scholarly journals Að þjóna sömu herrum en keppa þó: Sameiginlegt eignarhald á íslenskum hlutabréfamarkaði

2017 ◽  
Vol 13 (1) ◽  
pp. 27
Author(s):  
Ásta Dís Óladóttir ◽  
Friðrik Árni Friðriksson ◽  
Gylfi Magnússon ◽  
Valur Þráinsson
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Stock Exchange ◽  
Listed Companies ◽  
Pension Funds ◽  
Concentrated Ownership ◽  
Common Ownership ◽  
Almost All ◽  
The U.S

The article analyses common or horizontal ownership of shares on the Icelandic Stock Exchange. We compare this to common ownership of listed shares in the U.S. The situation in Iceland has not been subject to much formal research despite clear signs of concentrated ownership. We look at three Icelandic markets where two or three competing firms all have their shares listed on the stock exchange. The markets are for insurance, telecommunications and real estate. We also look at the holdings of shares by Icelandic pension funds at four points in time, the years 2003, 2007, 2014 and 2016. Although the stock market has changed considerably in many respects within that timeframe, making direct comparison difficult, we conclude that common ownership was far less prevalent before the crash, both among pension funds and all shareholders. At mid-year 2016, the pension funds dominated holdings of shares in most listed companies in Iceland. The largest pension funds each held shares in almost all listed companies. In the three markets that we analyse the pension funds held over 45% of the shares in real estate companies, 35% in insurance and 50% in telecommunications. We do not analyse the consequences of this concentrated and common ownership on competition and prices. That remains a subject for further study. Based on the results from research into the effects of common ownership in the U.S. this development should though clearly be a cause for concern.

scholarly journals Að þjóna sömu herrum en keppa þó: Sameiginlegt eignarhald á íslenskum hlutabréfamarkaði

2017 ◽  
Vol 13 (1) ◽  
pp. 27
Author(s):  
Ásta Dís Óladóttir ◽  
Friðrik Árni Friðriksson ◽  
Gylfi Magnússon ◽  
Valur Þráinsson
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Stock Exchange ◽  
Listed Companies ◽  
Pension Funds ◽  
Concentrated Ownership ◽  
Common Ownership ◽  
Almost All ◽  
The U.S

The article analyses common or horizontal ownership of shares on the Icelandic Stock Exchange. We compare this to common ownership of listed shares in the U.S. The situation in Iceland has not been subject to much formal research despite clear signs of concentrated ownership. We look at three Icelandic markets where two or three competing firms all have their shares listed on the stock exchange. The markets are for insurance, telecommunications and real estate. We also look at the holdings of shares by Icelandic pension funds at four points in time, the years 2003, 2007, 2014 and 2016. Although the stock market has changed considerably in many respects within that timeframe, making direct comparison difficult, we conclude that common ownership was far less prevalent before the crash, both among pension funds and all shareholders. At mid-year 2016, the pension funds dominated holdings of shares in most listed companies in Iceland. The largest pension funds each held shares in almost all listed companies. In the three markets that we analyse the pension funds held over 45% of the shares in real estate companies, 35% in insurance and 50% in telecommunications. We do not analyse the consequences of this concentrated and common ownership on competition and prices. That remains a subject for further study. Based on the results from research into the effects of common ownership in the U.S. this development should though clearly be a cause for concern.

scholarly journals Factors Affecting the Performance of Kuwait Stock Market

2016 ◽  
Vol 9 (5) ◽  
pp. 23
Author(s):  
Ebrahim Merza ◽  
Sayed-Abbas Almusawi
Keyword(s):  
Interest Rate ◽  
Real Estate ◽  
Stock Market ◽  
Banking Sector ◽  
Stock Exchange ◽  
Consumer Price Index ◽  
Gold Price ◽  
Oil Price ◽  
Factors Affecting ◽  
Insurance Sector

