أثر السياسة النقدية على كفاءة سوق الأوراق المالية : دراسة حالة الشركات المساهمة العامة المدرجة في بورصة عمان = The Impact of Monetary Policy on the Efficiency of the Stock Market : Case Study of Public Shareholding Companies Listed in Amman Stock Exchange

2020 ◽  
pp. 129-143
Author(s):  
عباس ، نضال علي
Keyword(s):  
Monetary Policy ◽  
Stock Market ◽  
Stock Exchange ◽  
Amman Stock Exchange ◽  
The Impact

scholarly journals Effect of Volatility Changes on Emerging Stock Markets: The Case of Jordan

2015 ◽  
Vol 7 (4) ◽  
pp. 132
Author(s):  
Marwan Mohammad Abu Orabi ◽  
Talal Abed-Alkareem Alqurran
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Exchange ◽  
Exchange Rate Policy ◽  
Emerging Stock Markets ◽  
Amman Stock Exchange ◽  
Rate Policy ◽  
Icss Algorithm ◽  
The Impact ◽  
High Uncertainty

<p>The Middle East financial markets have experienced several unexpected volatility shifts during the last two decades had recorded a serious impact on these markets and caused a financial turmoil that has elevated the uncertainties in the region. In view of this, more empirical findings should be learned and documented for future benefits. As one of the affected countries, Jordan was chosen as a case to provide empirical insight on the matter. This paper analyzed the behavior of Jordan’s stock market (Amman Stock Exchange, ASE) during the intervals of high uncertainty. It highlighted the impact of volatility on this market in terms of its efficiency and returns, during 2004-2012 periods, by utilizing the iterated cumulative sums of squares (ICSS) algorithm, GARCH and GARCH-M models. Sudden changes in volatility seem to arise from the evolution of emerging stock markets, exchange rate policy changes and financial crises. Evidence also reveals that when sudden shifts are taken into account in the GARCH models, the persistence of volatility is reduced significantly in every series. Research results provided significant empirical evidence for positive risk-return relationship in the stock exchange. Moreover, this study also found that the stock market, across all sectors, was more sensitive to global news events as compared to the local events. The asymmetrical responses to good and bad news were also an important characteristic of the ASE market behavior.</p>

scholarly journals The Impact of Social Knowledge on the Efficiency of the Financial Markets: A Case Study on the Erbil Stock Exchange

2021 ◽  
Vol 9 (4) ◽  
pp. 362-377
Author(s):  
Susan Omer Othman Nanakali ◽  
Dilshad Aziz Agha ◽  
Mustafa Farooq Othman
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Social Knowledge ◽  
Test Results ◽  
Factor Analyses ◽  
Monthly Income ◽  
The Impact

This study was designed to investigate the factors that can have an impact on the efficiency of financial markets, and the Erbil Stock Exchange was chosen as a case study. The researchers sought to evaluate the level of social knowledge by concentrating on certain dimensions which have a direct influence on the public’s perspective regarding financial markets – namely religion, culture and economic awareness – and the number of people participating in the sale and purchase of stocks and shares. This study tested the hypotheses by applying some statistical analyses, and the outputs are detailed in the tables, figures and factors. According to the results, the efficiency of the stock market is affected by monthly income, culture and religion, and public experience. It was also found that there is no difference in perspective between men and women regarding investing in the stock market. This is supported by the hypothesis test results, which indicated that there is no correlation between gender and economic awareness, number of participators, culture, and religion. The results of the factor analyses show that there is a significant correlation between religion, culture, economic awareness and the number of people participating and social knowledge, and that these factors significantly affect the efficiency of the stock market.

scholarly journals Empirical Investigation of Symmetric and Asymmetric Target Adjustment Models: Capital Structure of Non-Financial Firms in Jordan

2017 ◽  
Vol 9 (3) ◽  
pp. 133 ◽  
Author(s):  
Bashar K. Abu Khalaf
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Interaction Model ◽  
Firm Characteristics ◽  
Leverage Ratio ◽  
Financial Firms ◽  
Large Size ◽  
Amman Stock Exchange ◽  
Target Leverage ◽  
The Impact

The different capital structure theories propose the possible asymmetric behavior of capital structure. Thus, this paper empirically investigates whether non-financial Jordanian firms follow symmetrical or asymmetrical adjustment model. Then, an interaction model with the size and profitability (firm characteristics) investigated the impact of low/high profit and small/large size on the adjustment of leverage towards the target leverage ratio. This paper covered the period of 14 years (2002-2015) for a total of 110 companies listed on Amman Stock Exchange (75 industrial and 35 services). Results indicate that although Jordanian firms seek a target leverage ratio, their adjustment towards that target is Asymmetrical and high profitable and large companies tend to adjust faster than low profitable and small size companies.

Do Indian stock market sentiments impact contemporaneous returns?

