the Dhaka Stock Exchange, the major equity market of Bangladesh, over a period of January 1990 to December 2000. The test results, however, are at variance across testing procedures and sub-periods. Results based on the random walk model and unit root tests show that the null hypothesis of randomness cannot be rejected and stock prices have a significant random walk or permanent component. Our analysis of autocorrelation functions indicates mean-reversion behavior of stock returns in most cases albeit with stock returns exhibiting some memory and predictable components during the bubble and post-speculation periods. The evaluation of the EGARCH-M model suggests significant asymmetric and leverage effects during the sub-period of speculative bubbles of 1996–1997. The BDS test indicates evidence of nonlinear long-term dependence during the pre-speculation period, while during the speculation and post-speculation periods the null hypothesis of nonlinear independence was not rejected. Overall, based on this evidence we do not categorically claim that the Dhaka Stock Exchange is weak-form efficient. However, these findings underscore the predictive significance and relevance of the random walk hypothesis as a generalized theory in explaining movements of share prices.
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Wonham, Henry B. "Realism and the Stock Market." Nineteenth-Century Literature 70, no. 4 (March 1, 2016): 473–95. http://dx.doi.org/10.1525/ncl.2016.70.4.473.
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Henry B. Wonham, “Realism and the Stock Market: The Rise of Silas Lapham” (pp. 473–495) William Dean Howells’s The Rise of Silas Lapham (1885) is usually approached as a representative text in the American realist mode and an unambiguous expression of Howells’s disdain for—in Walter Benn Michaels’s words—“the excesses of capitalism,” especially as embodied in the novel’s rendering of “the greedy and heartless stock market.” Like many commentators of the period, Howells promoted a traditional view of honest industry against the emerging phenomenon of speculative finance, and yet to read the novel as an allegory of opposition to Wall Street speculation is to oversimplify Howells’s complicated attitudes toward high finance and to make a caricature out of the novel’s treatment of complex economic developments. In this essay, I reassess Silas’s investment career and the novel’s surprisingly dense engagement with the dynamics of securities trading as a form of commerce. Critics such as Michaels and Neil Browne have contended that through Silas’s failed investment career, Howells “attempts to disarticulate…an emergent market ethos,” but as I read the novel this same “market ethos” is inseparable from Howells’s conception of realism and of the vocation of the literary realist.
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R., RenuIsidore. "TEST OF SPECULATION IN THE INDIAN STOCK MARKET." International Journal of Advanced Research 5, no. 10 (October 31, 2017): 581–97. http://dx.doi.org/10.21474/ijar01/5564.
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Haque, Md Asif Ul, Satyam Asthana, Mohit Kumar Jha, Darshan Deshmukh, and Prof Sandhya Gundre. "Stock Market Prediction Algorithm." International Journal for Research in Applied Science and Engineering Technology 10, no. 5 (May 31, 2022): 4633–36. http://dx.doi.org/10.22214/ijraset.2022.43344.
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Abstract: Lately, numerous institutional financial backers utilize algorithmic exchanging to finish their speculation choices. This technique decreases the exchange costs, and further develops the venture return. Algorithmic exchanging is another exchange mode. This paper presents the algorithmic exchanging and the improvement cycle, presents the advancement interaction of exchanges costs, audits the most recent exploration literary works of algorithmic exchanging technique, and presents the writings of venture portfolio choice. In light of the current exploration and the ongoing circumstance of algorithmic exchanging our country, this paper fosters the application and idea for algorithmic exchanging Keywords: Neuron-Fuzzy systems, LSTM, Artificial neural network, Hidden Markov model, Data mining, Stock market prediction, TSLM and RNN.
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Apraj, Saurabh D. "A Review on Artificial Intelligence in Stock Market." International Journal for Research in Applied Science and Engineering Technology 10, no. 6 (June 30, 2022): 4358–60. http://dx.doi.org/10.22214/ijraset.2022.44946.
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Abstract: This paper essentially concentrates on the utilization of man-made consciousness and AI in the field of corporate share. The standards and qualities of KNN, k-Means, bisecting k-Means, and ANN algorithm are contemplated to analyse the impacts, similitudes and contrasts of various calculations. The calculations are carried out through Python programs for stock examination. As per the P/E proportion, profit rate, fixed resource turnover rate, net revenue and different marks of each stock, the stocks are characterized and grouped to anticipate the stock improvement prospects and give reference to choosing fitting speculation systems.
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Esterhammer, Angela. "Speculation in the Late-Romantic Literary Marketplace." Victoriographies 7, no. 1 (March 2017): 7–24. http://dx.doi.org/10.3366/vic.2017.0255.
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Late-Romantic writers were explicitly engaged with the marketplace, and this involvement shows itself in the themes and genres of their work. Literature of the 1820s, in particular, responds to the distressing economic events of that decade, which experienced a cycle of rampant speculation followed by a stock-market crash in 1825–6. This article examines allegories and analyses of speculation in texts by Byron, John Galt, Walter Scott, and Willibald Alexis, together with the Poyais scandal, a notorious example of real-world financial speculation. Combining fact and fiction, these rapidly written texts are early examples of ‘speculative fiction’ that illustrate the dynamics of speculation as a self-perpetuating performance that is sustained by belief and vulnerable to contingency.
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Khan, Safi Ullah, and Syed Tahir Hijzi. "Single Stock Futures Trading and Stock Price Volatility: Empirical Analysis." Pakistan Development Review 48, no. 4II (December 1, 2009): 553–63. http://dx.doi.org/10.30541/v48i4iipp.553-563.
