scholarly journals COMPARATIVE ANALYSIS OF POST-RECESSION STOCK MARKET PERFORMANCE IN THE BALTIC STATES

2018 ◽  
Vol 12 (1) ◽  
pp. 37-46
Author(s):  
Irina Pilvere ◽  
Aija Pilvere-Javorska ◽  
Baiba Rivza
Keyword(s):  
Comparative Analysis ◽  
Stock Market ◽  
Market Performance ◽  
Bank Lending ◽  
Listed Companies ◽  
Baltic States ◽  
Market Capitalization ◽  
Main Research ◽  
Stock Market Performance ◽  
The Baltic

Stock market is alternative place to bank lending for company’s finance and contributor to economic development. Baltic States is market, which traditionally is perceived as one, however it is comprised of 3 separate stock markets. Research aim was to conduct comparative analysis of stock market development performance post-recession in the Baltic States.. In order to perform analysis, number of listed companies, their market capitalization and structure in Baltic States were analyzed and also compared to main economic indicators structure in 2008-2018 6 months. The main research methods are: analysis, synthesis, the logical construction method, the induction and deduction methods, as well as time series analysis. Authors have determined main stock market performance indicators and compared stock market indicators structure with Baltic region’s economic structure. Research results indicates that number of listed companies had increased only in Estonia, also market capitalization there had experienced their value to more than double in analyzed period. In Lithuania number of companies had declined, while market capitalization the growth was slower when compared to in Estonia, while more linear. In turn, stock market capitalization and number of listed companies in Latvia were declining in 2008-2018 6 months. Overall number of listed companies in Baltic States was decreasing, while their market capitalization is increasing, but still is only 60% of value it was in pre-recession year 2007. In Estonia and in Lithuania average listed companies are larger in size, when compared to in Latvia. Size of average listed companies on stock market in Estonia and in Lithuania more than doubled in size, while in Latvia it showed insignificant growth. Stock market indicators’ structure had insignificant deviations from the main economic indicator structure in 2008, while in 6 months 2018 dynamics in Latvia stock market parameters had dropped in the structure among all 3 Baltic States. Overall, in Latvia stock market is lagging behind, when compared to one in Estonia and in Lithuania in analyzed period, thus all 3 Baltic States has had asymmetrical recovery and development speed post-recession.

scholarly journals STOCK MARKET PERFORMANCE AND THE AUGMENTATION OF FRONTIER ECONOMIES: A Comparative Scrutiny of Nigeria & Mauritius

2016 ◽  
Author(s):  
Edesiri Godsday Okoro
Keyword(s):  
Stock Market ◽  
Financial Services ◽  
Negative Impact ◽  
Market Performance ◽  
Modus Operandi ◽  
Market Capitalization ◽  
Paired Samples ◽  
Economic Progress ◽  
Stock Market Performance ◽  
Fail Safe

<p><em>This paper provides a comparative analysis on stock market performance and augmentation of frontier economies: Nigeria and Mauritius. Using a Paired-Samples T-test statistical modus-operandi, data of Market Capitalization and Gross Domestic Product were obtained from the Central Bank of Nigeria Statistical Bulletin and Annual Financial Services Commission Statistical Bulletin of Mauritius during 2006-2010. The findings revealed that stock market performance for Mauritius was superior to Nigeria and same for GDP. In addition, the negativity shows that stock market performance has a negative impact on economic progress in Nigeria and Mauritius. This may be due to the fact that frontier markets give attention to money market while relegating stock market to the background. </em><em>On this note, since stock market contributes significantly to economic growth, efforts by both governments should be that of developing policies aimed at further strengthening stock market. These policies should not be ‘written-policies’ but policies that can be put into practice. Also, market capitalization can be stimulated by encouraging investments in stock market. This can be done by ensuring investors are fail-safe of their investments. When investors perceive a safety of their investment, they may want to commit their resources and in turn make the economy to flourish.</em></p>

