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1
Silva, Claudio Pilar, and Márcio André Veras Machado. "The effect of foreign investment flow on commonality in liquidity on the Brazilian stock market." Revista Contabilidade & Finanças 31, no. 84 (December 2020): 425–43. http://dx.doi.org/10.1590/1808-057x201909530.
Повний текст джерелаАнотація:
ABSTRACT The aim of this study was to analyze the characteristics and determinants of commonality in liquidity in the Brazilian stock market. Since the internationalization of the Brazilian stock market (Bolsa, Brasil, Balcão - B3), the flow of foreign investment in Brazil has increased over the years, except in times of crisis. Thus, the present study argues that, in the Brazilian stock market, commonality in liquidity is partly determined by foreign investor trading. Despite the benefits obtained from foreign resources in the Brazilian stock market, it is important to analyze the effect of this flow of foreign investment into the Brazilian stock market. This paper contributes to the current literature by providing evidence for commonality in liquidity in the Brazilian stock market and by showing its stronger effect in periods of market decline. Therefore, investors pay greater attention to the risk of commonality in their portfolios when executing orders and to their trading timing due to the increase in transaction costs of the stocks most sensitive to commonality in liquidity. The study sample consisted of a set of companies listed on the Brazilian stock exchange from January 2007 through December 2017. To analyze commonality in liquidity, we used the model proposed by Karolyi, Lee, and Djik (2012) and by Qian, Tam, and Zhang (2014). To measure the influence of foreign investors on the Brazilian stock market, we used three measures based on Gonçalves and Eid (2016). The results showed that commonality occurs in the Brazilian stock market and that it peaks during international financial crises, as well as indicated that commonality might be higher in times of crisis due to capital constraint. In addition, the results showed that foreign investor participation partly determined commonality.
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Fernando, Chitru S. "Commonality in liquidity: transmission of liquidity shocks across investors and securities." Journal of Financial Intermediation 12, no. 3 (July 2003): 233–54. http://dx.doi.org/10.1016/s1042-9573(03)00041-x.
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Alhassan, Abdulrahman, Atsuyuki Naka, and Abdullah Noman. "Oil Market Factors as a Source of Commonality in Liquidity in International Equity Markets." Journal of Risk and Financial Management 14, no. 8 (August 13, 2021): 372. http://dx.doi.org/10.3390/jrfm14080372.
Повний текст джерелаАнотація:
When stock markets are less liquid or illiquid, investors are expected to require compensation for taking the risk of not being able to sell quickly. Many studies have documented the existence of the co-movements (commonality) of market liquidity in equity markets as a priced factor. The primary objective of this paper is to introduce the oil market as a potential source of commonality in liquidity. We hypothesize that conditions specific to the oil market can contribute to commonality in liquidity affecting both supply-side and demand-side factors because of its importance to the global economy in general. To this aim, a sample of firms is drawn from 50 countries spanning the period from January 1995 to December 2015. We examine two channels that transmit the effect of oil market movements to the liquidity commonality in international equity markets, namely, oil price returns and oil price volatility. Seemingly unrelated regressions (SUR) are utilized to estimate the effect of oil factors on commonality in liquidity. We find that the returns and volatility of oil prices explain the commonality in liquidity in countries with higher integration with oil markets. In addition, we show that the effect of oil volatility is more pronounced for net oil exporters as opposed to net oil importers after controlling for oil sensitivity. These results are robust to controlling for possible sources of commonality in liquidity as found in the literature and alternative estimation specifications.
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Marozva, Godfrey, and Patricia Lindelwa Makoni. "The nexus between bond liquidity, stock liquidity and foreign portfolio investment." International Journal of Finance & Banking Studies (2147-4486) 10, no. 3 (September 17, 2021): 92–103. http://dx.doi.org/10.20525/ijfbs.v10i3.1348.
Повний текст джерелаАнотація:
The purpose of this article was to assess the impact of financial market liquidity on international capital flows in emerging markets. Specifically, the research investigates the effect of bond market liquidity and stock market liquidity on foreign portfolio investments using data for five emerging African countries, being Egypt, Kenya, Mauritius, Nigeria and South Africa, for the period 2000 to 2020. The data was sourced from the Bloomberg and World Bank (WDI) databases. Panel data analysis (fixed effects model) was undertaken using three different liquidity measures: the effective spread; Amihud’s (2002) illiquidity measure; and market impact as measured by trading volume. Our findings revealed mixed results. It was found that stock market liquidity attracted foreign portfolio investments. Although bond market liquidity, as measured by the volume of trade, promoted foreign portfolio investment, it was different for the effective spread, as the higher the effective spread, the higher the inward FPI flows, and vice versa. Results on the effects of the bond effective spread on FPI show that as long as the bonds are above the investable grade, investors are not discouraged by the cost of trading. Our findings thus confirm that FPI inflows are predisposed on liquid and efficient host country financial markets. Further, the entrance of foreign investors in the host country’s domestic financial markets, leads to the enhancing of liquidity in the local market, thus increasing risk sharing between local and foreign investors.
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Shen, Zitang. "The Influence of Foreign Institutional Ownership on the Stock Liquidity in China Based on Data Analysis." E3S Web of Conferences 214 (2020): 01030. http://dx.doi.org/10.1051/e3sconf/202021401030.
Повний текст джерелаАнотація:
The negative impact of foreign participation on the liquidity of companies that allow a high degree of foreign institutional ownership has been widely documented. This article provides a unique environment for the limited participation of qualified foreign institutional investors (QFIIs) in China’s A-share market, and examines how these factors affect stock liquidity in emerging markets. Contrary to previous findings, the participation of foreign investors has helped increase the liquidity of affected stocks by facilitating increased trading activity. Improved liquidity in small businesses is more important than large ones. The findings of this article are the endogenous robustness and the impact on the stock market, industry impact, and possible impact on the stock exchange. In addition, when analyzing sub-samples of QFII companies, QFII’s liquidity improvement effect is even stronger. This article aims to through data analysis on the stock liquidity provide Chinese stock market with management suggestions.
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Deng, Baijun, Zhongfei Li, and Yong Li. "Foreign institutional ownership and liquidity commonality around the world." Journal of Corporate Finance 51 (August 2018): 20–49. http://dx.doi.org/10.1016/j.jcorpfin.2018.04.005.
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Yasmin, Annisa. "Foreign Ownership Effect to Stock Market Liquidity in Indonesia." MANAJERIAL 8, no. 01 (January 19, 2021): 01. http://dx.doi.org/10.30587/manajerial.v8i01.1940.
Повний текст джерелаАнотація:
Background – One of economic indicators of a country is the capital market. Liquid capital market can attract investors, both foreign and domestic investors, to invest their ownership in that country, which in turn can improve the country’s economic growth. Aim – This research aims to examine the influence foreign ownership on stock market liquidity in Indonesia. Design / methodology / approach – This research splits foreign ownership into two groups, the first one is foreign ownership by financial institutions, and the second one is foreign ownership by non-financial corporations. The type of data used is panel data using fixed effect model (FEM). The technique for examining the influence of foreign ownership on liquidity used multiple regression analysis. Findings – The result found that foreign ownership by financial institutions and non-financial corporations negatively affect liquidity. The study also found a positively non-linear effect between foreign ownership by financial institutions to liquidity and a negatively non-linear effect between foreign ownership by non-financial institutions to liquidity. Research implication – This research can assist investors in determining investment in the Indonesian capital market by pay attention to variables such as foreign ownership, return, turnover, market capitalization and standard deviation. Limitation – The research period was short, which was only 21 months due to limited data and the research period that has passed too long, that is January 2012 to September 2013.
