Formalised markets for the trading of securities have been impacted upon to the same degree as other business entities by the advent of electronic commerce. Globalisation has furthermore forced these markets to adapt their operation with a view towards improving efficiency while simultaneously catering for increased demands on their capacity. Clearing and settlement of securities is a core financial function on which fundamental confidence in the financial market depends. It is also an area experiencing rapid growth, profound technical and structural change, and infrequent but severe market shocks. Growth has been tremendous. For example, the value of shares traded annually in world markets rose nearly 63 times between 1980 and 2001. Advances in telecommunication technology, has brought far-reaching changes in the characteristics and supply of financial products and services, and in trading and settlement systems. Changes have also fuelled cross border activities. The South African equities industry has not escaped this dramatic paradigm shift and has itself initiated STRATEgic projects, all with a view of catapulting South Africa into the world's financial markets. It is also meeting these challenges, has often been expensive and met resistance amongst individual and professional investors who have become accustomed to established ways of trading securities. To counter these challenges and resistance (and further justify the expense and effort in transforming), various contentions (such as an increase in trade volumes arising in greater liquidity levels) were forwarded. The introduction of the STRATE (Share Transactions Totally Electronic) system by the Johannesburg Securities Exchange (JSE) is an example of an exchange adapting its operation to meet new challenges. This exploratory research examined whether the contention that the transition to an efficient electronic settlement system STRATE, has been successful, the effect of STRATE equity/electronic settlement in the South African market and to determine the position/standing of STRATE in comparison to other developing/emerging and world markets. An analysis of the STRATE system from inception to current status was done as well as a comparison of the South African settlement system to other emerging and world markets. A Questionnaire was sent to various major Financial Institutions (banks) and investment professionals in the employ of equity broking firms, to ascertain their opinion as to the impact ofSTRATE's result/success of the transition to an effective electronic settlement system and to determine STRATE's position in comparison with emerging/developing countries and world markets. The views of the respondents are that STRATE will increase trade volumes although it may perhaps be too early at this stage to note a difference. The major themes elicited from the respondents are that they have a greater confidence and faith in the workings of the market, lost share certificates and lack of an ease of settlement infrastructure prevented effective settlement previously, barriers to private investors have been removed, share certificates are in some instances missed, STRATE makes stock broking and investing more cost effective or easier, there is a greater liquidity potential for the Johannesburg Securities Exchange, an increase in market activity due to greater and more efficient settlement of trades, principal risk being reduced, increased foreign investment, a better international image as regards settlement through the adoption of best international practice has arisen, greater ease of transaction should lead to an increase of trade volumes, the benefits of STRATE as regards trading volumes are not yet apparent, the benefit is apparent and poor market conditions have prevented the benefit from becoming apparent. / Thesis (MBA)-University of Natal, Durban, 2003.

This is a study to see the relationship between earnings per share and dividends during a period of both boom and depression. The study will focus on companies listed on Stockholm stock exchange and see if they follow theories from the past and if the dividend is smooth over times with a fluctuant economy. To see this we had this problem: Is it a relationship between earnings per share and dividend during a fluctuant economy, also if there is a difference between the different Caps on Stockholm stock exchange? We studied 163 stocks of the 293 listed stock on Stockholm stock exchange during a period of 8 years. The study is focused on the time period between year 2005 and year 2012. We used IBM SPSS statistics to see the correlation and regression between earnings per share and dividend and analysed that. We used Microsoft Excel to make graphs and analysed them. The study didn’t find any strong relationship between earnings per share and dividend. The strongest connection we found was for companies listed on Small Cap where the correlation was 0,461. The weakest connection that was found was for companies listed as Mid Cap where the correlation was 0,211. For companies listed as Large Cap the correlation was 0,283.

This study intends to investigate the momentum effect, which states that shares which performed the best (worst) over the previous three to twelve months continue to perform well (poorly) over the subsequent three to twelve months. Evidence suggests that a strategy that buys previous winner shares and sells short past loser stocks can generate abnormal profitability of about 1 per cent per month (Jegadeesh and Titman, 1993). Although momentum payoffs tend to persist when share returns in international markets are employed (e. g., Griffin et al., 2003, Rouwenhorst, 1998), a significant number of studies have debated the potential explanation of the momentum effect without reaching a consensus. Using data from the London Stock Exchange from January 1975 to October 2001, this thesis investigates some factors that influence the magnitude of continuation gains that have not been previously identified. I examine the relationship between momentum profitability and the stock market trading mechanism and is motivated by recent changes to the trading systems that have taken place on the London Stock Exchange. Since 1975 the London stock market has employed three different trading systems: a floor based system, a computerised dealer system called SEAQ and the automated auction system SETS. I find that after the introduction of the computerised dealer system SEAQ momentum profits are higher than when the floor based system operated. I also document that companies trading on the SETS auction system display greater momentum profitability than shares trading on SEAQ. Results are robust to the use of different samples and alternative risk adjustments. I investigate the role of volatility in influencing momentum profits. Shares with high volatility display wide spread out returns and therefore, potential higher magnitude momentum profitability. Given that shares displayed higher volatility traded on the post-Big Bang period (Tonks and Webb, 1991) and on the SETS system (Chelley-Steeley, 2003), I examine whether the different levels of momentum profitability achieved in alternative stock market structures arises from volatility. I find that momentum profits are strongly influenced by volatility, but the finding that the organisation of a stock market influences the momentum profits holds even after considering differences in volatility. I examine whether the magnitude of momentum profitability varies following bull and bear markets. Momentum profits stem from the winner shares in bull markets and from the loser stocks in bear markets. I report that momentum profits are stronger following bear markets, showing a sign of mean reversion in the UK stock market. Overall, this study contradicts the model of Hong and Stein (1999) that the momentum effect arises from the gradual expansion of information among investors and the model of Daniel et al, (1998) that the momentum effect stems from the investors' overconfidence that increases following the arrival of confirming news. This study also indicates that a significant portion of momentum profits stem from the magnitude of volatility.

