scholarly journals Cross country industry betas

2012 ◽  
Vol 10 (1) ◽  
pp. 629-643
Author(s):  
Alberto Dell’Acqua ◽  
Emanuele Teti ◽  
Leonardo L. Etro ◽  
Marco Boero
Keyword(s):  
Linear Relationship ◽  
Empirical Evidence ◽  
Stock Markets ◽  
Stock Exchange ◽  
Emerging Market ◽  
Industrial Composition ◽  
Industrial Sectors ◽  
Structural Differences ◽  
Country Differences ◽  
Cross Country

We study the differences in the industrial composition between two stock market indices, the Italian FTSE MIB and the Chinese Shanghai Composite Stock Exchange. We argue that differences in the set of industry weights, measured through market capitalization, on different stock markets carry valuable information required for adjusting industry betas in an emerging market context. On the basis of 256 weekly observations of 1,020 companies belonging to 10 industrial sectors on the Italian and Chinese stock markets, we test the hypotheses that statistically significant cross-country differences in industry betas and industry weights exist and that cross-country differences in industry betas are linearly related to cross-country differences in industry weights. The empirical evidence gathered confirms the existence of cross-country structural differences in industry betas and industry weights, but confutes the hypothesis of a linear relationship between the two

Momentum Effect in Stock Market: Empirical Evidence from Pakistan Stock Exchange

2019 ◽  
Vol 12 (1) ◽  
Author(s):  
Shahid Rasheed ◽  
Umar Saood ◽  
Waqar Alam
Keyword(s):  
Stock Market ◽  
Empirical Evidence ◽  
Stock Markets ◽  
Stock Exchange ◽  
Momentum Effect ◽  
Using Data

This study aims to examine the momentum effect presence in selected stocks of Pakistan stock market using data from Jan 2007 to Dec 2016. This study constructed the strategies includes docile, equal weighted and full rebalancing techniques. Data was extracted from the PSX – 100 index ranging from 2007 to 2016. STATA coding ASM software was used for calculating momentum portfolios, finally top 25 stocks were considered as a winner stocks and bottom 25 stocks were taken as a loser stocks. In conclusion, the results of the study found a strong momentum effect in Pakistan stock exchange PSX 100- index. As by results it has been observed that a substantial profit can earn by the investors or brokers in constructing a portfolio with a short formation period of three months and hold for 3, 6 and 12 months. There is hardly a study is present on the same topic on Pakistan Stock Exchange as preceding studies were only conducted on individual stock markets before merger of stock markets in Pakistan while this study leads the explanation of momentum phenomenon in new dimension i.e. Pakistan Stock Exchange. Keywords: Momentum, Portfolio, Winner Stocks, Loser Stocks

Broadband Diffusion and its Driving Forces

2011 ◽  
pp. 689-710 ◽  
Author(s):  
Banani Nandi ◽  
Chandana Chakraborty
Keyword(s):  
Economic Growth ◽  
Empirical Evidence ◽  
Growth And Development ◽  
Driving Forces ◽  
Demand And Supply ◽  
Economic Growth And Development ◽  
Policy Suggestions ◽  
Country Differences ◽  
Potential Impact ◽  
Cross Country

In the light of the emerging consensus on the potential impact of broadband technology on economic growth and development, this chapter analyzes the cross-country differences in growth of broadband technology by examining the key demand and supply factors driving diffusion in the observed countries. In addition, utilizing empirical evidence and country case analyses, the chapter offers tentative policy suggestions for accelerating broadband diffusion under alternative circumstances.

scholarly journals Weak form market efficiency test of Bangladesh Stock Exchange: an empirical evidence from Dhaka Stock Exchange and Chittagong Stock Exchange

2019 ◽  
Vol 21 (3) ◽  
pp. 285
Author(s):  
Shafir Zaman
Keyword(s):  
Stock Market ◽  
Market Efficiency ◽  
Empirical Evidence ◽  
Stock Markets ◽  
Stock Exchange ◽  
Investment Decision ◽  
Weak Form ◽  
Efficiency Test ◽  
Non Parametric ◽  
Weak Form Efficiency