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Thu Quang Luu, Vo Thien Trang, and Nguyen Thi Thu Trinh. "Market timing of CEOs and foreign investors' reaction." World Journal of Advanced Research and Reviews 13, no. 2 (February 28, 2022): 492–500. http://dx.doi.org/10.30574/wjarr.2022.13.2.0179.
Повний текст джерелаАнотація:
Excess return, cumulative abnormal return, market to book ratios and liquidity risk are applied as proxies for evaluating the chief executive officer’s (CEO) market timing. The result indicates that managers have total succeeded in timing the market for SEO events. Firms implement seasonal equity offering (SEO) issuance after experiencing a strong increase of stock price, and then underwent a significant reversal of stock price. Besides that, CEO will time the market when they realize the liquidity risk of firms drop to the point where institutional investors have low consideration about risks. Foreign investors reacted strongly when the information about the SEO was announced, specifically, they changed their trading behavior from being a net buying to being a net selling or reducing buying. This reaction is especially strong in companies with low market liquidity. And as a result, foreign investors react more quickly to the information of new stock issuance, their stock return will increase sharply after SEO.
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Nguyen, Tri Minh. "The Impact of Foreign Investor Trading Activity on Vietnamese Stock Market." International Journal of Marketing Studies 9, no. 1 (January 16, 2017): 109. http://dx.doi.org/10.5539/ijms.v9n1p109.
Повний текст джерелаАнотація:
The empirical research examines the impact of net purchase of foreign investors on performance of stock market and market liquidity. In this study, market performance is proxied by VN-index, which measures growth of equity market and market liquidity is estimated by the trading volume of whole market. The data is collected in Vietnamese Stock Exchange in the period of 1215 intraday from 2011 to 2014. By using ARCH model, main findings of this research are: first, there is positive relationship between market performance and net purchase; second, performance of stock market is influence by lag factor and third, liquidity of market is affected negatively by trading activity of foreign investors.
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Meurer, Roberto. "Fluxo de Capital Estrangeiro e Desempenho do Ibovespa." Brazilian Review of Finance 4, no. 1 (January 1, 2006): 79. http://dx.doi.org/10.12660/rbfin.v4n1.2006.1156.
Повний текст джерелаАнотація:
In this paper it is discussed and empirically tested the influence of foreign investors flow of resources on the Ibovespa index of the Sao Paulo Stock Exchange from January 1995 to july 2005. Other important variables are considered in the test, including a stock index of the United States, internal and external interest rates, the markets liquidity, exchange rate and country risk. The foreign influence is measured by the difference between the purchases and sells of foreign investors in the market of their participation in the Brazlian market capitalization. The effect of the inflow of resources was not detected straightly, but through an increase of the liquidity, what is compatible with the hypothesis that the foreign investors represent an increase of the base of stockholders of the domestic companies. The inflow of resources, on the other hand, anticipates the behavior of index. Country risk, exchange rate and liquidity of the market were important to explain variations of the Ibovespa.
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Ma, Rui, Hamish D. Anderson, and Ben R. Marshall. "International stock market liquidity: a review." Managerial Finance 42, no. 2 (February 8, 2016): 118–35. http://dx.doi.org/10.1108/mf-04-2015-0096.
Повний текст джерелаАнотація:
Purpose – The purpose of this paper is to review the literature on liquidity in international stock markets, highlights differences and similarities in empirical results across existing studies, and identifies areas requiring further research. Design/methodology/approach – International cross-country studies on stock market liquidity are categorized and reviewed. Important relevant single-country studies are also discussed. Findings – Market liquidity is influenced by exchange characteristics (e.g. the presence of market makers) and regulations (e.g. short-sales constraints). The literature has identified the most appropriate liquidity measures for global research, and for emerging and frontier markets, respectively. Major empirical facts are as follows. Liquidity co-varies within and across countries. Both the liquidity level and liquidity uncertainty are priced internationally. Liquidity is positively associated with firm transparency and share issuance, and negatively related to dividends paid out. The impact of internationalization on liquidity is not universal across firms and countries. Some suggested areas for future studies include: dark pools, high-frequency trading, commonality in liquidity premium, funding liquidity, liquidity and capital structure, and liquidity and transparency. Research limitations/implications – The paper focusses on international stock markets and does not consider liquidity in international bond or foreign exchange markets. Originality/value – This paper provides a comprehensive survey of empirical studies on liquidity in international developed and emerging stock markets.
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EVANS, Martin D. D. "Exchange Rates and Liquidity Risk." Journal of Advanced Studies in Finance 11, no. 2 (December 23, 2020): 159. http://dx.doi.org/10.14505//jasf.v11.2(22).08.
Повний текст джерелаАнотація:
I use Forex trading data to study how risks associated with the lack of liquidity contribute to the dynamics of 17 spot exchange rates through their time-varying contributions to risk premia. I find that liquidity risk matters. All the foreign exchange risk premia compensate investors for exposure to liquidity risk; and, for many currencies, exposure to liquidity risk appears to be more important than exposure to the traditional carry and momentum risk factors. I also find that variations in the price of liquidity risk make economically important contributions to the behavior of individual foreign currency returns: they account for approximately 34%, on average, of the variability in currency returns compared to the contribution of approximately 8% from the prices of carry and momentum risk.
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MANCINI, LORIANO, ANGELO RANALDO, and JAN WRAMPELMEYER. "Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums." Journal of Finance 68, no. 5 (September 10, 2013): 1805–41. http://dx.doi.org/10.1111/jofi.12053.
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Lau, Sie Ting, and Thomas H. Mclnish. "Administration of Foreign Share Ownership Restrictions." Review of Pacific Basin Financial Markets and Policies 01, no. 04 (December 1998): 497–509. http://dx.doi.org/10.1142/s0219091598000296.
Повний текст джерелаАнотація:
In many cases foreign ownership restrictions have led to the division of the shares of a firm's stock into foreign and local tranches traded separately. We examine two problems connected with the separation of the market for foreign and local shares. We show that when separate trading in the foreign and local shares begins liquidity is reduced, especially for local investors. Further, we document a number of cases of uncompensated wealth transfers from foreign to domestic investors. To address these two problems, we propose a system in which all shares are traded in a single market and foreign holders are required to purchase Foreign Ownership Registration Rights (FORRs) in a separate market. We argue that this system will increase liquidity for both local and foreign investors. We also propose a number of rules concerning the way these restrictions are administered. These rules are designed to reduce agency problems such as uncompensated wealth transfers and to increase fairness.
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Chen, Guojin, Aihuan Xu, and Xiangqin Zhao. "Institutional investors' involuntary trading behaviors, commonality in liquidity change and stock price fragility." China Finance Review International 3, no. 1 (January 25, 2013): 90–110. http://dx.doi.org/10.1108/20441391311290794.