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This study examines impact of the introduction of single stock futures contracts on the return volatility of the SSFs-listed underlying stocks. The study documents a significant decrease in return volatility for the SSFs-underlying stocks following the introduction of single stock futures contracts on the Karachi Stock Exchange. The multivariate analysis in which the spot trading volume, the futures trading volume and open interest were partitioned into news and informationless components, the estimated coefficient of expected futures volume component is statistically significant and negatively related to volatility, suggesting that equity volatility is mitigated when the expected level of futures activity is high. The findings of the decreased spot price volatility of the SSFs-underlying stocks associated with large expected futures activity is important to the debate of regarding the role of equity derivatives trading in stock market volatility. These empirical results for the Pakistan’s equity market support theories implying that equity derivates trading improves liquidity provision and depth in the equity markets, and appear to be in contrast to the theories implying that equity derivates markets provide a medium for destabilising speculation. Finally, the SSFs-listed stocks were grouped with a sample of non-SSFs stocks to examine cross-sectional data for comparing changes in return volatility. After controlling for the effects of a number of determinants of volatility, sufficient evidence is found to support that, this multivariate test, like the previous analysis, provides no evidence that the volatility of the SSFsunderlying stocks is positively related to the introduction of the single stock futures trading in the Pakistan’s stock market.
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Sornette, Didier. "Stock market speculation: Spontaneous symmetry breaking of economic valuation." Physica A: Statistical Mechanics and its Applications 284, no. 1-4 (September 2000): 355–75. http://dx.doi.org/10.1016/s0378-4371(00)00261-2.
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Liu, Xiaochang. "An Empirical Research on the Impact of Dividend Policy Disclosure on Company Stock Price." BCP Business & Management 30 (October 24, 2022): 397–406. http://dx.doi.org/10.54691/bcpbm.v30i.2457.
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This thesis uses the event study method and takes the A and B shares of the manufacturing industry in Shanghai and Shenzhen stock markets in 2019 as the research samples, and uses the market model to study the impact of the disclosure of cash dividend, mixed dividend and non-dividend policy on the stock price of the company. Study found that the announcement of the cash dividend policy did not cause the significant increase or decrease of stock prices. China's unique "semi-mandatory dividend policy" makes information conveyed by the disclosure of domestic cash dividend policy is different from the western scholars research and have it’s own new connotation. The "semi-mandatory dividend policy" makes it more difficult for investors to interpret the message of dividend policy and make rational decisions. At the same time，it also makes the market reaction of dividend policy more complicated in the further study. The announcement of mixed dividend policy and non-dividend policy caused a significant rise in stock prices. The CAR (-2, 2) of the companies’ stock with non-dividend policy have the highest average. The results show that China's capital market is more keen on stock speculation. The "speculation" and "arbitrage" behavior of institutional or individual investors on stocks will have a certain impact on the stock price after the announcement of dividend policy. Based on the relevant conclusions of the empirical study and combined with China's relevant policies, his thesis makes an in-depth analysis of the reasons why the disclosure of cash dividend, mixed dividend and non-dividend policy affects the stock price.
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Wang, Qian, Yu Wei, Yao Wang, and Yuntong Liu. "On the Safe-Haven Ability of Bitcoin, Gold, and Commodities for International Stock Markets: Evidence from Spillover Index Analysis." Discrete Dynamics in Nature and Society 2022 (January 4, 2022): 1–16. http://dx.doi.org/10.1155/2022/9520486.
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Stock market is susceptible to various external shocks for its tight dependence on economic fundamentals, financial speculation, and fragile emotions in massive traders, making it a very risky market for investors. In this paper, we aim to identify whether commonly recognized safe-haven assets, that is, bitcoin, gold, and commodities, can provide investors with effective hedging utility in international stock markets, especially during periods of extreme market turbulence. By using the spillover index method based on the TVP-VAR model, we find that firstly, bitcoin, gold, and commodities can only offer weak hedging effects on stock markets. Furthermore, their abilities to act as a safe haven are ranked as: commodities > gold > bitcoin. Secondly, in general, we have observed the increasing hedging ability of these safe-haven assets in times of extreme market turmoil. Thirdly, among international stock and safe-haven asset markets, the world and the developed stock markets act as the net spillover transmitters, while bitcoin, gold, and commodities are the net recipients. Lastly, the total spillover effects are time-varying and increase significantly after the outbreak of extreme events.
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Khan, Muhammad Akram. "Commodity Exchange and Stock Exchange in Islamic Economy." American Journal of Islam and Society 5, no. 1 (September 1, 1988): 91–114. http://dx.doi.org/10.35632/ajis.v5i1.2882.
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IntroductionThe main objective of this paper is to review contemporary practicesin commodity, currency and corporate stock trading in the light of Islamiceconomic framework and to suggest bare outlines of the Islamic alternativesin these areas. Trade in commodities, currencies and stocks involves forwardand htures contracts. Arbitrage, hedging and speculation are also essentialelements of these markets. We shall try to examine these practices to determinetheir compatibility with the Islamic law. We shall also try to find out theexact point where they deviate from the Islamic framework and suggest somemechanism to perform the same economic function in the Islamic economy.Our main conclusions are summarized below:First, by and large the trade in spot and forward markets iscovered by the Islamic law.Second, futures trading is alien to the Islamic law as it involvestrading without actual transfer of the commodity or stock to thebuyer which is explicitly prohibited by the Prophet (SAAS).Third, speculation by itself is not unlawful in Islam but theIslamic economic framework does not allow professional speculatorsto thrive.Fourth, the Islamic condition of transfer of the commoditystock to the buyer is a mechanism to boost the real sector.Fifth, stability in the foreign exchange market can be achievedby cooperation of the international community. It would necessitateabolition of al riba and scrapping of trade restrictions over bordersbesides accepting money as a medium of exchange only, ratherthan a commodity.Sixth, to discourage negative effects of speculation, informationregarding commodities and corporations needs to be widely andfreely disseminated. No amount of restrictive regulations can ...
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Lowenstein, Louis, Walter Werner, and Steven T. Smith. "Is Speculation "The Essential Native Genius of the Stock Market"?" Columbia Law Review 92, no. 1 (January 1992): 232. http://dx.doi.org/10.2307/1123029.
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Abdul-Rahim, Ruzita, Airil Khalid, Zulkefly Abdul Karim, and Mamunur Rashid. "Exploring the Driving Forces of Stock-Cryptocurrency Comovements during COVID-19 Pandemic: An Analysis Using Wavelet Coherence and Seemingly Unrelated Regression." Mathematics 10, no. 12 (June 17, 2022): 2116. http://dx.doi.org/10.3390/math10122116.
