scholarly journals An Analysis of the Relationship between Inflation and Gold Prices: Evidence from Pakistan

2013 ◽  
Vol 18 (2) ◽  
pp. 1-35 ◽  
Author(s):  
Saira Tufail ◽  
Sadia Batool
Keyword(s):  
Real Estate ◽  
Stock Prices ◽  
Foreign Currency ◽  
Stock Exchange ◽  
Asset Price ◽  
Price Inflation ◽  
Dual Nature ◽  
The Government ◽  
The Relationship ◽  
Unexpected Inflation

In this study, we formulate a new inflation equation to capture the potential effects of gold and stock prices on inflation in Pakistan. We aim to assess the inflation-hedging properties of gold compared to other assets such as real estate, stock exchange securities, and foreign currency holdings. Applying time-series econometric techniques (cointegration and vector error correction models) to data for 1960–2010, we find that gold is a potential determinant of inflation in Pakistan. On the other hand, it also provides a complete hedge against unexpected inflation. Real estate assets are more than a complete hedge against expected inflation, although stock exchange securities outperform gold and real estate as a hedge against unexpected inflation. Foreign currency proves to be an insignificant hedge against inflation. Given the dual nature of the relationship between gold and inflation, it is increasingly important for the government to monitor and regulate the gold market in Pakistan. Moreover, stock market investment should be encouraged by the government given that asset price inflation does not pose a critical problem for Pakistan as yet.

An Empirical Research on the Relationship between Real Estate Prices and Inflation

2011 ◽  
Vol 55-57 ◽  
pp. 1992-1996
Author(s):  
Tie Qun Li
Keyword(s):  
Real Estate ◽  
Stock Prices ◽  
Test Analysis ◽  
Social Demand ◽  
The Real Estate ◽  
Key Factor ◽  
Negative Effect ◽  
Labor Service ◽  
Real Estate Prices ◽  
The Relationship

The former researches referring to inflation and real estate prices concentrated mainly on the stock prices rather than the real estate prices. Owing to the enlarging ratio of real estate industry in national economy with each passing day, as well as the overheating real estate prices in recent years, the relationship between real estate prices and inflation is particularly vital to the monetary policy making for the monetary authorities. According to the test analysis of data from 2001 to 2009, it is found that real estate prices is Granger Cause of inflation while inflation is not the Granger Cause of real estate prices in this paper. Through the Effects of Wealth, Credit and Tobin, real estate prices drive the growth of social consumption and investments and expand the total social demand which possess an positive effect on inflation; nevertheless the rising of real estate prices causes the rising of currency for real estate purchasing, which, under the circumstance of that currency supply remains, will inevitably bring about the reduction of currency for other consumption and investments and restrain the total social demand which would mean a suppression of continuous rising of prices of other commodity and labor service. All these show that real estate also has a negative effect on inflation. The cancellations between the two effects make the long-term influence real estate bearing on inflation is not obvious. The experimental results indicate that when the price of real estate rises 1%, inflation only rises 0.058%. Consequently, a strict controlling of the amount of money issued is the key factor for keeping the over rapid rising of real estate prices from leading to inflation.

scholarly journals Asymmetric Macroeconomic Shocks and Asset Price Behaviors in Selected African Countries

2021 ◽  
Vol 11 (2) ◽  
pp. 90
Author(s):  
Saliu Mojeed Olanrewaju ◽  
Ogunleye Edward Oladipo
Keyword(s):  
Real Estate ◽  
Interest Rates ◽  
Asset Prices ◽  
Asset Price ◽  
Panel Cointegration ◽  
African Countries ◽  
Vector Autoregressive ◽  
Macroeconomic Variables ◽  
Real Estate Prices ◽  
The Relationship

This study examines the relationship between Asset prices (Stock and Real estate prices) and Macroeconomic variables in four selected African countries. The study employs the Westerlund Error Correction Based Panel Cointegration test and Eight-variable Structural Vector Autoregressive model to examine the relationship between asset prices and macroeconomic variables. Findings from the study confirm that no long-run relationship exists between both Asset prices and macroeconomic variables. The study equally reveals that portfolio diversification benefits of both stock and real estate markets are more pronounced in the period of a boom than the recession period in Africa. The results also show that GDP growth rate shock exerts a significant impact on both asset prices during expansion and recession periods. The study reveals that foreign interest rates and World oil price shocks are better predictors of both stock and real estate prices during the crisis period than in the expansion period.

scholarly journals Systematic illiquidity, characteristic illiquidity, and stock returns: Timeseries analysis

2022 ◽  
Vol 9 (2) ◽  
pp. 72-80
Author(s):  
Soltane et al. ◽  
Keyword(s):  
Emerging Markets ◽  
Stock Returns ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Systematic Risk ◽  
Timeseries Analysis ◽  
The Relationship