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Oriol, Nathalie, Alexandra Rufini, and Dominique Torre. "Heterogeneous investors and trading platforms competition." Journal of Risk Finance 16, no. 3 (May 18, 2015): 303–20. http://dx.doi.org/10.1108/jrf-11-2014-0169.
Повний текст джерелаАнотація:
Purpose – The purpose of this paper is to consider competition’s issues between European market firms, such as Euronext, and multilateral trading facilities, following Markets in Financial Instruments Directive’s enforcement. This new domestic competition is adding to the existing international competition among financial centers. While diversification of local trading services can improve the international competitiveness of a financial center, the fragmentation of order flows can harm its attractiveness. Design/methodology/approach – The theoretical setting analyzes the interaction between heterogeneous who experiment network externalities, and heterogeneous local trading services providers (alternative platforms and incumbent) in an international context. The authors compare two forms of organizations of the market: a consolidated market, and a fragmented market with alternative platforms – in both cases, in competition with a foreign universe. Findings – The results of this study point out the importance of the trade-off between diversification and externalities. With alternative platforms entry, enhanced competition decreases fees and redistributes informed investors between the foreign market and the domestic one. The increase of domestic platforms’ number then has more complex effects on externalities (of information and liquidity). When the liquidity externalities are low, the diversification of financial platforms increases the number of investors on domestic centers. When liquidity externalities are not negligible, despite the decrease of fees, this same diversification orientates more informed investors to the foreign center. Originality/value – This model is the first to analyze jointly the internal and international competition of trading platforms with heterogeneous investors.
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Kapingura, Forget M. "Macroeconomic Determinants of Liquidity of the Bond Market in Africa: Case Study of South Africa." Journal of Economics and Behavioral Studies 7, no. 3(J) (June 30, 2015): 88–103. http://dx.doi.org/10.22610/jebs.v7i3(j).585.
Повний текст джерелаАнотація:
The importance of the bond market to the financial system and broader economy of a country cannot be underestimated. Thus this study seeks to establish the determinants of liquidity in the South African bond market using monthly data covering the period 1995 to 2009, employing the Johansen cointegration test and the Vector Error Correction Model. Empirical results reveal that there is a longterm relationship between the selected macroeconomic variables and bond market liquidity in South Africa. Based on the empirical results, it is recommended that authorities should keep inflation at low and stables levels as well as a stable currency. Of great importance in the study is the role played by foreign investors in the bond market. The positive impact of the foreign investor participation on the bond market liquidity in South Africa suggests that authorities should remove restrictions on foreign investor activities to enhance liquidity in this important market.
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Nanda, Vikram, Wei Wu, and Xing (Alex) Zhou. "Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads." Journal of Financial and Quantitative Analysis 54, no. 6 (November 23, 2018): 2543–74. http://dx.doi.org/10.1017/s0022109018001515.
Повний текст джерелаАнотація:
Insurance companies often follow highly correlated investment strategies. As major investors in corporate bonds, their investment commonalities subject investors to fire sale risk when regulatory restrictions prompt widespread divestment of a bond following a rating downgrade. Reflective of fire sale risk, the clustering of insurance companies in a bond has significant explanatory power for yield spreads, controlling for liquidity, credit risk, and other factors. The effect of insurer clustering on bond yield spreads is more evident for bonds held to a greater extent by capital-constrained insurance companies, those with ratings closer to National Association of Insurance Commissioners risk categories with larger capital requirements, and during the financial crisis.
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SUDIMAN, JOSEPHINE, DAVID ALLEN, and ROBERT POWELL. "A CLOSER LOOK AT THE CHARACTERISTICS OF STOCK HOLDINGS OF FOREIGN AND LOCAL INVESTORS IN THE INDONESIAN STOCK EXCHANGE (IDX)." Annals of Financial Economics 08, no. 01 (June 2013): 1350002. http://dx.doi.org/10.1142/s2010495213500024.
Повний текст джерелаАнотація:
This study provides an overview of the characteristics of stockholdings of foreign and local investors in terms of firm sizes, price levels and liquidity. There are four key findings. First, the IDX is a highly concentrated market and foreign investors dominate the ownership of high market capitalization stocks. Second, foreign investors trade less frequently than domestic counterparts. Third, small, illiquid lower priced stocks dominate this market with domestic individual investors holding most of the stocks with these characteristics. Finally, the paper profits of foreign institutional and domestic individual investors are found to be higher than those of domestic institutional investors.
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Astuti, Diana Dwi. "External and Internal Factors Influence to the Return on Equity and Risk Investment in Jakarta Islamic Index (JII)." GATR Journal of Management and Marketing Review 2, no. 3 (June 23, 2017): 128–35. http://dx.doi.org/10.35609/jmmr.2017.2.3(19).
Повний текст джерелаАнотація:
Objective - This study aims to analyze the direct influence of external factors (inflation, foreign exchange rates, interest rate of Bank Indonesia) and internal (capital structure, liquidity) on Return On Equity (ROE) in companies that went public in Jakarta Islamic Index, analyze the indirect influence of external and internal factors on the risk of investing in companies that go public in Jakarta Islamic Index, analyze the effect of ROE on the risk investment in companies that go public in Jakarta Islamic Index. Methodology/Technique - The sample used 10 companies using purposive sampling. Analysis tools using path analysis. Findings – Results showed inflation and exchange rates (foreign exchange rates / USD) no significant effect on ROE and Investment Risk. BI rate has no effect on ROE but significant effect on the risk of investment. Capital structure and liquidity significantly influence the ROE but had no effect on the risk of investment. ROE has no effect on the risk of investment. Novelty - Results of research it pays advisable for investors and prospective investors pay attention to internal factors (capital structure, liquidity and other fundamental factors) companies due to internal factors will affect the profitability of Integration. Type of Paper - Empirical Keywords: Inflation; Exchange Rates; Interest Rates; Capital Structure; Liquidity; ROE; Investment Risk. s JEL Classification: L16, M21, M41.
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Lobato, Manuel, Javier Rodriguez, and Herminio Romero. "Innovation and market liquidity: the case of ADRs." European Business Review 32, no. 4 (May 6, 2020): 633–41. http://dx.doi.org/10.1108/ebr-10-2019-0260.
Повний текст джерелаАнотація:
Purpose Patents and patent citations provide a solid signal to investors about a firm’s innovation agenda. This signal can be even more useful for investors demanding securities from foreign firms, given the asymmetric information and adverse selection risk they face. This study aims to examine the patenting activities in the USA performed by non-US companies that trade as American Depositary Receipts (ADRs) in US stock markets. Design/methodology/approach The authors examine the effect on the trading volume of a sample of ADRs following the publication of their first patent in the USA. Findings The results show that the publication of a first patent has no effect on the liquidity of these ADRs when compared with same-country ADRs without patents. Originality/value This study enriches the literature on the relation between innovation, information and the stock market.
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Mirakhor, Abbas, and Iqbal Zaidi. "Foreign Currency Deposits and International Liquidity Shortages in Pakistan." Pakistan Development Review 45, no. 1 (March 1, 2006): 49–85. http://dx.doi.org/10.30541/v45i1pp.49-85.
