The evolution of the rules and regulations of the first emerging markets: the London, New York and Paris stock exchanges, 1792–1914

2005 ◽  
Vol 45 (2-3) ◽  
pp. 296-311 ◽  
Author(s):  
Larry Neal ◽  
Lance Davis
Keyword(s):  
New York ◽  
Emerging Markets ◽  
Stock Exchanges

Performance Sports Group: To Invest or Not to Invest

2017 ◽  
Vol 6 (1) ◽  
pp. 76-85
Author(s):  
Erin P. Jackson ◽  
Stefania Ciulla ◽  
Frederik Ehlen ◽  
Ayobami Ogunlana ◽  
Jess C. Dixon
Keyword(s):  
New York ◽  
Financial Performance ◽  
Parent Company ◽  
Financial Ratios ◽  
Stock Exchanges ◽  
Industry Analysis ◽  
Publicly Traded ◽  
Sporting Goods ◽  
Financial Analyses

In August of 2015, Felix Farmer received notice that he would be inheriting a large sum of money from his great-uncle’s will. Farmer is contemplating investing $50,000 CAD ($38,251 USD) of his inheritance in the parent company of his favorite hockey brand, Bauer. Performance Sports Group (PSG) is a leading manufacturer in the global sporting goods industry that is publicly traded on both the Toronto and New York Stock exchanges, and the parent of such highly successful brands as Bauer and Easton. This case study challenges students to calculate financial ratios, apply various other financial analyses to understand the financial performance of PSG, and complete a Porter’s (2008) Five Forces industry analysis as a means of deciding whether Farmer should invest a portion of his inheritance with PSG.

The London and New York Stock Exchanges, 1850-1914.

1988 ◽  
Vol 41 (4) ◽  
pp. 648
Author(s):  
Kathleen Burk ◽  
R. C. Michie
Keyword(s):  
New York ◽  
Stock Exchanges

Synthetic versus Physical Exchange Traded Funds. Spillover and Asymmetric -Volatility Effects

2018 ◽  
Vol 9 (1) ◽  
pp. 15
Author(s):  
Askar KOSHOEV
Keyword(s):  
New York ◽  
Arma Model ◽  
Stock Exchanges ◽  
Exchange Traded Funds ◽  
Chinese Market ◽  
Negative Effects ◽  
Asymmetric Volatility ◽  
Cross Listing ◽  
The Moment ◽  
The Impact

Earning popularity synthetic exchange-traded funds which track their benchmarks by taking positions in derivative contracts are subjects of many debates concerning potential negative effects they may cause. At the moment, available empirical results are scarce and ambiguous. This research investigates the impact of synthetic funds on the stock market by comparing them to their physical alternatives. The spillover and asymmetric volatility effects were identified and analyzed by the deployment of the EGARCH-M-ARMA model. Local legislation on the Chinese market caused the creation of several physical and synthetic ETFs which track same benchmarks. This unique conditions can be employed in order to examine the effects of synthetic ETFs on the market. The sample of this study comprises ETFs which track Chinese A-shares but are listed or cross-listing in Hong Kong or New York stock exchanges. This study broadens the knowledge about synthetic ETFs and their relationships with the markets. Spillover and asymmetric-volatility effects are tested for ETFs, their respective benchmark indices, and general markets indices. The results do not reveal clear evidence that Synthetic ETFs have an impact on the stock markets.

Corporate governance, accounting transparency and stock exchange sizes in Germany, Japan and «Anglo-Saxon» economies, 1870–1950

2019 ◽  
Vol 64 (2) ◽  
pp. 157-186
Author(s):  
Leslie Hannah
Keyword(s):  
New York ◽  
Corporate Governance ◽  
Stock Exchange ◽  
Civil Law ◽  
Corporate Bond ◽  
Stock Exchanges ◽  
Anglo Saxon ◽  
Legal Rules ◽  
Legal Origins ◽  
The Us

AbstractModern discussions of corporate governance have focused on convergence of «varieties of capitalism», particularly the recent «Americanisation» of laws and voluntary codes in Germany, Japan, and other civil law countries. However German and Japanese legal and business historians have suggested that corporate governance, accounting transparency or other favourable factors in their countries were historically a match for – or even superior to – those in the US. An alleged consequence was deeper penetration by the Berlin and Tokyo stock exchanges of their domestic economies than of the US by the New York Stock Exchange (NYSE), using measures such as market capitalization/GDP ratios. This paper reviews the classic Rajan and Zingales data on the sizes of stock exchanges. It concludes that the evidence for Japanese historical precocity relative to the US, after the necessary allowance is made for regional stock exchanges and corporate bond finance, stands up better to this closer examination than that for Germany.Many financial historians now agree that stock exchange development was not historically determined by legal origins («Anglo-Saxon» common vs Euro-Japanese civil law), though today it appears to be driven by legal rules protecting shareholders and/or bondholders and limiting directorial autocracy and information asymmetry. However, both today and historically in some cultures private order rules (voluntary codes, bourse listing requirements, bankers as trusted intermediaries, block-holder monitoring, etc) offered substitute protections, or at least complemented protective laws. This paper reviews the plausibility of these determinants of historical stock exchange sizes – and others that have been neglected – in Japan, Germany, and elsewhere, before 1950.

scholarly journals The January barometer in emerging markets: new evidence from the Gulf Cooperation Council stock exchanges

2019 ◽  
Vol 16 (4) ◽  
pp. 61-71
Author(s):  
Costas Siriopoulos ◽  
Layal Youssef
Keyword(s):  
Emerging Markets ◽  
Stock Markets ◽  
Predictive Power ◽  
Gulf Cooperation Council ◽  
Least Square ◽  
January Effect ◽  
Stock Exchanges ◽  
Market Anomalies ◽  
Gulf Countries ◽  
International Investors

International investors’ interest in the capital markets in the region of Gulf countries has dramatically increased in last two decades. Thus, it would be motivating to investigate their characteristics, where the January anomaly is a major one. This paper studies the veracity of the January effect rule in the Gulf Cooperation Council (GCC) stock markets and examines the predictive power of January returns. Seven GCC stock markets are tested – the market indices in Bahrain, Abu Dhabi, Dubai, Kuwait, Oman, Qatar, and Saudi Arabia – from January 1, 2001 until December 31, 2018, a timeframe which has rarely been analyzed. Ordinary least square (OLS)-based dummy variable regression equation was used as the conventional econometric procedure in the works of financial calendar anomalies in stock markets. Some evidence is reported for the markets of Dubai and Kuwait. The paper also provides an additional explanation for the performance of stock market of Kuwait. The findings are opposite to the well documented evidence that emerging markets are less efficient and hence it is likely that several market anomalies are further pronounced. The results suggest that the predictive power of the January anomaly can be considered as a temporary anomaly in the GCC markets, since it is concentrated in only a couple of GCC markets and does not persist in time.

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