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The role of capital markets in underdeveloped countries with particular reference to South Korea, Brazil and NigeriaAbdul-Hadi, Ayman Shafiq Fayyad. January 1989 (has links)
Thesis (Ph. D.)--University of Exeter, 1989. / Includes bibliographical references (leaves 442-468).
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Studies On Some Aspects Of Liquidity Of Stocks : Limit Order Executions In The Indian Stock MarketChatterjee, Devlina 09 1900 (has links) (PDF)
We study some aspects of liquidity of stocks traded through the National Stock Exchange (NSE) of India.
Initially we examine the multi-dimensional nature of liquidity by conducting day-wise factor analysis of eleven liquidity proxies across a cross-section of stocks, using data from two periods reflecting different market conditions. Five factors emerge consistently, interpretable as depth, spread, volume, price elasticity and relative activity.
Subsequently, we study execution of limit orders in the NSE from three angles.
First we consider order execution probability, using 106 stock-specific logistic models. Important predictors of order execution probability are price premium followed by volatility, relative activity, bid ask spread and order imbalance. Some differences are noted when comparing companies of different sizes and between buy and sell orders.
Second, we study order execution times using survival analysis. Several diagnostic tests indicate that parametric Accelerated Failure Time models using the log-logistic distribution for the survival time S(t) are suitable for current data. 100 stock-specific models are built; results are consistent with the logistic models. Additionally depth is also found to be important.
Finally we build 4 combined models across stocks for both execution probabilities as well as times. These models perform well on out of sample data, suggesting their predictive utility.
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Burzovní aliance a nové finanční trhy ve světě / Stock exchange mergers, alliances and new financial marketsZnojová, Anna January 2011 (has links)
In my final thesis, I focus on the various forms of Stock Exchange's cooperation and try to outline the impact of deregulation and globalization to Stock Exchange Markets organization. I mentioned the theoretical background, which were used as a basis for analyzing the topic of consolidation of stock exchanges. In the introduction I explain some basic terms, such as mergers, union or federation, and clarify the difference between cooperation and consolidation. Then I focused on the first transatlantic alliance and one of the most important entities in the Stock Exchange markets - NYSE Euronext. I evaluated the alliance of the three selected indicators, the market capitalization, trading volume and market velocity. The analyze carried out in my thesis shows that the regulatory authorities allowed in the past the establishment of Stock Exchanges alliances, which are currently the largest and most important players on the Stock Exchanges markets, and it is really difficult for regional markets to compete them. This problem is, in particular, outlined in the case of Deutsche Börse, which sought to be connected with the transatlantic alliance NYSE Euronext., but this merger was rejected by the European Commission, just for fear of disruption of market competition. As the evidence that the Stock Exchange markets are constantly busy and that all exchanges are trying to reach the best position and thus are seeking for the best possible partner for future cooperation, I introduced two recently published plans for connections, which was merger between Deutsche Börse and the Russian stock exchange MICEX and merger of Intercontinental Exchange and NYSE Euronext. At last but not least I focused on the analysis of the Asian continent from the perspective of realized and unrealized mergers where Stock Exchange markets are not oversaturated and still have a huge potential for further development.
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Country risk and contagion : an investigation into Argentina, Malaysia, Poland and South AfricaTaylor, John (John Francis) 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2004 / ENGLISH ABSTRACT: This paper investigates the vulnerability of four key emerging markets to crises
originating in Asia in 1997; Russia in 1998; Brazil in 1999 and Argentina in 2001. The
emerging markets examined, Argentina, Malaysia, Poland and South Africa have
been chosen to represent different geographic continents. Stock market data is used
to measure for changes in unconditional correlation coefficients during and after the
crisis periods. This is to establish whether the volatility shocks generated by the
crises are what would reasonably be expected. Results suggest that there is
evidence of contagion during the Asian crisis but there is little support of significant
cross-market correlations transmitted during the Russian, Brazilian or Argentinean
crises.
Granger Causality tests are calculated to identify the existence of a relationship
between stock market returns of countries in crisis and each of the four emerging
markets. There is no evidence of causality emanating from the Thai stock market
during the Asian crisis or from the Argentinean index during the Argentinean.crisis.