Повний текст джерелаАнотація:
This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper studies the implications of foreign currency deposits (FCDs) for international liquidity shortages in Pakistan. The analysis focuses on how the large volume of FCDs and the specific institutional characteristics of those deposits have made the Pakistan economy highly vulnerable to exogenous shocks. The analysis shows that FCDs created another channel for government borrowing, and fiscal sustainability in a “closed” system may be very different from sustainability in a more “open” system. There is a need to think of these issues in terms of total balance sheet vulnerability, and we recommend measures that would make domestic-currency-denominated assets attractive to investors. JEL Classification Numbers: E52; F41 Keywords: Capital Account Liberalization, Financial Development, Dollarization
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Adebisi, Adesola W., and Oka Felix Arikpo. "FINANCIAL MARKET PERFORMANCE AND FOREIGN PORTFOLIO INFLOWS TO NIGERIA: AUTOREGRESSIVE DISTRIBUTIVE LAG APPROACH." International Journal of Research -GRANTHAALAYAH 5, no. 6 (June 30, 2017): 673–88. http://dx.doi.org/10.29121/granthaalayah.v5.i6.2017.2100.
Повний текст джерелаАнотація:
This study examined the relationship between financial market performance and foreign portfolio investment in Nigeria. The study specifically assessed whether there is a long run and short run causal relationship running from financial market performance to foreign portfolio investment in Nigeria. Financial market performance was measured using stock market performance, stock market liquidity and total new issues. The data for the study were source from the CBN statistical bulletin for the period 1984 to 2015. The exploratory design was combined with the ex-post facto research design; the data collection method was desk survey. The study used the Autoregressive Distributive Lag (ARDL) technique for data analysis. Findings from the analyses showed that financial market performance has no long run causal relationship with foreign portfolio investment in Nigeria. Also, stock market performance and stock market liquidity have no short run causal relationship with foreign portfolio investment in Nigeria. Lastly, total new issue has a short run causal relationship with foreign portfolio investment in Nigeria. The study on the basis of these findings recommends that stock market regulators should through conscious enlightenment campaigns encourage more domestic participation in the market to enhance the market performance, deepening and growth as this will strengthen its long run causality with FPI. Lastly, stock market regulators should through conscious risk reduction policies formulation and implementation reduce the riskiness of investing in the stock market to increase transactions and liquidity in the stock market, boost the rate of turnover to investors as this will attract foreign portfolio investors to the Nigerian financial market.
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Agudelo, Diego A. "Friend or Foe? Foreign Investors and the Liquidity of Six Asian Markets." Asia-Pacific Journal of Financial Studies 39, no. 3 (June 2010): 261–300. http://dx.doi.org/10.1111/j.2041-6156.2010.01012.x.
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Havidz, Shinta Amalina Hazrati, Viendya Ervina Karman, and Indra Yudha Mambea. "Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study." Organizations and Markets in Emerging Economies 12, no. 2 (December 22, 2021): 399–414. http://dx.doi.org/10.15388/omee.2021.12.62.
Повний текст джерелаАнотація:
This research aims to utilize macro-financial and liquidity elements as the factors that may affect the price of Bitcoin as the largest cryptocurrency in terms of market capitalization. The macro-financial factors analyzed in this study were foreign exchange, stock market index, interest rates, and gold, while liquidity ratio is the internal factor. This study applied a fixed-effect model (FEM) and Generalized Method of Moments (GMM) on gathered weekly data from 1 January 2017 to 29 December 2019 from 18 countries with the total of 2,826 observations. The analysis revealed that US Dollar amplifies Bitcoin trading; an increase in interest rate will decrease investors’ intention to invest in Bitcoin as a speculative asset, and gold could replace Bitcoin as a substitute asset. Moreover, Bitcoin was found to be highly liquid, which attracts many investors, while the stock market index proved to be insignificant.
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Maryujati, Arini Giri, Farah Margaretha Leon, and Yosephina Endang Purba. "Faktor yang menentukan corporate social responsibility pada sektor perbankan yang terdaftar di BEI." Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan 4, no. 10 (May 25, 2022): 4284–98. http://dx.doi.org/10.32670/fairvalue.v4i10.1643.
Повний текст джерелаАнотація:
This study aims to analyze the factors that influence corporate social responsibility in banking sector companies listed on the IDX during the period 2014-2020. The data used in this study is secondary data sourced from the official website of Indonesia Stock Exchange (IDX). The research sample was selected using a purposive sampling method so that 24 companies were sampled. The novelty in this research is to use the SCV formula for CSR and the addition of the board of commissioners variable. The results show that profitability, liquidity, firm size, leverage have a positive effect on corporate social responsibility. Board size has a negative effect on corporate social responsibility. Foreign director, female director, board of commissioners size has no effect on corporate social responsibility. This shows that big profitability, liquidity, company size, leverage can encourage CSR activities and become investors' considerations. The benefits of CSR activities are an important assessment for investors to invest their capital..
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Kang, Jangkoo, and Hyoung-Jin Park. "The Dynamics of Trades and Quote Revisions Across Stock, Futures, and Option Markets." Review of Pacific Basin Financial Markets and Policies 11, no. 02 (June 2008): 227–54. http://dx.doi.org/10.1142/s0219091508001337.
Повний текст джерелаАнотація:
This paper examines the dynamics of returns and order imbalances across the KOSPI 200 cash, futures and option markets. The information effect is more dominant than the liquidity effect in these markets. In addition, returns have more predictability power for the future movements of prices than order imbalances. Information seems to be transmitted more strongly from derivative markets to their underlying asset markets than from the underlying asset markets to their derivative markets. Finally, domestic institutional investors prefer futures, domestic individual investors prefer options, and foreign investors prefer stocks relative to other investor groups when they have new information.
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Zivkovic, Bosko, and Jelena Minovic. "Illiquidity of frontier financial market: Case of Serbia." Panoeconomicus 57, no. 3 (2010): 349–67. http://dx.doi.org/10.2298/pan1003349z.
Повний текст джерелаАнотація:
The paper explores illiquidity of the Serbian financial market for the period of 2005-2009. The financial market in Serbia is, by its type, a frontier market. We used daily data from the BELEXline index, as well as all stocks within this index in examined timeframe, provided by the Belgrade Stock Exchange. Results of this paper suggest that level of market liquidity is low and persistent in Serbia. Additionally, results confirm that time-varying illiquidity and its volatility is highly unstable in this market. This is the first paper that analyses liquidity issues in case of Serbia. It identifies different periods and shows that, in most cases, ups and downs in foreign investors' participation leads to dramatic falls and rises in market illiquidity and its volatility.
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Lukov, V. "The Device of the World Exchange Infrastructure. New Challenges for the Russian Market." Scientific Research and Development. Economics of the Firm 11, no. 2 (July 12, 2022): 39–45. http://dx.doi.org/10.12737/2306-627x-2022-11-2-39-45.
