scholarly journals Individual and Overall Analysis on Indonesian Stock Funds Market Timing and Selectivity

2018 ◽  
Vol 2 (1) ◽  
Author(s):  
Amsal Irmalis ◽  
Muzakir Muzakir
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Market Timing ◽  
Point Of View ◽  
Treasury Bill ◽  
Individual Analysis ◽  
Asset Value ◽  
Net Asset Value ◽  
Almost All ◽  
The Capital Market

This study investigates Timing and Selection ability of managers in Indonesia Funds Industry.The one month stock funds net asset value, Indonesian Treasury-Bill (3-Months) and Market rerturn of Indonesia Stock Exchange covering from 2010-2014 is used on this research. We apply Treynor-Mazuy Equation to test the hypothesis. This investigation exhibit the timing the capital market ability as well as selectivity possess by managers both individuall as well as overall point of view. The reult shows that, individual analysis on the funds proves that the almost all of the managers only have slight of ability. Only three of the assets exhibit affirmative and statistically substantial alpha and none of them display confident timing skill. Breakdown of overall funds endorses that managers show a weak selectivity and timing expertise. Keywords: Treynor-Mazuy, |Stock Funds, Timing and Selectivity Skill

scholarly journals A Statistical Analysis of Dividend in Chosen Companies Listed on the Warsaw Stock Exchange

2007 ◽  
Vol 6 (1) ◽  
pp. 75-85
Author(s):  
Małgorzata Łuniewska
Keyword(s):  
Statistical Analysis ◽  
Capital Market ◽  
Stock Exchange ◽  
Point Of View ◽  
Rate Of Return ◽  
Fundamental Analysis ◽  
Statistical Parameters ◽  
Stock Analysis ◽  
Warsaw Stock Exchange ◽  
The Capital Market

A Statistical Analysis of Dividend in Chosen Companies Listed on the Warsaw Stock Exchange The capital market appeared in Poland relatively not far ago, so it is the young market and is not shaped well. Although, the development rate does not satisfy all the believers of the capital market, it should be emphasized that this market is functioning and is developing. Market indicators are a significant element of the market analysis performed by means of fundamental analysis. The aim of this article is to study the statistic regularity in the scope of indicators connected with a dividend. In Poland dividend is not discussed often and indicators connected with dividend are practically not used in stock analysis. This study will show the usefulness of these measures in the analysis connected with investment on the stock exchange market. The analyses are conducted for some dividend variables on the Warsaw Stock Exchange (dividend rate of return and pay indicators, stopping and re-investment). The analyses concern data in the period of 2000÷2006. Some statistical parameters to detect statistical regularity for dividend rate of return and pay indicators, stopping and re-investment on the Warsaw Stock Exchange are used in the paper. The author tried to analyse the relation between selected variables too. The study should make it possible to decide if measures such as dividend rate of return and pay indicators, stopping and re-investment are unquestionably important and useful in stock analysis. It is particularly important from the point of view of long-term investment, as well as the fundamental analysis. They should be included in the group of market indicators in case of statistically significant influence of measures connected with a dividend on investment profitability. This leads to the possibility of significant growth of an investment that can turn out profitable on the capital market.

scholarly journals The Influence of Inflation on the Real Value of Paid Out Dividends on the Warsaw Stock Exchange in the Years 2000–2012

2013 ◽  
Vol 60 (2) ◽  
pp. 134-147
Author(s):  
Bartłomiej Łukasz Jabłoński
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Point Of View ◽  
Real Rate ◽  
The Real ◽  
Future Earnings ◽  
Warsaw Stock Exchange ◽  
Stock Market Investors ◽  
The Impact ◽  
The Capital Market

Abstract The article describes the issue of inflation and its influence on the value of dividends received by investors. In addition, the topic of dividend policy in the conditions of high (double-digit) inflation is discussed. The impact of inflation on the real rate of return from investments should be taken into consideration by investors who invest both in bonds and in shares. Research shows that, whereas bond market investors understand the impact of inflation on discount rates, stock market investors do not account for the impact of inflation on future earnings growth (Chordia et al, 2005, p.554). On the basis of the conducted analyses the author concluded that in the 2000-2012 period, investors generally suffered a loss on the received dividend, if we quantified their size and attractiveness by means of a dividend rate. The objective of the article is the presentation of the issue of inflation from the point of view of dividends paid out by companies (Hazlitt, 2007, p.90, Rutkowski, 2007, p. 245, Sayek, 2009, p. 441) and an investor allocating financial means on the capital market (in shares of companies listed on the capital market and not in bonds. (Laatsch, 2013, pp. 54-59)). The following hypothesis was accepted in the article: H1: in the period 2000-2012 an effective real dividend rate for companies quoted on Warsaw Stock Exchange had a negative value.