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This paper estimates the comovement between two leading cryptocurrencies and the G7 stock markets. It then attempts to explain the comovement with the rational investment theory by examining whether it is driven by market uncertainty measures, public attention to COVID-19, and the government’s containment and health responses to COVID-19. Wavelet Coherence heatmaps show that the stock-cryptocurrency comovements increase significantly and positively during the pandemic, indicating that cryptocurrencies lose their safe haven properties against stocks during the heightened market uncertainties. Over the longer investment horizons, Bitcoin reemerges as a safe haven or strong hedger while Ethereum’s properties weaken. Seemingly Unrelated Regression results reveal that the stock-cryptocurrency comovements are rationally explained by market uncertainties, government responses to COVID-19, and market fundamentals. However, the comovements are also driven by the fear of COVID-19 to a certain extent. Our findings offer valuable insights for investors considering cryptocurrencies to rebalance their equity portfolios during market distress. For policymakers, the Economic Policy Uncertainty (EPU) results suggest that government policies and regulatory frameworks can be used to regulate speculation and investment activities in the cryptocurrency market.
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Balcılar, Mehmet, Rıza Demirer, and Talat Ulussever. "Does speculation in the oil market drive investor herding in emerging stock markets?" Energy Economics 65 (June 2017): 50–63. http://dx.doi.org/10.1016/j.eneco.2017.04.031.
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Gao, Yang, and Bianxia Sun. "Impacts of Introducing Index Futures on Stock Market Volatilities: New Evidences from China." Review of Pacific Basin Financial Markets and Policies 21, no. 04 (December 2018): 1850024. http://dx.doi.org/10.1142/s0219091518500248.
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In April 2015, two index futures, IH and IC, respectively underlying big blue chip and small-medium stock indexes, were launched in China. However, because of a market crash, they came under strict control four months later. Using a panel-data evaluation approach, this paper examines how the introduction of IH and IC affect the volatility of their corresponding stocks. Results show that IH significantly reduces spot volatility before (after) a crash, but its function is significantly weakened during a crash. IC always fails to stabilize the spot market and even largely magnifies volatility during (after) a crash. Such different intervention effects on the two spot markets result mainly from the different levels of speculation on them.
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BAMA, Pourakin Djarius Dieudonné. "Portfolio Management on an Emerging Market: Dynamic Strategy or Passive Strategy?" Business and Management Studies 6, no. 2 (June 28, 2020): 15. http://dx.doi.org/10.11114/bms.v6i2.4916.
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At first glance, the portfolio management strategy seems like a resolved question, but practitioners continue to perform poorly on the stock markets. This paper highlights the portfolio management in the specific case of the West African regional stock exchange, regarding two management strategies. These are dynamic strategy and passive strategy. Within this framework, we will compare an investor who is constantly betting on price fluctuations with another who is betting on dividends. Its originality lies in the approach that is used. Through a simulation methodology based on real market data, the main results indicate that an emerging market is a savings market more than it is a speculation market. Besides, other results indicate that, one can predict on the West African regional stock exchange tomorrow’s prices from today’s prices. This does not mean that investors are making good predictions because the predictability of prices is due to the absence of changes in asset prices on the market. We draw the conclusion that it is difficult for one speculator to outperform the other. A rational investor would benefit from anticipating the distribution of dividends rather than focusing on price fluctuations. Consequently, the buy and hold strategy is therefore the best to be rewarded in an emerging market. Nonetheless, this practice can lead to a decline in liquidity.
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Wibowo, Buddi. "IPO Underpiricing, Konservatisme Akuntansi, dan Sentimen Investor." Jurnal Manajemen Teknologi 20, no. 2 (2021): 145–56. http://dx.doi.org/10.12695/jmt.2021.20.2.4.
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Abstract. The significant increase of stock price compared to its IPO price is difficult to explain. Companies which issue their stock are impossible to set underpriced IPO voluntarily, while investors who buy an overpriced stock are only they who are not rational or lack of information. Conservative financial statements and high accrual quality provide an opportunity for all investors to be able to estimate the fair price of IPO shares so that the disagreement among investors is not too wide and price fluctuations due to speculation are not too high in the secondary market. Using Indonesia Stock Exchanges, the results show that influence of accounting conservatism and accrual quality are stronger in the 30 holding period after the IPO because the uncertainty of financial statement information led to wider speculation opportunities in the long period. The rise in stock prices after IPO is also influenced by investor’s sentiment and market conditions Keywords: IPO, underpricing, accounting conservatism; accrual quality, investor sentiment
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Sapuntsov, Andrey Leonidovich. "Trading Companies and Distribution of Speculative Bubbles within European Commodity and Stock Markets, 17-18 century." Genesis: исторические исследования, no. 12 (December 2022): 305–17. http://dx.doi.org/10.25136/2409-868x.2022.12.39492.
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The paper examines the first financial crises based on speculative exchange transactions with overseas goods and securities of trading companies. Based on the study of Tulip mania, as well as the bubble of the South Seas and Mississippi, the features of concluding transactions "for the future" with the supply of assets that do not exist at the moment, the possibility of production or procurement of which was based on skillfully spreading rumors, are described in detail. Attention is paid to the "behavior of the crowd" when, with insufficient regulation on the stock market, the broad masses of the population became participants in exchange trading, investing there not only their own, but sometimes also borrowed assets. The assessment of measures to prevent stock speculation in the context of the abolition of monopoly rights of trading companies and the liberalization of public relations is given. The main conclusion of the author is the dialectical interpretation of speculative crises of the XVII-XVIII centuries as, on the one hand, objectively previously unknown phenomena, for the prevention of which the government did not have enough knowledge and tools. On the other hand, crises became effective tools in carrying out structural transformations in societies of that time, breaking the established foundations, redistributing wealth, stimulating institutional changes, since the adoption of prohibitive measures in relation to speculation on the stock exchange would make it impossible overseas trade and expansion of trading companies abroad, which in fact was accompanied by a profitable robbery of colonies with the corresponding the flow of resources to Europe. Financial crises based on speculation and "air" trading persist to the present and often become global, which, in the author's opinion, is due to the impossibility of introducing total control over new financial instruments for investing abroad and an ambiguous assessment of the profitability of such activities in the future.
