The First Balkan War and the St. Petersburg Stock Exchange

2020 ◽  
Vol 2020 (11-1) ◽  
pp. 40-55
Author(s):  
Pavel Lizunov
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Exchange ◽  
The State ◽  
Stock Exchanges ◽  
The Balkans ◽  
Military Conflicts ◽  
State Of Affairs ◽  
European Stock Markets

The article shows the reaction of European stock markets and, first of all, the St. Petersburg Stock Exchange to the First Balkan War. Stock market reports demonstrated that stock exchanges were sensitive to any troubling economic, political and military conflicts. Their mood changed depending on hostilities, rumors and false reports about the state of affairs in the Balkans.

scholarly journals Diversification opportunities in European stock markets and their impact on textile industry development based on a financial education approach

2021 ◽  
Vol 72 (05) ◽  
pp. 528-537
Author(s):  
CRISTI SPULBĂR ◽  
RAMONA BIRĂU ◽  
VICTOR OLUWI ◽  
ABDULLAH EJAZ ◽  
TIBERIU HORAȚIU GORUN ◽  
...  
Keyword(s):  
Stock Market ◽  
Textile Industry ◽  
Stock Exchange ◽  
Financial Education ◽  
Sustainable Growth ◽  
Stock Exchanges ◽  
Portfolio Risk ◽  
Stock Indices ◽  
High Investment ◽  
European Stock Markets

This research study explores the diversification opportunity among 18 European stock market indices for the sample period from January 2001 to December 2019. However, financial education plays an important role in the development of the textile industry, considering the dynamics of the companies listed on the European stock exchanges. The correlation matrix, pairwise cointegration and Johansen cointegration reveal that selected 18 European stock market indices do not reduces the portfolio risk because exhibit higher positive correlation among them, and their movement pulsed in tandem. Potential investors are attracted by high investment opportunities in order to maximize their return based on portfolio diversification. Financial education can effectively contribute to the sustainable growth of the textile industry in Europe. This empirical research provides an integrated perspective on the long-term evolution of certain major European stock exchange indices. The findings have significant implications for investors interested in selecting these European stock indices in order to diversify their portfolio risk. Our study also imply that selected stock indices have been strongly affected by similar political and financial belies across Europe thus, eliminating the possibility of portfolio risk diversification.

scholarly journals Lessons for Euro markets from the first wave of COVID-19

2021 ◽  
Vol 18 (1) ◽  
pp. 285-298
Author(s):  
Costas Siriopoulos ◽  
Argyro Svingou ◽  
Jagadish Dandu
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Impulse Response Function ◽  
Decomposition Methods ◽  
Var Model ◽  
Stock Exchanges ◽  
Panel Var ◽  
Chinese Stock Market ◽  
European Stock Markets ◽  
The Impact

Although the coronavirus pandemic hit Europe in the early days of 2020, European stock markets had signaled fluctuations in the days before. This paper assesses the observed volatility on European stock exchanges and searches for its sources during the first four months of 2020. To investigate the issue, a panel VAR model is adopted, and the generalized impulse response function and the variance decomposition methods are used. The estimations show that about 34% of the volatility in European stock markets is due to the Chinese stock market, while 7% is due to international uncertainty, as measured by VIX. The impact of pandemic cases and deaths on European stock markets is negligible, below 1%. This means that the European stock market faced two risk elements: the first is the transmission volatility from the Chinese stock market, and the second is the international uncertainty. The findings also support the view that COVID-19 is more like a systematic risk.

Volatility of Indian Stock Market: An Emperical Evidence

2008 ◽  
Vol 4 (4) ◽  
pp. 53-61 ◽  
Author(s):  
Aman Srivastava
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
Garch Models ◽  
Indian Stock Market ◽  
Class Models

The purpose of this paper is to apply the GARCH-class models to two major stock exchanges of Indian stock markets. The study includes main indices of Bombay Stock Exchange (SENSEX) and that of National stock exchange (NIFTY). GARCH-class models have been applied to analyze the characteristics of the volatility of Indian stock market. The findings suggest that both the Indian stock exchanges have significant ARCH effects and it is appropriate to use ARCH/GARCH models to estimate the process and also demonstrated that there are leverage effects in the markets. That means the investors in those markets are not grown well and they will be heavily influenced by information (good or bad) very easily.