Повний текст джерелаАнотація:
The article is devoted to the problems of mutual settlements with the international central depository, which provides liquidity to the vast majority of foreign securities held by private and institutional investors, residents of the Russian Federation. The paper gives a description of the modern design of the exchange infrastructure of the Russian market. Methodical research tools: analysis of normative legal acts and resolutions, methodological instructions of the national settlement depository. As the study showed, the interests of Russian investors who make transactions with foreign securities are extremely vulnerable in the current version of interaction with foreign counterparties. It is concluded that the national organizers of the auction need to revise the structures of mutual settlements. The author put forward options for reducing the regulatory and transactional risks of transactions with foreign securities.
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O. Al-Smadi, Mohammad. "Determinants of foreign portfolio investment: the case of Jordan." Investment Management and Financial Innovations 15, no. 1 (March 28, 2018): 328–36. http://dx.doi.org/10.21511/imfi.15(1).2018.27.
Повний текст джерелаАнотація:
This study investigates the determinants of foreign portfolio investment in Jordan using series of data covering the period from 2000 to 2016. Eight independent variables were employed. They are: aggregate economic activity, inflation, interest rate differentiation, stock market performance, risk diversification, country creditworthiness, governance, and corruption. The regression results show that good and stable macroeconomic environment attracts foreign investors. In addition, foreign investors prefer to invest in the capital market which provides an opportunity of risk diversification. A country that has enough liquidity to meet its obligation, and has well-governed environment attracts more portfolio investment. The results of the study provide empirical evidence about the factors that have a significant impact on the flow of foreign portfolio investment to Jordan. These factors can be utilized when formulating polices by the specialized authorities who are seeking to attract more portfolio investment.
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Khan, Javed, and Shafiq Ur Rehman. "Impact of corporate governance compliance and board attributes on operating liquidity in pre- and post-corporate governance reforms." Corporate Governance: The International Journal of Business in Society 20, no. 7 (October 2, 2020): 1329–47. http://dx.doi.org/10.1108/cg-04-2020-0156.
Повний текст джерелаАнотація:
Purpose This study aims to investigate the impact of corporate governance compliance, governance reforms and board attributes on operating liquidity of Pakistani listed non-financial firms. The study further tests how these relationships vary in the pre- and post-corporate governance reforms. Design/methodology/approach Fixed-effect regression model is used on 10 years panel data from 2007 to 2016 for a sample of 170 firms listed on the Pakistan Stock Exchange. Two-stage least squares model is used for addressing the endogeneity problem. Findings The findings reveal that governance compliance and governance reforms negatively affect operating liquidity. Among the board attributes, board meetings, directors’ remuneration, board foreign diversity and board gender diversity are significantly related to operating liquidity. Further exploration indicates that internal governance mechanisms are less effective to safeguard shareholders from expropriation during weak external governance. This suggests that strong external governance is inevitable to the effectiveness of internal governance mechanisms. Overall, the study findings support the agency theory. Practical implications The findings provide valid recommendations to policymakers interested in safeguarding the investors to focus on macro-level governance for making the micro-level governance effective. Further, the results provide the executives with an insight to improve the compliance level with the code of corporate governance. Originality/value Unlike prior studies, this study examines the impact of corporate governance compliance and novel board attributes – directors’ attendance at board meetings, number of board committees, directors’ remuneration and board foreign diversity on operating liquidity. Further, the study subdivides its sample period into pre- and post-corporate governance reforms to examine how external governance influences internal governance effectiveness.
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Urban, Dariusz. "The Role of Sovereign Wealth Funds in Global Managament of Excess Foreign Exchange Reserves." Comparative Economic Research. Central and Eastern Europe 14, no. 2 (November 8, 2011): 143–58. http://dx.doi.org/10.2478/v10103-011-0015-1.
Повний текст джерелаАнотація:
This paper finds evidence that for many countries Sovereign Wealth Funds are the alternative vehicle for management of excess foreign exchange reserves. These funds can be seen as a substitutes for monetary authorities as well as institutional innovations on global financial markets. Sovereign Wealth Funds offer to countries various economic and financial benefits. They facilitate saving intergenerational transfer of proceeds from nonrenewable resources and help reduce cyclical volatility driven by changes in commodity export prices. These state-run funds help to reduce the opportunity cost of reserves holdings due to greater portfolio diversification of reserve-assets and allow countries to accumulate large capital inflow without negative consequences such as exchange rate appreciations, price distortions, liquidity expansion, domestic asset bubbles, financial sector imbalances and inflations. Sovereign Wealth Funds can support domestic economy during the crises as a investors of last resort and stabilize international financial markets by supplying liquidity and reducing market volatility. Sovereign Wealth Funds are likely to continue growing and increase their relative importance in global financial markets.
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Kumar, Manoj, L. M. Bhole, and Shahrokh M. Saudagaran. "The Impact of International Listings on Liquidity: Evidence from the Indian Stock Market." Vikalpa: The Journal for Decision Makers 26, no. 4 (October 2001): 35–50. http://dx.doi.org/10.1177/0256090920010404.
Повний текст джерелаАнотація:
Between May 1992 and June 2001, 72 Indian companies tapped the international capital markets with their equity offerings in form of Depositary Receipts (DRs). Initially, most of these programmes were in the form of Global Depositary Receipts (GDRs) and were traded on London and Luxembourg stock exchanges. Since 1999, many Indian companies have been listing their American Depositary Receipts (ADRs) on the US stock exchanges. Home market responses to issuance of DRs are of interest to the policy makers, investors, market intermediaries, CFOs, and finance scholars. Policy makers m emerging markets are increasingly concerned about the consequences for the domestic equity market when companies list stocks abroad. The present paper assesses the impact of listing of ADRs/GDRs on the liquidity of the firm's underlying domestic shares by using a sample of 30 Indian DR programmes that listed on the foreign markets between 1st January, 1996 and 30th June, 2001. Consistent with the theoretical assertions and results of Domowitz, Glen and Madhavan (1998), the authors record mixed results — while ADR listings in most cases reduce the liquidity of the domestic underlying shares, GDR listings in most cases increase the liquidity of the domestic underlying shares.
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Vukajlovic-Grba, Danijela. "The money market in Montenegro: Conditions, development and outlook." Panoeconomicus 54, no. 3 (2007): 325–46. http://dx.doi.org/10.2298/pan0703325v.
Повний текст джерелаАнотація:
The money market represents a segment of financial markets wherein the objects of trading are funds with short-term maturities. The money market in Montenegro is still in its early stages of development, and is characterized by a narrow scope of trading material and by a relatively narrow variety of participants. The reasons for such slow development of the Montenegrin money market are numerous: lack of regulations, dollarization as a model of monetary and foreign exchange regime, excessive liquidity of domestic banks, insufficient liquidity in the corporate sector, limited protection of creditor rights, and minimal corporate transparency. Short-term government bonds ("T-bills")-traded exclusively on the primary market-are the only short-term securities on the Montenegrin money market. Montenegrin banks are the biggest investors in T-bills. Foreign investors withdrew from the primary T-bill market after a decrease in T-bill interest rates. For a while, many considered that inadequate solutions in the Law on Securities were the main setbacks to organizing a secondary T-bill market. However, amendments to this Law did not spark the development of a T-bill market, nor any other short-term securities market. Adequate legislation is essential for the development of the money market, but it is not a sole precondition. A decrease in banks? liquidity (as competition from other financial institutions increases and/or deposit interest rates decline) is important to induce the money market?s development. We can expect a concurrent decrease in lending interest rates only as the conditions of creditor rights protection and business operations transparency improve. Only under such conditions can we expect banks and other financial and non-financial legal entities to begin issuing short-term securities.