<p>This paper aims at finding the effective factors that influence three sectors in Kuwait stock exchange market (KSE) in addition to the whole stock market. The three sectors are banking, real estate and insurance sectors. The paper measures KSE performance through the average share prices calculated on a quarterly basis starting from 2005 until first quarter of 2015. It is found that each sector behaves differently towards macroeconomic variables. The most important determinants for the KSE overall market performance were found to be gold price and the deposits rate. Individually, the banking sector is influenced by consumer price index, interest rate on loans, oil price and gold price. The insurance sector is influenced by money supply, residential real estate price and oil price. The real estate sector is influenced by the exchange rate with respect to US dollars, interest rate on loans, oil price and gold price.</p>

scholarly journals The measurement of intellectual capital by market capitalization method: Empirical study of Polish listed companies

2017 ◽  
Vol 5 (2) ◽  
pp. 106-115
Author(s):  
Salome Svanadze ◽  
Magdalena Kowalewska
Keyword(s):  
Stock Market ◽  
Empirical Study ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Market Value ◽  
Financial Statements ◽  
Listed Companies ◽  
Future Research ◽  
Book Value ◽  
Warsaw Stock Exchange

Intellectual capital has become a fundamental source for enterprises, but its measurement and reporting remain a major challenge for managers and researchers. The purpose of this paper is to examine and report the differences in the Intellectual Capital (IC) Market Value (MV) to Book Value (BV) of the Polish WIG 20 indexed companies from Warsaw Stock Exchange. The data necessary to perform the calculations in accordance with the MV/PV method came from the financial statements for the period 2010-2014 of 20 Polish companies. The MV/BV method provides the means to measure intellectual capital in a precise and timely calculation and is particularly useful for the companies that are listed on the stock market. Results are presented and followed by discussion and implication for future research.

scholarly journals The Impact of the COVID-19 Pandemic on the U.S. Economy: Evidence from the Stock Market

2020 ◽  
Vol 13 (10) ◽  
pp. 233
Author(s):  
Willem Thorbecke
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Stock Returns ◽  
Electrical Equipment ◽  
Production Equipment ◽  
Macroeconomic Factors ◽  
Specific Factors ◽  
The Impact ◽  
Macroeconomic Environment ◽  
The U.S

The coronavirus crisis has damaged the U.S. economy. This paper uses the stock returns of 125 sectors to investigate its impact. It decomposes returns into components driven by sector-specific factors and by macroeconomic factors. Idiosyncratic factors harmed industries such as airlines, aerospace, real estate, tourism, oil, brewers, retail apparel, and funerals. There are thus large swaths of the economy whose recovery depends not on the macroeconomic environment but on controlling the pandemic. Macroeconomic factors generated losses in industries such as production equipment, machinery, and electronic and electrical equipment. Thus, reviving capital goods spending requires not just an end to the pandemic but also a macroeconomic recovery.

scholarly journals Investigating income smoothing: Empirical evidence from Vietnam's listed companies

2020 ◽  
Vol 7 (2) ◽  
Author(s):  
Phung Anh Thu ◽  
Nguyen Vinh Khuong
Keyword(s):  
Stock Market ◽  
Empirical Evidence ◽  
Random Sample ◽  
Coefficient Of Variation ◽  
Stock Exchange ◽  
Listed Companies ◽  
Income Smoothing ◽  
Study Results ◽  
Model Coefficient

Income smoothing is a dimension of the accounts manipulation theme that has been attracting great attention in the accounting literature. A goal of manipulation is widely ascribed to managers who wants income smoothing. The author has tried to investigate income smoothing at listed companies on the Stock Exchange. For this purpose, we chose a stratified random sample of 285 companies from formula listed companies on Vietnam Stock Exchange. We carried the mechanism for smooth and non-smoothing companies Eckel model (coefficient of variation of the distribution of profits to sales). We have compared 111 smoothing companies and 174 non-smoothing companies. The study results suggest that the Eckel index is suitable for the Vietnam stock market and shows a slight increase compared to the previous research.

scholarly journals Volatility at Karachi Stock Exchange

1995 ◽  
Vol 34 (4II) ◽  
pp. 651-657 ◽  
Author(s):  
Aslam Farid ◽  
Javed Ashraf
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Stock Exchange ◽  
Efficient Market Hypothesis ◽  
Policy Implications ◽  
Positive Sign ◽  
Expected Returns ◽  
Portfolio Insurance ◽  
Almost All ◽  
Made In