2018 ◽  
Vol 7 (3) ◽  
pp. 332-346
Author(s):  
Divya Aggarwal ◽  
Pitabas Mohanty
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Temporal Dynamics ◽  
Stock Exchange ◽  
Principal Component ◽  
Stock Index ◽  
Content Type ◽  
Investor Sentiments ◽  
Indian Stock Market ◽  
The Impact

Purpose The purpose of this paper is to analyse the impact of Indian investor sentiments on contemporaneous stock returns of Bombay Stock Exchange, National Stock Exchange and various sectoral indices in India by developing a sentiment index. Design/methodology/approach The study uses principal component analysis to develop a sentiment index as a proxy for Indian stock market sentiments over a time frame from April 1996 to January 2017. It uses an exploratory approach to identify relevant proxies in building a sentiment index using indirect market measures and macro variables of Indian and US markets. Findings The study finds that there is a significant positive correlation between the sentiment index and stock index returns. Sectors which are more dependent on institutional fund flows show a significant impact of the change in sentiments on their respective sectoral indices. Research limitations/implications The study has used data at a monthly frequency. Analysing higher frequency data can explain short-term temporal dynamics between sentiments and returns better. Further studies can be done to explore whether sentiments can be used to predict stock returns. Practical implications The results imply that one can develop profitable trading strategies by investing in sectors like metals and capital goods, which are more susceptible to generate positive returns when the sentiment index is high. Originality/value The study supplements the existing literature on the impact of investor sentiments on contemporaneous stock returns in the context of a developing market. It identifies relevant proxies of investor sentiments for the Indian stock market.

scholarly journals The Impact of Cognitive Integration between the Traditional Balanced Scorecard and the Information Technology Balanced Scorecard on the Entrepreneurship Value of the Jordanian Public Shareholding Industrial Companies

2017 ◽  
Vol 13 (1) ◽  
pp. 153
Author(s):  
Usama Abdul Moneim ◽  
Ala Jaber Matarneh ◽  
Samer Akour
Keyword(s):  
Balanced Scorecard ◽  
Stock Exchange ◽  
Integrated System ◽  
Cognitive Integration ◽  
The Balanced Scorecard ◽  
Institutional Leadership ◽  
Industrial Companies ◽  
Amman Stock Exchange ◽  
The Impact

Due to the increased competition between the various industrial companies at the local and international levels, there became a need to adopt modern and effective methods and tools that enable such companies to acquire and maintain competitive advantages that help them choose, apply and assess the strategies adopted. One of the most important tools is the Balanced scorecard according to the leadership concept and the decisions of the COBIT committee; this tool had a great concern and attention by researchers or businessmen; applying it led to a remarkable success in some companies, which made it move from a mere tool of management to an integrated system of strategic management. The method of measuring the balanced scorecard according to the COBIT committee helps the industrial companies’ measure their strategic performance wisely and even goes further in helping formulate the companies' industrial strategies in a pioneer method, translate them into strategic goals, translate these objectives into strategic measurements achieving a follow-up and finally assess the industrial strategy locally and globally. Accordingly, the study aimed at shedding light on the impact of the cognitive integration among the dimensions of the traditional balanced scorecard and the IT balanced scorecard on the Entrepreneurship value in the industrial companies. The study community consisted of all the public shareholding industrial companies listed on Amman Stock Exchange by the end of (2015) amounting to (63) (Annual Report of Amman Stock Exchange, 2016). (56) Companies were randomly selected to form the study sample. One of the most important results of the study is that the effectiveness of measuring the quality of applying the traditional Balanced Scorecard and the IT Balanced Scorecard will create the Entrepreneurship value of the industrial companies, thus contributing to achieving the company's strategic objectives. The study recommended the need that the industrial companies follow up the local and international issues linked with the IT related to applying the balanced scorecard to reach for the institutional leadership with the need that such companies encourage innovation processes, accepting new ideas and motivating employees to provide innovative ideas.

scholarly journals The Impact of Audit Committees Controls Commitment on Strengthening Corporate Governance: Evidence from Jordan

2019 ◽  
Vol 11 (3) ◽  
pp. 69
Author(s):  
Fares Jamiel Hussein Alsufy
Keyword(s):  
Corporate Governance ◽  
Subject Matter ◽  
Boards Of Directors ◽  
Stock Exchange ◽  
Audit Committees ◽  
Staff Members ◽  
Amman Stock Exchange ◽  
The Subject ◽  
The Impact ◽  
Working Mechanisms

This study aims to determine the extent to which the Boards of Directors of the industrial Jordanian Companies listed on Amman Stock Exchange (ASE) comply with the controls of composing audit committees, their working mechanisms, and the impact on the corporate governance. To achieve the objectives of this study, (155) questionnaires were developed and distributed to the staff members relevant to the subject matter of the study. Out of distributed questionnaire, (144) responded questionnaires only were collected from respondents. The number of questionnaires analyzed was (135) and a T-test has been used to test the hypotheses. The results of the study showed that there is a statistically significant correlation on the existence of the commitment of the Boards of Directors of the Jordanian Listed Companies to the disciplines of audit committees&rsquo; formation and their mechanisms of work. The results also demonstrated the existence of impact of this commitment on the governance of these companies. The commitments to these controls and their work mechanisms have been developed to enhance corporate governance in Jordanian companies.

scholarly journals Effect of Money Supply on the Stock Market

2017 ◽  
Vol 65 (2) ◽  
pp. 465-472 ◽  
Author(s):  
Vladimír Pícha
Keyword(s):  
Monetary Policy ◽  
Stock Market ◽  
Money Supply ◽  
Policy Framework ◽  
Vector Error Correction ◽  
Flow Of Funds ◽  
Portfolio Balance ◽  
Vector Error ◽  
Long Run ◽  
The Impact

This paper observes effect of money supply on the stock market through the portfolio balance channel as a transmission mechanism of monetary policy. National flow of funds accounts, specifically assets from US households’ portfolios, represent a key data source. Johansen’s cointegration methodology is employed in the empirical part of the paper to analyze both short term and long term relationships among researched variables. Estimates of vector error correction model help to reliably quantify intensity of the effect. Results show money supply excercises influence on valuation of S&P 500 index with 6 months lag. The impact is also distinguishable in the long run, whereas all observed asset classes can positively influence price of S&P 500. Findings are then contextualized in the concluding part of the paper using a monetary policy framework.

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