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Xie, Lixu, Xindong Zhang, Yan Zhang, and Dong Wang. "Does Short Selling Increase Speculation? Evidence from the Chinese Stock Market." Theoretical Economics Letters 09, no. 07 (2019): 3699–2710. http://dx.doi.org/10.4236/tel.2019.97169.
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HWANG, CHUAN-YANG, SHAOJUN ZHANG, and YANJIAN ZHU. "FLOAT, SPECULATION AND STOCK PRICE: EVIDENCE FROM THE SPLIT SHARE STRUCTURE REFORM IN CHINA." Singapore Economic Review 63, no. 03 (June 2018): 701–29. http://dx.doi.org/10.1142/s0217590816500260.
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The Split Share Structure Reform in China offers a unique opportunity to test whether the supply of tradable shares (i.e., float) has a significant impact on the degree of speculation. After firms completed the reform, their float increased by 31% on average, while turnover and trading volume also increased substantially. We use information from firms’ reform plan to derive an estimate of the price premium of tradable shares over non-tradable shares before the reform and find that, after controlling for differences in liquidity and profitability, the price premium is significantly related to proxies for the level of speculative trading in tradable shares. Moreover, firms that were highly speculated before the reform had significantly smaller increase in turnover and trading volume than firms that were less speculated. Overall, our evidence confirms that there is a significant speculative component in the market price of tradable shares in China and a large increase in float dampens speculative trading.
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Dumont De Chassart, Marc, Colin Firer, Wendy Grantham, Simon Hill, Mark Pryce, and Ian Rudden. "Market timing using derivatives on the Johannesburg Stock Exchange during bear periods." South African Journal of Business Management 31, no. 4 (December 31, 2000): 149–55. http://dx.doi.org/10.4102/sajbm.v31i4.746.
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The objective of the study was to investigate the gains from market timing strategies using derivatives during a period when the return on the market was below that of the risk-free asset (a so-called bear period). It was found that perfect timers appear to do better under bullish rather than bearish markets. However, in a bear period, substantially lower predictive accuracies were needed to beat a buy and hold strategy when timing strategies using call options and holding cash (bull timing) were used compared to the strategy of holding the market and buying puts (bear timing) ahead of anticipated poor periods. Finally both the strategies of holding cash and buying a call in every period (market speculation) as well as of holding the market and buying a put in every period (portfolio insurance) out-performed a buy and hold strategy.
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Nickles, Marshall D., and Jeffrey Schieberl. "Shadow Banking In The United States And China :What Are The Risks?" International Journal of Management & Information Systems (IJMIS) 19, no. 3 (July 13, 2015): 101. http://dx.doi.org/10.19030/ijmis.v19i3.9364.
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This paper addresses the concern the authors have regarding the speculative nature of shadow banking in the United States and China in particular. There appears to be ample evidence that shadow banking in the United States was a major contributor to the speculation that led up to the 2008 - 2010 financial crisis. The same type of speculation was also responsible for the U.S. stock market collapse of 1929. During the 1930s the Glass-Steagall Act was enacted to address the potential conflict of interest between commercial and investment banking activities. This Act was altered in the 1990s by a majority vote in Congress. Some believe that this partial gutting of the Glass-Steagall Act contributed to Americas unregulated shadow banking activities and real estate speculation that followed. At present Chinas shadow banking sector is following a similar speculative path that the United States did about seven years ago. A difference is that Chinas commercial and shadow banking systems are absent of many of the mechanisms that allowed the U.S. to regulate its way out of Americas financial crisis. This paper compares past and current U.S. and Chinese shadow banking activities and draws conclusions relative to certain sectors in the Chinese economy that are overheated and primed for economic difficulties that could have global implications.
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Brimmer, Andrew F. "Distinguished Lecture on Economics in Government: Central Banking and Systemic Risks in Capital Markets." Journal of Economic Perspectives 3, no. 2 (May 1, 1989): 3–16. http://dx.doi.org/10.1257/jep.3.2.3.
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Bagehot's conception of the last resort lending function of the central bank is shared by most economists today. On several occasions, the Federal Reserve has digressed from its overall strategy of monetary control to also undertake a tactical rescue of individual banks and segments of the capital market. On three other occasions, the Federal Reserve has intervened to counter systemic risks to the financial system beyond the arena of commercial banks. The events which prompted these actions were the threat to the commercial paper market triggered by the bankruptcy of the Penn Central Railroad in June 1970, the pressures on broker-dealer firms generated by the collapse of speculation in silver in early 1980, and the near failure of the clearing and settlement systems operated by stock and commodity exchanges which occurred during the stock market crash of 1987. I was a Member of the Board of Governors of the Federal Reserve System during the Penn Central episode, and I shared in the decisions to intervene. As a Public Governor of the Commodity Exchange, I helped to formulate the policies applied during the silver speculation and in the aftermath of the stock market collapse. The discussion which follows draws on those experiences.
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Hana, Kharis Fadlullah. "Dialektika Hukum Trading Saham Syariah di Bursa Efek Indonesia." TAWAZUN : Journal of Sharia Economic Law 1, no. 2 (September 30, 2018): 148. http://dx.doi.org/10.21043/tawazun.v1i2.5073.
