Behavior of the Indian Stock Market
The concept of ''Efficient Markets'' took shape in the seventies explaining the behavior of stock market prices. For the stock market to perform its role of allocating capital resources in an economy successfully, it should be able to process information efficiently. This is seen as the market''s ability to incorporate all relevant information quickly and accurately into its prices. This book examines the arguments behind the efficient markets hypothesis and within this context examines the behavior of the Indian stock market. The book throws information on issues such as identifying structural changes in price movements; nature of statistical distribution of returns; market anomalies and the market behavior to policy announcements. The book is expected to be useful for anyone interested in stock market behavior. It will also interest researchers interested in non-parametric statistics.
Dynamics of Dividend Payout in Emerging Stock Markets
Dividends are part of company earnings distributed to shareholders in different forms. The subject of cash dividend payout continue to puzzle finance theorists and researchers especially with regard to "why", "how" and whether there is "consistency" in payout for firms,sectors and markets. Finance scholars do not seem to agree on answers to these questions even when analyzing the same factors. This book delves into the puzzle in the hope of finding answers to these questions using panel data from Nairobi Securities Exchange. Predictors of dividend payout are isolated from two metric variables(earnings and Prior dividends) and two non metric variables(Growth prospects and business risk. The question of whether dividend stability or smoothing is a motivation and which dividend model best explains policy of payout by corporate managers is investigated. Results and recommendations would be useful to finance scholars, Corporate managers, individual and institutional investors,researchers...
Indian Stock Market
This research is designed to study the weak form efficiency in the Indian stock Market. To keep the research design in-line with the research objectives the researcher has taken due care, that the tools used in research are objective oriented. Stock markets are full of wonders. Several times, they move without any logical reasons, while several times they do not react to some specific information in an expected manner. This kind of nature of markets is named as random walk theory or weak form efficiency by researchers. On the other hand, quite a few times, markets perform in the direction of expectations around some events. The research data are analyzed using descriptive and inferential statistics distribution patterns (test for normality of distribution of price changes), which is a measure of the randomness of price changes, serve as the descriptive statistics while inferential tests consist of testing the SENSEX and NIFTY of the Indian stock exchange for independence (using serial...
International Stock Market Comovements
Last decades are characterized by increasing pace of globalization - local events tend to influence distinct and remote places. Although the recent Global Financial Crisis of 2007-2009 originated in the USA as credit market turmoil, it hit nearly all stock markets around the world severely. So, how interdependent are the international stock markets? Has the Crisis brought new perspectives in this respect? The first part of the book discusses theoretical causes of international stock market interdependencies. The second part empirically assesses the interconnection of eleven major global stock markets during the period of 2000 to 2010. Overall markets as well as five industry sectors are examined separately. The results presented in this book bear interesting implications for individual investors, portfolio managers, and also policymakers.
Market Size, Liquidity and Stock Market Performance in Nigeria
The book-Market Size, Liquidity and Stock Market Performance in Nigeria x-rays the impact of market capitalization and turnover ratio of stocks and shares on performance of the stock market index. The book is highly essential for portfolio investors particularly those interested in investing in shares and stocks across the globe. In addition,it serves as a useful companion for practitioners in the stock market, banking and allied industry, opinion formers and decision makers interested in increasing their knowledge of how the capital market works. Both undergraduate and postgraduate students in economics, accounting, banking and finance, insurance and other behavioural disciplines would find the book very invaluable.
Stock Market and Manufacturing Sector in India
The interaction of the financial sector particularly the growth effects of stock market on the real economy is a matter to be probed. Over the past few decades the world stock markets have surged and emerging market countries have accounted for a large share of this boom. The growth of stock markets in emerging markets is partly due to the shift in policies from ‘financial repression’ to ‘financial liberalization’ which led to an increasing significance of capital markets in the allocation of financial resources. The study has ventured to analyze the impact of financial development, financial structure and financial reforms on private corporate manufacturing industries. Along with this the study also examined the influence of stock market development on industries capital structure, where in the factors affecting fixed capital expenditure across the industries also examined. The study covers the period from 1990 to 2007. The main aim of the study is to investigate the influence of...
Stock Market Profile of Women Investors in Indian Capital Market
With the changing role of Indian women, from savers to investors, there are every possibilities that their decisions regarding investment with their surplus money may be different. When women can lead big organizations, their potential decision- making ability and risk bearing attitude cannot be overlooked. It is much relevant to study the Stock Market Profile of women investors. The study would also be helpful in adding to the economic empowerment among the women. Hence the first hand information from the target sample (women investors) is more significant. Therefore, for analysis purpose a primary survey of women investors was conducted to reach at the accurate outcomes. This study focuses on Punjab and chandigarh. Study concluded that no demographic variables neither education nor working status are associated with decision making of women investors.As typical Indian women they prefer to take the advice of their husbands/family members for taking any decision related to investment...
