scholarly journals Efeitos do pregão eletrônico sobre a eficiência e a volatilidade condicional no mercado de ações brasileiro

2019 ◽  
Vol 17 (1) ◽  
pp. 80
Author(s):  
Leandro Maciel ◽  
Rosangela Ballini
Keyword(s):  
Stock Exchange ◽  
Electronic Trading ◽  
Trading System ◽  
Trading Systems ◽  
Global Capital ◽  
Random Walk Hypothesis ◽  
Before And After ◽  
Negative Effect ◽  
Volatility Regimes

<p>Stock exchange automation, characterized by the replacement of floor trading systems by electronic trading systems, is one of the main restructuring processes observed in global capital markets in recent decades. This paper investigates the effects of automation in the São Paulo Stock Exchange (B3), which adopted an electronic trading system in October 2005. Empirical analysis of the Bovespa index rejects the random walk hypothesis for the periods before and after B3 automation, and provides evidence of distinct volatility regimes. After automation, there is an increase in the linear dependence of IBovespa returns, suggesting a negative effect of automation on the Brazilian stock market’s efficiency. On the other hand, in the same period, there is evidence for a reduction in the long-term persistence of conditional volatility, in response to shocks to returns.</p>

The Impact of Adopting Electronic Trading System on Performance of the Amman Stock Exchange

2013 ◽  
Vol 03 (03) ◽  
pp. 29-36
Author(s):  
Najeb M.H. Masoud
Keyword(s):  
Stock Exchange ◽  
Market Value ◽  
The Other ◽  
Electronic Trading ◽  
Trading System ◽  
Two Samples ◽  
Significant Difference ◽  
Amman Stock Exchange ◽  
Before And After ◽  
The Impact

This study aims to highlight the impact of adopting electronic trading System on performance of the Amman Stock Exchange (ASE) represented in the (value traded) and (market capitalisation) where, for the implementation of that, secondary data were collected from (taken from the monthly statistical bulletins of the Stock Exchange) related to the study variables, where an analysis of the difference between the middle two samples: the first study variables before the introduction of the system, and the other after you have inserted, to find out whether there is a significant difference between the size of the stock exchange in trading before and after the introduction of the electronic trading system, and whether there is a significant difference between the value between the market value of securities listed on the stock exchange before and after the introduction of the system. The results of the study show that the use of the electronic trading system as an alternative to the manual trading system has contributed to raise the volume of trading and the market value of the ASE. We believes that the result of the increase in the degree of transparency and security for traders and investors in the stock market, and give great flexibility and different information to brokers facilitated an analysis of the situation of companies traded faster, which achieved more justice, speed and ease of execution of orders, on the other hand, the system has led to facilitate control over the trading operations and the dissemination of information in real time for both local or foreign investors which contributes to increase the depth and liquidity of the market.

scholarly journals An Analysis of Automated Trading System of Dhaka Stock Exchange Ltd

2021 ◽  
Author(s):  
Redwan Islam
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Current System ◽  
Research Paper ◽  
Complete Analysis ◽  
Electronic Trading ◽  
Trading System ◽  
Before And After ◽  
Software And Hardware

The research paper is a complete analysis of automated trading system of Dhaka Stock Exchange Ltd. In this research paper I focused on Dhaka stock exchange situation before and after starting electronic trading. I analysis the trading system of Dhaka Stock Exchange Ltd. in aspect of software and hardware. Also I discuss the benefits of electronic trading system over traditional cry out system and security and also reliability of trading in stock market. In the end I proposed a new idea i.e. which is basically current system (MSA APPLICATION) up-gradation and it’s shown verbally in several process one after another.

Change in the rocky reef fish fauna of the iconic Poor Knights Islands Marine Reserve in north-eastern New Zealand over 4 decades

2018 ◽  
Vol 69 (10) ◽  
pp. 1496
Author(s):  
David R. Schiel ◽  
Tony Ayling ◽  
Michael J. Kingsford ◽  
Christopher N. Battershill ◽  
J. Howard Choat ◽  
...  
Keyword(s):  
Reef Fish ◽  
Fish Species ◽  
Marine Reserve ◽  
Fish Fauna ◽  
Rocky Reef ◽  
Long Term Effects ◽  
Before And After ◽  
Negative Effect ◽  
Reef Fish Species