Investors need to have an idea about stock market before making investment whether the stock markets are efficient or not to take investment decision in stock market. For that reason, measurement of market efficiency of stock market bears significance to investors. Bearing it in mind, the study is undertaken to find out the existence of weak form efficiency prevails in largest stock market of Bangladesh. In order to get perfect result Parametric and Non Parametric tests were conducted of DSE & CSE for 2013 to 2017. It was found from all tests that Dhaka and Chittagong Stock exchange are not weak form efficient. Therefore, the result of the study will act as a helping hand to researchers to find out the reason of Bangladesh stock market not being weak form efficient as well as providing measurement to make the stock market weak form efficient.

scholarly journals External Auditors’ Quality, Leverage, and Tax Aggressiveness: Empirical Evidence From The Indonesian Stock Exchange

2018 ◽  
Vol 33 (2) ◽  
Author(s):  
Eko Suyono
Keyword(s):  
Empirical Evidence ◽  
Stock Exchange ◽  
Emerging Market ◽  
Tax Compliance ◽  
Theoretical Concept ◽  
Manufacturing Companies ◽  
Tax Aggressiveness ◽  
Purposive Sampling ◽  
External Auditors ◽  
Research Fields

<pre><strong>Abstract</strong><strong></strong></pre><pre><strong> </strong></pre><pre>This study aims to analyze whether external auditors’ quality and leverage affect tax aggressiveness.  Tax aggressiveness is one of the main issues with regard to tax compliance by corporations as taxpayers, particularly in developing counties such as Indonesia.  Implementing purposive sampling approach, this study ended-up with 76 manufacturing companies listed on the Indonesian Stock Exchange for the 2012-2016 periods as a sample (i.e., 380 observations). By using OLS regression, the findings show that both external auditors’ quality and leverage affect negatively on tax aggressiveness in-line with the theoretical concept and majority of previous studies.  Therefore, this study contributes to the development of financial accounting and taxation research fields, particularly by providing empirical evidence from emerging market on the link between external auditors’ quality, leverage, and tax aggressiveness.  </pre><p class="DefaultCxSpFirst"> </p><p class="DefaultCxSpLast"><strong>Keywords:</strong> external auditors’ quality, leverage, tax aggressiveness, tax compliance</p><p align="center"><strong><em> </em></strong></p><p align="center"><strong><em>Abstrak</em></strong></p><p align="center"><em> </em></p><p><em>Penelitian ini bertujuan untuk menganalisis apakah kualitas auditor eksternal dan leverage berpengaruh terhadap agresivitas pajak.  Agresivitas pajak merupakan salah isu utama yang berhubungan dengan ketaatan pajak perusahaan-perusahaan selaku wajib pajak badan, khususnya di negara-negara berkembang termasuk Indonesia.  Dengan menggunakan pendekatan  purposive sampling, penelitian ini berhasil mendapatkan 76 perusahaan manufaktur yang tercatat di Bursa Efek Indonesia untuk periode 2012-2016 sebagai sampel (380 observasi).  Dengan menggunakan regresi OLS, hasilnya menunjukkan bahwa kualitas auditor eksternal dan leverage berpengaruh negative terhadap agresivitas pajak sesuai dengan beberapa teori yang mendasari penelitian ini dan mayoritas hasil-hasil penelitian terdahulu.  Dengan demikian, penelitian ini berkontribusi terhadap pengembangan penelitian-penelitian di bidang akuntansi keuangan dan perpajakan, dengan memberikan bukti empiris dari negara berkembang mengenai hubungan antara kualitas auditor eksternal, leverage, dan agresivitas pajak.   </em></p><p><em> </em></p><strong><em>Kata Kunci:</em></strong><em> kualitas auditor ekxternal, leverage, agresivitas pajak, ketaatan pajak</em>

Institutionalized Online Access to Corporate Information and Cost of Equity Capital: A Cross-Country Analysis

2013 ◽  
Vol 28 (1) ◽  
pp. 43-74 ◽  
Author(s):  
Asheq Razaur Rahman ◽  
Roger S. Debreceny
Keyword(s):  
Stock Markets ◽  
Information Dissemination ◽  
Stock Exchange ◽  
Equity Capital ◽  
Stock Exchanges ◽  
Online Information ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Cross Country ◽  
Corporate Information

