Purpose - The article examines the possible long-run and short-run impact of regulatory quality on stock market performance in Nigeria for 1996-2019 period. Design/methodology/approach - The study adopts autoregressive distributed lag (ARDL) bounds test and cointegrating regression techniques....

The aim of this article was to identify the role and specific mechanisms of the stock exchange in promoting corporate social responsibility (CSR) and CSR communications among companies listed on the Romanian capital market given country membership of the European Union. Taking into account the...

A highly significant feature of the stock market is its efficiency, which is associated with information efficiency. However, the liquidity of stock on the market is its essential characteristic. The inflow of information in highly liquid markets allows for the maintenance of high information...

Using data from the Borsa İstanbul (BIST), this study analyzes whether derivatives market operations have a volatility spillover effect on stock indexes using multivariate GARCH models and wavelet methods. We use the DVECH method, with variables for the daily BIST 30 index and BIST 30 index...

The aim of this study was to examine the impact of adopting information and communication technologies (ICT) on the development of African stock exchanges. The study examined a panel of 11 African stock exchanges for the period 2008-2017 and employed the generalised method of moments (GMM) to...

Using a market model and principal component analysis, we investigate the existence of common effects in order imbalance in the Borsa Istanbul's option market. Accordingly, we find the presence of commonality in order imbalance for call options and an even more dominant presence in put options....

The goal of this paper is to present early warning models used in the process of bankruptcy recognition that should meet the terms of good economic condition. Economic condition of a company on a capital market is good when the goal of the business is achieved, namely the increase in value, that...

The aim of this paper is to identify the relationships between measures of working capital management (cash conversion cycle /CCC/, working capital value /WC/ and the financial liquidity /CR/) and profitability of companies listed on the Warsaw Stock Exchange. The research material consisted of...

This paper attempted to apply an EVT-based pairwise copula method for modelling risk interaction between foreign exchange rates and equity indices of the Johannesburg Stock Exchange (JSE) and to model the dependence structure of the underlying assets with some selected listed stock indices. We...

The multi-fractal analysis has been applied to investigate various stylized facts of the financial market including market efficiency, financial crisis, risk evaluation and crash prediction. This paper examines the daily return series of stock index of NASDAQ stock exchange. Also, in this study,...

This paper aims at analyzing the impact of corporate environmental information disclosure from the perspective of investors. To that end, we have collected environmental information disclosure data of all Chinese listed companies from 2004 to 2020 and controlled the impacts of annual reports on...

I consider limit order book events that are likely to contribute to price discovery in the foreign exchange market, specifically, limit orders and transactions (market orders). The variance decomposition shows that improving orders and worsening cancels, both limit order events, substantially...

Terrorist attacks tend to happen concomitantly, begetting widespread violence, perturb individual routine life, bring dire effect on the economy and ultimately cause volatility in stock prices. This research tries to assess the impact of substantial terrorist incidents that took place in the...

The attraction of blue-chip listings in emerging stock markets is a major policy initiative common across much of the developing world. In many cases however, local blue-chip firms are the result of foreign Multinational Enterprise (MNE) firms engaging with local indigenous partners to form an...

Our study contrasts the influence of firm level adoption of shareholder value governance against that of formal institutional quality on listed firm’s bid ask spread in a unique sample of eight Caribbean offshore stock exchanges. Using panel data from 146 listed firms from 2004 to 2017 our...

In recent years, the argument on capital market efficiency has shifted to alternative forms of the hypothesis. This research examines one of such alternatives, the Adaptive Market Hypothesis (AMH) with an aim to offer a framework for testing the dynamic notion of market efficiency. Using the...

The word Sustainability Development gains more importance in recent times in all over the world. Sustainability can be defined as the practice of maintaining processes of productivity indefinitely-natural or human made-by replacing resources used with resources of equal or greater value without...

Sustainability Practices and disclosure patterns are growing importance among stock exchanges, companies at a rapid stage at all over the world by establishing the Global Reporting Initiative (GRI) reporting framework. GRI Initiated sustainability reporting guidelines as GRI G1, GRI-G2, GRI-G3,...

We apply the automatic pattern recognition algorithm of Lo et al. (2000) to 25 stocks listed on the Swiss stock exchange, over the last 15 years. We systematically identify exogenously specified technical patterns and then compare the empirical unconditional distributions of daily returns to the...

In this paper, the relationship between some selected stocks in the Nigerian Capital Market was investigated using wavelet analysis. The selected stocks are Dangote Cement (Dans) representing the housing sector, Julius Berger (Jbger) representing the Construction industry, Nestle Nigerian Plc...

Delisting of company’s shares is probably the least thing an existing and prospective investor ever think of when dealing with any given portfolio. This is particularly inconveniencing to numerous insignificant minority shareholders who might have easily purchased shares under Initial Public...

Investors’ confidence can be reliably measured through evaluation of trading volumes on the stock exchange. High trading volumes are usually construed as benchmark for investors’ trust in equity instruments as storage of value with substantial monetary rewards in form of dividends and...

Prospectus of an issuer inviting potential investor for a public offering either as initial public offer or rights issue should be as accurate as possible so that post listing activities can be perfectly matched with the prospectus to guarantee that no material errors and misrepresentations were...