Stock Market-Growth Nexuses
Stock markets are considered as a crucial sector in the financial system as they fulfill long term capital requirements of investment projects which are essential for steady economic growth. However, researchers are yet to establish a link between stock market development and economic growth; furthermore, they have ended up with contradictory findings. Consequently, both Growth-Led Finance and Finance-Led Growth Hypotheses are supported by different contemporary authors leaving more space for new scholarly work. This book is an attempt to narrow the gap that exists in literature and provide a more quantitative approach based on modern econometric techniques. While the book analyses the link between stock market development and the economic growth of both developed and emerging markets, it also addresses the development of the stock market in Sri Lanka. Thus, this will be an interesting read for both scholars and general readers.
Stock Market Development and Economic Growth - Global Experience
This book extends a comprehensive body of theoretical and empirical work on global stock markets and their impact on economic growth in the case of Arab countries, East-Asia Pacific and the G- 7 Economies. It considered modern econometric techniques by using the three different estimation methods of OLS, 2SLS and GMM estimators on consistent panel data sets for the three groups of countries over the period 1980-2002. It compared the estimation results for the Arab countries with the East Asia-Pacific countries and the G-7 economies. This work was supervised by Professor P.N.(Raja) Junankar, and examined by Professor Steve Dowrick (Australian National University), Professor Ali Kutan (Southern Illinois University, USA), and Professor Panicos Demetraides (Leicester University, UK).
The performance of long-term investments in the Italian stock market
The objective of this work is to research on the impact of delisting effects and dropping off the market index on the investment performance and to understand whether the survivorship bias matters in the context of long-term investments. Given the calculation algorithms of a market index which exclude any failed, small and or illiquid company, we legitimately believe that a market index would have outperformed any passively managed not-rebalanced portfolio in the long run. We denote this phenomenon as natural survivorship bias. However, the results of this work show that the opposite is true. In all cases and under all regimes, the observed portfolios outperform noticeably the market index. We find that on average, small and less liquid firms gained higher returns than bigger and more liquid players. The literature defines the small firm effect as a concept which states that small cap firms outperform the large cap firms. Lower prices lead to larger price appreciations. We therefore...
The Impacts of Stock Market Liberalization in Emerging Markets
This book attempts to answer these key questions: What are the revaluation effects and the impacts on the cost of capital, volatility, and correlation with world market returns from emerging stock market liberalization? These questions have been studied extensively at the market-level, but not at the firm level. Since foreign portfolio investors are known to prefer investment in large and well-known firms, the opening of capital markets should have a differential impact across securities depending on foreign investors'' demand. Our test results using country indices show statistically and economically significant revaluation effects, and increases in the cost of capital. More important than these market-level findings, we report significantly different impacts of stock market liberalization, based on foreign investors'' demand. Our findings have important implications for international investors seeking to manage their global exposure as well as for policy makers...
Вопросы дилинга А. В. Трехов Наряду с часто освещаемыми в литературе вопросами, такими как технический и фундаментальный анализ, в книге также затронуты психологические аспекты дилинга. При конспективном изложении круг изложенных вопросов достаточно широк: от фракталов до типичных ошибок трейдеров. Отдельная глава посвящена совместному применению различных приемов анализа. Рассчитана книга в основном на начинающих, но и опытные трейдеры могут найти в ней новые мысли.
Манипулирование информацией на рынках Е. А. Емельянова Работа Е.А.Емельяновой, юриста, практикующего в международной юридической фирме, посвящена новой и малоизученной в России теме - регулированию информационной среды рынка. Автором детально исследовано зарубежное законодательство в сфере противодействия манипулированию рынком и неправомерному использованию инсайдерской информации и предложены подходы, применимые для российского рынка. В работе анализируются ранее неисследованные в российской правовой науке аспекты гражданско-правовых последствий манипулирования информацией на рынках. Впервые предложен комплексный анализ проблемы возмещения убытков, причиненных участникам оборота в результате манипулирования. Книга будет полезна практикующим юристам, представителям бизнес-сообщества и ученым.
Мировой фондовый рынок и интересы России
Монография посвящена исследованию проблем трансформации мирового фондового рынка. На обширном статистическом материале анализируются основные тенденции, закономерности и этапы эволюции мирового фондового рынка, обусловленные в первую очередь глобализацией мировой экономики. Рассмотрены главные направления и особенности перестройки институциональной инфраструктуры и финансового инструментария рынков ценных бумаг, в том числе распространение электронных систем торговли и резкое увеличение доли ценных бумаг в структуре финансовых активов. Выявляется роль американского рынка акций в механизме функциональных связей на мировом фондовом рынке. Охарактеризованы различные аспекты развития финансовых рынков Германии и Европейского союза. Особое внимание уделено проблемам совершенствования фондового рынка России и присутствия на нем иностранных инвесторов. Для научных работников, специалистов, представителей бизнес-сообщества, работающих на рынке ценных бумаг, преподавателей, студентов...