scholarly journals Peculiarities of the domestic stock market functioning

2021 ◽  
pp. 196-202
Author(s):  
Yuliia Horodnichenko ◽  
Vitalina Malyshko ◽  
Natalia Yevtushenko
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Synthesis Method ◽  
Research Process ◽  
State Regulation ◽  
National Commission ◽  
Actual State ◽  
Stage Of Development ◽  
Study Results ◽  
Domestic Stock

Subject of research is the stages of development and the actual state of the domestic stock market. The purpose of the article is to identify the stages of formation and development of the domestic stock market and as a result of determining the prospects for further development. Methods used in the research process: method of system-structural analysis and synthesis, method of comparative analysis, generalization, general scientific, special methods of scientific knowledge and other research methods. Study results. The experience of developed economies shows that the stock market, unlike other markets (including commodity or foreign exchange), is one of the most regulated and regulated. The specificity of the domestic stock market is that in Ukraine there is virtually no domestic investor, a significant number of transactions are concluded to obtain speculative profits; quite often shares are bought at the beginning of trading only in order to "sell" the market more expensive to sell them and make money on it. Investigating the activities of the domestic stock market, the main stages of its development are consistently identified. The role and importance of the stock market in ensuring economic development, to a large extent, is determined by the volume and structure of trading in financial instruments. At the current stage of development of the stock market, trading is concentrated on two stock exchanges of PJSC Stock Exchange "Perspective" and PJSC "Stock Exchange PFTS", identified trends to consolidate trade in these infrastructure market participants. Application of results. The results of the study can be used in the activities of the Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine, the National Commission on Securities and Stock Market, as well as in higher education institutions in the teaching of economic disciplines. Conclusions. The stock market must attract investors with its legality, honesty and order. This can be achieved only through state regulation of the securities industry in close cooperation with its representatives.

scholarly journals Activities of joint investment institutions in Ukraine

2020 ◽  
pp. 69-75
Author(s):  
Yuliia Horodnichenko
Keyword(s):  
Public Awareness ◽  
Synthesis Method ◽  
Research Process ◽  
National Commission ◽  
Investment Funds ◽  
Study Results ◽  
Wide Range ◽  
Analysis And Synthesis ◽  
General Scientific ◽  
Development Methods

Subject of research is the activities of collective investment institutions. The purpose of the article is to study the essence and features of the activities of mutual investment institutions in Ukraine, highlighting the shortcomings of its activities and prospects for development. Methods used in the research process: method of system-structural analysis and synthesis, method of comparative analysis, generalization, general scientific, special methods of scientific knowledge and other research methods. Study results. The role of joint investment institutions in attracting and trading investment funds is described. Application of results. The results of the study can be used in the activities of the Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine, the National Commission on Securities and Stock Market, as well as in higher education institutions in the teaching of economic disciplines. Conclusions.  To attract investors to the market of collective investment institutions, it is important to implement a wide range of measures, the main of which is public awareness of such a market and informing each member of society about the benefits of investing in this market.

A Random walk down the Dhaka Stock Exchange lane

2021 ◽  
Vol 1 (1) ◽  
Author(s):  
Md. Kamrul Bari ◽  
Dr. Melita Mehjabeen ◽  
Dr. A. K. Enamul Haque
Keyword(s):  
Random Walk ◽  
Stock Market ◽  
Market Efficiency ◽  
Long Memory ◽  
Stock Exchange ◽  
Reliable Estimate ◽  
Memory Process ◽  
Long Memory Process ◽  
Study Results ◽  
Adf Test

Market efficiency has always been a matter of keen interest to the researchers of finance. Since the advancement of this concept, researchers are consistently investigating the market efficiency of different financial markets. Bangladesh, being one of the emerging economies, has also attracted the attention of many researchers. The researchers have investigated the realities regarding the market efficiency of both the stock exchanges of the country. Most of their investigations reveal that the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) are inefficient. This research, however, did not stop at revisiting market efficiency alone. Whether the return series follows a long-memory process, has also been tested. Besides, non-parametric tests have also been conducted to confirm the results of the parametric tests and vice versa. It generated a more reliable estimate of market efficiency for the period under study. Results of the Autoregressive Fractionally Integrated Moving Average (ARFIMA) model confirm that the return series does not follow a long memory process, and any shock in the system will eventually vanish. The findings of other tests (the run test, the Augmented Dickey-Fuller (ADF) test, the Kwiatkowski–Phillips–Schmidt–Shin (KPSS) test, and the Kolmogorov-Smirnov (K-S) test) suggest that the return series of the DSE are time-series stationary, non-normal, and do not follow a random walk. Given these results, we must echo the prior researchers to conclude that the stock market of Bangladesh is not efficient for the period of 2015 to 2020. These findings add new knowledge to the existing knowledge pool about market efficiency and long memory of the stock market of Bangladesh.