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<p><em>This study aims to find out how the legal basis and stock trading transactions that occur in the Islamic capital market in Indonesia. This study uses a field research method that discusses legal issues regarding stock trading based on field studies from various relevant sources. The capital market is a place for corporate activities to seek additional funds to finance its business activities. In Indonesia alone there are two capital markets, namely the regular capital market and the Islamic capital market. The Islamic capital market is a new breakthrough that has been carried out as a solution to the current trend of halal investment. It also becomes very interesting for the community, especially for Muslim communities to invest their capital in the company to get results and can participate in developing the company, but the reality that happens in the market is that many companies that have been listed on the stock exchange are still operating in accordance with sharia principles . The Islamic capital market can simply be interpreted as a capital market that implements sharia principles in economic transaction activities and apart from things that are prohibited such as usury, gambling and speculation.</em><em></em></p>
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Dong, Yue, Yuhao Zhang, Jinnan Pan, and Tingqiang Chen. "Evolutionary Game Model of Stock Price Synchronicity from Investor Behavior." Discrete Dynamics in Nature and Society 2020 (February 13, 2020): 1–9. http://dx.doi.org/10.1155/2020/7957282.
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Institutional and individual investors are the two important players in the stock market. Together, they determine the price of the stock market. In this paper, an evolutionary game model that contains the two groups of players is proposed to analyze the stock price synchronicity considering the impacts of investors’ decisions on stock investment. Factors affecting investors’ decisions include the potential revenue or loss, the probability of gain or loss, and the cost of corresponding behavior. The proposed game model is analyzed by replicator dynamics equations and simulation of the evolutionary equilibrium strategy under different circumstances. The analysis shows that the operating cost of institutional investors, the cost of information collection before trading, and the expected loss that may be punished by regulators are the key factors that affect the evolutionary game system between institutional investors and individual investors. In addition, reducing the speculation in the market and increasing the information access of investors through the serious operation mode of institutional investors and the strengthening of the market information disclosure mechanism are beneficial to alleviate price synchronicity in stock market.
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Yates, Alexia. "Selling Paris: The Real Estate Market and Commercial Culture in the Fin-de-siècle Capital." Enterprise & Society 13, no. 4 (December 2012): 773–89. http://dx.doi.org/10.1017/s1467222700011460.
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“Selling Paris” explores the cultural, economic, and spatial parameters of private construction in the French capital at the turn of the twentieth century. In contrast to the state-centered accounts that currently characterize our understanding of Paris as a capital of modernity, this project looks to private property owners, real estate brokers, and speculative developers, as well as the moral economy in which their projects took place, in order to understand the elaboration of the built landscape of the modern metropolis. I argue that new classes of market intermediaries—namely estate agents, market-oriented architects, and small-scale joint-stock firms—emerged in this period to build and market residential spaces, establishing apartments and buildings as merchandise and tenants as clients. Focusing on the activities of these commercial actors reveals the existence of a French culture of commerce centered on speculation and risk-taking, a business culture that profoundly affected the production of residential space during of one of the city's greatest periods of expansion. Thus, in contradistinction to scholarly accounts of both French entrepreneurialism and Parisian urban development, this project reconstructs the activities of a dynamic capitalist class whose uncoordinated projects were the main authors of the capital city's urban fabric. Tracing the manner in which housing and property operated as a commercial object during a crucial period of urbanization, moving between and among the economic activities of investment, speculation, production, and consumption, this project seeks to present a research agenda for both the cultural history of markets and the economic history of cities.
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Nurhayadi, Yadi, and Rito Rito. "THE DISTINCTION BETWEEN SHARIA MARKET AND CONVENTIONAL MARKET: A STUDY ON INDONESIA STOCK EXCHANGE." Muhammadiyah International Journal of Economics and Business 2, no. 1 (July 6, 2019): 70–79. http://dx.doi.org/10.23917/mijeb.v2i1.9383.
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The present study investigates the differences between Islamic Economic System and Conventional Economic System that supposedly lead to the differences between sharia market and conventional market. Through bivariate and multivariate analysis, regression, correlation, and determination tests were carried out to identify the effect of conventional market on sharia market. Analysis was done based on the data of Indonesia Stock Exchange from December 2006 to May 2017, The data consisted of Jakarta Stock Exchange (JSX) Composite Index (Indeks Harga Saham Gabungan, IHSG), Jakarta Stock Exchange Liquid Index (LQ45), Jakarta Islamic Index (JII), and Indonesia Sharia Stock Index (ISSI). The results show that IHSG and LQ45 have a significant positive correlation with JII or ISSI. While IHSG and LQ45 are classified as the elements of conventional market, JII and ISSI are the representation of Sharia market. It indicates that sharia market and conventional market are both present with the same character. In other words, sharia market is still influenced by banking interest rate and speculation. To confirm this finding, the list of issuers on IDX, LQ45, JII, and ISSI was examined and the specific sharia issuers were compared with non- sharia issuers, therefore the classification of IHSG and LQ45 as conventional market is corrected. Based on the results of the analysis of regression, correlation, determination, and investigation of the collected data, a model of sharia market stability is formulated.
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Gohin, Alexandre, and Jean Cordier. "Agricultural price volatility and speculation by commodity index funds: a theoretical analysis." Agricultural Finance Review 77, no. 3 (September 4, 2017): 429–44. http://dx.doi.org/10.1108/afr-03-2016-0016.
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Purpose The role that speculation in futures markets plays during food price spikes is a subject of lively dispute. This issue is often addressed with empirical analyses. They suffer from data limitations and focus on the short-term impacts. The paper aims to discuss these issues. Design/methodology/approach The authors develop a theoretical model to explain the behaviour of speculators and producers in futures and cash markets. Compared to the only two theoretical analyses by Vercammen and Doroudian where informational externalities are excluded and by Fishe et al. where production responses are excluded, the authors introduce both informational externalities and lagged production responses. Findings The authors find that the expanded net long positions of commodity index funds (CIF) are inconsistent with lower stock levels that typically prevail before the price spikes. These positions stimulate production, hence stocks, before the price spikes. Thus they contribute to soften the price volatility. Practical implications The simulation results indicate that before imposing new regulations on financial markets, such as position limits on index funds, their beneficial medium-term effect as a hedging instrument for commercial participants should not be omitted or underestimated. Originality/value Because the authors develop a second-best theoretical framework, the authors find that CIF are not a systematic cause of medium-term market swings.