Mode of access: World Wide Web. / Thesis (Ph. D.)--University of Hawaii at Manoa, 2005. / Includes bibliographical references (leaves 92-95). / Electronic reproduction. / Also available by subscription via World Wide Web / vii, 95 leaves, bound 29 cm

This paper documents how Swedish firms implemented and executed open-market sharerepurchases over the period 2000 to 2007 by using a unique hand-collected data set withdetailed information of each repurchase transaction. I find that my sample firms have a higherrepurchase fraction in the first half of the repurchase year. Analysis of liquidity of stocksoffers mixed results as the first proxy, turnover, improves in the second half of the program,whereas the Amihud measure of illiquidity indicates lower liquidity. Positive abnormalreturns following approval of the repurchase program is documented and large repurchaseprograms are associated with higher abnormal returns. My multivariate analysis indicates apositive correlation between abnormal return and repurchase size. Finally, I also find thatmanagers in repurchasing firms exhibit market timing skill, a skill which is more pronouncedfor firms with multiple programs. / This version: July 2009

ABSTRACT This thesis investigates the legal and theoretical basis of continuous disclosure regulation in Australia as it applies to listed companies. An empirical study is undertaken to further investigate the operation of the legislation. As part of the Enhanced Disclosure regime, the continuous disclosure provision was effective from 5 September 1994 as s1001A of the Corporations Law, now the Corporations Act 2001 (Cth). This statutory provision is replaced by s674, inserted by Schedule 2 to the Financial Services Reform Act 2001 (Cth), and effective from 11 March 2002. The provision reinforces Australian Stock Exchange (ASX) listing rule 3.1. The rule requires a listed disclosing entity to notify ASX immediately of information that would be expected to have a �material effect� on the share price of the company. However, the disclosure requirement is weakened by a number of specific exemptions or �carve-outs� to listing rule 3.1. If a reasonable person would not expect the information to be disclosed, and if the confidentiality of the information is maintained, then disclosure is not mandatory in special circumstances. This study analyses 427 query notices, issued by ASX to listed companies from July 1995 to April 1996. The queries request information concerning unexplained movements in a company�s share price or a failure to comply with the listing rules. An analysis of the companies� replies to these notices provides a profile of the type of company that is likely to be queried. The study also attempts to evaluate the extent to which these companies have relied on the �carve-outs� as an exemption to the regulation.

Thesis (Ph. D.)--University of Hawaii at Manoa, 2005. / Includes bibliographical references (leaves 92-95).

Frankfurt (Oder), Europa-Univ., Diss., 2004.

Orientador: José Roberto Campanha / Banca: Edson Denis Leonel / Banca: Camilo Rodrigues Neto / Resumo: O objetivo do nosso trabalho é a aplicação de um modelo estendido da distribuição do tipo Tsallis e sua aplicação em ações da Bolsa de Valores de São Paulo. Em nosso caso procuramos ações de diferentes setores da nossa economia. Escolhemos então uma ação do setor bancário (Banco do Brasil), do setor de mineração (Vale) e por último uma ação do setor de papel e celulose (Votorantim Celulose e Papel). Na distribuição do tipo Tsallis o índice entrópico q possui um valor constante, em nosso modelo, propomos que ele seja um função exponencialmente decrescente da variável que descreve o tamanho do sistema sendo considerado. Em nosso caso (ações), a variável em consideração é o retorno clássico. Observamos que na maioria dos casos tratados, não houve necessidade do modelo estendido, mas em um caso foi necessário o uso deste para encontrarmos o melhor ajuste para a distribuição de probabilidade. / Abstract: The objective of our work is the application of an extended version of Tsallistype distribution and its application in the shares of stock exchange of São Paulo. In our case seek shares of different sectors of our economy. Then choose an action of the banking sector (Banco do Brasil), of the mining sector (Vale) and finally an action in the sector of paper and cellulose (Votorantim Celulose e Papel). Tsallis type distribution of the entropy index q has a constant value in our model, we propose that it is an exponentially decreasing function of the variable that describes the size of the system being considered. In our case (stock), the variable account is the classic back. We observed that in most cases, there was no need for the extended model, but in one case it was necessary to use this to find the best fit for the distribution of probability. / Mestre

This thesis compares various attributes of the two stock exchanges that are currently in existence in the Czech Republic: the Rm-system Czech Stock Exchange and the Prague Stock Exchange. Detailed comparisons are made between various specifics of membership policies, trading routines, fees and indices at these exchanges and these are then related to the corresponding attributes at two representative foreign exchanges: the London Stock Exchange and the New York Stock Exchange. A principal question to be answered in the thesis is whether having two independent organizers of stock-market trading is beneficial to the investors and overall practical for the market of the size of the Czech Republic. The first, theoretical part of the thesis is focused on historical evolution and characteristics of the stock exchanges. In this part we give a general classification of stock exchanges, discuss in some detail the kinds of traded financial instruments, describe trading participants and elucidate the nitty-gritty of trading systems. The second, practical part of the thesis then examines detailed facts about individual stock exchanges in the order listed in the theoretical part with the emphasis put on the differences between the stock markets under study. Various representative data is collected in tables and/or recorded in charts and graphs. Particular distinctions between the stock exchanges are analyzed and the distinguished aspects are highlighted. The conclusion summarizes obtained results and finally answers, in the mild affirmative, the question whether it is beneficial to have the stock market in the Czech Republic served by two independent stock exchanges.