An Inquiry into the Persistence of Holiday Effect on Stock Markets in India: Insights and Perspectives on a Seasonal Anomaly

2021 ◽  
pp. 231971452110168
Author(s):  
Meher Shiva Tadepalli ◽  
Ravi Kumar Jain ◽  
Bhimaraya Metri
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Stock Exchanges ◽  
Indian Market ◽  
Pricing Models ◽  
Market Anomalies ◽  
Holiday Effect ◽  
Stock Market Efficiency

Asset pricing is a key area of literature in analysing and evaluating the stock market efficiency. Though various pricing models made efforts to explain the behaviour of the stocks, the existence of seasonal anomalies in the stock markets creates an opportunity for the investors to generate abnormal returns. The present article emphasizes one of such market anomalies namely, the holiday effect using indices belonging to Indian stock exchanges. Thorough research is performed by including all the prime market-capital and sectoral indices of the National Stock Exchange and the Bombay Stock Exchange. The ARIMAX methodology is adopted to observe the anomaly by considering exogenous variables representing the trading days before the exchange-mandated holidays. Further, the strength of the anomaly is analysed with the incorporation of various stock market reforms and observed to be significantly persistent among most of the Indian market indices (including both the sectoral and the market-capital based indices).

scholarly journals Methodological Foundations of the Risk of the Stock Markets of Developed and Developing Countries in the Conditions of the Crisis

2021 ◽  
Vol 15 (1) ◽  
pp. 3
Author(s):  
Diana Burkaltseva ◽  
Shakizada Niyazbekova ◽  
Lyudmila Borsch ◽  
Mir Abdul Kayum Jallal ◽  
Nataliya Apatova ◽  
...  
Keyword(s):  
Developing Countries ◽  
Economic Development ◽  
Stock Market ◽  
Stock Markets ◽  
Regulatory System ◽  
Digital Technologies ◽  
The State ◽  
Stock Exchanges ◽  
Real Sector ◽  
The Real

The development of a methodology for the growth of the stock market through a deep transformation of the economic development system and introduction of digital technologies. The article is devoted to the study of the development of stock markets’ actual problems that affect the redistribution of capital between sectors of the economy by using tools and mechanisms between the financial and stock markets. The purpose of the study is to improve the regulatory segment of the stock market in order to further develop stock exchanges, integrate them into the global economic system, and attract investment in the economy. To achieve the goal, the following tasks were performed: the development of the London Stock Exchange was analyzed and the profit growth was determined; a comparative capitalization of the main stock instruments was carried out; internal factors of influence on the stock market were determined. The problem of the international stock market in all countries with emerging markets, first of all, lies in the improvement of the institutional environment, which is a prerequisite for the stability of the stock market. To analyze the development of stock markets, natural technical sciences were used to identify objective patterns, and determine the state and motives, using various methods and techniques: logic, generalizations, specific methods of cognition, comparison, and graphics. In the development of the stock market, the economy establishes certain natural actions in the real sector of the economy through a regulatory system of measures, and the needs of investments in the real sector of the economy, methods, and tools are used to achieve the desired results. Statistical, analytical, and dynamic methods were used. The essential foundations of the importance of stock markets and the economy are revealed; we discuss the penetration of knowledge and the conduction of a deep transformation through the introduction of digital technologies in all spheres of the economy, including the transformation of the development of the stock and financial markets nowadays. Results. The assessment of the state of securities markets in developed and developing countries is made on the example of the largest stock exchanges in Brazil and the United Kingdom. The features of the effective functioning of stock markets are revealed. The hypothesis is put forward about the insufficiency of research on the stock market of developed and developing countries and the mechanisms used having an insufficient impact on the development of the economy. From this point of view, an analysis of the dynamics of the current state of the issuers’ number and the dynamics of profitability of developed markets is carried out, the comparative capitalization volumes of the stock markets of Great Britain and Brazil are evaluated, and the weaknesses of their functioning are identified. Conclusions. The conducted research shows that countries, where stock markets are successfully functioning and developing, are catalysts for economic development and the accumulation of funds. Each country applies models of stock market development and a strategy for its regulation in accordance with the concept of a functioning market and its maturity.