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Hossain, Md Toufique. "Development Issues and Potential Safeguards: A Study on Bangladesh Stock Market." Global Disclosure of Economics and Business 5, no. 1 (June 30, 2016): 57–66. http://dx.doi.org/10.18034/gdeb.v5i1.129.
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The capital market is a very prankish place that holds two types of risk. One is the risk at the efficiency level of the market that refers to the structural weakness. And the other one is the man-made danger that indicates the stakeholders’ irrational behaviors some examples of which are manipulation, gambling, speculation, rumor and so on. Out of the two, the structural weakness is a sensitive issue of the market, and it can be abated at a great extend when the market is properly structured. Here, the author has mentioned five shields which are termed as the “Financial Safeguards” symbolically. Those are adapting Corporate Governance, introducing Financial Reporting Act, making stock market tribunal, exploring product diversification and enhancing the investors’ knowledge. The complete implementation of these safeguards is absent in Bangladeshi market though they leave a little impact. This article examines those points and how they can be effective rooting the existing problems out from the market.
JEL Classification code: D53, G1, G3
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Hadi, Dlawar M., and Farman M. Ahmed. "National and Transnational Impacts of Terror on Hotel Stock Prices." Polytechnic Journal 10, no. 1 (June 30, 2020): 163–69. http://dx.doi.org/10.25156/ptj.v10n1y2020.pp163-169.
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This study aims to explore the sensitivity of hotel stock prices to national and transnational terrorist incidents that occur at the world’s top five tourist destinations. Event study analysis and the generalized sign test are the estimation techniques used in this study. Overall, hotel stocks were found to react differently to terrorist activities. U.S. hotel stocks were the most affected, and French hotel stocks were the least affected by domestic terrorist attacks. However, U.K. hotel stocks were the most influenced and Thai hotel stocks were the least influenced by transnational terrorist incidents. Based on the overall findings, several diversification, hedging, and speculation strategies are proposed for mitigating the effects of these influences to financial market stakeholders and hotel managers. This study recommends further studies to be conducted including various sectors to reveal how different sectors react to terrorist activities.
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Igbekoyi, Olusola Esther. "The Treasury Single Account System and Financial Stability in Nigeria." International Review of Business and Economics 6, no. 1 (2022): 39–54. http://dx.doi.org/10.56902/irbe.2022.6.1.5.
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This study investigates the effect of the treasury single account system on financial stability in Nigeria. Specifically, we hoped to find out if speculation of government regarding government debt and stock market performances are met. The study utilized data published in the Central Bank of Nigeria statistical bulletin for a period of 2011-2020. The time series data collected were analyzed using descriptive and inferential statistics. The findings revealed that the TSA system had a negative impact on government debt performance, with significant negative impact on advances from commercial banks and external debt finance charges. However, it had an insignificant negative impact on overdraft from Central bank of Nigeria (CBN). In the case of stock market performance, it was revealed that the TSA system had a significant negative impact on stock market liquidity and stock market size. It is therefore concluded that, as speculated, the TSA system improved government debt performance as it reduces it, but adversely affects the stock market performance. The study therefore recommended that in the adoption of the TSA system, the government must salvage the financial system from shock by readjusting its fiscal policies.
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Widianto, Tri, Yenni Khristiana, and Nugroho Wisnu Murti. "PELATIHAN INDENTIFIKASI INDEKS SAHAM USA UNTUK MEMPREDIKSI FLUKTUASI IHSG: LINCOM ANALYSIS PADA NASABAH TYPE SWINGER RELIANCE SURAKARTA." WASANA NYATA 4, no. 1 (April 6, 2020): 33–37. http://dx.doi.org/10.36587/wasananyata.v4i1.581.
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ABSTRACT Capital market practices in the type of stock instruments undergo a shift in the way of analysis. This is not in line with the theory of stock fundamental analysis which explains that fundamental factors become the main variable in determining stock investment decisions for the long term. Fundamental analysis of stocks takes into account various factors including company performance, macroeconomic analysis and the industrial sector. The fundamental variable of stock analysis is used as a consideration of the investment portfolio of the stock for the long term. Users of these variables are usually the owners of capital with the type of investor. Investor type is the owner of capital with the main purpose of buying shares by expecting stock valuations in the long run and dividends, not short-term capital gains. The need for the development of applied science of technical analysis and fundamental analysis of stock investors who have a form of trading activities on a daily basis generally only conduct transactions on the capital market using speculation from each investor. This of course in terms of education that novice stock investors do must have the same time in obtaining maximum income in the trading stock market This service is carried out on customers of PT Reliance Surakarta. There were 13 training participants, namely customers who became stock investors but did not trade every day for a short period of time. The service was held for 1 day. Expected outputs from the event are expected that after attending the training the participants are expected to be able to carry out fundamental and technical analysis of JCI fluctuations on a daily basisKeywords: Stock index, JCI Fluctuation Prediction, Swinger Type
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Ren, Dexiao. "Research on the Dilemma of Speculation in Chinese Stock Market Based on Game Theory." Theoretical Economics Letters 06, no. 04 (2016): 678–85. http://dx.doi.org/10.4236/tel.2016.64072.
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Susianti, Nurul, Shofia Mauizotun Hasanah, and Intan Kusuma Pratiwi. "COMPABILITY FUNDING OF THE HALAL INDUSTRY BASED ON THE ABNORMAL RATE OF ISSI STOCK RETURN." ULUL ALBAB Jurnal Studi Islam 23, no. 1 (June 29, 2022): 137–55. http://dx.doi.org/10.18860/ua.v23i1.15706.
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This article aims to test the suitability of sharia funding by referring to the MUI Fatwa on the halal industry in the Indonesian capital market with a benchmark of sharia compliance based on. Event study before and after the Covid-19 pandemic, where the focus of the problem and the hypothesis of this research is on whether there is a change in the level of abnormal Return of the 30 ISSI stock samples. Observations were made before the government's announcement about Covid-19 pandemic, which was around the end of january 2020 and after entering the new normal, which was around the beginning of August 2020. The results of this study indicate that the significant figures both before and after the Covid-19 pandemic on ISSI sharia shares are less than 0.05, which means that ISSI shares do not have abnormal returns, so the research results are in line with the MUI Fatwa Article 5 concerning Securities Transactions. Article 5 discusses transaction mechanisms that are not allowed such as gharâr, maysîr, usurî, and risywah speculating and manipulation. To be appropriate because what is meant by abnormal returns in the capital market is often influenced by speculation and manipulation so that prices are no longer reasonable. The research hypothesis is rejected as an alternative to continuously to trust investor funding in the Indonesian islamic capital market industry.
