scholarly journals The Australian stock market development: Prospects and challenges

2013 ◽  
Vol 3 (2) ◽  
pp. 39-48
Author(s):  
Sheilla Nyasha ◽  
Nicholas M. Odhiambo
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Asia Pacific ◽  
Stock Exchanges ◽  
Stock Market Development ◽  
The Global Financial Crisis ◽  
Market Capitalisation ◽  
Development Prospects

This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.

scholarly journals The dynamics of stock market development in the United States of America

2013 ◽  
Vol 3 (1) ◽  
pp. 93-102
Author(s):  
Sheilla Nyasha ◽  
Nicholas M. Odhiambo
Keyword(s):  
United States ◽  
Stock Market ◽  
United States Of America ◽  
Stock Exchange ◽  
The United States ◽  
Stock Exchanges ◽  
Stock Market Crash ◽  
Stock Market Development ◽  
Market Capitalisation ◽  
The U.S

This paper highlights the origin and development of the stock market in the United States of America. The country consists of several stock exchanges, with the three largest being the NYSE Euronext (NYX), National Association of Securities Dealers Automated Quotation (NASDAQ), and the Chicago Stock Exchange. Stock market reforms have been implemented since the stock market crash of 1929; and the exchanges responded positively to some of these reforms, but not so positively to some of the reforms. As a result of the reforms, the U.S. stock market has developed in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the U.S. stock market has developed over the years, its market still faces wide-ranging challenges.

COMMODITY EXCHANGE AS AN INNOVATION-INSTITUTIONAL ELEMENT OF THE DEVELOPMENT OF INTERNATIONAL COMMODITY MARKETS

2019 ◽  
pp. 52-59
Author(s):  
Andrii BLAHODATNYI
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Precious Metals ◽  
Commodity Markets ◽  
Asia Pacific ◽  
Stock Exchanges ◽  
Commodity Exchange ◽  
International Commodity ◽  
Futures Options ◽  
Geographical Regions

The article examines the role of the commodity exchange as an innovative and institutional element in the development of international commodity markets. The current trends in the development of the international commodity stock market have been determined, compared to the volumes of world futures and options for 2018-2019, the number of outstanding contracts and their changes have been investigated. The transformation processes inherent in the international commodity exchange are considered and characterized. The structure of the international stock market by geographical regions is reflected. Trading volumes in different regions of 2019 are compared to 2018. Analysis of futures, options index of the capital index, interest rate trading, energy futures, options trading and precious metals trade have been done. The results of the world's largest stock exchanges by volume of trading in 2018-2019 are presented. One of the criteria examined is the volume of trading on the Intercontinental Exchange, which is due to the lower level of activity on all its subsidiaries in Europe, North America and the Asia-Pacific region. The current state of stock exchange trade in Ukraine is analysed, examples of obstacles for the effective functioning of stock exchanges of Ukraine are given. The development of commodity exchanges in Ukraine over recent years is considered, with an indication of the tendency of their development. Examples of commodities are indicated that will be used for the development of the commodity stock market of Ukraine. The statistical information on the number and structure of exchanges by specialization, their characteristics and role are investigated. The conclusions on the stock role market in an economy have been formed. The international experience of trading on the exchanges is generalized. The evolution of the stock market from the fair to the modern electronic stock market with its advantages and convenience is noted. The conclusions of the development of stock exchange trade in Ukraine are summarized: namely obstacles to its development and misunderstanding of advantages. Suggestions for successful development of stock exchange trading are given in accordance with world experience and national peculiarities. Key words: commodity exchange, futures, option, stock trading, international commodity exchanges, agricultural products, market infrastructure, stock exchange.

scholarly journals Stock market development and investment growth in Nigeria

2020 ◽  
Vol 42 ◽  
pp. 99-117
Author(s):  
Idowu Daniel Onisanwa ◽  
◽  
Mercy Ojochegbe Adaji ◽  
◽  
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Investment Climate ◽  
Stock Market Development ◽  
Turnover Ratio ◽  
Long Run ◽  
Short Run ◽  
Market Capitalisation ◽  
Investment Growth

