scholarly journals Analysis of the disparity factor of the Net Asset Value (NAV) on the Exchange Trade Fund (ETF) and its market price on the Indonesia Stock Exchange (IDX)

2021 ◽  
pp. 77-81
Author(s):  
A. Rahmanto ◽  
B. Wibowo
Keyword(s):  
Stock Exchange ◽  
Market Price ◽  
Asset Value ◽  
Net Asset Value

scholarly journals Current Status of Mutual Fund Schemes in Nepal

2018 ◽  
Vol 10 (1) ◽  
pp. 85-95
Author(s):  
Dhaneshwar Rakhal
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Market Price ◽  
Secondary Data ◽  
Current Status ◽  
Business Studies ◽  
Asset Value ◽  
History Of

The development of the mutual fund industry is the greatest investment success story of the twentieth century in United States and this industry also emerged as the most dynamic segment of the Indian financial system on that time. But the history of mutual fund in Nepal started only with the establishment of "NCM Mutual Fund 2050" in 1993. Currently there are ten mutual fund schemes listed and traded in Nepal Stock Exchange that provide investment opportunities for investors in mutual funds market. In this context, the purpose of this paper is to provide necessary facts and figures related to the mutual fund schemes in Nepal based on secondary data. The paper includes mutual fund companies, development mutual funds and review of empirical studies on mutual funds as preliminary discussion, and includes current mutual fund schemes; funds sizes, maturity periods, market price, net asset value and dividend income of mutual fund schemes on analytical section.The Journal of Nepalese Business Studies Vol. X No. 1 December 2017, Page: 85-95

scholarly journals Individual and Overall Analysis on Indonesian Stock Funds Market Timing and Selectivity

2018 ◽  
Vol 2 (1) ◽  
Author(s):  
Amsal Irmalis ◽  
Muzakir Muzakir
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Market Timing ◽  
Point Of View ◽  
Treasury Bill ◽  
Individual Analysis ◽  
Asset Value ◽  
Net Asset Value ◽  
Almost All ◽  
The Capital Market

This study investigates Timing and Selection ability of managers in Indonesia Funds Industry.The one month stock funds net asset value, Indonesian Treasury-Bill (3-Months) and Market rerturn of Indonesia Stock Exchange covering from 2010-2014 is used on this research. We apply Treynor-Mazuy Equation to test the hypothesis. This investigation exhibit the timing the capital market ability as well as selectivity possess by managers both individuall as well as overall point of view. The reult shows that, individual analysis on the funds proves that the almost all of the managers only have slight of ability. Only three of the assets exhibit affirmative and statistically substantial alpha and none of them display confident timing skill. Breakdown of overall funds endorses that managers show a weak selectivity and timing expertise. Keywords: Treynor-Mazuy, |Stock Funds, Timing and Selectivity Skill

scholarly journals Why do Korean Holding Companies Trade at a Steeper Discount to Net Asset Value?

2017 ◽  
Vol 4 (1) ◽  
pp. 77 ◽  
Author(s):  
Won Seuk Jang
Keyword(s):  
Capital Markets ◽  
Market Price ◽  
Investment Opportunity ◽  
Holding Companies ◽  
Developed Markets ◽  
Holding Company ◽  
Asset Value ◽  
Net Asset Value ◽  
Investment Opportunities ◽  
Current Market Price

This case deals primarily with the valuation of holding companies in Korea and the significant gap between its market price and net asset value (NAV), which is the sum of the estimated values of the assets in the portfolio of the holding company minus debt. Typically in the developed markets, holding company discount (as measured by price to NAV minus one) ranges between 15 to 30 percent according the various empirical studies.In Korea, however, holding company discount could stretch up to 30 to 60 percent, and often times, 30 to 40 percent has been used as a rule of thumb among the investment community. A steep discount of current market price to NAV might be interpreted as a convincing rationale for investment opportunity, but this could be a dangerous simplification of idea unless underlying reasons are properly understood.Therefore, the purpose of this case is to understand the valuation of holding companies, especially in the context of capital markets in Korea as compared to other developed markets, and develop a proper sense of investment opportunities therein.