Study on Indian Stock Market Performance Based on Commodities

2021 ◽  
pp. 415-431
Author(s):  
Deepika N. ◽  
Nirupama Bhat Mundukur ◽  
Victer Paul
Keyword(s):  
Stock Market ◽  
Oil And Gas ◽  
Stock Exchange ◽  
Market Performance ◽  
Listed Companies ◽  
Secondary Market ◽  
Secondary Markets ◽  
Stock Indices ◽  
Stock Market Performance ◽  
Indian Stock Market

A stock exchange facilitates trading shares of pubicly listed companies. The trading process is operated through two non-separable and mutually supporting segments called as primary and secondary markets, governed by the Security and Exchange Board of India abbreviated as SEBI. The platform which forms and sale the new securities is known as primary market and the platform in which dealings of these previously issued securities is known as secondary market. Stock market or equity market is the area that facilitates the trading of the publicly listed security shares in the secondary market, and as of now, more than 1300 securities are available in the exchange for trading. The trading process is analyzed using trading ring in earlier days. The authors focus on analyzing the effect of dollar sell, dollar purchase, and commodities price under the oil and gas group crude oil on Indian stock indices.

scholarly journals Corporate governance and market cap destruction: A predictive model

2015 ◽  
Vol 12 (2) ◽  
pp. 659-665
Author(s):  
Hugh Grove ◽  
Maclyn Clouse
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Predictive Model ◽  
Gold Mining ◽  
Market Performance ◽  
Company Performance ◽  
Market Capitalization ◽  
Mining Companies ◽  
Stock Market Performance ◽  
The U.S

By focusing on specific board variables, both company performance and stock market performance have been investigated and a more comprehensive corporate governance approach has been advocated to help improve such performances (Larcker et al. 2007 and Grove et. al. 2011). In this paper, we extend such analyses by investigating a relationship between such corporate governance variables and market capitalization. We specifically integrate corporate governance variables into a predictive model for market capitalization (cap) destruction, using the example of the largest six (“Big 6”) gold mining companies publicly-listed in the U.S.

scholarly journals MACROECONOMIC INDICATORS AND THEIR IMPACT ON STOCK MARKET PERFORMANCE IN THE SHORT AND LONG RUN: THE CASE OF THE BALTIC STATES / MAKROEKONOMINIAI RODIKLIAI IR JŲ ĮTAKA AKCIJŲ RINKOS INDEKSUI TRUMPUOJU IR ILGUOJU LAIKOTARPIU: BALTIJOS ŠALIŲ ATVEJIS

2010 ◽  
Vol 16 (2) ◽  
pp. 291-304 ◽  
Author(s):  
Donatas Pilinkus
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Baltic States ◽  
Stock Market Index ◽  
Macroeconomic Variables ◽  
Market Index ◽  
Stock Market Performance ◽  
Macroeconomic Indicators ◽  
The Baltic ◽  
The Impact