scholarly journals ТЕНДЕНЦІЇ РОЗВИТКУ ТА ФУНКЦІОНУВАННЯ ФОНДОВОГО РИНКУ УКРАЇНИ

World Science ◽  
2020 ◽  
Vol 2 (1(53)) ◽  
pp. 11-15
Author(s):  
Смагло О. В.
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Exchange ◽  
The State ◽  
Industrialized Countries ◽  
State Of The Economy ◽  
Independent Sector ◽  
The Right

Today, the Stock market of Ukraine is at the stage of its formation and is lagging far behind the stock markets of industrialized countries. Against this background, the study of current conditions and peculiarities of development of stock exchange trading and infrastructure of Ukraine becomes extremely relevant for the national economy.The stock market of Ukraine is in a state today that ensures its transition from the sphere of servicing of capital circulation to an independent sector of the economy, since one of the main indicators of the state of the economy of any country is the stock market, which is very keenly responsive to any changes in the state. The functioning of the stock market depends primarily on strong infrastructure, which creates the right conditions for the issue and further circulation of securities.

An Inquiry into the Persistence of Turn-of-the-Month Effect on Stock Markets in India: Insights and Perspectives on a Seasonal Anomaly

2021 ◽  
pp. 227853372199471
Author(s):  
Meher Shiva Tadepalli ◽  
Ravi Kumar Jain ◽  
and Bhimaraya A. Metri
Keyword(s):  
Stock Market ◽  
Capital Markets ◽  
Stock Markets ◽  
Stock Exchange ◽  
Academic Research ◽  
Abnormal Returns ◽  
Stock Exchanges ◽  
Specific Class ◽  
Seasonal Behavior ◽  
Global Stock Markets

Asset pricing in capital markets is a strikingly vibrant area of academic research and is considered as an indicator to evaluate the efficiency of stock markets. Though the explanation for the seasonal behavior of capital markets was attempted by various market models, several anomalies were observed historically. Calendar anomalies that belong to the specific class of seasonal anomalies provided abnormal returns in the global stock markets at regular intervals within and across various calendar years. This article documents the study on one such anomaly—namely, the turn-of-the-month effect in the context of Indian stock indices. In this pursuit, exhaustive research has been carried out considering all the broad-market and sectoral indices of two major stock exchanges, namely, National Stock Exchange and the Bombay Stock Exchange. The study used the ARIMAX methodology with dummy exogenous variables (to represent the turn-of-the-month days) and presented comprehensive findings and learnings. Besides, this article attempts to analyze the changes in the strength and significance of the anomaly in progression with various stock market reforms in both the broad-market and sectoral indices to provide new insights into the efficiency of Indian stock market exchanges.

scholarly journals „Banking Encyclopedia” as a source on the history of stock exchange business in Ukraine in the late nineteenth – early XX century

2021 ◽  
pp. 15-20
Author(s):  
Oleksii Altukhov ◽  
Keyword(s):  
Stock Market ◽  
Financial Institutions ◽  
Stock Exchange ◽  
Russian Empire ◽  
The State ◽  
History Of ◽  
Late Nineteenth ◽  
The Russian Empire ◽  
State Of Affairs