Capital markets provide alternative avenues for investors as storage of value. It is therefore important to ensure that market share prices for listed companies reflect the best possible value for market participants. Overpriced shares benefit a few individuals at the expense of the whole...

Underwriters in public offerings provide invaluable service of guaranteeing that the issuer of shares would generate the desired cash to fulfil its strategic objectives. Underwriters bear enormous risks whenever there is undersubscription as they have to transfer cash to the issuer and figure it...

The sustainable development has become global agenda for entire world with an initiation of the Sustainable Development Goals (SDGs) by United Nations. The UN SSE Initiative has set SDGs for stock exchanges and the paper focuses on SDG-8 (target:8.3): SMEs and Sustainable Development. The...

This paper analyzes the volatility of stock returns on the Belgian stock exchange during the period April 1991 to April 2008. The empirical analysis showed that there is a mean and volatility spillover effect from the big European markets. There are also mean spillover effects from the markets...

In September 2021, China launched the Beijing Stock Exchange (BSE) in order to divert capital to the country’s booming technology companies, especially those classified as small and medium-size enterprises (SMEs). The article introduces the historical background for establishing the BSE, and...

The global financial crisis of 2008 painted a grim picture for regulators concerning the use of derivative contracts. Though regulation has always existed to manage the excesses of investors in highly volatile financial environments, the need for stringent regulation became more evident...

This paper studies how to construct and compare various optimal portfolio frame-works for investors in the context of the Vietnamese stock market. The aim of the study is to help investors to find solutions for constructing an optimal portfolio strategy using modern investment frameworks in the...

The study was conducted to evaluate and analyze the factors that influence the value of the company, using 3 (three) alternative regression models, namely the stock market value; share price to book value; and the rate of return as a proxy for company value. Using the stratified random sampling...

Decision making in the capital market is not always based on rational considerations. Investors' actions are also influenced by psychological characteristics that emerge as human innate nature. These psychological characteristics will encourage different investor reactions. This study aims to...

The study examined the unclaimed dividend and market value of listed firms in Nigerian stock exchange using data covering the period 2010 to 2019. Thus, the data gathered were analyzed using the Augmented Dickey-Fuller of unit root test for the stationarity of the data and autoregressive...

The trade war between the US and China is the biggest trade conflict in this century which has a wide impact not only on the two countries but also other partner countries. The purpose of this study was to analyze financial immunity to stock returns due to the US-China trade war using a...

Intraday analyses of volatility-volume relation by decomposing the volume into number of trades and average trade size is measured in Borsa Istanbul equity market. Results confirm that the number of trades has more explanatory power over the short-term volatility comparably parallel with the...

This paper aims to examine the relationship between the board of directories (BoD) on market performance in Jordanian listed firms. The study used panel data approach over a period of five years from 2014 to 2018, with a sample of 92 non-financial firms listed on Amman Stock Exchange (ASE). In...

This study examines the effect of Herding in different states (low, high and extreme volatility) in Tehran Stock Exchange during the years 2009-2013 using Chang et al. (2000) and Balcilar et al. (2013) models. In this survey, herding is tested under 3 market regimes. The results don't show...

The mutual fund market in Bangladesh is still small though the concept of the mutual fund was introduced in the year of 1980. Mutual fund sector is lucrative at all over the world where it has much impact on GDP and total market capitalization but Bangladesh is lagging behind in this sector and...

In 2015 the Tokyo Stock Exchange (TSE) implemented Arrowhead Renewal improvements (ARI) that reduced latency from about one millisecond to less than 0.5 milliseconds. Simultaneously, the ARI introduced new risk management functions to improve market fairness by reducing manipulative trading...

We study trends and drivers of long-run stock market growth in 17 advanced economies. Between 1870 and the 1980s, stock market capitalization grew in line with GDP. But over subsequent decades, an unprecedented expansion saw market cap to GDP ratios triple and remain persistently high. While...

The goal of this study is to look into the factors that influence stock exchange investment in Kurdistan, namely in Erbil. Emerging countries can leverage these marketplaces to develop their economies as well, however some developing countries may be unfamiliar with the process. For firms...

Corruption is a vice that affects most if not all societies. With the ever increasing complexities of financial markets, corruption could potentially have severely adverse effects on the markets. This study examined the effect of announcement of corruption scandals on stock return volatility on...

The financial markets have now become more closely interlinked in the world over than ever before despite the differences in risk perceptions of the markets or the country profiles. The dynamics of cross-country trade and payments have evolved to such an extent that the economic slowdown of a...

This paper shows investors preference on stock market of Nepal Stock Exchange (NEPSE). The study is based on survey method using structured questionnaire. The results demonstrated that investors were found to have investment interest in secondary market. The reasons for selecting shares are...

Aim/purpose - The aim of this paper is to verify whether extremely high values of market value ratios are the symptoms of informational inefficiency of the market in a weak form. The authors intend to examine whether these phenomena co-occur with each other. Design/methodology/approach -...

This paper examines the behavior of seasonal anomalies in Dhaka Stock Exchange (DSE) of Bangladesh and whether the time varying nature of the anomalies is in line with Adaptive Market Hypothesis (AMH). With this aim the research investigated whether the changes in market conditions, for example:...