scholarly journals Stock market manipulation in an emerging market of Turkey: how do market participants select stocks for manipulation?

2020 ◽  
pp. 1-5
Author(s):  
Hilal Ok Ergün ◽  
Abdullah Yalaman ◽  
Viktor Manahov ◽  
Hanxiong Zhang
Keyword(s):  
Stock Market ◽  
Emerging Market ◽  
Market Manipulation ◽  
Market Participants

Financial Centers And The Relationship Between ESG Disclosure And Firm Performance: Evidence From An Emerging Market

2015 ◽  
Vol 31 (4) ◽  
pp. 1239 ◽  
Author(s):  
Omar Farooq
Keyword(s):  
Firm Performance ◽  
Stock Market ◽  
Emerging Markets ◽  
Emerging Market ◽  
Negative Relationship ◽  
Financial Information ◽  
Information Asymmetries ◽  
Market Participants ◽  
The Relationship ◽  
The Way

<p>Is the disclosure of non-financial information, such as that related to environmental, social, and governance (ESG), important for firm performance in emerging markets? Does the extent of information asymmetries affect the way stock market participants react towards ESG disclosure? This paper answers these questions and shows that ESG disclosure is negatively related to firm performance in environments with lower information asymmetries. We argue that this negative relationship exists because ESG activities are considered as unrelated costs that reduce shareholders profits and wealth. Our results also show no significant impact of ESG disclosure on firm performance in environments with higher information asymmetries. Given that information is less reliable in environments with lower information asymmetries, it is very much possible that ESG disclosure is not valued by stock market participants.</p>

scholarly journals Time-Varying Return Predictability in the Chinese Stock Market

2017 ◽  
Vol 01 (01) ◽  
pp. 1740002 ◽  
Author(s):  
Huai-Long Shi ◽  
Zhi-Qiang Jiang ◽  
Wei-Xing Zhou
Keyword(s):  
Stock Market ◽  
Emerging Market ◽  
Return Predictability ◽  
Ratio Test ◽  
Chinese Stock Market ◽  
Policy Makers ◽  
Market Participants ◽  
Predictability Index ◽  
Predictability Of Returns ◽  
Significant Return

China’s stock market is the largest emerging market in the world. It is widely accepted that the Chinese stock market is far from efficiency and it possesses possible linear and nonlinear dependencies. We study the predictability of returns in the Chinese stock market by employing the wild bootstrap automatic variance ratio test and the generalized spectral test. We find that the return predictability vary over time and a significant return predictability is observed around market turmoils. Our findings are consistent with the Adaptive Markets Hypothesis (AMH) and have practical implications for market participants and policy makers. A predictability index can be constructed for each asset, which might help warn a crisis is in store, ease the development of the ongoing bubble, and stabilize the market.

Financial Centers And Portfolio Performance: Evidence From An Emerging Market

2013 ◽  
Vol 29 (6) ◽  
pp. 1815
Author(s):  
Omar Farooq ◽  
Mohammed Bouaddi ◽  
Neveen Ahmed
Keyword(s):  
Stock Market ◽  
Emerging Market ◽  
Cost Effective ◽  
Relevant Information ◽  
Information Environment ◽  
Portfolio Performance ◽  
Market Participants ◽  
Financial Center

How does location of a firms headquarter effect its performance? This paper answers this question by using the data from India. This paper shows that portfolio of firms headquartered in Mumbai, the main financial center of the country, outperform portfolio of firms headquartered in other cities. Our results show that average returns, Sharp ratios, Farinelli and Tibiletti ratio, and CAPM alphas for portfolios comprising of firms headquartered in Mumbai are higher than their counterpart portfolios comprising of firms headquartered in other cities. We argue that firms headquartered in the financial center have better information environment than other firms. One of the channels via which improvement in information environment takes place is the clustering of firms in the financial center. We believe that, for any given level of resources, it is relatively cost effective for stock market participants to expend their resources on clustered firms to obtain value relevant information than on dispersed firms, thereby improving information environment of firms headquartered in the financial centers relative to other firms. Our arguments claim that better information environment of firms headquartered in the financial centers helps in maintaining investors confidence.

Through the Lens of Recession 2.0: Diversification Dynamics Between the Leading Asian Stock Markets

2021 ◽  
pp. 097226292098395
Author(s):  
Manu K. S. ◽  
Surekha Nayak ◽  
Rameesha Kalra
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Market Integration ◽  
Developing Economies ◽  
Positive Impact ◽  
Global Market ◽  
Stock Market Integration ◽  
Developed Economies ◽  
Market Participants ◽  
Causality Tests

The focus of this article is to analyse the inter-linkages between eight leading stock markets in Asian continent from the period of July 2011 to February 2018. This period holds relevance as this was the time when Recession 2.0 set in, which adversely affected the developed economies; however, the developing economies withstood the crisis without much of an impact. Co-integration and Granger causality tests were conducted to probe the inter-linkages. Study revealed a positive impact on Asian stock market indices collectively on each of the indexes. The highest number of unidirectional causalities was to KOPSI and NIFTY from rest of the stock indices. Results confirmed that no co-integration relationship existed among the selected indices indicating favourable diversification opportunities. Thus, the study fosters global market participants and policymakers to consider the nitty-gritties of stock market integration so as to benefit from international stock market diversification in the Asian region.