The article considers and analyzes the informational significance of the leading economic specialized publication of the late XIX – early XX centuries. „Banking Encyclopedia”. It is noted that in 1917 the second volume of this work, fundamental at that time in the field of economics, was published in Kyiv, which was entirely devoted to the study of stock exchange business in the leading countries, the Russian Empire and the Ukrainian lands. The co-authors of the work were leading contemporary economists and lawyers, in particular A. N. Antsiferov, G. V. Afanasyev, H. A. Baranovsky, M. N. Bogolepov, E. V. Vanshtein, I. M. Goldstein, N. S. Dobrokhotov, V. Ya. Zheleznov, A. M. Lazarev, D. N. Levin, E. S. Lurie, P. P. Migulin, N. D. Silin, P. B. Struve, M. P. Tugan-Baranovsky and others. Among the aspects considered were, in particular, the activities of the leading stock exchange institutions of Dnieper Ukraine: in Odessa, in Kyiv, in Kharkiv. Leading economist, professor of the Kyiv Commercial Institute, long-term deputy of the State Duma Leonid Mykolayovych Yasnopolsky became the editor-in-chief of the publication. Analyzing the scientific works collected in the Second Volume of the Banking Encyclopedia of 1917, the author of the article came to the conclusion that they make it possible to trace the state of affairs in the development of the stock market in the late nineteenth and early twentieth centuries. In particular, one can trace the state policy towards these financial institutions, which in many respects slowed down the development of the stock market, both in Ukraine and in the Russian Empire as a whole.

scholarly journals Co-integration of Karachi Stock Exchange with major South Asian Stock Exchanges

2014 ◽  
Vol 4 (1) ◽  
pp. 106
Author(s):  
Salleh Nawaz Khan ◽  
Mohamad Saad Aslam
Keyword(s):  
Stock Market ◽  
South Asia ◽  
South Asian ◽  
Stock Markets ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
Cross Listing ◽  
The World ◽  
The Subject ◽  
China And Japan

International cross  listing have   amplified  the interest of  academics   and  investors  to the subject  of  co movement among  the  stock  markets of  the world . This  study  investigates the co integration of  Pakistan stock exchange (KSE 100 index) with  major stock exchanges of south Asia . The results reveals that there is no co integration  of  Pakistan’s stock  market  (KSE100  index)  with china and  Japan stock markets.  However   there  is co integration of Pakistan’s stock market (KSE 100 index) with the stock market of India, Indonesia, Malaysia and Singapore. 

scholarly journals Diversification Perspectives of a Single Equity Market: Analysis on the Example of Selected CEE Countries

2021 ◽  
Vol 24 (4) ◽  
pp. 85-104
Author(s):  
Florin Aliu ◽  
Fisnik Aliu ◽  
Artor Nuhiu ◽  
Naim Preniqi
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Exchange ◽  
Weighted Average ◽  
Eastern European ◽  
Portfolio Risk ◽  
Warsaw Stock Exchange ◽  
Diversification Techniques ◽  
European Stock Markets ◽  
Managerial Perspective

The study addresses the benefits of a unified stock market in terms of diversification risk for the eight CEE stock markets. For this purpose, each stock market was treated as a separate portfolio based on the companies listed during 2018–2019. Portfolio diversification techniques were used to identify risk linked with the eight Central Eastern European stock markets. The results show that the stock market with the lowest diversification risk was the Bulgarian Stock Exchange, followed by the Prague Stock Exchange, the Ljubljana Stock Exchange, and at the end stands the Zagreb Stock Exchange. The portfolio constructed from the Zagreb Stock Exchange carries the highest portfolio risk, but it also offers the highest weekly weighted average returns. Stock markets that benefit in terms of portfolio risk from unification are the Bratislava Stock Exchange, the Budapest Stock Exchange, the Bucharest Stock Exchange, the Warsaw Stock Exchange, and the Zagreb Stock Exchange. The indexes where the portfolio risk increases at the time of unification are the Bulgarian Stock Exchange, the Ljubljana Stock Exchange, and the Prague Stock Exchange. From a managerial perspective, financial investors get a novel outlook on the diversification possibilities offered within a hypothetical unified CEE stock market.

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