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Halff, Gregor, and Anne Gregory. "Information leaks before CEO change: financial gain and ethical cost." Journal of Communication Management 24, no. 1 (February 10, 2020): 19–29. http://dx.doi.org/10.1108/jcom-09-2019-0126.
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PurposeThe purpose of this paper is to investigate whether there are information leaks immediately before CEOs change and – if so – whether some investors take financial advantage of such prior knowledge. It thirdly investigates the ethical, practical and professional options for communication managers to deal with such situations.Design/methodology/approachWorking from sentiment theory of financial markets, the authors studied Internet search patterns for incoming CEO names and stock market movements immediately prior to the public mention or speculation of CEO change.FindingsThe authors find that in nearly a quarter of CEO changes at Fortune 500 companies, the name of the future CEO seems to have been leaked. Additionally, nearly half of those companies also experience extreme, otherwise unexplainable movements in the stock market.Originality/valueThis paper discovers the prevalence of extreme stock market movements for a company when the name of that company's next CEO has likely been leaked. Such leaks are an opportunity for unscrupulous investors, but they create ethical dilemmas for organizations. Communication managers typically respond by organizing tighter governance. However, to keep up with the speed of information and investments traveling through algorithms, organizing radical transparency could become an alternative instead.
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Ahmad, Ehsan. "Modelling Interest-Free Economy." American Journal of Islam and Society 7, no. 1 (March 1, 1990): 111–12. http://dx.doi.org/10.35632/ajis.v7i1.2676.
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Muhammad Anwar's "Modelling Interest-Free Economy: A Study In Macroeconomics and Development" (1987) and subsequent comment by Tekir (1989) deserve serious consideration. Anwar's general macroeconomic model is one of the few models which offer a synthesis of traditional Classical and Keynesian models of macroeconomy. However, there are some fundamental theoretical and empirical weaknesses, some of which will be discussed briefly. Although the proposed "Interest-Free" monetary system is based on the principle of competitive markets (Tekir, 1989), it has no explanation for the extent of government's involvement in the macroeconomic activity. Even if we temporarily set aside the implicit assumption of a morally just monetary system, the proposed system of "Mudarabas" has serious limitations. For instance, the government purchases of goods and services will have to be either financed by increased taxes, monetization or by selling "Mudarabas" in the National or international market. (1) The "Mudaraba" contracts will replace the traditional bond-financed method of borrowing by government. If we rule out the highly inflationary monetization method, the only plausible method is the sale of "Mudarabas." It will tend to have the same degree of crowding out as expected in the bonds-financed method. As pointed out by Tekir (1989), the system opens itself to an undue intervention by government and lacks efficient allocation of resources. It is likely that a politically determined allocation of resources by government will be less than efficient. Moreover, the traditional productivity-based method of evlauating the benefits cannot be used. The output produced in the public sector may be evaluated on non-market criteria, an aspect completely ignored by Anwar's model. On a more general level the concept of "Mudarabas" will eliminate the bonds market and replace that with an equity market. This will be an equivalent of the stock market, which shows the strong, speculative element worldwide, an activity discouraged by Islamic economics. The stock market volatility in the U.S. and worldwide in 1987 and 1989, shows that the "Mudaraba" market will have to be modified to reduce the element of speculation. In more recent years, real estate markets in many Muslim countries have shown tremendous overvaluation due to highly speculative activities. An inflationary pressure in Mudaraba-based economy may also be another cause of volatility. Lastly, Anwar's claim that interest rates are negatively associated with budget deficits lacks empirical evidence. There is some evidence (Volker ...
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Wolski, Rafał. "Investment Risk in the Context of Price Changes on the Real Estate and Stock Markets." Real Estate Management and Valuation 24, no. 1 (March 1, 2016): 41–50. http://dx.doi.org/10.1515/remav-2016-0004.
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Abstract The residential real estate market is thought to show a tendency for wide fluctuations in prices, as a result of which price bubbles appear. This element of risk has a direct bearing on investors interested in speculation and those seeking to meet their housing needs. Wide fluctuations in the values of real estate affect the investors’ financial situation in many ways, by determining the possibility of meeting one’s housing needs, reducing or sometimes raising creditworthiness, and by increasing investment risk measured by volatility. Omitting the obvious social dimension of the residential real estate market and concentrating on its financial aspects, the author of the article analyses to what degree wide swings in prices can be recognized as specific to this market. To this end, the volatility of prices in the stock market and in the secondary housing market in Poland is compared. An analysis is performed to establish which of them has higher average volatility measures or rates of return, i.e. which of them is more profitable or secure for investors. Statistical tests are used to find out whether average rates of return or measures of risk are equal or different between the two markets. The results of the research show that the secondary housing market and the stock market differ concerning cumulative average rates of return and standard deviations. In the first of them, they are respectively higher and lower.
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Liew, Leong H., and Harry X. Wu. "Not All Currency Traders Believe in Unfettered Free Markets: Currency Speculation and Market Intervention in Hong Kong." China Quarterly 170 (June 2002): 441–58. http://dx.doi.org/10.1017/s0009443902000268.
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Expectations and beliefs are important forces that can influence financial markets. Using results from a survey, this article examines the beliefs of currency traders in Hong Kong's financial institutions regarding the RMB and HK$/US$ pegs. In particular, it examines the attitudes of these currency traders towards the intervention by the Hong Kong Monetary Authority (HKMA) in Hong Kong's stock and futures markets to defend the HK$/US$ peg during the Asian crisis in 1998. Contrary to expectation, not all currency traders in Hong Kong were diehard devotees of the free market and more were in support of the intervention than against. Degree of identification with Hong Kong was found to be important, influencing attitudes towards government intervention. An inference from the survey is that the intervention was popular with Hong Kong residents and that future intervention by the HKMA is likely if faced with similar speculative attacks on the HK$.