scholarly journals A Quantitative Approach to Evaluate the Financial Performance of Growth Oriented Bangladeshi Close-end Mutual Funds: An Empirical Study

2020 ◽  
pp. 55-65
Author(s):  
Washeka Anjom
Keyword(s):  
Financial Performance ◽  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Research Work ◽  
Vital Role ◽  
Asset Value ◽  
Net Asset Value ◽  
Retail Investors

Mutual fund, an investment vehicle by retail investors,is playing a vital role in our capital market by transforming the sum of the invested funds of investors into investing in a diversified portfolio by the professional investment managers.Since 1980, the mutual funds have been emerging rapidly in the stock market of Bangladesh. This research work attempts to evaluate the financial performance of growth-oriented Bangladeshi Close-end mutual funds traded in Chittagong Stock Exchange (CSE). In order to fulfill the objectives of the paper, ten mutual funds out of thirty-six have chosen. The Prime data used is the Net Asset Value (NAV) of the selected mutual funds and the returns of the CS 30 as a benchmark index. This paper concentrates on the evaluation of mutual funds by employing various research methodologies such as Treynor’s ratio, Sharpe ratio,and Jensen’s alpha and Regression Analysis. Finally, an attempt has also undertaken to assess the statistical relationship between the performance CS 30 and the mutual funds.

scholarly journals Capital Market Performance as a Panacea for Economic Growth in Nigeria

2019 ◽  
Vol 13 (2) ◽  
pp. 1
Author(s):  
Akpokerere Othuke Emmanuel ◽  
Okoroyibo Eloho Elizabeth
Keyword(s):  
Economic Growth ◽  
Capital Market ◽  
Stock Exchange ◽  
Market Performance ◽  
Secondary Data ◽  
Least Square ◽  
Ex Post ◽  
Ordinary Least Square Regression ◽  
Market Variables ◽  
The Capital Market

The paper examined capital market performance as a panacea for economic growth in Nigeria from 1986-2016. A number of related literatures have shown that the Nigerian capital market variables studied has satisfactory market performance and has contributed to economic growth. Yet some researchers observed that the capital market has not significantly mobilized and effectively channeled substantial capital to the real sector of the economy. What could have been the reason for the divergences? The study was anchored on the demand following hypothesis. Secondary data were sourced from Central Bank of Nigeria Statistical Bulletin and Nigeria Stock Exchange fact-book of various editions. The paper adopted the ex-post facto research design while ordinary least square regression techniques was used to process the data gathered using E-views 9.0 software. The null hypotheses (Ho) were tested at 5% level of significance. The findings of the paper revealed that there is negative and insignificant relationship between capital market and the variables studied. The paper conclude that liquidity of the capital market is pivotal for economic growth in Nigeria while the study recommended that all tiers of government should be encouraged to fund their realistic long term developmental program through the Nigeria capital market.

scholarly journals Pendampingan Pentingnya Strategi dalam Meningkatkan Minat Nasabah terhadap Investasi Saham di Surabaya

2020 ◽  
Vol 2 (2) ◽  
pp. 84-89
Author(s):  
Veronika Nugraheni Sri Lestari ◽  
Dwi Cahyono ◽  
Nila Romatal Azah ◽  
Devy Mei Ariyanti
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Initial Step ◽  
Financial Instruments ◽  
Public Companies ◽  
Public Offerings ◽  
Securities Trading ◽  
Market Infrastructure ◽  
The Capital Market

