Stock Market Returns to Financial Innovations Before and During the Financial Crisis in the United States and Europe

2013 ◽  
Vol 31 (5) ◽  
pp. 973-986 ◽  
Author(s):  
Lisa Schöler ◽  
Bernd Skiera ◽  
Gerard J. Tellis
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Stock Market ◽  
The United States ◽  
Market Returns ◽  
Stock Market Returns ◽  
Financial Innovations

scholarly journals Rule Britannia! British Stock Market Returns, 1825-1870

2009 ◽  
Vol 69 (4) ◽  
pp. 1107-1137 ◽  
Author(s):  
Graeme G. Acheson ◽  
Charles R. Hickson ◽  
John D. Turner ◽  
Qing Ye
Keyword(s):  
United States ◽  
Stock Market ◽  
The United States ◽  
Equity Returns ◽  
British History ◽  
Market Returns ◽  
Stock Market Returns ◽  
Survivorship Bias ◽  
Real Returns ◽  
Modern Era

This article presents a new series of monthly equity returns for the British stock market for the period 1825-1870. In addition to calculating capital appreciation and dividend yields, the article also estimates the effect of survivorship bias on returns. Three notable findings emerge from this study. First, stock market returns in the 1825-1870 period are broadly similar for Britain and the United States, although the British market is less risky. Second, real returns in the 1825-1870 period are higher than in subsequent epochs of British history. Third, unlike the modern era, dividends are the most important component of returns.

Stock Market Returns and Suicide Rates: Evidence From the United States

2016 ◽  
Vol 44 (1) ◽  
pp. 89-102
Author(s):  
Sujung Choi
Keyword(s):  
United States ◽  
Stock Market ◽  
The United States ◽  
Market Returns ◽  
Stock Market Returns ◽  
Financial Decisions ◽  
Market Participants ◽  
Emotional Factors ◽  
Suicide Rates ◽  
Male Suicide

I investigated whether or not social mood is associated with the financial decisions of market participants in the United States, using the monthly suicide rate to represent the degree of negative social mood in a society. From monthly suicide data collected over the period from January 1981 through to December 2012, I found that suicide rates are associated with stock market returns, in aggregate. Specifically, suicide rates predicted future stock market returns, showing contemporaneous and lagged relationships with U.S. stock market returns. Furthermore, small-cap stocks were found to be more likely to be affected by suicide rates than were large-cap stocks. Female suicide rates had a stronger effect on market returns than male suicide rates did, suggesting that this suicide effect is not induced by economic reasons but, rather, is related to emotional factors (e.g., investor mood).

Post-operating performance of construction mergers and acquisitions of the United States of America

2006 ◽  
Vol 33 (3) ◽  
pp. 266-277 ◽  
Author(s):  
Jongsoo Choi ◽  
Donald Harmatuck
Keyword(s):  
United States ◽  
Stock Market ◽  
Mergers And Acquisitions ◽  
Construction Industry ◽  
United States Of America ◽  
Operating Performance ◽  
The United States ◽  
Market Returns ◽  
Stock Market Returns ◽  
Research Outcomes

A previous study assessed stock market returns (ex ante expectations), and this study examines the actual operating performance (ex post-operating performances) of the mergers and acquisitions (M&A) observed during the past two decades (1980-2002) in the construction industry in the United States of America. Utilizing various statistical tools and longitudinal data analysis modeling techniques, three hypotheses were tested. First, the level of synergistic gains, measured as operating cash flow returns, was not improved significantly after firm integration. Second, regarding the management wealth maximization hypothesis, the size of firms dramatically increased after the integration of the firms, and the operating performance was slightly improved compared with that before the event. Research outcomes also indicated that the previous research findings concerning stock market returns on M&A were consistent with the long-term operating performance, and thus supported the market efficiency hypothesis. Lastly, M&A guidelines for the construction industry are presented based on the research outcomes from both stock market return and operating performance analysis. Key words: mergers and acquisitions, diversification strategy, operating performance.

