scholarly journals Testing Strong Form Market Efficiency of Jordanian Capital Market: Performance Appraisal of Mutual Funds a comparable study case with Saudi Arabia

2020 ◽  
Vol 16 (2) ◽  
pp. 3-15
Author(s):  
Mazen Bustanji
Keyword(s):  
Saudi Arabia ◽  
Performance Appraisal ◽  
Mutual Funds ◽  
Capital Market ◽  
Stock Exchange ◽  
Market Price ◽  
Strong Form ◽  
Monthly Data ◽  
Amman Stock Exchange ◽  
Modelling Techniques

This paper analyses the strong-form efficiency of the capital market in Jordan by evaluating the performance of mutual funds over the period from 2011 to 2016, and compare it with the situation in Saudi Arabia using the Jensen modelling techniques. These tests were applied on monthly data. Results from the study show that there is no evidence of the strong-form of efficiency in either the Amman Stock Exchange or in the Saudi Arabia capital market. Therefore, investors in the Amman Stock Exchange and Saudi Arabia capital market cannot predict stocks prices or returns in the short term; with regard to firms, it suggests that the securities of firms cannot outperform the market and present market price is to a certain extent a true reflection of the present situation of their securities, in addition there is lack number availability of the mutual funds in Jordan.

CAPITAL MARKET EFFICIENCY: A Test of the Strong Form in Nigeria

2012 ◽  
Vol 02 (03) ◽  
pp. 12-18
Author(s):  
Azeez B.A. ◽  
Sulaiman L.A.
Keyword(s):  
Market Efficiency ◽  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Strong Form ◽  
Market Participant ◽  
Stock Volatility ◽  
Volatility Risk ◽  
Average Return

The responsiveness of the market financial instruments in terms of prices to reflect market information and the inability of information privileged market participant(s) to out-perform other counterparts pose the quest to test whether the strong form of market efficiency prevail in the Nigerian capital market or not. With the extraction of the returns on 240 stocks from the database of the Nigerian Stock Exchange (NSE), a comparison was made between a constructed random portfolio and a 3-year annualized average return on the portfolios of the mutual fund industry. In this empirical study, the analysis deduced that mutual funds were unable to out-perform the random portfolios created from the index stocks, which thus implies that the strong form of market efficiency holds in the Nigerian Capital Market. Nonetheless, profound analysis on stock volatility risk is essential to avoid substantial loss in the stock market.

scholarly journals Employee Benefits Accounting, Its Impact on the Market Share Price, the Volume of Credit Facilities and Deposits

2017 ◽  
Vol 10 (1) ◽  
pp. 23
Author(s):  
Mohammad Hamdan ◽  
Marie Bany Khaled ◽  
Sakhr Bany Khaled
Keyword(s):  
Market Share ◽  
Positive Impact ◽  
Stock Exchange ◽  
Market Price ◽  
Employee Benefits ◽  
Share Price ◽  
Economic Statistics ◽  
Amman Stock Exchange ◽  
The Impact ◽  
Descriptive Method

This study aims to examine the impact of employee benefitsaccounting (direct and indirect compensation) on (market price, volume of credit facilities and volume of deposits). The study community is represented by commercialbanks listed on the Amman Stock Exchange (ASE), all the continuous banks whose financial data were available during the study period (2007-2015) were selected represented in (13) banks. In order to realize the objectives of the study, the study was based on qualitative data and analytical descriptive method (Panel Data), (E-Views) economic statistics software was used to test hypotheses. The results of the study showed that there is a statisticallysignificant impact on both typesof employees compensations as a whole (direct and indirect) on the market share price, the volume of credit facilities and the volume of deposits. While the results of the study confirmed that the indirect compensation has not got an impact on the volume of customer deposits when it is measured separately. Finally, the study recommended the need to apply good systems that take into account the interest of both the employers and employees for the positive impact on the market share price, the volume of credit facilities and the volume of deposits.

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 Does Portfolio’s Beta in Financial Market Affected by Diversification? Evidence from Amman Stock Exchange

2016 ◽  
Vol 11 (11) ◽  
pp. 101
Author(s):  
Ali Matar
Keyword(s):  
Financial Market ◽  
Stock Exchange ◽  
Rate Of Return ◽  
Pricing Model ◽  
Monthly Data ◽  
Capital Assets ◽  
Amman Stock Exchange ◽  
The Individual ◽  
Portfolio Size ◽  
Portfolio Selection Model

This study’s goal is to examine the effect of diversification on the portfolio’s beta for stocks of companies listed on the Amman Stock exchange (ASE) return over the 2005-2014 period. Moreover, it will show if the investors can reduce beta in their portfolios by diversification. Monthly data, Capital Assets Pricing Model (CAPM) and portfolio selection model were applied to measure the risk and required rate of return and compare it with the realized rate of return. The results suggest evidence that diversification can only affect unsystematic risk leaving systematic risk unaffected. The regression analysis indicates the existence of a significant relationship between the individual stock <em>β</em> and the portfolio <em>β</em>. The results didn’t approve any relationship between the portfolio size and portfolio <em>β</em>, and the portfolio <em>β</em> is affected only by the individual stock <em>β</em> value.