ABSTRACT The demand for online information in stock markets around the world has led to many stock exchanges requiring the disclosure of information on listed corporations through the stock exchange website. We examine the impact of online access to corporate information on stock exchange websites on market transparency. We posit that institutionalized online information dissemination is likely to reduce the level of information asymmetry in stock markets. To increase the spread in the types of markets and market features in our sample, we expand the sample size of 40 or fewer countries commonly used in recent cross-country studies to 110 countries. Our proxy for the level of information asymmetry in stock markets is the cost of equity capital (COE). We examine the online availability of corporate information on the websites of the stock exchanges (AVAILABILITY) of the 110 countries, and find that there is a negative association between COE and AVAILABILITY. Further analysis shows that this association is stronger for emerging market countries, equity-based (common law) countries, and low press transparency countries. We conclude that while institutionalized online information dissemination is beneficial to all capital markets, it mostly benefits emerging capital markets, equity-based markets (common law countries) and markets with weaker alternative information sources.

scholarly journals Law, Endowments and Property Rights

2005 ◽  
Vol 19 (3) ◽  
pp. 61-88 ◽  
Author(s):  
Ross Levine
Keyword(s):  
Property Rights ◽  
Empirical Evidence ◽  
Indigenous Population ◽  
Legal Traditions ◽  
Long Run ◽  
European Colonization ◽  
Sources Of Variation ◽  
Country Differences ◽  
Cross Country ◽  
The Law

While scholars have hypothesized about the sources of variation in property rights for over 2500 years, it is only very recently that researchers have begun to test these theories empirically. This paper reviews both the theory and empirical evidence supporting and refuting the law and endowment views of property rights. The law view holds that historically determined differences in national legal traditions continue to shape cross-country differences in property rights. The endowment view argues that during European colonization, differences in climate, crops, the indigenous population, and the disease environment influenced long-run property rights.

scholarly journals An Empirical Assessment of the Q-Factor Model: Evidence from the Karachi Stock Exchange

2017 ◽  
Vol 22 (2) ◽  
pp. 117-138 ◽  
Author(s):  
Humaira Asad ◽  
Faraz Khalid Cheema
Keyword(s):  
Stock Returns ◽  
Stock Markets ◽  
Small Firms ◽  
Factor Model ◽  
Stock Exchange ◽  
Emerging Market ◽  
Developed Countries ◽  
Q Factor ◽  
Fama And French ◽  
Using Data

This paper tests the validity of the q-factor model on stocks listed on the Karachi Stock Exchange in Pakistan. The q-factor model is an investment-based factor model that explains stock returns based on market, profitability, investment and size factors and it tends to outperform the traditional CAPM, the Fama and French (1993) three-factor model and Carhart (1997) four-factor model, with some exceptions. While the model has been tested using data from stock markets in developed countries, the dynamics of emerging stock markets are significantly different, warranting a reapplication of the model to average stock returns in a developing market. We use data from the Karachi Stock Exchange to test the model in an emerging market context. The results show that, as firms increase their investment, their stock returns decline. Hence, a firm’s investment is conditional on a given level of profitability. The size effect is strongly significant for small firms, but absent for large firms. Finally, the study identifies new factors that give a better understanding of returns in the context of an emerging economy such as Pakistan.

Empirical Evidence on the Evolution of International Earnings

2002 ◽  
Vol 77 (s-1) ◽  
pp. 115-133 ◽  
Author(s):  
Judy Land ◽  
Mark H. Lang
Keyword(s):  
Interest Rates ◽  
Empirical Evidence ◽  
Cash Flow ◽  
Growth Rates ◽  
Economic Determinants ◽  
Accounting Practice ◽  
Time Period ◽  
Earnings Smoothing ◽  
Country Differences ◽  
Cross Country

We examine whether cross-country differences in earnings-to-price multiples have changed between 1987–1992 and 1994–1999. Our results suggest that earnings multiples became more similar over this time period for the jurisdictions we analyze, although systematic differences remain. Economic determinants of earnings multiples (e.g., growth rates, interest rates, and returns) do not exhibit similar convergence and do not appear to explain the changes. The convergence is robust to controls for cash flow multiples and is apparent in the valuation of accruals. Accrual/cash flow correlations have also become more similar and generally less negative, suggesting a reduction in earnings smoothing. Overall, our evidence suggests convergence in accounting practice.

Sign in / Sign up

Export Citation Format

Share Document