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Sun, Yiyang Val, Bin Liu, and Tina Prodromou. "The determinants of the COVID-19 related stock price overreaction and volatility." Studies in Economics and Finance 39, no. 1 (October 13, 2021): 125–49. http://dx.doi.org/10.1108/sef-08-2021-0330.
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Purpose This study aims to investigate which stock characteristics and corporate governance variables affect stock price overreaction and volatility during the COVID-19 pandemic period. Design/methodology/approach A set of stock characteristics and corporate governance variables which may affect price overreaction and volatility were identified following a review of the literature. A dummy variable was created for the cross-sectional analysis to take into account the unique sector effect in the consumer staples sector. Out of sample analysis was conducted to confirm the robustness of the main results. Findings The empirical results consistently show that size, dividend and trading volume determine the stock price reactions when the market is in turmoil during the pandemic period. Board size and average board tenure exhibit moderate effects on reducing the stock price reactions, but the effects become insignificant while controlling for the firm characteristics in the regressions. The results remain robust when tested out of the sample. More interestingly, a consumer staples sector effect is identified and tested. The test results show that the consumer staples sector effect mitigates the stock price reactions. Practical implications The results have practical implications for investors who aim to manage desired levels of risk in their portfolios during the pandemic. The results also provide meaningful insights to stock market speculators regarding pandemic-related speculation opportunities. Originality/value This study makes a meaningful connection between the irrational stock market anomalies and the COVID-19 pandemic.
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Truong, Loc Dong, H. Swint Friday, and Anh Thi Kim Nguyen. "The Effects of Index Futures Trading Volume on Spot Market Volatility in a Frontier Market: Evidence from Ho Chi Minh Stock Exchange." Risks 10, no. 12 (December 8, 2022): 234. http://dx.doi.org/10.3390/risks10120234.
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This analysis is the first to investigate the influence of index futures trading volume on spot market volatility for the Ho Chi Minh Stock Exchange (HOSE). The data utilized in this study are the daily VN30-Index futures contract trading volume starting at the inception date for the VN30-Index futures contract, 10 August 2017 and going through 10 August 2022. Using an autoregressive distributed lag (ARDL) bounds testing approach, the empirical findings reveal a positive relation between VN30-Index futures trading volume and the volatility of the spot market for the HOSE in the short-run. In addition, the results of the ARDL tests confirm in for the long-run, trading volume of futures contracts has a significant positive influence on spot market volatility. Moreover, the results derived from the error correction model (ECM) indicate that only 5.54% of the disequilibria from the previous trading day are converged and corrected back to the long-run equilibrium from the current day. Based on the findings, we recommend that Vietnamese policymakers establish relevant intervention polices on speculation of individual investors in order to provide stabilization safeguards for the underlying stock market.
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Yan, Chunning, Hang Zhang, Qianqian Chen, and Yangxin Huang. "An Improved Model of Dividend Tax Based on Continuous Function." Journal of Systems Science and Information 2, no. 6 (December 25, 2014): 568–76. http://dx.doi.org/10.1515/jssi-2014-0568.
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AbstractBy comparing several kinds of continuous functions, a normal distribution function-based model is proposed to improve the existing Levy policy of dividend tax in this paper. The improved model is adopted to stimulate the long-term investment and contain the short-term speculation. Further, this improved model paves an avenue to overcome the deficiency on the double policy of dividend tax rate by holding stock period with one day difference and also adjust the tax revenues by controlling the parameters of the distribution function. The findings from this study suggest that the improved model with normal distribution function may provide more reasonable results based on the data from the stock market and, finally, the proper decision is discussed.
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Lau, Adela S. M. "An Integrated Trading Environment: To Improve Market Transparency and Efficiency." Review of Pacific Basin Financial Markets and Policies 05, no. 04 (December 2002): 533–49. http://dx.doi.org/10.1142/s0219091502000870.
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During the 1997 financial turmoil, the overall boom and slump was mainly due to the collapse of ill-informed speculation and a non-regulated stock market system. This collapse has probably created mistrust among the public and greatly impaired confidence in securities as an investment. From this painful experience, the government should control share prices and prevent extreme fluctuations by improving the transparency and efficiency in trading information transmission, market monitoring and document disclosure.Therefore, online trading system, cross-market monitoring system and electronic filing system will be recommended in order to improve the low transparency and efficiency of financial information transmission. More importantly, all the information in these systems is inter-related for market monitoring or financial analysis. Thus, an integrated trading environment results in order to reduce redundancy work, error prone and information inefficiency.
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Gammelgaard, Signe Leth, and Jakob Gaardbo Nielsen. "Fortidsløse fantaster." K&K - Kultur og Klasse 47, no. 127 (June 11, 2019): 153–72. http://dx.doi.org/10.7146/kok.v47i127.114748.
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The latter half of the 19th century saw a rise in novels focusing directly on the stock-exchange and its various actors. Scholarship on these has naturally zoomed in on the main character of the speculator and on the economic paradigm of speculation and financialization, and to a lesser degree concerned itself with the information circuits of the field. However, these studies almost invariably stay rooted within the national literatures; in this article we address the issue of comparativism within the stock-exchange novel, zeroing in on two rather canonical works, namely Anthony Trollope’s The Way We Live Now, and Émile Zola’s L’Argent. Both novels articulate the impact of information on the stock market and trades and they do so by crystallizing a character with the task of disseminating stories about the company they work for. However, these characters distil not only the strategies of advertising and press-directing, but also a certain moral, truth- and history-management. In the artricle we argue first that these characters function rather as placeholders for a specific set of values than as psychological personalities, and second that they lend themselves to a fruitful comparison between French and British literature and economics of the time, in turn fleshing out Trollope’s versus Zola’s view on the potential of a free press and its powers in the financial sphere.