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Fenelon Jr, Ricardo, and Isabella Vilhena. "Liberalization of Foreign Ownership and Control Rules of Brazilian Airlines: An Analysis." Air and Space Law 46, Issue 4/5 (September 1, 2021): 569–86. http://dx.doi.org/10.54648/aila2021032.
Повний текст джерелаАнотація:
Despite the efforts of major intergovernmental organizations in the last decades, most notably the International Civil Aviation Organization (ICAO), restrictions on foreign ownership and control rules at national and international levels still hinder airlines from increasing their liquidity by negotiating equity interests with foreign investors. The relaxation of such restrictions is an important issue for airlines worldwide. This article seeks to explain how Brazil paved the way towards liberalization of foreign ownership and control of national airlines, which has resulted in the current rule, which allows any foreign investor to own up to one hundred percent of the shares of a Brazilian airline. Brazilian airlines, foreign investment, nationality rule, ownership and control, air services agreements
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Shubita, Rawan, and Moade Fawzi Shubita. "The impact of foreign ownership on corporate governance: evidence from an emerging market." Investment Management and Financial Innovations 16, no. 2 (May 22, 2019): 101–15. http://dx.doi.org/10.21511/imfi.16(2).2019.09.
Повний текст джерелаАнотація:
This research explores the influence of foreign ownership on non-financial public shareholding firms in the Amman Stock Exchange (ASE). The study involved an investigation into the connection between non-Jordanian ownership and the company growth opportunity, stock liquidity, leverage, dividend policy and business output. The results highlight that foreign ownership can provide improved corporate governance practices by playing a decisive role in increasing the growth opportunity and enhancing the firms’ market valuation, as measured by Tobin’s Q. Moreover, the findings indicate that companies with foreign board membership have better operating performance and higher firm value. The rewards were reaped by foreign investors based on their superior monitoring ability, which affects the decisions made and actions taken by management.
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Abdullaev, Sh. "Prudencial Supervision in the Process of Deposit Insurance." Voprosy Ekonomiki, no. 1 (January 20, 2004): 98–106. http://dx.doi.org/10.32609/0042-8736-2004-1-98-106.
Повний текст джерелаАнотація:
The present state of the banking systems in the post-Soviet countries is characterized by a low level of liquidity and the situation in the economy does not allow to rely upon attracting resources of foreign investors in meaningful volumes. That is why the main sources of monetary funds are the savings of citizens. The creation of governmental deposit insurance systems could overcome the situation of steady mistrust of population in depositing their savings with commercial banks and help return these funds into economic turnover.
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Bhana, N. "The recommendations of the De Kock Commission of Inquiry and its implications for foreign security investments by South African residents." South African Journal of Business Management 16, no. 4 (December 31, 1985): 204–8. http://dx.doi.org/10.4102/sajbm.v16i4.1097.
Повний текст джерелаАнотація:
South African investors have been precluded from investing in foreign securities by the Exchange Control Regulations of 1961. Furthermore, the monetary policy pursued by the authorities has resulted in an inefficient financial market. Investments on the capital market have not earned satisfactory real rates of return, and prices on the JSE appear to have been driven to artificial heights. The De Kock Commission of Inquiry has proposed several recommendations which will have far-reaching consequences for investors in South Africa. The proposal of market-related interest rates and the abolition of prescribed investments by institutional investors is likely to result in long-term securities earning substantially higher real rates of return. The relaxation of exchange control for both direct and portfolio investment is likely to stem the flow of funds into the JSE. Investment funds can be expected to flow between the JSE and the various foreign equity markets depending on the economic prospects in the different countries. The high foreign exchange cost and poor liquidity of the local exchange market has been an obstacle to investors in foreign securities. The creation of a larger and more efficient foreign exchange market is likely to facilitate international portfolio diversification in South Africa.
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Indawan, Fiskara, Sri Fitriani, Meily Ika Permata, and Indriani Karlina. "Capital Flows in Indonesia: the Behavior, the Role, and Its Optimality Uses for the Economy." Buletin Ekonomi Moneter dan Perbankan 15, no. 3 (March 28, 2013): 23–54. http://dx.doi.org/10.21098/bemp.v15i3.426.
Повний текст джерелаАнотація:
The abundance of global liquidity post the global crisis resulted in a huge amount of international capital flows to Government Securities (GS) market. Besides useful, the flow of foreign capital potentially give a risk reversal that may leads to instability in domestic financial market. This paper analyzes the determinant of foreign investors including the risk and returns, both from domestic (pull factor) as well as from global (push factor). The result shows that the push factor was instrumentally influence the behavior of foreign investors in the GS (Government Securities) market. For long-term investors, their behavior to place their funds in GS market is influenced by push factor, but not significantly affected by the pull factor. However, for short-term investors, both pull and push factors influence their investment decisions. In addition simulation results indicate that in the future, the prospect of foreign investors in the securities market still faces challenges, particularly from the relatively high volatility as a result of the shock sensitivity of foreign investors on shock that can happen in the uncertainty in the international financial markets due to ongoing debt crisis resolution in developed countries.Concerning these findings, Bank Indonesia and the government needs to maintain and manage the returns and risks of domestic investment on a more competitive and relatively low level by maintaining the strength and resilience of the domestic economy and financial stability. Keywords : Foreign Exchange, International Lending, Corporate Finance.JEL Classification : F31, F34, G3
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Liu, Beibei, Zhichen Wang, and Rita W. Y. Yip. "Are Non‐controlling Foreign Institutional Investors a Friend or Foe to Equity Liquidity? Evidence from China*." Asia-Pacific Journal of Financial Studies 50, no. 1 (February 2021): 25–54. http://dx.doi.org/10.1111/ajfs.12323.
Повний текст джерела
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Yoo, Shiyong. "Volatility and Trading Volumes of Trader Types in KOSPI200 Index, Futures, and Options Markets." Journal of Derivatives and Quantitative Studies 22, no. 1 (February 28, 2014): 91–115. http://dx.doi.org/10.1108/jdqs-01-2014-b0005.
Повний текст джерелаАнотація:
In this study, we explore the empirical relationship between trading volume and volatility among KOSPI200 index stock market, futures and options markets. In particular, in explaining the volatility of each market, the trading in other markets, as well as the trading volume of other markets, also served as explanatory variables. In other words, cross-market effects of trading volume by investor types are analyzed. The empirical results show that there exist the cross-market effects of the relationship between trading volume and volatility in deeply integrated financial markets such as KOSPI200 index stock, futures and options markets. That is, the volatility of one market is explained by the trading volume of trader types in other financial markets. And, overall options trading increases the volatility of each market, while the overall futures trading volume of foreign investors reduce the volatility of each market. Trading volume of Individual investors does not reduce the volatilities of KOSPI200 index and futures markets. That is, trading volume of Individual investors in stock, futures, and options markets increase the volatilities of stock and futures. This implies that foreign investors are informed traders, whereas individual investors are liquidity traders.