Friday the 13th effect on Indian stock market

2020 ◽  
Vol 07 (02) ◽  
pp. 2050010
Author(s):  
Tarika Singh Sikarwar ◽  
Karuna Shrivastava ◽  
Pratibha Jadon
Keyword(s):  
Stock Market ◽  
Design Methodology ◽  
Stock Exchange ◽  
Emerging Market ◽  
Indian Market ◽  
Study Results ◽  
Developed Nations ◽  
Indian Stock Market ◽  
Work Done ◽  
Practical Implications

Purpose: This paper attempts to investigate the presence of Friday the 13th Effect in the Indian stock market. Design/methodology/approach: This paper tests the presence of the Friday the 13th Effect using different sets of hypotheses for 7 days, 15 days and normal versus Friday the 13th by using statistical methods. Findings: The findings of the study do not support the presence of Friday the 13th Effect for all cases. There are few months for certain specific years where the effect was seen. Research limitations/implications: The Friday the 13th effect has been examined for two major indices of the Indian market, i.e., the Bombay Stock Exchange Index SENSEX and the National Stock Exchange Nifty Fifty Index. However, there are other major and sectoral indices as well where in the effect may be checked. Practical implications: The study results indicate that Indian stock market shows phased anomaly. The effect of Friday the 13th is seen only in some cases during certain years only. Originality/value: Friday the 13th effect has been mostly checked for developed nations and again there has been less work done with respect to this particular market anomaly. The present research is an original work done for emerging market naming India.

scholarly journals ADR ON CLIENT’S DISPUTE WITH TRADING MEMBER AT THE LEADING STOCK EXCHANGE IN INDIA: AN EMPIRICAL STUDY

2020 ◽  
Vol 4 (3) ◽  
pp. 1-7
Author(s):  
Bezawada Brahmaiah
Keyword(s):  
Stock Market ◽  
Empirical Study ◽  
Emerging Markets ◽  
Stock Exchange ◽  
Developed Countries ◽  
Regulatory Framework ◽  
Securities Market ◽  
Case Method ◽  
Trading Rules ◽  
Study Results

The paper evaluates trading rules and regulations of the Stock Exchange in cash segment of the stock market in India. The paper adopts case method to study the trading rules and practices of trading members of the Exchange. It investigates the stock market’s misuses and abuses by the trading members. The paper provides guidance for the appropriate regulatory framework to Indian securities market and ensures investors’ protection. The results may be generalized in the emerging markets. Hence, researchers are encouraged to study results further in other developed countries. The paper finds that these practices are not only violation of trading rules of the Stock Exchange but also unfair and unethical trading practices.

scholarly journals Measuring Stock Market Predictability with Implications of Financial Ratios: An Empirical Investigation of Pakistan Stock Market

2020 ◽  
Vol 12 (2) ◽  
Author(s):  
Abdul Samad Shaikh ◽  
Muhammad Kashif ◽  
Sadia Shaikh
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Stock Exchange ◽  
Strong Predictor ◽  
Generalized Least Squares ◽  
Financial Ratios ◽  
Arbitrage Pricing Theory ◽  
Market Returns ◽  
Stock Market Returns ◽  
Study Results

This paper investigates the financial ratios prediction on Stock Market Returns for Pakistan Stock Exchange. The research includes three financial ratios; Dividend Yield (DY), Earning Yield Ratio (EYR) and Book-to-Market Ratio (B/M); that have been observed through past researchers as predictors of Stock Market Returns. The theoretical framework is based on Arbitrage Pricing Theory and Capital Asset Pricing Model CAPM by Roll and Ross (1977) and Fama-French 3 factor (1992). Generalized Least Squares (GLS) is applied to estimate the predictive regressions, Cointegration runs are applied to evaluate the long-term relationship, and Generalized Methods of Moments (GMM) to measure the moments over the years and fluctuations in stock returns. The study results show financial ratios as strong predictor of stock return in Pakistan Stock Exchange, the GMM analyses reveal that the EYR has the higher predictive power than DY and B/M respectively. Furthermore, it is found that the financial ratios predictability is enhanced when ratios are combined in the multiple predictive regression models. The research findings are useful for the stock market investors to evaluate their decisions and for academic researchers to evaluate the stock market and investment predictability.

scholarly journals JUSTIFICATION OF THE ESSENCE, FUNCTIONS AND PURPOSE OF GRAIN FUTURE EXCHANGE MARKET OF AGRICULTURAL PRODUCTS

2021 ◽  
Author(s):  
Hrechaniuk L. M.
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Market Price ◽  
The State ◽  
Agricultural Products ◽  
Commodity Market ◽  
Exchange Market ◽  
Financial Instrument ◽  
Domestic Stock ◽  
Future Exchange

In the article analyzes the development of the domestic stock market. It is substantiated that crop futures are a derivative financial instrument on the stock exchange, which provides for the obligation of its seller or buyer to periodically transfer sums of money to the opposite party depending on changes in the market price of grain, and (or) the obligation delivery of grain on time. It is determined that only under the conditions of joint efforts on the part of the state, the exchange community, participants of the agrarian market that will allow bringing the exchange commodity market closer to civilized bases.

