Do Value Stocks Earn Higher Returns than Growth Stocks in an Emerging Market? Evidence from the Istanbul Stock Exchange

2003 ◽  
Vol 14 (1) ◽  
pp. 1-25 ◽  
Author(s):  
Halit Gonenc ◽  
Mehmet Baha Karan
Keyword(s):  
Stock Exchange ◽  
Emerging Market ◽  
Value Stocks ◽  
Istanbul Stock Exchange ◽  
Growth Stocks

scholarly journals Impact of managerial ownership on capital structure: a survey of Turkish firms

2008 ◽  
Vol 5 (2) ◽  
pp. 8-14
Author(s):  
Özgür Arslan
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Emerging Market ◽  
Debt Maturity ◽  
Managerial Ownership ◽  
Insider Ownership ◽  
Istanbul Stock Exchange ◽  
Dividend Smoothing ◽  
The Relationship ◽  
Considerable Support

This paper investigates the relationship between insider ownership and capital structure decisions made by managers for an emerging market. Therefore, we survey managers of 103 firms listed in the Istanbul Stock Exchange (ISE). Our findings lend considerable support to our expectation that leverage, debt maturity and dividend issues reduce ability of managers to divert resources from value maximisation. However the same monitoring and disciplining tax is not observed for stock issues. Also, our findings document that managers of firms listed in the ISE do not opt to dividend smoothing policy. Finally, the results are in line with our expectation that, the more willing are the managers to reduce asymmetric information between them and shareholders, the higher their ownership level in firms.

scholarly journals Analisis Komparatif Tingkat Pengembalian Value Stocks dan Growth Stocks di Bursa Efek Indonesia

2019 ◽  
Vol 1 (1) ◽  
pp. 13-22
Author(s):  
Andre Prasetya Willim
Keyword(s):  
Comparative Analysis ◽  
Sampling Method ◽  
Stock Exchange ◽  
Portfolio Performance ◽  
Value Stocks ◽  
Growth Stocks ◽  
Small Growth ◽  
The Difference ◽  
Return Value ◽  
Portfolio Return

Purpose- This study aims to examine the difference in returns between portfolio value stocks and growth stocks with comparative analysis. Methods- The population of this research is all companies in the Indonesia Stock Exchange. Based on the results of the purposive sampling method, there were 396 companies that were sampled in this study with IPO criteria before 2011. There were four portfolios formed, namely small growth, small value, big growth and big value portfolios, each consisting of 59 companies. Portfolio performance in this study was measured by the Sharpe, Treynor and Jensen indices. Finding- The results showed a difference in portfolio return value stocks and growth stocks. Return portfolio value stocks are lower than growth stocks portfolios and portfolio performance value stocks are also lower than growth stocks portfolios.

scholarly journals Stock mechanics: Predicting recession in S&P500, DJIA and NASDAQ

Open Physics ◽  
2006 ◽  
Vol 4 (1) ◽  
Author(s):  
Çağlar Tuncay
Keyword(s):  
Power Law ◽  
Stock Exchange ◽  
Emerging Market ◽  
Original Method ◽  
Istanbul Stock Exchange

AbstractProposed in this paper is an original method assuming potential and kinetic energies for prices and for the conservation of their sum that has been developed for forecasting exchanges. Connections with a power law are shown. Semiempirical applications on the S&P500, DJIA, and NASDAQ predict a forthcoming recession in them. An emerging market, the Istanbul Stock Exchange index ISE-100 is found harboring a potential to continue to rise.

scholarly journals Growth versus value investing: a case of Nigerian Stock Market

2019 ◽  
Vol 16 (1) ◽  
pp. 30-45
Author(s):  
Mukail Aremu Akinde ◽  
Eriki Peter ◽  
Ochei Ailemen Ikpefan
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Exchange ◽  
Annual Reports ◽  
Reverse Causality ◽  
Value Investing ◽  
Value Stocks ◽  
Pooled Data ◽  
Emerging Stock Markets ◽  
Growth Stocks