Frequent “crashes” of the stock market reported during the year 1994 suggest that the Karachi bourse is rapidly converting into a volatile market. This cannot be viewed as a positive sign for this developing market of South Asia. Though heavy fluctuations in stock prices are not an unusual phenomena and it has been observed at almost all big and small exchanges of the world. Focusing on the reasons for such fluctuations is instructive and likely to have important policy implications. Proponents of the efficient market hypothesis argue that changes in stock prices are mainly dependent on the arrival of information regarding the expected returns from the stock. However, Fama (1965), French (1980), and French and Rolls (1986) observed that volatility is to some extent caused by trading itself. Portfolio insurance schemes also have the potential to increase volatility. Brady Commission’s Report provides useful insights into the effect of portfolio insurance schemes. It is interesting to note that many analysts consider the so-called “crashes” of Karachi stock market as a deliberate move to bring down prices. An attempt is made in this study to examine the effect of trading on the volatility of stock prices at Karachi Stock Exchange (KSE). Findings of the study will help understand the mechanism of the rise and fall of stock prices at the Karachi bourse.

scholarly journals Listing of Developer Companies as a Predictor of the Situation on the Residential Real Estate Market

2018 ◽  
Vol 26 (4) ◽  
pp. 12-21
Author(s):  
Rafal Wolski
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Housing Market ◽  
Stock Exchange ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Secondary Housing Market

Abstract The stock exchange is considered one of the most important financial institutions in the market economy. The stock market reacts to the state of the economy almost immediately, and, in the end, the quotations of companies affect the state of other markets. The author decided to look at companies from the WIG Real Estate index as important entities shaping the real estate market. When comparing the situation on the capital market with the situation on the residential real estate market, one could, building an appropriate model, conclude how much these markets interact. Purpose - The purpose of the article is to present the links between two important markets, the capital market, with real estate companies as its representatives, and the secondary housing market. In order to achieve the goal, a research hypothesis was formulated: the economic situation on the real estate companies market will be reflected in the situation on the secondary housing market. Design/methodology/approach - Cross-sectional regression analysis was used in the study. Using the data from the Warsaw Stock Exchange and the National Bank of Poland, regression models where price changes in the secondary housing market are explained by the quotations of real estate companies and selected stock exchange indices were built. The study was carried out from the first quarter of 2011 to the third quarter of 2017. Findings - Two models were built in which the rates of return on investments in real estate companies explain the price changes in the secondary housing market in a statistically significant way. Thus, the research hypothesis was positively verified, showing that the real estate market and the stock market of real estate companies are interrelated. Originality/Value - The alternative method of analyzing the real estate market can be considered as the original value of the presented results. A demonstration of the connections between both markets allows us to validate the methods used on the stock market to analyze the real estate market. An example application is the use of methods for estimating the cost of capital from the stock market in the real estate market.

Why do listed companies delist themselves voluntarily?

2018 ◽  
Vol 23 (2) ◽  
pp. 152-169 ◽  
Author(s):  
Yukiko Konno ◽  
Yuki Itoh
Keyword(s):  
Real Estate ◽  
Stock Exchange ◽  
Listed Companies ◽  
Maintenance Cost ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Negative Effect ◽  
Effect Hypothesis ◽  
Market Capitalisation

Purpose This study aims to analyse, from a corporate finance and governance perspective, the reasons why managers decide to delist their companies from a stock exchange. On the basis of the five hypotheses of voluntary delisting, this study examines why listed companies delist themselves voluntarily in the construction and real estate sectors. Design/methodology/approach By using actual data to examine contractors and real estate companies listed on the Tokyo Stock Exchange between 2004 and 2014, this study analyses whether these companies delist themselves voluntarily. The pooled binary logit model is used as the statistical method. Findings In both the construction and real estate sectors, the concentration of shareholders has a significantly positive effect on voluntary delisting, thus supporting the transfer of wealth effect hypothesis. In construction, market capitalisation has a significantly negative effect on voluntary delisting, thus supporting the maintenance cost reduction hypothesis. In the real estate sector, the ratio of market capitalisation to total assets has a significantly negative effect on voluntary delisting, thus supporting the undervalue elimination hypothesis. Originality/value By comparing the construction and real estate sectors, this study reveals both unique and common reasons for voluntary delisting in each sector. It also offers valuable insights to managers, regulators setting standards in securities markets and investors.

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