scholarly journals Light a lamp and look at the stock market

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Radeef Chundakkadan
Keyword(s):  
Stock Market ◽  
Financial Distress ◽  
Investor Sentiment ◽  
Downside Risk ◽  
Bond Yields ◽  
Risky Assets ◽  
Market Participants ◽  
Market Return ◽  
The Impact

AbstractIn this study, we investigate the impact of the light-a-lamp event that occurred in India during the COVID-19 lockdown. This event happened across the country, and millions of people participated in it. We link this event to the stock market through investor sentiment and misattribution bias. We find a 9% hike in the market return on the post-event day. The effect is heterogeneous in terms of beta, downside risk, volatility, and financial distress. We also find an increase (decrease) in long-term bond yields (price), which together suggests that market participants demanded risky assets in the post-event day.

scholarly journals The impact of stock market manipulation on Nigeria’s economic performance

2020 ◽  
Vol 9 (1) ◽  
Author(s):  
Babatunde Akinmade ◽  
Festus Fatai Adedoyin ◽  
Festus Victor Bekun
Keyword(s):  
Stock Market ◽  
Economic Performance ◽  
Market Manipulation ◽  
The Impact

scholarly journals Spillovers of Stock Markets among the BRICS: New Evidence in Time and Frequency Domains before the Outbreak of COVID-19 Pandemic

2021 ◽  
Vol 14 (3) ◽  
pp. 112
Author(s):  
Kai Shi
Keyword(s):  
Stock Market ◽  
Frequency Band ◽  
Stock Markets ◽  
Emerging Market ◽  
Low Frequency ◽  
Systematic Risk ◽  
Error Variance ◽  
Frequency Bands ◽  
Volatility Spillovers ◽  
Risk Sources

We attempted to comprehensively decode the connectedness among the abbreviation of five emerging market countries (BRICS) stock markets between 1 August 2002 and 31 December 2019 not only in time domain but also in frequency domain. A continuously varying spillover index based on forecasting error variance decomposition within a generalized abbreviation of vector-autoregression (VAR) framework was computed. With the help of spectral representation, heterogeneous frequency responses to shocks were separated into frequency-specific spillovers in five different frequency bands to reveal differentiated linkages among BRICS markets. Rolling sample analyses were introduced to allow for multiple changes during the sample period. It is found that return spillovers dominated by the high frequency band (within 1 week) part declined with the drop of frequencies, while volatility spillovers dominated by the low frequency band (above 1 quarter) part grew with the decline in frequencies; the dynamics of spillovers were influenced by crucial systematic risk events, and some similarities implied in the spillover dynamics in different frequency bands were found. From the perspective of identifying systematic risk sources, China’s stock market and Russia’s stock market, respectively, played an influential role for return spillover and volatility spillover across BRICS markets.

STRATEGIC INSTRUMENTS OF THE DEVELOPMENT OF STOCK MARKET INFRASTRUCTURE INSTITUTES

2019 ◽  
Vol 4 (3) ◽  
pp. 67-76
Author(s):  
Andrii NIMKOVYCH
Keyword(s):  
Stock Market ◽  
Technology Implementation ◽  
Analytical Data ◽  
Economic Feasibility ◽  
Securities Market ◽  
Market Participants ◽  
Blockchain Technology ◽  
Money Transfer ◽  
Small Investors ◽  
Market Infrastructure

The article investigates the problem of ensuring the functioning of the securities market infrastructure of Ukraine. The analysis had been conducted through the prism of securities market participants' protection. The author has proposed to introduce the institute for protection of small investors in the stock market by the way of reorganization of the Deposit Guarantee Fund like in the Estonian and Lithuanian models. The Fund is tasked with the following in order to support the infrastructure of protection: to accumulate funds, to invest in managed funds and to pay insurance payments promptly in the case of an insurance event. On the basis of analytical data, the results from the implementation of the Fund are determined: accumulation of budgets to guarantee protection, increase in the value of securities in circulation, protection due to compensation of the guaranteed sums to small investors and the actual income from the functioning of the Fund. Another aspect of using strategic tools in stock market infrastructure is «FinTech» and blockchain technologies. Using of these technologies and the leading positions of Ukraine in the world are emphasized. Advantages of the blockchain technology implementation into the stock market infrastructure of Ukraine and economic feasibility are shown. The obligatory availability of electronic infrastructure for both the state and individual participants of the stock market is substantiated for the effective functioning of modern financial instruments. The author demonstrates the advantages of implementing blockchain technology in the stock market infrastructure of Ukraine and economic feasibility. Positive aspects of cooperation of powerful financial companies and blockchain institutions are shown, as well as problems of non-regulation of this issue in the Ukrainian legislation. A special place in the economics of stock market infrastructure is given to innovative money transfer systems. It has been found that the use of the Ripple system can form the basis of the infrastructure for quick and much cheaper internal payments in the stock market. Key words: stock market, infrastructure, institutions of infrastructure, guarantee fund, investments, blockchain technologies, «FinTech».

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