scholarly journals Pricing Efficiency of Exchange Traded Funds in India

2020 ◽  
Vol 11 (1) ◽  
pp. 244-268
Author(s):  
Y V Reddy ◽  
Pinkesh Dhabolkar
Keyword(s):  
Stock Exchange ◽  
Market Price ◽  
Exchange Traded Funds ◽  
Demand And Supply ◽  
Correction Model ◽  
Vector Error Correction ◽  
Market Makers ◽  
Vector Error ◽  
Pricing Efficiency ◽  
Asset Value

Exchange traded funds (ETFs) have two prices, the market price and the net asset value (NAV) price. ETFs NAV price gets determined by the net value of the constituent assets, whereas the market price of ETFs depends upon the number of units bought or sold on the stock exchange during trading hours. As per the law of one price, the NAV and market price of the ETF should be the same. However, due to demand and supply forces, the market price may divert from its NAV. This price difference may have significant repercussions to investors, as it represents a cost if they buy overvalued ETF shares or sell undervalued ETF shares. Pricing efficiency is the speed at which the market makers correct the deviations between ETFs NAV and market price. The present study attempts to investigate the pricing efficiency of Indian equity ETFs employing an autoregression model over its price deviation, and also attempts to understand the lead-lag relationship between the price and NAV using the vector error correction model (VECM).

scholarly journals The effects of selected trading strategies on the value of closed-end investment trusts: A test of the efficiency of the Johannesburg Stock Exchange

1993 ◽  
Vol 24 (3) ◽  
pp. 77-82
Author(s):  
Narendra Bhana
Keyword(s):  
Standard Deviation ◽  
Stock Exchange ◽  
Trading Strategies ◽  
Excess Returns ◽  
Investment Funds ◽  
Trading Rules ◽  
Johannesburg Stock Exchange ◽  
Market Portfolio ◽  
Asset Value ◽  
Net Asset Value

Closed-end investment funds listed on the Johannesburg Stock Exchange invariably trade at discounts from their net asset value. The purpose of this article is to test a series of trading rules to determine whether an investor can capitalize on these discounts to earn excess returns. The buy-and-sell points strategy produced returns significantly in excess of these obtainable by holding the market portfolio or by following a buy-and-hold strategy. Using standard deviation of return as a proxy for risk, the results fail to confirm that an investor had to accept significantly more risk to earn a larger return. However, there is no assurance that the same strategies will produce excess returns in the future. The trading strategies tested over the 1979-88 period may require adjustments in today's market.

scholarly journals A Quantitative Approach to Evaluate the Financial Performance of Growth Oriented Bangladeshi Close-end Mutual Funds: An Empirical Study

2020 ◽  
pp. 55-65
Author(s):  
Washeka Anjom
Keyword(s):  
Financial Performance ◽  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Research Work ◽  
Vital Role ◽  
Asset Value ◽  
Net Asset Value ◽  
Retail Investors

Mutual fund, an investment vehicle by retail investors,is playing a vital role in our capital market by transforming the sum of the invested funds of investors into investing in a diversified portfolio by the professional investment managers.Since 1980, the mutual funds have been emerging rapidly in the stock market of Bangladesh. This research work attempts to evaluate the financial performance of growth-oriented Bangladeshi Close-end mutual funds traded in Chittagong Stock Exchange (CSE). In order to fulfill the objectives of the paper, ten mutual funds out of thirty-six have chosen. The Prime data used is the Net Asset Value (NAV) of the selected mutual funds and the returns of the CS 30 as a benchmark index. This paper concentrates on the evaluation of mutual funds by employing various research methodologies such as Treynor’s ratio, Sharpe ratio,and Jensen’s alpha and Regression Analysis. Finally, an attempt has also undertaken to assess the statistical relationship between the performance CS 30 and the mutual funds.