Aim/purpose – The poor investment climate is one of the reasons advanced for the slow pace of growth in Nigeria; evidenced by the absence or inadequate amount of investible funds in the productive sectors. While the money market in Nigeria provides very limited investment options, the underdevelopment and underutilisation of the Nigerian Stock Market constitute a drawback to the investment climate. However, any economy desiring sustainable development requires a long-term source of fund. Therefore, this study ascertains the perfor-mance of the stock market and investment growth nexus in Nigeria.Design/methodology/approach – The study is based on the neoclassical growth theory with a slight modification in the wake of Levine’s specification (2003), an augmented investment growth relationship was specified. This study utilises the Autoregressive Distributed Lag (ARDL) in establishing the co-integration relation between stock market development and investment growth. Gross capital formation was used as a proxy for investment growth while the stock market indicators are market capitalisation ratio, total value traded ratio and turnover ratio. The study utilises data covering 1981 to 2018, sourced from the Nigerian Stock Exchange annual reports and diverse publication of the Nigerian Bureau of Statistics.Findings – The market capitalisation ratio had a negative impact on gross capital for-mation both in the short run and the long run, but its significance is only evident in the short run. The turnover ratio had a negative and significant impact on investment growth. The total value traded ratio exerted a positive and significant impact on gross capital formation both in the short run and the long run. The coefficient of the error cor-rection term was negative and statistically significant. Research implications/limitations – The total value traded ratio enhanced investment growth in Nigeria. Both market capitalisation and turnover ratio dampen investment growth. The Stock Exchange is not efficient and does not possess the amount of liquidity required to finance long term investment need in Nigeria. Emphasis on measures geared towards increasing efficiency and liquidity should be intensified by the government. Mean-while, the sectorial analysis of the impact of stock exchange movements in Nigeria and the use of other estimation techniques may create room for more robust relationships.Originality/value/contribution – The study directly investigates the capability of the Nigerian stock market in driving investment, both in the short and long run.

Investigating Long-Term Behavior of Milan Stock Exchange (Italy)

2019 ◽  
pp. 304-312
Keyword(s):  
Stock Market ◽  
Stock Price ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Negative Influence ◽  
Stock Market Index ◽  
Emerging Stock Markets ◽  
The Global Financial Crisis ◽  
Long Term Behavior

The main purpose of this chapter is to highlight the long-term behavior of Milan Stock Exchange (Italy) based on the FTSE MIB major stock market index. The empirical analysis covers a long period of time from January 1999 to December 2013 and describes the daily stock price movements in order to identify both financial expansion and contraction cycles. However, Milan Stock Exchange is a developed stock market that exhibits a more stable behavior than emerging stock markets, even stylized facts are much lower in this case. The econometric analysis provides an exhaustive perspective, because selected stock market behavior has changed completely due to the negative influence of the global financial crisis.

scholarly journals The Dynamics Of Stock Market Development In Kenya

2013 ◽  
Vol 30 (1) ◽  
pp. 73 ◽  
Author(s):  
Sheilla Nyasha ◽  
N. M. Odhiambo
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Market Development ◽  
Regulatory Body ◽  
Trading System ◽  
Stock Market Development ◽  
Turnover Ratio ◽  
Open Outcry ◽  
Market Capitalisation ◽  
Exchange Control

This paper highlights the origin of the stock market in Kenya, and traces the reforms that have been undertaken to develop the stock market. It also highlights the growth of the Kenyan stock market, as well as the challenges currently facing the market. The country has one stock market, known as the Nairobi Securities Exchange (formerly the Nairobi Stock Exchange). It is one of Africas largest stock markets. Since the early 1980s, a number of stock market reforms have been implemented in Kenya. These include the formation of a regulatory body (Capital Markets Authority CMA) in 1989, the replacement of the "Call-Over" trading system by the floor-based "Open-Outcry System" in 1991, the reduction of listing costs, the relaxation of the exchange control for locally controlled companies, and the repeal of the Exchange Control Act. Following these reforms, Kenyas stock market has developed significantly in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Kenya has developed over the years, like many other developing countries' markets, it still faces a number of wide-ranging challenges.

scholarly journals COVID-19 Pandemic and Romanian Stock Market Volatility: A GARCH Approach

2021 ◽  
Vol 14 (8) ◽  
pp. 341
Author(s):  
Ștefan Cristian Gherghina ◽  
Daniel Ștefan Armeanu ◽  
Camelia Cătălina Joldeș
Keyword(s):  
Stock Market ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Market Volatility ◽  
Causal Connection ◽  
Stock Market Volatility ◽  
Quantitative Investigation ◽  
The Global Financial Crisis ◽  
The Garch Model ◽  
Daily Returns

This paper investigates the volatility of daily returns on the Romanian stock market between January 2020 and April 2021. Volatility is analyzed by means of the representative index for Bucharest Stock Exchange (BSE), namely, the Bucharest Exchange Trading (BET) index, along with twelve companies traded on BSE. The quantitative investigation was performed using GARCH approach. In the survey, the GARCH model (1,1) was applied to explore the volatility of the BET and BSE traded shares. Conditional volatility for the daily return series showed noticeable evidence of volatility that shifts over the explored period. In the first quarter of 2020, the Romanian equity market volatility increased to a level very close to that recorded during the global financial crisis of 2007–2009. Over the next two quarters, volatility had a downward trend. Besides, after VAR estimation, no causal connection was found among the COVID-19 variables and the BET index.

scholarly journals IMPACT OF GLOBAL FINANCIAL CRISIS ON JAPAN, CHINA, INDIA AND USA STOCK EXCHANGE AND INTER-LINKAGE BETWEEN THEM

2016 ◽  
Vol 4 (5) ◽  
pp. 189-197
Author(s):  
Rabia Najaf
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Financial Markets ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Garch Model ◽  
The World ◽  
Prime Objective ◽  
The Impact

