Empirical Analysis of Macro-Level Factors Leading to Companies’ Undervaluation in Emerging Financial Markets

2011 ◽  
Author(s):  
Andrei B. Ankoudinov ◽  
Oleg Lebedev
Keyword(s):  
Financial Markets ◽  
Empirical Analysis ◽  
Macro Level

Research on the Early Warning Mechanism of Financial Risk by Computer Technology

2014 ◽  
Vol 687-691 ◽  
pp. 4922-4925
Author(s):  
Liang Liu ◽  
Chun Ling Li
Keyword(s):  
Financial Markets ◽  
Empirical Analysis ◽  
Early Warning ◽  
Early Warning System ◽  
Financial Risk ◽  
Warning System ◽  
Warning Signal ◽  
Financial Risks ◽  
Early Warning Mechanism ◽  
Starting Point

The briefly review and the development of the financial risk early warning theory is first discussed in this study and the domestic and foreign research is analyzed as a brief summary. Secondly, the concept of financial risks, financial crisis and the financial early warning is defined. Financial fragility as a starting point is used to establish the rationality model of the financial risk early warning system. The early warning indicators is selected on the basis of the 12 indicators of macro-financial risks, 15 net financial indicators is selected to represent the financial markets according to the characteristics of China's financial markets. In the empirical part, the previous empirical analysis method is chosen to build the financial risk early warning signal system. In order to display China's financial risk profile, the proper model for the calculation is made on the basis of empirical analysis. Thus, in order to minimize the local financial risk, the early warning system should be established by the local government, together with some other necessary measures.

scholarly journals An Empirical Analysis of the Efficient Market Hypothesis in China’s Stock Market

2021 ◽  
Vol 4 (3) ◽  
pp. 1-5
Author(s):  
Jiaxuan Xu
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Empirical Research ◽  
Empirical Analysis ◽  
Stock Prices ◽  
Efficient Market Hypothesis ◽  
Security Market ◽  
Stock Trading ◽  
Efficient Market ◽  
Basic Framework

The efficient market hypothesis is one of the most important theories in finance. According to this hypothesis, in a stock market with sound laws, good functions, high transparencies, and extensive competitions, all valuable information is timely, accurately, and fully reflected in the trend of stock prices including the current and future values of enterprises. Unless there are market manipulations, it would be impossible for investors to gain more above the average profits in the market by analyzing former prices. Since the efficient market hypothesis has been introduced, it has become an interest in the empirical research of the security market. It is one of the most controversial investment theories and there are many evidences supporting and also opposing this hypothesis. Nevertheless, this hypothesis still holds an important status in the basic framework of mainstream theories in modern financial markets. By analyzing simulated investment transactions in regard to stock trading of three different enterprises, this paper verified that the efficient market hypothesis is partially valid.

scholarly journals Entrepreneurial Behavior, Institutional Trust and National Innovation: A Macro-Level Empirical Study

2020 ◽  
Vol 4 (1) ◽  
pp. 97-122
Author(s):  
Alvina Sabah Idrees ◽  
Saima Sarwar
Keyword(s):  
Property Rights ◽  
Empirical Analysis ◽  
Institutional Environment ◽  
Early Stage ◽  
Generalized Method Of Moments ◽  
Innovation Process ◽  
Macro Level ◽  
Institutional Trust ◽  
Entrepreneurial Behavior ◽  
The Impact

Schumpeterian fundamentalism supports the argument that innovation is a dynamic process and novelties are initiated through economic agents namely the entrepreneurs; vis-à-vis a strong institutional environment is required to facilitate the innovation process. Therefore, the present study undertakes the macro-level empirical analysis on determining the impact of entrepreneurial behavior, property rights and state effectiveness on country’s innovation. The data is of panel nature consisting of 55 countries and a time period from 2010 to 2016. The empirical analysis is done using system GMM (Generalized Method of Moments) estimation technique. The study shows that the fear of failure rate and total early stage entrepreneurs reduces innovation in a country whereas there is a significant positive relationship between established business entrepreneurs and innovation. However, perceived opportunities have an insignificant impact. This means that it is not inevitable that opportunities necessary trigger innovation. In addition, the study shows that property rights play an integral role in developing institutional trust which boosts entrepreneurialism to undertake innovative venture. On the other hand, state effectiveness is negatively related to innovation i.e. institutional trust is brought down in fragile countries which retard country’s innovation.

The Dispositive of Intercultural Communication

2021 ◽  
Vol 6 (1) ◽  
pp. 1-16
Author(s):  
Dominic Busch
Keyword(s):  
Discourse Analysis ◽  
Intercultural Communication ◽  
Empirical Analysis ◽  
Michel Foucault ◽  
Macro Level ◽  
Communication Research ◽  
Academic Fields

This article presents the concept of dispositives as it has been introduced by the French philosopher Michel Foucault. The concept will be contrasted with competing approaches from discourse analysis, and it will then be explored in its potential as a basis for empirical analysis. Dispositive analyses provide insights into how discourse, power, and knowledge shape society on a very general macro-level. Instead of linguistic, textual analyses, dispositive analysis helps to re-read the emergence, the development, and, as an example here, the inner composition of academic fields. This article sketches insights from a dispositive perspective into the field of intercultural communication research that is then interpreted as maintaining the dispositive of intercultural communication even if recent debates primarily aim at transcending old cementations of the discipline. The article will close with a discussion of shortcomings of the method that culminate in the challenge of argumentative circularity.

Price Clustering in the Nikkei 225 Stock Index Futures Contract on the SIMEX: An Intraday Empirical Analysis

2000 ◽  
Vol 03 (04) ◽  
pp. 519-533 ◽  
Author(s):  
Horace Chueh
Keyword(s):  
Financial Markets ◽  
Empirical Analysis ◽  
Futures Market ◽  
Stock Index ◽  
Stock Index Futures ◽  
Index Futures ◽  
Futures Contract ◽  
High Volatility ◽  
Price Clustering ◽  
Bid Ask Spreads

Price clustering in financial markets has been identified by previous studies. However, few studies have examined the phenomenon in the futures market. This paper presents price clustering for the Nikkei 225 stock index futures contract on the SIMEX. An extremely low percentage of odd-tick trades appears at the opening for the first trading session, while moderately low percentage occurs at the opening and the closing for the second trading session. GARCH estimation results document that the degree of price clustering increases in the periods with high volatility, bid-ask spreads, and transaction frequency. Price clustering tends to occur on the last trading day which the futures contract is to be presented. Generally, the results support the negotiation hypothesis of price clustering proposed by Harris (1991).

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