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Charoenrook, Anchada, and Pantisa Pavabutr. "A Window into Thai Mutual Fund Managers’ Perception and Decision-Making Process." Review of Pacific Basin Financial Markets and Policies 20, no. 03 (August 14, 2017): 1750020. http://dx.doi.org/10.1142/s0219091517500205.
Повний текст джерелаАнотація:
This paper identifies key features of the Thai mutual fund industry and analyzes determinants of those characteristics using unique survey data from 45% of fund managers registered in Thailand in 2012. The Thai mutual fund industry has some unique characteristics. It has experienced rapid growth and is dominated by bank-related funds that are mostly fixed income funds. Equity allocation of the fund industry and our sample funds are below optimal allocation benchmarks. However, country-level allocation is close to optimal, suggesting that Thai investors who invest in equity prefer to do so directly rather than through equity mutual funds. Fund managers perceive that too much regulation, investors’ preference for deposits and insufficient liquidity limit growth in their equity investments. Managers in our survey indicate that investors do not consider expense ratio and management fee important in determining mutual fund investments. This is contrary to general investment recommendations. Thai bank-related fund managers believe that investors place more importance to brand reputation than performance, whereas foreign fund managers view performance as more important. Thai bank fund managers are more concerned about local interest rates than Thai non-bank and foreign fund managers.
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Alinsari, Natasia, and Lina Devita Putri. "Aspek Finansial Dan Aspek Kepemilikan Dalam Kinerja Keuangan Pada Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia." Jurnal Akademi Akuntansi 5, no. 2 (June 8, 2022): 256–70. http://dx.doi.org/10.22219/jaa.v5i2.20593.
Повний текст джерелаАнотація:
This research aims to explain the influence of financial aspects such as liquidity, firm size, working capital, sales growth, and ownership aspects such as managerial ownership, institutional ownership, government ownership, foreign ownership, family ownership, on financial performance. The sample of this research is 54 companies that are members of the basic and chemical industries listed on the IDX for the 2016-2020 period with a total of 270 observations. Hypothesis testing is carried out by multiple regression analysis. The research results reveal that government ownership has a negative impact on profitability, while institutional ownership, sales growth, and foreign ownership have a positive impact on company profitability. However, for the variables of family ownership, firm size, managerial ownership, and working capital have no impact on profitability. The results of this research can be used as a reference for investors in determining the company to invest in. Investors should invest their capital in companies with institutional ownership or foreign ownership because they have adequate potential, both in terms of funding potential or human resource potential, as well as other supporting potentials.
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Lagodiienko, Volodymyr, and Anton Tryhubchenko. "Features of selection of foreign securities for investment activities." Actual problems of innovative economy, no. 2020/2 (May 28, 2020): 86–89. http://dx.doi.org/10.36887/2524-0455-2020-2-15.
Повний текст джерелаАнотація:
Introduction. Selecting stocks to invest in is an extremely complex and responsible process. The investment process is the purchase of financial instruments both for long-term ownership and for a stable return. The purpose of the article is to develop practical recommendations and establish criteria for selecting securities for the investment portfolio, in particular for investors operating in the foreign stock market. Results. The main criteria by which investors should select shares in their own investment portfolio are identified: the presence of a trend; financial stability of companies; liquidity of shares; historical trends; correct distribution of capital. The presence of the trend is demonstrated in the work with the involvement of Bollinger Bands. This indicator is based on one of the basic indicators of technical analysis, namely the average current price for a specific period of time. To determine financial stability, one of the criteria for selecting shares in the S&P500 index, which is conducted quarterly by the S&P Global Inc. committee, was chosen. The liquidity of shares, the main indicator of which is the ability to quickly buy or sell a security with a minimum difference in price, depends on the volume of trades. In financial markets, including the stock mar-ket, seasonal trends are also important. One of the main rules in the formation of the investment portfolio is diversification, i.e. the distribution of capital among several low-correlated instruments. This makes it possible to align the yield curve of the portfolio, when during the drawdown of one asset another shows growth and vice versa. Conclusions. This list of factors for the selection of shares for the formation of its own investment portfolio is not complete. Of course, for more detailed acquaintance and analysis of stocks it is necessary to use deeper analysis, paying at-tention to tendencies inside the sector, company news, fundamental indicators, price, belonging to the index, country of origin of the company, etc. However, for the initial stage of the investment portfolio formation, these five criteria are suffi-cient. Key words: shares, investment portfolio, investment, criteria for selection of shares.
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Sidik, Diki Maulana, and Mirza Hedismarlina Yuneline. "The Effect of Financial Performance, Public Ownership, and Company Age on Volun-tary Disclosure (Case Study on Private Non-Foreign Exchange National Bank Compa-ny Listed in Indonesia Stock Exchange)." Jurnal Ilmu Manajemen & Ekonomika 14, no. 2 (September 29, 2022): 77. http://dx.doi.org/10.35384/jime.v14i2.277.
Повний текст джерелаАнотація:
This study aims to examine the effect of financial performance (profitability, liquidity, leverage), public ownership, and company age on voluntary disclosure of Private Non-Foreign Exchange National Bank companies either partially or simultaneously. The subject in this study were Private Non-Foreign Ex-change National Bank companies that listed in the Indonesian Stock Exchange and published annual fi-nancial reports for the 2014-2018 period. The number of sample were 6 companies. This study used de-scriptive and verification methods with quantitative approach. The data of this study were secondary data that used annual financial reports of each company. The design of hypothesis testing was classic assump-tion test (normality test, autocorrelation test, multicollinearity test, heteroscedasticity test) and multiple linear regression analysis (coefficient of determination, t test and F test). The results show company age partially has significant effect on voluntary disclosure. While financial performance (profitability, liquidi-ty, leverage) and public ownership partially has no effect on voluntary disclosure. The results proved that the longer the company becomes a public company, it is expected that the company will have more experi-ence on the information needs by the investors and will meet their information needs through voluntary disclosure of the company's annual report. Financial performance (profitability, liquidity, leverage), pub-lic ownership, and company age has a significant effect on voluntary disclosure simultaneously with a co-efficient determination of 24.5%.
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Mugumisi, Nathan. "Zimbabwean Manufacturing Firms' Propensity and Intensity to Export in the Post Zimbabwean Dollar Era." Journal of Economics and Behavioral Studies 10, no. 1(J) (March 15, 2018): 42–48. http://dx.doi.org/10.22610/jebs.v10i1(j).2087.