In this paper, we analyzed the impact of financial crisis on different countries by the using of E-GARCH model .our main finding is that in the financial crisis has impact on the stock exchange of different countries. We proved that due to financial crisis most of countries stock exchange have been affected badly. In the world,the American stock exchange was established in 1792. Two dozen brokers were started the stock trading.Now a day, 2,429 companies are listed under this stock exchange. The prime objective of the scholars is to find out the impact of financial crisis on the different stock market. Scholars have proved that financial crisis have always impacted on the financial markets.

scholarly journals Stock Market Development In The United Kingdom: Prospects And Challenges

2013 ◽  
Vol 12 (7) ◽  
pp. 725
Author(s):  
Sheilla Nyasha ◽  
N.M. Odhiambo
Keyword(s):  
Stock Market ◽  
Sovereign Debt ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Big Bang ◽  
Stock Market Development ◽  
Regulatory Changes ◽  
The United Kingdom ◽  
Market Capitalisation ◽  
The Big Bang

This paper highlights the origin and development of the U.K. stockmarket. The country consists of one major stock market, known as the London Stock Exchange, which is one of the worlds largest stock markets. Stock market reforms have been implemented since the Big Bang of 1986 and the Exchange responded positively to most of these reforms, but not so positively to others. As a result of the reforms, the U.K.s stock market has developed, in terms of market capitalisation, the total value of stocks traded and the turnover ratio.Although the U.K. stock market has developed over the years, it still faceswide-ranging challenges, such as the uncertainties that come with new regulation and regulatory changes dominating at both domestic and international levels and the sovereign debt crisis that has left the U.K. stock market volatile.

scholarly journals Role of Stock Exchanges in Economic Development of Uzbekistan

2016 ◽  
Vol 10 (1) ◽  
pp. 172 ◽  
Author(s):  
Ulugbek Khalikov
Keyword(s):  
Economic Development ◽  
Stock Market ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
Investment Climate ◽  
Stock Market Development ◽  
Documentary Analysis ◽  
Market Trends ◽  
Recent Government

The paper is devoted to study the contemporary role of investments to economic development in the context of Uzbek stock exchange. The comparative analysis of economic development and stock market trends in Uzbekistan, Kazakhstan and Russia for the period of 2000-2015 are conducted using documentary analysis, quantitative and qualitative analysis, and other statistical methods of research.The results reveal that Uzbekistan has made notable change in regulation and improvement of investment climate and has stable economic development trends for the studied period. However, Stock market development in Uzbekistan remains weak and recent government effort to accelerate privatization is expected to boost the market and support foreign investments attraction.

scholarly journals ANALISIS PORTOFOLIO OPTIMAL SAAT TERJADINYA KRISIS KEUANGAN GLOBAL PADA SEKTOR PERBANKAN YANG TERCATAT DI BURSA EFEK INDONESIA TAHUN 2007- 2010

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
Patricius Josef Parikesit
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
Portfolio Risk ◽  
Single Index ◽  
Index Model ◽  
Single Index Model ◽  
The Global Financial Crisis ◽  
Stock Portfolio

Abstract: This Journal was done to knows the magnitude of the different levels of return and risk portfolio optimal formed of bank stocks listed on the Indonesia Stock  Exchange before and during the Global Financial Crisis years 2007-2010. Objects on this research is bank stocks listed on the the Indonesia Stock Exchange (January 2007 - December 2010). The samples of this study gathered 19 consistent bank stocks listed on the the Indonesia Stock Exchange, and The samples of this study is stocks which were consistent on Indonesia Stock Exchange, active to trading on Indonesia Stock Exchanges and available complete in January 2007 - Desember 2010. Optimum portfolio by using Single Index Model formed During the Global Financial crisis produce has made Portfolio Return is 1.87% and Portfolio Risk is 5.29%. Keywords: Optimum Stock Portfolio, Single Index Model, Global Financial Crisis. Abstrak: Jurnal ini dilakukan untuk   mengetahui tingkat return dan risiko portofolio optimal yang dibentuk dari saham-saham perbankan yang terdaftar di Bursa Efek Indonesia Saat terjadinya Krisis Keuangan Global tahun 2007-2010. Objek pada jurnal ini adalah saham-saham perbankan yang terdaftar di Bursa Efek Indonesia tahun Januari 2007 - Desember 2010. Sampel yang diperoleh sebanyak 19 saham perbankan yang konsisten terdaftar di Bursa Efek Indonesia,  dan data  diperoleh dari saham yang aktif melakukan transaksi perdagangan di Bursa Efek Indonesia serta tersedia lengkap periode Januari 2007 - Desember 2010. Perbedaan Portofolio optimal yang dibentuk menggunakan Model Indeks Tunggal saat terjadinya krisis keuangan global Return portofolio (Ri) yang dihasilkan sebesar 1.87% dengan risiko portofolio (E(Ri)) sebesar 5.29%. Kata kunci: Portofolio Optimal Saham, Model Indeks Tunggal, Krisis Keuangan Global.

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