Capital markets are often interpreted as a market for a long-term financial instrument (securities) (its maturity is more than 1 year). In addition to that understanding, the capital market is also often associated as a place for the transaction of the party that needs funds (the company) and the Excess party (financier). The initial step of Sharia capital market developments in Indonesia began with the issuance of sharia funds on 25 June 1997 followed by the issuance of sharia bonds at the end of 2002, followed by the presence of the Jakarta Islamic Index (JII) in July 2000. The marketable securities traded on the stock exchange include stocks, bonds and mutual funds. Marketable securities are often referred to as ' financial instruments ' or ' securities ' or ' Sekuritas ' (Securities Act No. 8 year 1995 defines the capital market as "the activities concerned with public offerings and securities trading, public companies relating to securities, published, as well as institutions and professions relating to the securities". The capital market acts as a liaison between investors and companies or government institutions through the long-term trading of financial instruments. In an effort to support the realization of the Indonesian capital market to become a resilient and global economic driver of the national economy as stated in the Indonesian capital market blueprint, it needs to be done continuously to improve and expand the capital market infrastructure towards the better direction.

scholarly journals ELEMENTS OF CONTROL THEORY APPLIED TO AN INVESTMENT PORTFOLIO IN THE CAPITAL MARKET. THE OPTIMAL TIME HORIZON FOR SELLING A PORTFOLIO

2015 ◽  
Vol 1 (310) ◽  
Author(s):  
Jerzy Tymiński
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Optimal Time ◽  
Dynamic Programming Method ◽  
Financial Instruments ◽  
Investment Portfolio ◽  
Warsaw Stock Exchange ◽  
Investment Portfolios ◽  
Rational Investment ◽  
The Capital Market

The article presents a concept of capital management for assembling investment portfolios. Two optimization variants of a portfolio to be purchased are discussed. Portfolio I is structural, using the „traditional model”. To assemble Portfolio II, elements of reliability theory and the dynamic programming method were used. The article also analyses the sale of a portfolio with respect to the demand for financial instruments in the capital market. The presented concept dealing with rational investment decisions during transactions at the Warsaw Stock Exchange can also be used by managers to create an effective portfolio of financial instruments.

Growth of Capital Market in Nepal: Impact on Capitalization, GDP and NEPSE Index

2020 ◽  
Vol 11 ◽  
pp. 66-83
Author(s):  
Dhan Raj Chalise
Keyword(s):  
Capital Market ◽  
Significant Contribution ◽  
Positive Impact ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Resources ◽  
Descriptive Research ◽  
The Impact ◽  
The Capital Market

The capital market plays an importance role in an economy and provides the opportunity to the investor for the mobilization and channelization of funds. Nepalese capital market is in growing and improving phase. The objective of this study is to analyze the evaluation of the existing status of the capital market in term of its composition of types of the capital market and to examine the impact of capital mobilization in Gross Domestic Product (GDP) and to examine the contribution of capital market in financial resources and GDP. Besides, the study examines the share transaction in Nepal Stock Exchange (NEPSE) and its impact on NEPSE Index. The study period of 2000/01 to 2018/19 has been used for study purposes. Through the use of descriptive research design, the trends of capital market development track after 2000/01 to present status has been presented. Secondary data are analyzed through the use of regression and other descriptive statists to convert the information into data. The result indicates that the ordinary shares in the primary capital market and market capitalization in the secondary market has significant contribution for the capital market in Nepal. Also, the study reveals that there is a significant and positive impact of capital mobilization on GDP and the number of share transactions on the NEPSE Index in the Nepalese capital market. Hence there is a significant contribution of the capital market for financial resources mobilization and GDP of Nepal. The study reports for modernization and systematization of the capital market need more optimal efforts from concerned stakeholders.

FOREIGN INVESTMENT AND THE POLITICAL ECONOMY OF INDONESIAN CAPITAL MARKET IN 2015-2016

2019 ◽  
Vol 7 (6) ◽  
pp. 340-348
Author(s):  
Faris Al-Fadhat ◽  
Mohammad Raihan Nadhir
Keyword(s):  
Political Economy ◽  
Interest Rates ◽  
Foreign Investment ◽  
Capital Market ◽  
International Political Economy ◽  
Stock Exchange ◽  
Economic Stability ◽  
Foreign Investors ◽  
The Impact ◽  
The Capital Market

