This monograph presents the foundations of the probabilistic theory of stock exchanges, built on the basis of probabilistic economic theory. Analytical and numerical methods of this theory are used for calculation of temporal dynamics of market prices and trade volumes of various assets on the...

This study empirically tests and compares the performances of three famous financial asset valuation models in the Moroccan stock exchange: CAPM, the Fama and French three-factor model, and the Fama and French five-factor model. Our sample considers monthly data covering the sample period of...

This study examines the relationship between chief executive officers' (CEOs') characteristics (e.g., tenure, experience, education, age and compensation) and accounting conservatism for a sample of 672 yearly observations from both Jordanian industrial and service companies listed on the Amman...

Portfolio optimization is a pertinent topic of significant importance in the financial literature. During the portfolio construction, an investor confronts two important steps: portfolio selection and portfolio allocation. This article seeks to investigate portfolio optimization based on the...

The proper forecasting of listed companies' earnings is crucial for their appropriate pricing. This paper compares forecast errors of different univariate time-series models applied for the earnings per share (EPS) data for Polish companies from the period between the last financial crisis of...

Previous work examined the long-run profitability of strategies mimicking the trades of company directors in the shares of their own company, as a way of testing for strong-form market efficiency. However, the evidence regarding returns during the month containing the insider trade was...

Purpose- The-Study has aim to investigate how different board diversity attributes like age, gender, education and experience effect on firm-performance of non-financial-firms that is listed in Pakistan-stock exchange (PXS).Design/methodology/approach- A total of 100 non-financial firms listed...

Over the last we have witnessed sweeping changes in trading systems all over the world. Those changes provided academics with an opportunity to look into the microstructure of different markets. Most empirical work in the area has concentrated on comparing changes in liquidity, volatility,...

Investors and automated traders use firm data to make financial decisions. Computers occasionally misunderstand text due to the intricacy and ambiguity of natural language. Machine learning mitigates some of the drawbacks of traditional approaches. To automatically extract information from input...

This paper investigates the existence of contrarian profits and the sources of these profits, for the Athens Stock Exchange (ASE). The empirical analysis decomposes contrarian profits to sources due to common factor reaction, overreaction to firm-specific information, and profits not related to...

The Indian economy today is passing through a process of crucial change. After more than 15 years of reforms dubbed as LPG (Liberalization Privatization Globalization), the GDP is growing at 9% and the disparities among the regions and income are also increasing, the dual economy rules and...

The absence of liquidity in the stock market causes uneasiness in the market. Proper trading strategies are devised when liquidity is present making the magnitude of returns determinable. The study investigated stock market liquidity levels for the Zimbabwe Stock Exchange during the pre-Covid...

This paper studies the impact of a change in promoter shareholding on small-cap-value stocks. NIFTY Small Cap 250 index stocks within the top 20th percentile of the book-to-market (B/M) ratio of the same universe have been considered for this study. The paper uses regression analysis for...

The purpose of the study is to investigate the overreaction hypothesis in relation to the Ho Chi Minh Stock Exchange (HOSE). The data used in this study consist of a monthly price series of 392 stocks traded on the HOSE, covering the period starting on 5 January 2004 through to 30 June 2021. The...

Stock markets serve as a conduit for money and liquidity, which are necessary for economic growth and stability. This study aimed to determine whether stock market impacts are communicated in an economically unstable environment, characterised by volatility, high inflation rates, and political...

The past decade has witnessed significant turmoil and political conflicts in several Middle Eastern countries, such as Egypt, Syria, and Libya, called the Arab Spring. These revolutions did not only affect the countries mentioned previously; their neighboring countries were also directly...

The attitude of investors prevailing as to expected price development in a market is known as investors’ sentiment. A strong correlation exists between individual investor sentiment and their attitudes, so investor behavior can influence the stock market and cause the reason for to fluctuate...

In this case, the Competition Commission of India (CCI) dismissed the charges of abuse of dominant position against the National Stock Exchange (NSE) related to its co-location facilities. The complaint was filed by Mr. Manoj K. Sheth under section 19(1)(a) of Competition Act, 2002 alleging that...