The objective of this research is to investigate the relationship between illiquidity and stock prices on the Tunisian stock exchange. While previous researches tended to focus on one form of illiquidity to examine this relationship, our study unifies three forms of illiquidity at the same time. Indeed, we simultaneously consider illiquidity as systematic risk, as a characteristic of the market, and as a characteristic of the stock. The aggregate illiquidity of the market is the average of individual stock illiquidity. The illiquidity risk is the sensitivity of the stock price to illiquidity shocks. Shocks of market illiquidity are estimated by the innovations in the expected market illiquidity. Results show that investors on the Tunisian stock exchange do not require higher returns when they expect a rise of market illiquidity, whereas investors on U.S markets are compensated for higher expected market illiquidity. In addition, shocks of market illiquidity provoke a fall in stock prices of small caps, while large caps are not sensitive to market illiquidity shocks. This differs slightly from results based on U.S. data where illiquidity shocks reduce all stock prices but most notably those of small caps. Robustness tests validate our findings. Our results are consistent with previous studies which reported that the “zero-return” ratio predicts significantly the return-illiquidity relationship on emerging markets.

scholarly journals PENGARUH VARIABEL AKUNTANSI TERHADAPPERUBAHAN HARGA SAHAM PERUSAHAAN YANG GO PUBLIC DI BURSA EFEK JAKARTA

2016 ◽  
Vol 5 (1) ◽  
pp. 1
Author(s):  
Setyaningsih Setyaningsih
Keyword(s):  
Stock Prices ◽  
Random Sampling ◽  
Stock Price ◽  
Stock Exchange ◽  
Financial Accounting ◽  
Study Analysis ◽  
Price Changes ◽  
Leverage Ratio ◽  
Independent Variables ◽  
The Relationship

The objective of this study is to investigate the relationship between accounting variables and stock price changes in Jakarta Stock Exchange (JSX). Some accounting variables in this study are devidend payout  ratio, assets size, assets growth , leverage ratio, variability in earning and covariability in earning as independent variables, the independent variables are stock  price changes. The study analysis 80 cases of active firms  in  the period of 1994 to 1997.  Data is collected by means of purpo sive random sampling. Regression analysis is used to analyse the data.The  result  of  the study  shows  that  there  is significant  affect  of  the  sevent financial accounting informations in the model as predictor of stock price changes (Y); there are two variables to be dropped because there is multicolinierity among variables. Those variables are leverage ratio (X5) and covariability in earning (X7) . There are five other independent variables affect significantly to stock prices changes (Y), which their contribution is 49%.

scholarly journals Relationship Between Deferred Tax Category and Stock Prices in Pharmacy

2018 ◽  
Vol 66 (6) ◽  
pp. 1469-1475
Author(s):  
Petr Habanec
Keyword(s):  
Time Series ◽  
Stock Prices ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Accounting Standards ◽  
Earning Management ◽  
International Accounting ◽  
International Accounting Standards ◽  
Deferred Tax ◽  
The Relationship

The paper deals with relationship between stock prices and deferred tax category. Joos, Pratt and Young provided evidence that book‑tax differences are correlated with earning management. In this paper is confirmed negative relationship between stock prices and deferred tax. The relationship is assessed on sample of companies making business in pharmacy (CZNACE‑C‑21). The relationship between deferred tax category and stock prices is assessed on a sample of companies in the time series from 2005 to 2015. Sample consists of companies listed on Frankfurt stock exchange and reporting in accordance with international accounting standards IAS/IFRS. The stock prices dataset is based on Morningstar database. The results are compared with the results of author ’s previous study concerning the deferred tax materiality.

scholarly journals Pengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Pengungkapan CSR sebagai variabel Moderasi (Perusahaan yang tergabung di JII dan Indeks SRI-KEHATI periode 2016-2018)

2020 ◽  
Vol 6 (11) ◽  
pp. 2331
Author(s):  
Niswatin Chasanah ◽  
Sylva Alif Rusmita
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Test Sample ◽  
Independent Variables ◽  
Index Stock ◽  
Csr Disclosure ◽  
Corporate Social ◽  
Relationship Of ◽  
The Relationship

This study aims to determine and analyze the effect of profitability (ROA) on stock prices with corporate social responsibility (CSR) as a variable that moderates the two variables. The object of this research is companies incorporated in JII and SRI-KEHATI indexes that meet the test sample criteria during the period 2016 - 2018. This study uses a quantitative approach. Analysis of the data in this study used a moderation regression analysis (MRA). This study uses 20 samples for the JII index and 21 for the SRI-KEHATI index. Data obtained from the company's financial statements incorporated in JII and the SRI-KEHATI index for the period of 2016 - 2018 on the Indonesia Stock Exchange (IDX) website. The results showed that Return On Assets (ROA) had a significant effect on JII stock prices and SRI-KEHATI index stock prices. Furthermore, with CSR as a moderating variable showing the results of research with JII that is partially CSR disclosure shows a significant value which means CSR disclosure is able to moderate the relationship of ROA with JII stock prices. Overall (simultaneous) independent variables (ROA, CSR, ROA * CSR) significantly influence the stock price of JII. Furthermore, the results of research with the SRI-KEHATI index partially disclose CSR as a moderating variable showing a significant value. This means that CSR disclosure is not able to moderate the relationship of ROA with JII stock prices. while overall (simultaneous) independent variables (ROA, CSR, ROA * CSR) affect the stock price of the SRI-KEHATI index.Keywords: Profitability,StockPrice,ROA,CSR