Purpose of the study: This article examines the impact of foreign investment—especially through the capital market—towards the economic stability and strategic policy in Indonesia. Despite being a member of G20, a group of states with the world’s highest Gross Domestic Products, Indonesia is still a developing state whose need for investment to support economic growth is high. On the other side, Indonesia has a low capital accumulation rate due to low people’s savings which inhibits the development projects. Therefore, the government prioritizes the incoming flow of foreign investment. Methodology: This study applies the international political economy approach to provide critical analysis of Indonesian contemporary foreign investment, especially in the capital market. The data used is the investment activities through the Indonesia Stock Exchange during 2015-2016. Main Findings: It argues that Indonesia’s considerable dependence on investment has enabled foreign investors to play the capital flow to influence the national economic stability for their interests. Such influence was a result of two strategies: (i) the transaction domination in the capital market through the Indonesia Stock Exchange, and (ii) the alliance with financial actors in accessing inside information—which is not commonly owned by domestic investors. Implications/Applications: This study suggests that the politics of foreign investors has contributed towards the changes of government policies in the financial sectors to facilitate the process and to ensure the flow of foreign investment to Indonesia. Such policies include the government’s control of interest rates, fiscal policy, as well as currency stability through macroprudential regulation. Novelty/Originality: Essentially, the capital market is not politically neutral. It has been used by foreign investors to augment their interests by dominating transactions and building political alliances at the domestic level.

scholarly journals Capital Market and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Bounds Testing Approach

2021 ◽  
Vol 1 (2) ◽  
Author(s):  
Panan Danladi Gwaison ◽  
Livinus Nkuri Maimako ◽  
Pokyes Shekara Mwolchet
Keyword(s):  
Economic Growth ◽  
Capital Market ◽  
Stock Exchange ◽  
Series Data ◽  
Fair Trading ◽  
Market Capitalization ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Long Run ◽  
The Capital Market

The role of the capital market in the growth and development of any economy need not be over-emphasized. The capital market is a complex institution and mechanisms through which economic units desirous to invest their surplus fund, interact directly or through financial intermediaries with those who wish to procure funds for their businesses. The Nigerian capital market started operations in mid-1961 with eight stocks and equities; with about seven United Kingdom (UK) firms quoted on the Nigerian Stock Exchange (NSE) which had, at the same time, dual quotations on the London Stock Exchange. This study examined the impact of the capital market on economic growth in Nigeria from 1981 to 2018. The expo facto research design was adopted for this study. The time-series data for the study were sourced from CBN statistical bulletin. Autoregressive Distributed Lag (ARDL) was used with the aid of e-view 10 software. The ARDL Bounds test revealed the existence of a long-run relationship among the variables. The result revealed that market capitalization has positive and insignificant effects on economic growth both in the short and long run. There is unidirectional causality among the variables.  The study recommended that regulatory authorities should restore confidence in the market by ensuring transparency and fair trading dealings and transactions in the market to enhance economic growth. There should be an improvement in the moribund market capitalization, by encouraging more foreign investors to participate in the market, maintain a state of the art technology like automated trading and settlement practices, electronic fund clearance, and eliminate physical transfer of shares.

scholarly journals Initial Public Offering (IPO) as a Potential Source of Capital for the Development of the Wood-based Industry Enterprises in Poland

2019 ◽  
Vol 1 (1) ◽  
pp. 117-123
Author(s):  
Leszek Wanat ◽  
Łukasz Sarniak ◽  
Elżbieta Mikołajczak
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Stock Exchange ◽  
Descriptive Analysis ◽  
Green Economy ◽  
Development Level ◽  
Warsaw Stock Exchange ◽  
Order Preference ◽  
Public Offering ◽  
The Capital Market

Abstract The quest for new sources of financing for the development of green economy sectors and enterprises is one of the challenges to effective management. This study verifies whether a relationship exists between the activity of selected companies who access the capital market in search for new financing sources, their development level and their competitive edge. The sample used in this study was composed of companies from the forestry and wood-based sector (a major part of the Polish economy) listed on the Warsaw Stock Exchange. The Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) was used to assess the development level of selected enterprises. The main recommendations were formulated based on the findings from the analysis of performance ratios and from the comparative and descriptive analysis of data on stock exchange transactions in the wood-based sector. This is because the assumption was made that by becoming more active in the capital market and, as a consequence, by strengthening their competitive position, the enterprises covered by this study may contribute to adding value in the circular economy.

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