Marine reserves exhibit increases in targeted fish species, but long-term effects on biodiversity are poorly understood. Factors other than reserve status may affect decadal changes, including environmental change. We examined the fish fauna at the iconic Poor Knights Islands over 4 decades (1974–2016) before and after implementation of a no-take marine reserve in 1998. We document a substantial increase in commercially and recreationally targeted Chrysophrys auratus, which was virtually absent before 1994 but by 2016 had reached up to 11 fish per 500m2 (220 per hectare). There were also large changes to the fish community, including the decline of subtropical and coastal wrasses, some species with no change and others that increased significantly. Many declines occurred >20 years before the arrival of abundant C. auratus, suggesting the changes do not represent a trophic cascade. Furthermore, this normally benthic-feeding fish has adopted a mid-water foraging behaviour targeting planktivorous fish. The increase in C. auratus appears to be linked both to reserve status and catch regulations in the wider region. Overall, the data point to long-term environmental fluctuations from the late 1970s having a negative effect on the abundance of more than half the reef fish species at these islands.

Survey of Trading Systems for Individual Investors

2011 ◽  
pp. 157-176 ◽  
Author(s):  
M. Kersch ◽  
G. Schmidt
Keyword(s):  
Financial Markets ◽  
Stock Exchange ◽  
Point Of View ◽  
Individual Investors ◽  
Individual Investor ◽  
Trading System ◽  
Trading Systems ◽  
Trading Decisions ◽  
The Individual

Trading decisions in financial markets can be supported by the use of trading algorithms. To evaluate trading algorithms and to generate orders to be executed on the stock exchange trading systems are used. In this chapter, we define the individual investors’ requirements on a trading system, and analyze 17 trading systems from an individual investor’s point of view. The results of our study point out that the best alternative for an individual investor is not one single trading system, but a combination of two different classes of trading systems.

scholarly journals Do floods affect food security? A before-and-after comparative study of flood-affected households’ food security status in South-Eastern Nigeria

2020 ◽  
Vol 47 (47) ◽  
pp. 115-131
Author(s):  
Thecla Iheoma Akukwe ◽  
Alice Atieno Oluoko-Odingo ◽  
George Okoye Krhoda
Keyword(s):  
Food Security ◽  
Comparative Study ◽  
Household Food Security ◽  
South Eastern ◽  
Household Food ◽  
Food Security Status ◽  
Before And After ◽  
Negative Effect ◽  
Food Insecure Households

AbstractA comparative study of pre- and post-flood households’ food security statuses in South-Eastern Nigeria was performed to answer the question “Do floods affect food security?” Data were generated via a survey of 400 households in eight communities using stratified and random sampling methods. Households’ food security statuses were assessed using the Household Food Security Survey Module (HFSSM) and computed using a Rasch analysis, where households were divided into four categories, namely: food secure, food insecure without hunger, moderately food insecure with hunger and severely food insecure with hunger. The results show that flooding affects food security negatively by increasing the number of food insecure households to 92.8%, and the regression coefficient of −0.798 indicates a very strong negative effect of flooding on household food security. An odds ratio of 2.221 implies that households that have experienced flooding are 2.221 times more probable to be food insecure than households that have not. The implication of the findings is that flooding is capable of turning communities into food insecurity hotspots that would need long-term assistance to cope, and flooding is capable of hampering the achievement of Goal 2 of the SDGs.

scholarly journals Struktur Pendanaan dan Profitabilitas: Studi pada Perusahaan Non-Keuangan yang Listing di Bursa Efek Indonesia

2019 ◽  
Vol 1 (1) ◽  
pp. 55-66
Author(s):  
Irene Rini Demi Pangestuti ◽  
Dinar Nur Septiyanto
Keyword(s):  
Capital Structure ◽  
Random Sampling ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Short Term ◽  
Return On Assets ◽  
Negative Effect ◽  
Equity Ratio ◽  
Positive Effect

Purpose- The study was conducted to examine the effect of capital structure on profitability. Variables of the capital structure are Long-term Debt to total assets (LTD), Short-term Debt to total assets (STD) and Debt to Equity Ratio (DER) while profitability is proxied by Return on Assets (ROA. Research is conducted on all Non-Financial companies listed on the Indonesia Stock Exchange (IDX) in the period 2014-2016. Methods- Use the Purposive Random Sampling technique to take samples. Samples taken from Bloomberg. The sample used amounted to 175 companies using multiple regression analysis SPSS program assistance. Finding- The results of the study note that LTD and STD have a significant negative effect on ROA. DER has not a significant positive effect on ROA.