The relation between macroeconomic variables and the movement of stock prices has well been documented in the literature over the last several decades. It is often argued that stock prices are determined by some fundamental macroeconomic variables. Therefore, macroeconomic variables can influence investment decisions and motivates many researchers to investigate the relation between stock market prices and macroeconomic variables. The current paper attempts to introduce the concepts of stock market and macroeconomic indicators, then to present a model of the impact of macroeconomic indicators on stock market index, and to define what macroeconomic indicators are related with stock market index in the short and long runs. The study investigates ten macroeconomic indicators and the main Baltic stock market indices. The data are monthly and extend from the January of 2000 to the December of 2008. Empirical research has been conducted with the Baltic States: Lithuania, Latvia, and Estonia. With the reference to the results of performed analysis the interpretations of the relationships between macroeconomic indicators and stock market index from the viewpoint of investors have been formed. Santrauka Straipsnyje nagrinejama, kaip kompleksiškai įvertinti makroekonominių rodiklių įtaką akcijų rinkos indeksui. Atlikti teoriniai tyrimai leido sukurti modelį, kuris kompleksiškai įvertintų makroekonominių rodiklių ir akcijų rinkos indekso sąryšio priežastingumą bei priklausomybę trumpuoju ir ilguoju laikotarpiu. Nustatyta, kad objektyvus šio saryšio nustatymas turi remtis ne tik tinkamu makroekonominių rodiklių parinkimu, bet ir pagrįsta tyrimo metodologija, kompleksiškai įvertinančia makroekonominiu rodiklių ir akcijų rinkos indekso saryšio pokyčius trumpuoju bei ilguoju laikotarpiais. Tiriant priklausomybę tarp akcijų kainų ir makroekonominių veiksnių buvo naudojami statistiniai 2000–2008 m. Lietuvos, Latvijos ir Estijos makroekonominių rodiklių bei Vilniaus, Rygos ir Talino vertybinių popierių biržos indekso duomenys. Siekiant įvertinti Baltijos šaliu makroekonominių rodiklių įtaka atskirų šalių akcijų kainoms, pasirinkti tokie makroekonominiai rodikliai, kurie perteikia šalių ekonomikos būklę ir jos kitima, skaičiuojami visose šalyse, lengvai prieinami statistinių duomenų šaltiniuose ir yra gana populiarūs. Remiantis atlikto tyrimo rezultatais, suformuotos makroekonominių rodiklių ir akcijų rinkos indekso saryšių interpretacijos investuotojo požiūriu.

scholarly journals The impact of internal governance mechanisms on financial and stock market performance of listed companies: Evidence from an emerging market

2020 ◽  
Vol 9 (4) ◽  
pp. 126-138
Author(s):  
Houcine Berbou ◽  
Oumaima Sadqi
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Emerging Market ◽  
Market Performance ◽  
Listed Companies ◽  
Governance Mechanisms ◽  
Internal Governance ◽  
Internal Governance Mechanisms ◽  
Stock Market Performance ◽  
The Impact

The aim of this paper is to empirically test the impact of internal governance mechanisms on the financial and stock market performance of Moroccan listed companies. Board of directors’ characteristics such as independence and transparency, concentration, and presence of employees in the ownership structure, as well as some cognitive aspects of governance, represent the basis for discussion. Secondary data of a sample of 44 listed companies in the Casablanca Stock Exchange was analyzed using multiple linear regression. The results of this empirical study revealed that the financial and stock market performance of the companies that are captured by the return on equity (ROE) and the market to book ratio (M to B) significantly correlate with the adoption of the hybrid corporate governance approach. The relevance of this study is to enrich researches that deal with corporate governance and its impact on business performance in the context of Moroccan listed companies.

scholarly journals European Nordic Countries Stock Market Listed Companies’: Factor and Cluster Analysis Approach

2020 ◽  
Vol 4 (6) ◽  
pp. 443-453
Author(s):  
Aija Pilvere-Javorska ◽  
Irina Pilvere
Keyword(s):  
Cluster Analysis ◽  
Stock Market ◽  
Listed Companies ◽  
Developed Countries ◽  
Nordic Countries ◽  
Baltic States ◽  
Factor And Cluster Analysis ◽  
And Cluster Analysis ◽  
Developed Stock Markets ◽  
The Baltic

Public financial markets are crucial in the access to the funding and as a platform for investments to the investors in today’s world. Nordic European Union countries such as Sweden, Finland and Denmark are considered to have advanced and well-developed stock markets, while neighboring three Baltic States have rather small stock market. Backbone of the stock market are there listed companies. In this analysis authors attempt to analyze 510 Nordic countries listed companies’ absolute value indicators using factor and cluster analysis and to compare results with similar analysis of the Baltic States. Factor and cluster analysis revealed the homogeneity of Nordic countries stock market listed companies’ absolute values, authors obtained three complex factors, explaining 89% of dispersion within the indicators, which in turn resulted in being able to obtain the portrait of Nordic States stock market listed company. Similar results were obtained for Baltic States listed companies, though on different scale. Authors have not seen as detailed analysis of Nordic Stock market on the level of listed companies financial statement analysis. Time period covered in this research of the financials are from 2004 to 2018. The analysis could be beneficial for other researchers focusing on the Nordic region stock market companies and also to the policy makers in the Baltic States, how the neighboring well-developed countries indicators could be interpreted and obtained results used for the enhancement of Baltic States stock market. Doi: 10.28991/esj-2020-01244 Full Text: PDF