scholarly journals PERBANDINGAN KINERJA REKSA DANA SAHAM DENGAN METODE SHARPE, TREYNOR, DAN JENSEN

2018 ◽  
Vol 11 (2) ◽  
pp. 93
Author(s):  
Ni Putu Ayu Darmayanti ◽  
Ni Putu Santi Suryantini ◽  
Henny Rahyuda ◽  
Sayu Ketut Sutrisna Dewi
Keyword(s):  
Performance Appraisal ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Stock Prices ◽  
Stock Exchange ◽  
Statistical Tests ◽  
Portfolio Performance ◽  
Market Mechanisms ◽  
Market Portfolio ◽  
Equity Funds

<p>Reksa dana saham merupakan reksa dana yang menawarkan keuntungan yang tinggi namun juga memiliki risiko yang tinggi karena dipengaruhi oleh fluktuasi yakni penurunan harga saham yang dipengaruhi mekanisme pasar di bursa efek. Oleh karena itu para calon investor harus memiliki pengetahuan dalam memilih reksa dana mana yang akan dipilih. Dalam penelitian ini ingin membandingkan antara metode pengukuran kinerja Treynor, Sharpe, dan Jensen. Tujuan dari penelitian ini adalah untuk mengetahui ranking kinerja reksa dana saham yang dihasilkan menggunakan  ketiga metode tersebut, membandingkan kinerja reksa dana saham dengan suatu standar pengukuran (<em>benchmark</em>) yaitu kinerja IHSG, dan kemudian untuk mengetahui ada atau tidaknya perbedaan ranking yang dihasilkan oleh ketiga metode tersebut. Berdasarkan hasil penilaian kinerja dengan metode Sharpe, jika dibandingkan dengan IHSG sebagai <em>benchmark</em>, sebanyak 17 (18,5 persen)  reksa dana memiliki kinerja yang <em>outperform</em> atau kinerjanya di atas kinerja portofolio pasar. Sisanya sebanyak 75 reksa dana ditemukan <em>underperform</em> atau kinerjanya di bawah portofolio pasar. Hasil penilaian kinerja dengan metode Treynor dan Jensen, sebanyak 33 (35,87 persen) reksa dana memiliki kinerja yang <em>outperform</em> atau kinerjanya di atas kinerja portofolio pasar. Sisanya sebanyak 59 reksa dana ditemukan <em>underperform. </em>Reksa dana yang <em>outperform</em> dapat dipertimbangkan oleh investor sebagai alternatif investasi. Dari hasil pengujian statistik mengenai perbedaan ranking kinerja reksa dana dengan menggunakan metode Sharpe, Treynor, dan Jensen, dapat disimpulkan bahwa ketiga metode penilaian kinerja tidak menghasilkan ranking kinerja yang berbeda-beda secara signifikan</p><p> </p><p><em>Equity funds are mutual funds that offer high profits but also have a high risk because they are influenced by fluctuations in the decline in stock prices which are influenced by market mechanisms on the stock exchange. Therefore, potential investors must have knowledge in choosing which mutual fund to choose. In this study wanted to compare the performance measurement methods of Treynor, Sharpe, and Jensen. The purpose of this study was to determine the ranking performance of equity funds generated using these three methods, compare the performance of equity funds with a benchmark standard, namely the JCI performance, and then to find out whether or not there are ranking differences generated by these three methods. . Based on the results of the performance evaluation with the Sharpe method, when compared with the JCI as a benchmark, as many as 17 (18.5 percent) mutual funds have outperformed performance or performance above the market portfolio performance. The results of the performance appraisal with the Treynor and Jensen methods, as many as 33 (35.87 percent) mutual funds have outperformed performance or performance above the market portfolio performance. Mutual funds that are outperformed can be considered by investors as an alternative investment. From the results of statistical tests regarding differences in the ranking of mutual fund performance using the Sharpe, Treynor, and Jensen methods, it can be concluded that the three methods of performance appraisal do not produce performance ratings that differ significantly.</em><em></em></p>

scholarly journals Mutual Funds Performance (A Case of Pakistan Open Ended Mutual Funds)

2020 ◽  
Vol 3 (1) ◽  
Author(s):  
Yasir Khan ◽  
Mukharif Shah ◽  
Darwash Muhammad
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Emerging Economy ◽  
Special Focus ◽  
Professional Managers ◽  
Small Investors