Повний текст джерелаАнотація:
After the adoption of the multicurrency system in 2009 Zimbabwe’s macroeconomic environment stabilized but the new economic order exposed the economy to a crippling liquidity crisis. Exports remain the only sustainable solution to Zimbabwe’s liquidity crisis in the short to medium term given the current sanctions that limits other international capital flows. This study sort to understand the factors that determine Zimbabwean manufacturing firms’ likelihood and intensity to export. The study a was based on panel data from a 19 manufacturing firms listed on the Zimbabwe Stock Exchange over the period 2009 to 2017. The propensity and intensity to export was estimated using the logit and Tobit regression models respectively. Bigger firms and firms that engage in research and development had a high propensity to export. Foreign owned firms and firms that engage in research and development had a high intensity to export, while those with high domestic turnover tended to export less. The appreciation of the USD increased Zimbabwean manufacturing firms’ propensity and intensity to export. We urge the policy makers to design investment laws that attract foreign investors, and managers to prioritize research and development. We also recommend firm managers to take advantage of periods of currency appreciation to recapitalize at a cheaper cost and export more goods since Zimbabwe’s manufacturing production is highly import dependent.
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Mugumisi, Nathan. "Zimbabwean Manufacturing Firms’ Propensity and Intensity to Export in the Post Zimbabwean Dollar Era." Journal of Economics and Behavioral Studies 10, no. 1 (March 15, 2018): 42. http://dx.doi.org/10.22610/jebs.v10i1.2087.
Повний текст джерелаАнотація:
After the adoption of the multicurrency system in 2009 Zimbabwe’s macroeconomic environment stabilized but the new economic order exposed the economy to a crippling liquidity crisis. Exports remain the only sustainable solution to Zimbabwe’s liquidity crisis in the short to medium term given the current sanctions that limits other international capital flows. This study sort to understand the factors that determine Zimbabwean manufacturing firms’ likelihood and intensity to export. The study a was based on panel data from a 19 manufacturing firms listed on the Zimbabwe Stock Exchange over the period 2009 to 2017. The propensity and intensity to export was estimated using the logit and Tobit regression models respectively. Bigger firms and firms that engage in research and development had a high propensity to export. Foreign owned firms and firms that engage in research and development had a high intensity to export, while those with high domestic turnover tended to export less. The appreciation of the USD increased Zimbabwean manufacturing firms’ propensity and intensity to export. We urge the policy makers to design investment laws that attract foreign investors, and managers to prioritize research and development. We also recommend firm managers to take advantage of periods of currency appreciation to recapitalize at a cheaper cost and export more goods since Zimbabwe’s manufacturing production is highly import dependent.
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Chabachib, Mochammad, Ike Setyaningrum, Hersugondo Hersugondo, Intan Shaferi, and Imang Dapit Pamungkas. "Does Financial Performance Matter? Evidence on the Impact of Liquidity and Firm Size on Stock Return in Indonesia." International Journal of Financial Research 11, no. 4 (June 28, 2020): 546. http://dx.doi.org/10.5430/ijfr.v11n4p546.
Повний текст джерелаАнотація:
In the modern era, stock investment can attract domestic investors or foreign investors. The objective is to invest their funds at the capital market that expect higher stock returns. The study aims to analyze factors that can affect stock returns and know the mediating effect of return on equity. The object of this research is the property and real estate sector that is listed on the Indonesia Stock Exchange from 2013 to 2018. This research used debt to equity ratio, current ratio, total asset turnover, firm size as independent variables and stock returns as dependent variables. Path analysis is used as reseach method tools with SMART PLS.The result says that debt to equity ratio and return on equity has a positive significant relationship with stock return, meanwhile firm size has a significant negative significant relationship with stock returns. Furthermore, return on equity can mediate the relationship between debt and equity ratios to stock returns.
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Abramov, Alexander E., Alexander D. Radygin, and Maria I. Chernova. "Pricing models of shares of Russian companies and their practical application." Voprosy Ekonomiki, no. 3 (March 7, 2019): 48–76. http://dx.doi.org/10.32609/0042-8736-2019-3-48-76.
Повний текст джерелаАнотація:
The article analyzes the problems of applying stock pricing models in the Russian stock market. The novelty of the study lies in the peculiarities of the methodology used and the substantive conclusions on the specifics of the influence of fundamental factors on the pricing of shares of Russian companies. The study was conducted using its own 5-factor basic pricing model based on a sample of the most complete number of issues of shares of Russian issuers and a long time horizon, from 1997 to 2017. The market portfolio was the widest for a set of issuers. We consider the factor model as a kind of universal indicator of the efficiency of the stock market performance of its functions. The article confirms the significance of factors of a broad market portfolio, size, liquidity and, in part, momentum (inertia). However, starting from 2011, the significance of factors began to decrease as the qualitative characteristics of the stock market deteriorated due to the outflow of foreign portfolio investment, combined with the low level of development of domestic institutional investors. Also identified is the cyclical nature of the actions of company size and liquidity factors. Their ability to generate additional income on shares rises mainly at the stage of the fall of the stock market. The results of the study suggest that as domestic institutional investors develop on the Russian stock market, factor investment strategies can be used as a tool to increase the return on investor portfolios.
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Choudhry, Taufiq, and Yuan Wu. "Momentum phenomenon in the Chinese Class A and B share markets." Review of Behavioral Finance 7, no. 2 (November 9, 2015): 116–33. http://dx.doi.org/10.1108/rbf-06-2014-0032.
Повний текст джерелаАнотація:
Purpose – The purpose of this paper is to investigate the momentum phenomenon in two market segments of the Chinese stock market – the Class A share market and Class B share market over time period spanning from January 1996 to December 2010. Design/methodology/approach – The authors largely follow Jegadeesh and Titman (1993) paper; the authors decompose the momentum returns following the procedure first proposed by Jegadeesh and Titman (1995). In addition, a liquidity factor (Pastor and Stambaugh, 2003) and a share ownership factor (Wang and Xu, 2004) are incorporated in the procedure to gauge the contribution of liquidity and the dynamics of share ownership towards the momentum returns, respectively in the two segments of the Chinese stock market. Findings – The authors find compelling evidence showing distinctively different momentum phenomena exist in the two market segments of the Chinese stock market. Specifically, the momentum phenomenon is more pronounced in the Chinese Class A share market compared to those found in the Chinese Class B share market. Through decomposing the momentum returns, the authors find evidence showing the dismal momentum returns observed in the Class B share market can be attributed to markedly weakened contributions of the liquidity factor and the share ownership factor. Research limitations/implications – Relatively short sample time horizon compared to the most of major financial markets such as USA and UK. The number of B shares has been rather limited. Practical implications – Subsequent to the opening of the Chinese Class B share market to domestic investors in 2001 and the opening of the Chinese Class A share market to qualified foreign institutional investors (QFII) in 2003, the empirical evidence found in this study provides a crucial reference point for domestic and foreign portfolio strategists in guiding them to form suitable portfolio strategies concerning investments in a nascent financial market such as the Chinese stock market, fraught with volatility and speculative trading behaviour. Social implications – It offers a comprehensive view of the momentum phenomenon in the Chinese Class A and B share markets over the sample period from January 1996 to December 2010. Second, the reasons behind the dichotomy of the momentum returns found in the two market segments were investigated through decomposing the momentum returns based on Jegdeesh and Titman’s (1995) method while incorporating three new explanatory factors – the liquidity factor, share ownership factor and the under reaction towards firm-specific news factor. Originality/value – A couple of extant papers have visited the topic before. yet this paper offers more comprehensive view on the existence of momentum premium in both Chinese Class A and B share markets and investigates the driving forces behind the subdued momentum returns observed in the B share market.