Pricing Efficiency of Nifty BeES in Bullish and Bearish Markets

2012 ◽  
Vol 13 (1) ◽  
pp. 109-121 ◽  
Author(s):  
R. Shanmugham ◽  
Zabiulla
Keyword(s):  
Tracking Error ◽  
Market Price ◽  
Market Conditions ◽  
Pricing Efficiency ◽  
Significant Difference ◽  
Asset Value ◽  
Replication Strategy ◽  
Net Asset Value ◽  
Portfolio Manager ◽  
Price Divergence

This article examines the pricing efficiency of Nifty BeES in bullish and bearish market conditions using high frequency data for a period of seven years. It seeks to address three questions. First, does the portfolio manager of Nifty BeES follow its benchmark replication strategy across different market conditions? Second, whether the portfolio manager minimizes the portfolio return volatility relative to the benchmark volatility. Third, whether the magnitude of premiums/discounts varies in bullish and bearish market conditions. Our findings suggest a significant difference in alpha-generation abilities of fund manager between the two market conditions. Tracking error was found to be relatively high in bearish conditions. The average premium is higher in bearish markets characterized with highest volatility. On the other hand, the average discount is higher in bullish markets characterized with least volatility. The price divergence disappears within three days and the market price and the fund’s net asset value (NAV) get aligned due to arbitrage mechanism.

scholarly journals Stock Price Adjustment to Corporate Accounting Disclosure: A Quantitative Study on Dhaka Stock Exchange (DSE), Bangladesh.

2015 ◽  
Vol 5 (2) ◽  
pp. 122 ◽  
Author(s):  
Protap Kumar Ghosh ◽  
Sutap Kumar Ghosh
Keyword(s):  
Stock Price ◽  
Stock Exchange ◽  
Random Effect ◽  
Weak Form ◽  
Least Square ◽  
Price Movement ◽  
Accounting Disclosure ◽  
Return On Equity ◽  
Asset Value ◽  
Net Asset Value

This study has been designed to detect whether corporate accounting disclosures through annual report influence stock price movement in Dhaka Stock Exchange. To conduct our study, we gathered a series of panel data from 2010 through 2014 of 25 private commercial banks. Least square regression analysis has been done by incorporating fixed effect and random effect models and six models have been developed through Hausman Test. The resulting output revealed that “Earning per share”, “Return on equity” and “Net asset value per share” (book value) positively influenced stock price movement during our study period but “Earning per share” and “Net asset value per share” jointly can explain highest variation in stock price movement in DSE. Although past few studies showed weak form of market efficiency in DSE , this study conveys a positive movement of  Banglidesh stock market from weak form towards strong form of efficiency.

PENGARUH IT SPENDING TERHADAP KINERJA PERUSAHAAN PADA PERUSAHAAN TELEKOMUNIKASI YANG TERDAFTAR DI BURSA EFEK SELURUH ASIA TENGGARA PADA TAHUN 2009-2011

MODUS ◽  
2016 ◽  
Vol 26 (2) ◽  
pp. 93
Author(s):  
Irene Adrayani
Keyword(s):  
Stock Price ◽  
Sampling Method ◽  
Capital Expenditure ◽  
Stock Exchange ◽  
Market Price ◽  
Market Value ◽  
Company Performance ◽  
Corporate Value ◽  
Accounting Information System ◽  
Company Value

This study aims to get empirical evidence about the infuence of IT spending on corporate value by testing the efect of IT spending on corporate value by using Tobin’s Q. Te higher the stock price, the higher the company value as well as investors’ assessment. The market price of the company’s stocks refects investors’ assessment of the overall equity held. Of the stock price refects investor can provide an assessment of a company. Tobin’s Q is the ratio of the market value of the company’s assets as measured by the market value of the outstanding stocks and debt (enterprise value) to the replacement cost of the assets of the company. The sampling method is based on purposive sampling method with the purpose to obtain a sample that meets the criteria. Tis study used a sample taken from a telecommunications company listed on the Stock Exchange throughout Southeast Asia during the period of 2009-2011. The hypothesis in this study was tested using simple regression. Based on data analysis, the result that the variable IT spending does not afect the company value.Keywords: accounting information system, Tobin’s Q, IT spending, capital expenditure, company performance

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