Convergence of Returns on Chinese and Russian Stock Markets with World Markets: National and Sectoral Perspectives

2013 ◽  
Vol 223 ◽  
pp. R16-R34 ◽  
Author(s):  
Jan Babecký ◽  
Luboš Komárek ◽  
Zlatuše Komárková
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Market Returns ◽  
Stock Market Returns ◽  
Market Return ◽  
Stock Market Return ◽  
World Markets ◽  
The Impact

Interest in examining the financial linkages of economies has increased in the wake of the 2008/9 global financial crisis. Applying the concepts of beta- and sigma-convergence of stock market returns, we assess changes over time in the degree of stock market integration of Russia and China with each other, as well as with respect to the United States, the Euro Area, and Japan. Our analysis is based on national and sectoral data spanning the period September 1995 to October 2010. Overall, we find evidence for gradually increasing convergence of stock market returns after the 1997 Asian financial crisis and the 1998 Russian financial crisis. Following a major disruption caused by the 2008/9 global financial crisis, the process of stock market return convergence resumes between Russia and China, as well as with world markets. Notably, the episode of sigma-divergence from the 2008/9 crisis is stronger for China than for Russia. We also find that the process of stock market return convergence and the impact of the recent crisis have not been uniform at the sectoral level, suggesting the potential for diversification of risk across sectors.

scholarly journals Correlation of stock market returns in the West African region from 2008 to 2016

2019 ◽  
Vol 16 (3) ◽  
pp. 120-130 ◽  
Author(s):  
Eseosa Obadiaru ◽  
Alex Omankhanlen ◽  
Barnabas Obasaju ◽  
Henry Inegbedion
Keyword(s):  
United States ◽  
United Kingdom ◽  
Stock Market ◽  
United States Of America ◽  
Composite Index ◽  
The United States ◽  
The Other ◽  
Sample Period ◽  
Entire Sample ◽  
Stock Market Returns

Stock markets over the world have become more interconnected due to activities of foreign investors in search for alternative financial assets and markets to invest in order to diversify their portfolio. Stock market indices and index returns have been known to reflect linkages between different markets. This study assesses the extent of correlation of stock market index returns in West Africa and those of the United States of America (US) and United Kingdom (UK) from 2008 to 2016. The correlation between the index returns for the entire sample period and yearly samples were considered for Nigeria, Ghana, the BRVM, the USA and the UK. The indices selected for the five countries considered are the Nigerian All-Share Index, Ghanaian Composite Index, the BRVM Composite Index, the Financial Times 100 Index and the Standards and Poor’s 500 Index. Daily index returns data were used for the study and analyzed using correlation and multiple regression analysis. Findings revealed that the returns of the pairs of the United States of America (US) and the United Kingdom (UK) exhibited stronger positive correlation with each other than the other market pairs in the study both in the entire sample period and the yearly sub-period analysis. The correlations between the other market pairs were either positively or negatively weak or very weak indicating more diversification opportunities.

Revisiting Macroeconomy–Stock Market Relationship During Times of Economic Crisis: A Study of Emerging Markets

2017 ◽  
Vol 13 (1-2) ◽  
pp. 52-69
Author(s):  
Gagan Deep Sharma ◽  
Mrinalini Srivastava ◽  
Mansi Jain
Keyword(s):  
Latin America ◽  
Financial Crisis ◽  
Stock Market ◽  
Emerging Markets ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
Market Returns ◽  
Stock Market Returns ◽  
Macroeconomic Variables ◽  
The Relationship

This article examines the relationship between six macroeconomic variables and stock market returns of 13 emerging markets from Latin America, Europe, Africa and Asia in the context of global financial crisis of 2008. The findings reveal some commonality in determination and variation of returns with macroeconomic variables from pre-crisis (1st January 2005–31st March 2009) to post-crisis period (1st April 2009–31st March 2016). Further, results show co-integration among most of the macroeconomic variables depicting significant implications for investors and policymakers.

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