At a time, the Nigeria Stock Exchange (NSE) is generally undergoing bearish trends; the paper investigated the performance of eighty-eight (88) sampled stocks, which were screened with the modern Price Earnings Growth (PEG) ratio into the Growth and the Value Portfolios. This is to ascertain whether the Value Portfolio outperformed the Growth Portfolio in terms of returns. From the researches in the developed and emerging stock markets, the momentum supports that the Value Portfolio outscored the Growth Portfolio in terms of returns. The paper explored pooled data from the Factbooks of the Nigerian Stock Market and the Annual Reports across different industries from 1990 to 2016. Descriptive methods and Arellano and Generalized Methods of Moment (GMM) xtabond2 were adopted to address the outliers, reverse causality and other related consequences of panel data. Similar to the findings from the developed and emerging stock markets, the study recognized that the Value Portfolio over-performed the Growth Portfolio in terms of returns in the NSE. Therefore, it is recommended that rational investors should show more preferences to invest in low-priced Value Stocks to earn higher returns than the high-priced Growth Stocks, which generated lower returns in the NSE.

scholarly journals Extreme Value Volatility Estimators and Realized Volatility of Istanbul Stock Exchange: Evidence from Emerging Market

2016 ◽  
Vol 8 (8) ◽  
pp. 71 ◽  
Author(s):  
Hakki Ozturk ◽  
Umit Erol ◽  
Asli Yuksel
Keyword(s):  
Stock Exchange ◽  
Emerging Market ◽  
Realized Volatility ◽  
Extreme Value ◽  
Short Term ◽  
Forecasting Models ◽  
Major Index ◽  
Istanbul Stock Exchange ◽  
Forecasting Performance ◽  
The One

<p>This paper evaluates the forecasting performance of alternative models for the one-day ahead forecasts of BIST-30 index (Istanbul Stock Exchange- Borsa Istanbul major index that contains 30 blue-chip stocks) volatility. Realized volatility is used as the relevant benchmark for the evaluation of forecasts. We document evidence, which shows that realized volatility is a less noisy estimator than the daily square benchmark explaining more of the variation in the volatility. In addition; the benefit of using extreme value estimators as volatility proxies are discussed. It is empirically demonstrated that the extreme value estimators are 5 to 8 times more efficient than historical volatility measures. The use of extreme value estimators with simple forecasting models provide better short-term forecasts than the GARCH based volatility forecasts due to higher efficiency of extreme value estimators.</p>

scholarly journals Extreme Value Volatility Estimators and Realized Volatility of Istanbul Stock Exchange: Evidence from Emerging Market

2016 ◽  
Vol 8 (8) ◽  
pp. 73
Author(s):  
Hakki Ozturk ◽  
Umit Erol ◽  
Asli Yuksel
Keyword(s):  
Stock Exchange ◽  
Emerging Market ◽  
Realized Volatility ◽  
Extreme Value ◽  
Short Term ◽  
Forecasting Models ◽  
Major Index ◽  
Istanbul Stock Exchange ◽  
Forecasting Performance ◽  
The One

<p>This paper evaluates the forecasting performance of alternative models for the one-day ahead forecasts of BIST-30 index (Istanbul Stock Exchange- Borsa Istanbul major index that contains 30 blue-chip stocks) volatility. Realized volatility is used as the relevant benchmark for the evaluation of forecasts. We document evidence, which shows that realized volatility is a less noisy estimator than the daily square benchmark explaining more of the variation in the volatility. In addition; the benefit of using extreme value estimators as volatility proxies are discussed. It is empirically demonstrated that the extreme value estimators are 5 to 8 times more efficient than historical volatility measures. The use of extreme value estimators with simple forecasting models provide better short-term forecasts than the GARCH based volatility forecasts due to higher efficiency of extreme value estimators.</p>

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