Findings show that there is Granger causality from the Russian index during the
Russian crisis to the Argentinean stock market but there was no impact on the
markets in Malaysia, Poland or South Africa. Interestingly, there is no evidence that
the Polish stock market returns were affected by the Russian crisis, the Argentinean
returns by the Brazilian crisis or the Malaysian market by the Asian crisis.
The paper further examines whether there is a relationship between stock market
returns and country credit ratings and if credit risk can explain stock market returns.
Significantly for active investment management, past values of country credit ratings
can help predict stock market returns in Argentina, Malaysia and South Africa.
Therefore, country credit risk contains information about expected stock market
returns and potential investors would benefit by devising an asset allocation strategy
that incorporates the explanatory powers of credit risk. / AFRIKAANSE OPSOMMING: Hierdie verslag ondersoek die kwesbaarheid van vier sleutelontwikkelende markte
ten opsigte van krisisse wat onstaan het in Asië in 1997; Rusland in 1998; Brasilië in
1999 en in Argentinië in 2001. Die Argentynse, Maleisiese, Poolse en Suid
Afrikaanse markte is gekies om verskillende geografiese kontinente te
verteenwoordig. Effektebeurs data is gebruik om die verandering in onkondisionele
korrelasie koeffisiente gedurende en na die krisis tydperk te meet. Dit is gedoen om
vas te stel of die wisselvalligheid-skokke wat veroorsaak is deur die krisis
ooreenstem met wat wesenlik verwag sal word. Resultate dui daarop dat daar
getuienis is van besmetting ("contagion") gedurende die Asiatiese krisis, maar dat
daar min ondersteuning gebied word vir die oordraging van beduidende kruis-mark
korrelasie gedurende die Russiese, Brasiliaanse of Argentynse krisisse.
Granger "causality" toetse is uitgevoer om die bestaan van 'n verwantskap tussen die
effektemark opbrengste van die lande in krisis en elkeen van die vier opkomende
markte te identifiseer. Daar is geen bewyse van enige veroorsakende verband
voortgebring vanuit die Thai effektebeurs gedurende die Asiatiese krisis, of van die
Argentynse indeks gedurende die Argentynse krisis nie. Die bevindinge toon dat
daar Granger veroorsaking is vanaf die Russiese indeks na die Argentynse
effektebeurs gedurende die Russiese krisis, maar dat daar geen impak was op die
markte in Maleisië, Pole of Suid Afrika nie. Dit is interessant dat daar geen bewyse
is dat die Poolse effektebeurs opbrengste beïnvloed is deur die Russiese krisis, die
Argentynse opbrengste deur die Braziliaanse krisis, of die Maleisiese mark deur die
Asiatiese krisis nie.
Die verslag ondersoek verder of daar 'n verwantskap bestaan tussen effektebeurs
opbrengste en die land se kredietgraderings asook of krediet-risiko effektebeurs
opbrengste kan verduidelik. Betekenisvol vir aktiewe beleggingsbestuur is dat die
historiese kredietgraderings kan help met die vooruitskatting van effektebeurs
opbrengste in Argentinië, Maleisië en Suid Afrika. Dus bevat land kredietgraderings
informasie rakende verwagte effektebeurs opbrengste. Potensiële beleggers sal dus
baat vind in die ontwikkeling van 'n bate-allokasie strategie wat die verduidelikende
kragte van krediet risiko inkorporeer.
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The Hong Kong stock index futures marketWan, Hon-kuen, Francis., 溫漢權. January 1987 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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546 |
The impact of automation at the stock exchange of Hong KongLam, Wai-hung, Freddie., 林偉雄. January 1987 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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The impact of stock split announcements on stock prices in Hong KongSiu, Chun-wai., 蕭振威. January 1983 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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Stock market behavior in China: evidence fromrights issue and corporate restructuringZhu, Jiang, 朱江 January 2003 (has links)
published_or_final_version / Business / Doctoral / Doctor of Philosophy
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549 |
On the pyramidal structure in ChinaZhu, Yuande., 朱元德. January 2009 (has links)
published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy
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550 |
Comparative analysis of financial markets of Hong Kong, Taiwan &China: and the strategic roles of Hong Kongin the "Greater China"Kwok, Chi-tak, Stella., 郭智德. January 1997 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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