scholarly journals Determinants of Allocative, Cost and Scope Efficiencies: A Comparative Analysis of Banks and Insurance Companies in Pakistan

2019 ◽  
Vol 10 (2) ◽  
pp. 285
Author(s):  
Maha Haroon ◽  
Danish Ahmed Siddiqui
Keyword(s):  
Comparative Analysis ◽  
Stock Market ◽  
Banking Sector ◽  
Market Performance ◽  
Insurance Companies ◽  
Second Phase ◽  
Tobit Regression ◽  
Insurance Sector ◽  
Stock Market Performance ◽  
Stage Estimation

The purpose of this research paper is to empirically investigates determinants of allocative, cost and scope efficiencies as well as impact of financial crisis and stock market performance on efficiencies. Pakistan’s banks and insurance companies’ sector were taken for the purpose of comparative analysis. For this objective both Islamic/takaful and conventional sectors were occupied. Twelve years data (2007-2018) of PSX’s banking and insurance sector was taken. Two stage non-parametric efficiency analysis was done, in the first stage, estimation for efficiency scores we used DEA for both sectors. In second phase, efficiency scores are regressed on the selected determinants by Tobit Regression. For measuring stock market performance CASR is calculated. Inadequate efficiency in insurance sector is evidenced against banking sector. Efficiency of takaful firms as new entrants of the market was not good comparatively to conventional insurance firms. Islamic and conventional banks are operated at almost same efficiency level. Performance of stock market has inverse and both (significant and insignificant) relationship with efficiency, means different events and fundamentals don’t affect the performance of sectors that is why efficiencies are not hit by this way. As well as determinants have different relationship with allocative, cost and scope efficiencies scores.

The “dividend puzzle” and the Russian stock market. Part 1

2020 ◽  
pp. 66-92 ◽  
Author(s):  
A. E. Abramov ◽  
A. D. Radygin ◽  
M. I. Chernova ◽  
R. M. Entov
Keyword(s):  
Stock Market ◽  
Financial Stability ◽  
Dividend Policy ◽  
General Context ◽  
Steady Increase ◽  
Main Research ◽  
For Profit ◽  
Dividend Payments ◽  
Stock Market Performance ◽  
Dividend Irrelevance

This article analyzes the key patterns of the dividend policy and the problem of the “dividend puzzle” in the general context of the development of the stock market in Russia. The article consists of two parts.In the first part we summarize main research trends of dividend policy in modern economic theory (the classical Modigliani—Miller theory of dividend irrelevance, agent and signal hypotheses, the smoothing model, the catering theory, etc.). We emphasize the theoretical analysis of motivation of the largest Russian companies for profit allocation and dividend payout, based on a sample of 236 joint stock companies. Since 2012, a steady increase in dividend payments has been revealed in both private and state-owned enterprises (SOEs). The bulk of dividend payments from SOEs accounts for only 12 major companies. Along with an increase in the market value, dividends have become an important factor in the total return on shares. Under current conditions, the probability of paying dividends depends not only on the size of the company and indicators of its’ financial stability, but also on the presence of the state in the capital of companies. However, the relationship between the probability of paying dividends and state participation in the ownership structure is not universal and can be explained by specific factors that go beyond the classical dividend theories.In the second part we will analyze the patterns of stock market performance and dividend policy of the largest Russian companies, motivation for dividend payouts and special aspects of SOEs policy.

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