Corporate Actions and Company’s Value Evidence from Indonesia Stock Exchange for Ten Years

2012 ◽  
Vol 4 (1) ◽  
Author(s):  
Nurul Hasanah Uswati Dewi
Keyword(s):  
Mergers And Acquisitions ◽  
Stock Exchange ◽  
Poor Quality ◽  
Added Value ◽  
Financial Factors ◽  
Company Value ◽  
Before And After ◽  
The Difference ◽  
Corporate Actions

The purpose of managing a company is to prosper the owners, in which the higher the company’s value, the higher the owners’ welfare. In this case, the company’s value can be reflected in financial performance and company size as seen in the total assets, sales, and market capitalization. In addition, agency theory that leads to the opportunistic nature of management will result in poor quality of earnings and corporate value. The purpose of this study is to examine whether there are differences of the effect of the financial factors on the company’s value before and after doing a merger and acquisition. Since this effort is to provide company’s added value, it is expected to create more long-term added value than just temporary one. Therefore, the effect of the announcement of the merger can’t be seen after the merger or acquisition takes place, but its changes need monitoring afterwards that is in periods. It took several years before and after mergers and acquisitions. The sample consists of companies listed in Indonesia Stock Exchange for ten years. Wilcoxon Signed Ranks Test was employed in this study. The result shows that there is the difference of effect of financial factors on the company’s value before and after mergers and acquisitions. Keywords - corporate actions, merger, acquisition, company value

scholarly journals Novel Energy Trading System Based on Deep-Reinforcement Learning in Microgrids

Energies ◽  
2021 ◽  
Vol 14 (17) ◽  
pp. 5515
Author(s):  
Seongwoo Lee ◽  
Joonho Seon ◽  
Chanuk Kyeong ◽  
Soohyun Kim ◽  
Youngghyu Sun ◽  
...  
Keyword(s):  
Reinforcement Learning ◽  
Trading System ◽  
Energy Trading ◽  
Trading Systems ◽  
Primary Operation ◽  
Operating Environments ◽  
Simulation Results ◽  
Operation Parameters

Inefficiencies in energy trading systems of microgrids are mainly caused by uncertainty in non-stationary operating environments. The problem of uncertainty can be mitigated by analyzing patterns of primary operation parameters and their corresponding actions. In this paper, a novel energy trading system based on a double deep Q-networks (DDQN) algorithm and a double Kelly strategy is proposed for improving profits while reducing dependence on the main grid in the microgrid systems. The DDQN algorithm is proposed in order to select optimized action for improving energy transactions. Additionally, the double Kelly strategy is employed to control the microgrid’s energy trading quantity for producing long-term profits. From the simulation results, it is confirmed that the proposed strategies can achieve a significant improvement in the total profits and independence from the main grid via optimized energy transactions.

scholarly journals PENGARUH FAKTOR KEUANGAN DAN INTENSITAS ASET TETAP TERHADAP KEPUTUSAN PELAPORAN KEUANGAN DAN PAJAK

2018 ◽  
Vol 9 (1) ◽  
Author(s):  
Ahmad Kama Jama ◽  
Harnovinsah Harnovinsah
Keyword(s):  
Financial Reporting ◽  
Stock Exchange ◽  
Debt Ratio ◽  
Manufacturing Companies ◽  
Fixed Asset ◽  
Tax Management ◽  
Reporting Decisions ◽  
Negative Effect ◽  
Tax Reporting

ABSTRACK This study is purposed to test empirically the effect of debt ratio, long-term debt ratio, financing deficit and fixed assets intensity on financial and tax reporting decisions. Sampling using purposive sampling method and produces 101 manufacturing companies that listed on the Indonesia Stock Exchange during 2014 to 2016. Hypothesis testing using logistic regression analysis because independent variables measured by dummy. The results show that the debt ratio, long-term debt ratio and financing deficit give significant negative effect on the financial reporting and tax decisions. Meanwhile, fixed asset intensity does not give significant influence to financial reporting and tax decisions. Keyword : debt ratio, long-term debt ratio, financing deficit, fixed asset intensity, earning management, tax management.

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