Brokerage fee, ownership expropriation and earnings management of Malaysian property companies

2018 ◽  
Vol 36 (4) ◽  
pp. 461-482 ◽  
Author(s):  
Lik Jing Ung ◽  
Rayenda Khresna Brahmana ◽  
Chin-Hong Puah
Keyword(s):  
Real Estate ◽  
Earnings Management ◽  
Stock Exchange ◽  
Real Estate Industry ◽  
Kuala Lumpur ◽  
Probit Regression ◽  
Content Type ◽  
The Real Estate ◽  
Report Data ◽  
The Relationship

Purpose The purpose of this paper is to investigate whether real estate companies manipulate their earnings through the brokerage fee across ownership expropriation or not. Design/methodology/approach This study considers Kuala Lumpur Stock Exchange listed real estate firms to investigate how the brokerage fee in the real estate industry might affect the earnings management of firms across its ownership expropriation. Using annual report data, the authors investigate the associations over a panel for the period 2008−2012. Robust panel regression is used to divulge the probability values with reference by probit regression. Findings Overall, the results show that high brokerage fees would drive more events of earnings management and that, generally, the ownership concentration among Malaysian real estate firms significantly affects the earnings management of the firms. Practical implications This study shows that firm profitability and brokerage fees enhance the probability of firm’s earnings management. A low brokerage fee would reflect low revenue to the company. Therefore, management would opt to manipulate earnings in order to overstate earnings, which garners more interest from investors. Originality/value Real estate values in Malaysia have climbed steadily over the years due to a combination of reasons giving companies a higher brokerage fee. Earnings management has become a big issue for property investors. The study demonstrates the relationship between earnings management and brokerage fee across ownership expropriation which can be considered by shareholders in their own strategic planning and investors in their own investing.

scholarly journals Pengaruh Return On Assets (ROA Terhadap Harga Saham dengan Earning PerShare (EPS) sebagai Intervening (Studi Kasus pada Perusahaan Sub SektorTekstil dan Garmen yang terdaftar di Bursa Efek Indonesia Periode 2013-2016)

2018 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Fiona Mutiara Efendi ◽  
Ngatno Ngatno
Keyword(s):  
Regression Analysis ◽  
Capital Markets ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Rapid Development ◽  
Linear Regression Analysis ◽  
Return On Assets ◽  
Analysis Technique ◽  
The Relationship

The rapid development of capital markets are now attracting the attention of people andcapital owners to invest in capital markets. During the year 2013-2016 the average stock price of the textile and garment enterprises sub-sector experienced a fluctuating condition. The financial ratios that are suspected to affect the ups and downs of stock prices are ROA and EPS. The population of this research are 15 Textile and Garment Sub-Sector Companies listed on Indonesia Stock Exchange in 2013-2016. The analysis technique used is linear regression analysis with SPSS program. This study aims to determine the effect of ROA on stock prices through EPS as a mediator. The results showed that ROA has no significant effect on stock prices, but ROA has a significant influence on the mediation variable that is EPS. EPS variable has positive and significant effect to stock price. ROA and EPS have a significant effect on stock prices. EPS is fully mediated variable and can significantly mediate the relationship between ROA and stock prices. Based on the analysis results, can be concluded that the variables that affect the stock price is EPS, while the ROA variable does not affect the stock price. As well as EPS variables can mediated the relationship between ROA and stock prices. The results of this research, it is expected the company further increase the profitability of the company in order to increase the stock price so that it can give benefit the company and investors.

scholarly journals PENGARUH INVESTMENT OPPORTUNITY SET DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DIMEDIASI OLEH HARGA SAHAM SEKTOR PERKEBUNAN

2020 ◽  
Vol 16 (1) ◽  
pp. 26
Author(s):  
Adi Hasan Ragil Saputra
Keyword(s):  
Stock Prices ◽  
Firm Value ◽  
Structural Equation ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Equation Modeling ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
The Government ◽  
Positive Effect

The purpose of this study is to examine the effect of investment opportunity set (IOS), profitability on firm value is intervening by stock prices. This study used 14 plantation sector companies listed on the Indonesia Stock Exchange during 2013-2017 with a sampling technique that was purposive sampling using structural equation modeling (SEM) analysis. The results showed that IOS had no affect stock prices. Profitability has a positive effect on stock prices. IOS has a positive effect on company value. Profitability had no effect the value of the company. Stock prices have a positive effect on firm value. IOS had no effect the value of the company intervening by stock prices. Profitability has a positive effect on firm value intervening by stock prices. The advice given is for company management and the government to carry out domestic and international synergies. Domestic synergy aims to create product downstream, political, legal and economic stability. While international synergy aims to secure the export portion, sustainable plantation socialization and open new markets

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