This paper aims to explain the impact of Blockchain Technology as a moderator in the relationship between Big Data and The Risk of Financial Disclosure to address the Risk of Financial Disclosure. Therefore, this technique was used to reduce the risks of disclosing financial and accounting data...

In this paper, we analyze the directional stock price and the index movements over a time series of one week to one month over a lag period data of six months. We attempt to study the asynchronous volatile index movements with the help of statistical methods employing non-parametric as well a...

We test the invariance-of-bet hypothesis from Kyle and Obizhaeva (2016) for the Tokyo Stock Exchange. The pooled regression coefficients of log of the number of trades on log of trading activities range from 0.586 to 0.679, close to the theoretical value of two-thirds predicted by the...

We examine trading patterns around public holidays on the Sydney Stock Exchange between 1901 and 1950 using a new dataset constructed from handwritten stock and share lists recording buy and sell bids and sales prices. We find that trading volume dropped significantly pre-public holiday,...

In this study, it is aimed to compare the performances of the methods by predicting the movement directions of stock market indexes in developed countries by employing machine learning methods (MLMs) and determining the best estimation method. For this purpose, the movement directions of indexes...

PSX (Pakistan Stock Exchange) is a place where the trend is decided by the majority like any other market. Some traders prefer fundamentals while others were technical, some have an inclination toward news and some others belief inside news can give only abnormal returns. In this paper, an...

Investors crave sustainable business data as a lucrative indicator of long-term business success, yet this demand is not being met by current ESG investment portfolios, voluntary business disclosure reports, or the SEC’s climate-related rule proposal. Instead, an alternative, voluntary stock...

We present empirical evidence that the establishment of secondary stock exchanges spurs local high-tech entrepreneurship. We find a significant increase in high-tech entrepreneurial activities following the staggered launches of such stock exchanges, and this increase is disproportionally higher...

In Agatha Christie’s Murder on the Orient Express, Poirot deduced that no single culprit was responsible for a murder on the eponymous train. In this article, which is intended to serve as an aide memoire to assess anticipated reforms, we similarly reason that there is no single suspect...

Since their discovery, many calendar anomalies experienced different types of changes. This paper explores the possibility of enlargement of the time interval specific to the January Effect on London Stock Exchange. We investigate the abnormal returns presence on an extended time interval that...

A stock market, equity market or share market is the aggregation of buyers and sellers as it is one of the most versatile sectors in the financial system. A free network of economic dealings not a physical facility of stocks but represent ownership rights on businesses these may include...

This paper approaches the behavior of stock prices from Bucharest Stock Exchange during winter school vacations from Romania. We employed closing values of five indexes from Bucharest Stock Exchange covering the period December 2012 - January 2023. We found, for all five indexes, high abnormal...

Globally, Social Stock Exchanges (SSE) have emerged as a funding mechanism for nonprofit and for profit social enterprises. India has also announced a similar mechanism to introduce the Social Stock Exchange. The aim of the paper is to understand the concept of Social Stock Exchange and to study...

We test the invariance-of-bet hypothesis from Kyle and Obizhaeva (2016) for one of the largest order-driven equity markets: the Tokyo Stock Exchange (TSE). The pooled regression coefficients of the log of the number of trades on the log of trading activities range from 0.586 to 0.679, close to...

Objective: The objective of this research is to examine the connection between the efficiency of the audit committee and the quality of audits on the accuracy of financial reports.Method: The study collected data from annual reports and financial statements of listed companies across three...

Market where all pertinent information is available to all participants at the same time, and where prices respond immediately to available information. In other words the current market price should reflect all publically available information. Under such conditions the current market price in...

Listed companies can acquire capital through a rights issue where existing shareholders have a preference in buying additional shares at a discounted rate, in proportion to their existing holding. When implemented, share prices tend to react to the announcement and the realization thereof....

The main purpose of this study was to explore the relationship between market and accounting measures of risk and the profitability of companies listed on the Frankfurt Stock Exchange. An important aspect of the study was to employ accounting beta coefficients as a systematic risk measure. The...

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...

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...

The development of a methodology for the growth of the stock market through a deep transformation of the economic development system and introduction of digital technologies. The article is devoted to the study of the development of stock markets’ actual problems that affect the redistribution...