Mutual Funds through its professional managers enable small investors to enjoy benefits of capital market with small amount. This study with special focus on Performance-Chasing Behavior and Mutual Funds in an Emerging Economy like Pakistan. The data of 100 open-end Mutual Funds, for the period 2013 to 2018 was collected from Mutual Fund Association of Pakistan; while the risk free rates data was collected from State Bank of Pakistan and Stock data from Pakistan Stock Exchange for predicting the results, Ratio and models were used to understand its suitability. The study has certain implications for the investors in knowing which  funds perform better and which kind of funds are ideal for investment.

scholarly journals Mutual Funds Performance (A Case of Pakistan Open Ended Mutual Funds)

2020 ◽  
Vol 3 (1) ◽  
Author(s):  
Yasir Khan ◽  
Mukharif Shah ◽  
Darwash Muhammad
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Emerging Economy ◽  
Special Focus ◽  
Professional Managers ◽  
Small Investors

Mutual Funds through its professional managers enable small investors to enjoy benefits of capital market with small amount. This study with special focus on Performance-Chasing Behavior and Mutual Funds in an Emerging Economy like Pakistan. The data of 100 open-end Mutual Funds, for the period 2013 to 2018 was collected from Mutual Fund Association of Pakistan; while the risk free rates data was collected from State Bank of Pakistan and Stock data from Pakistan Stock Exchange for predicting the results, Ratio and models were used to understand its suitability. The study has certain implications for the investors in knowing which  funds perform better and which kind of funds are ideal for investment.

scholarly journals Ownership structure, firm-specific factors and payout policy: Evidence from the GCC region

2017 ◽  
Vol 15 ◽  
pp. 476-486 ◽  
Author(s):  
Husam-Aldin Nizar Al-Malkawi
Keyword(s):  
Saudi Arabia ◽  
Ownership Structure ◽  
Capital Market ◽  
Stock Exchange ◽  
Payout Policy ◽  
Business Risk ◽  
Dividend Payments ◽  
Specific Factors ◽  
Firm Maturity ◽  
Practical Implications

This paper draws on the author’s previously published works. The purpose of this study is to examine the effect of ownership structure and firm-specific factors on the payout policy of firms listed on the largest stock market in the Gulf Cooperation Council (GCC) region namely the Saudi Stock Exchange (SSE). The paper uses a balanced panel dataset of 69 nonfinancial companies (552 firm-year observations) and employs the random effects Tobit specification. The results show that government, institutional and family ownership positively influence dividend payments in Saudi Arabia. Furthermore, dividend payments are positively associated with firm-specific factors such as profitability, firm size and firm maturity but negatively related to business risk and leverage. The findings are consistent with the agency costs and reputation hypotheses. The paper provides some practical implications for the Capital Market Authority of Saudi Arabia (CMA), corporations and investors.

scholarly journals Pengaruh Nilai Tukar dan Inflasi pada Reksadana Syariah di Indonesia

2021 ◽  
Vol 9 (1) ◽  
pp. 165
Author(s):  
Yuliana Eva Hartati ◽  
Early Ridho Kismawadi ◽  
Abdul Hamid ◽  
Ainun Mardhiah
Keyword(s):  
Exchange Rate ◽  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Financial Services ◽  
Stock Exchange ◽  
Secondary Data ◽  
Regression Methods ◽  
Fund Development ◽  
Spss Software

<em>The increasing development of Islamic mutual funds and making a more varied and more promising sharia capital market instrument for investors who want to invest their capital in the Islamic capital market, are able to make Indonesia the largest country in establishing a sharia capital market. However, the development of Islamic mutual funds is not easy to make the largest sharia-based investment container in Indonesia because there are still many factors that can affect the rise and fall of NAVs in Islamic mutual funds that Investment Managers still find difficult to overcome. The purpose of this study is to analyze the factors that influence the development of Islamic mutual funds in Indonesia. In this study the data used is secondary data. Data obtained from various sources, namely part of the Indonesia Stock Exchange (BEI) Annual Report and also a portion of the Sharia Mutual Fund Development Statistics in the Financial Services Authority (OJK) and Bank Indonesia (BI) taken in the third quarter of 2015-Quarterly III 2018. Data were analyzed using multiple linear regression methods and using SPSS software. The results obtained showed that partially Islamic NAV mutual funds were only influenced by inflation and the number of RDS, while the Jakarta Islamic Indeks and the exchange rate did not affect the NAV of Islamic mutual funds. Simultaneously shows that Jakarta Islamic Indeks, exchange rate, inflation and the amount of RDS have a simultaneous influence on the dependent variable (Islamic mutual fund NAV</em><em>.</em>

The Institutional Structure And Its Influence On The Amman Stock Exchange ASE Role In Jordanian Capital Market

2018 ◽  
pp. 325
Author(s):  
أحمد محمد الحوامدة ◽  
علاء الدين محمد ذيب عبابنة
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Institutional Structure ◽  
Amman Stock Exchange
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