scholarly journals A Research of State Regulation of Stock Exchange in Ukraine:Significance and Growth for Economic Development

2019 ◽  
Vol 8 (6) ◽  
pp. 3851-3857
Keyword(s):  
Economic Development ◽  
Stock Market ◽  
Mechanism Of Action ◽  
Stock Exchange ◽  
State Intervention ◽  
State Regulation ◽  
Market Activity ◽  
Methods Of Analysis ◽  
First Time

The theme of the stock market is on the level of development in some countries. It faces several problems for the first time, and there are no mechanisms for its overcoming. There are offers on how to overcome the most widespread problems of countries where the stock market start to develop. The central part is belonging to state intervention and the formation of legislative bases. Due to methods of analysis and generalisation, the article offers measures and mechanism of action for countries which have the same problems as Ukrainian. This research can be applied as it is or become the basis for the development of new recommendations for the regulation of stock market activity.

scholarly journals Investigating income smoothing: Empirical evidence from Vietnam's listed companies

2020 ◽  
Vol 7 (2) ◽  
Author(s):  
Phung Anh Thu ◽  
Nguyen Vinh Khuong
Keyword(s):  
Stock Market ◽  
Empirical Evidence ◽  
Random Sample ◽  
Coefficient Of Variation ◽  
Stock Exchange ◽  
Listed Companies ◽  
Income Smoothing ◽  
Study Results ◽  
Model Coefficient

Income smoothing is a dimension of the accounts manipulation theme that has been attracting great attention in the accounting literature. A goal of manipulation is widely ascribed to managers who wants income smoothing. The author has tried to investigate income smoothing at listed companies on the Stock Exchange. For this purpose, we chose a stratified random sample of 285 companies from formula listed companies on Vietnam Stock Exchange. We carried the mechanism for smooth and non-smoothing companies Eckel model (coefficient of variation of the distribution of profits to sales). We have compared 111 smoothing companies and 174 non-smoothing companies. The study results suggest that the Eckel index is suitable for the Vietnam stock market and shows a slight increase compared to the previous research.

scholarly journals DIRECTIONS OF ALTERNATIVE STOCK MARKET INCREASE OF MARKET CAPITALIZATION OF DOMESTIC COMPANIES

2017 ◽  
Vol 19 (1(63)) ◽  
pp. 53-58
Author(s):  
O.Ye. Volchkov
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Small And Medium Enterprises ◽  
Securities Market ◽  
Stock Exchanges ◽  
Crisis Support ◽  
Medium Businesses ◽  
Medium Enterprises ◽  
Domestic Companies ◽  
Domestic Stock

The article reveals the need to create alternative stock market that would open access to participation in the SME. Based on the experience of alternative securities markets in Europe, conclusions regarding the need for a stock exchange available to wider circles of consumers to increase their own capitalization and support the domestic stock market. In times of severe economic crisis, support for small and medium businesses is extremely important in Ukraine. One of the effective mechanisms for increasing the capitalization of enterprises is the attraction of stock exchange instruments in the stock market. But given the fact that the domestic stock market is in a systemic decline, most Ukrainian enterprises (especially those strategically important for the country's destinations, such as enterprises of the agro-industrial, metallurgical and mines-mining complex) choose foreign exchange platforms, in particular Warsaw (WSE) and London (LSE) Stock Exchanges. Due to the attraction of additional funds on foreign stock sites, Ukrainian companies managed to achieve a significant increase in their own capitalization. Today, the necessity of creating an alternative stock market in Ukraine is extremely important. This will provide an opportunity for the following: raising the level of development of the stock market of Ukraine; raising the popularity of stock instruments among enterprises and the population, which will provide preconditions for attracting temporarily free funds for the purpose of investing in the securities market; raising the capitalization of domestic enterprises through the attraction of exchange instruments; the emergence of opportunities for new small and medium-sized businesses to become involved in the stock sector; attraction of small and medium enterprises to the stock sector will make business in Ukraine more transparent, and more attractive both for domestic and foreign investors.

scholarly journals Ukrainian Experience of State Regulation of Stock Exchange Activity

2019 ◽  
Vol 71 ◽  
pp. 02002
Author(s):  
N. Reznik ◽  
G. Abuselidze ◽  
A. Ostapchuk ◽  
V. Tkachuk
Keyword(s):  
Stock Market ◽  
Mechanism Of Action ◽  
Main Part ◽  
Stock Exchange ◽  
State Intervention ◽  
State Regulation ◽  
Market Activity ◽  
Methods Of Analysis ◽  
First Time ◽  
Exchange Activity

Theme of stock market is on the level of development in some countries. It faces a number of problems for the first time and there are no mechanisms for its overcoming. There are offers how to overcome the most popular problems of countries where the stock market just start to develop. The main part is belonging to state intervention and formation of legislative bases. Due to methods of analysis and generalization the article offers measures and mechanism of action for countries which have the same problems like Ukrainian. This research can be applied as it is or become the basis for development of new recommendations for the regulation of stock market activity.

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