scholarly journals Cultural Specifics and the Momentum Effect on the Bulgarian Stock Exchange

2021 ◽  
Vol 3 (1) ◽  
pp. 1
Author(s):  
Bozhidar Nedev
Keyword(s):  
Stock Exchange ◽  
Return Predictability ◽  
Specific Information ◽  
Momentum Effect ◽  
Cultural Characteristics ◽  
Short Term ◽  
Culture Model ◽  
The Relationship

This article analyses the relationship between the documented momentum effect on the Bulgarian Stock Exchange and the cultural characteristics of Bulgarian society on the basis of the 6-Dimensions Culture Model by Hofstede. Derived are possible behavioural biases, that could cause investors to underreact to firm-specific information, resulting in short-term return predictability. Outlined are implications for the relation between the rising of momentum effect and low individualism index, as identified on the Bulgarian Stock Exchange (BSE).

Cross-Sectional Return Predictability in Taiwan Stock Exchange: An Empirical Investigation

2014 ◽  
Vol 17 (02) ◽  
pp. 1450010 ◽  
Author(s):  
Nusret Cakici ◽  
Kudret Topyan ◽  
Chia-Jane Wang
Keyword(s):  
Cash Flow ◽  
Predictive Power ◽  
Empirical Investigation ◽  
Stock Exchange ◽  
Return Predictability ◽  
Idiosyncratic Volatility ◽  
Short Term ◽  
Cross Sectional ◽  
Multiple Regressions ◽  
Taiwan Stock Exchange

This paper provides an analysis of the effectiveness of certain return predictors in Taiwan Stock Exchange (TWSE) from January 1990 to December 2011 by employing both portfolio method and cross-sectional regressions. While we found no statistically significant predictive power of beta, total volatility, and idiosyncratic volatility the two cheapness variables, book-to-market (BKMT) and cash-flow-to-price (FPR) ratios showed strong consistent economically and statistically significant predictive powers. In addition, our multiple regressions found predictive power in total volatility, short-term reversal (STREV), and market capitalization in the set of small stocks, while our all stock set showed predictive power only in total volatility and STREV.

scholarly journals Impact of Capital Structure on Profitability:An empirical analysis of listed firms in India

2018 ◽  
Vol 7 (2) ◽  
pp. 1-6
Author(s):  
Atif Ghayas ◽  
Javaid Akhter
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Short Term ◽  
Return On Equity ◽  
Listed Firms ◽  
Relationship Capital ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect

This study aims to empirically examine and analyze the impact of capital structure decision on the firm’s profitability by using a sample of 35 Indian pharmaceutical companies listed on Bombay Stock Exchange (BSE) during the period of 5 years from 2012 to 2016. Regression Analysis is used to measure the extent and nature of the relationship. Capital structure variables used in the study are ratio of long-term debt to total assets (LDA), ratio of short-term debt to total assets (SDA) and ratio of Total debt to total assets (DA) while profitability has been measure by Return on Equity (ROE). Firms Size (SIZE)and Salesgrowth(GROW) are also used as control variables. Results reveal a positive effect of SDA and DA on ROE, while a weak-to-no effect was found of LDA on ROE.

PENGARUII CORPORATE GOWRNANCE TERIIADAP STRUKTUR MODAL DAN KINERJA PERUSAHAAI\: STUDI EMPIRIS PADA FAMILY BASINESS GROUP YANG TERDAFTAR DI BURSA EFEK JAKARTA

2007 ◽  
Vol 2 (1) ◽  
pp. 23
Author(s):  
Freddy Iston Hasil Marbudi Pangaribuan
Keyword(s):  
Capital Structure ◽  
Internal Control ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Short Term ◽  
Internal Mechanism ◽  
Big Six ◽  
The Relationship

The aim of this research is to examine the effect of corporate governancet's internal mechanism that ls institutionii o*r"rriip, oi both firm performance and firm capital structure. To the extent, the moderating effect of managerial ownership on the relationship between institutional ownership,-fir* performance and capital structure wilt be examined as well.The sample of this research is drar,vn fro* companies within the big six family,owned business in Indonesia, which are listed at The Jakarta Stock Exchange fro* 1998 until 2005. Using the Moderated Regression Analysis (MRA),. the result shows that both institutional and managerial ownership fail to demonstrate the direct and moderated effect on both performance and capital structure. These findings suggest that the froil of economic, social and political circumstances create the "short term-focused" toward investment return. Moreover, the slow achiqement of collusion, corruption, and nepotism (KI< I) eradication has resulted in sudden-withdrawal of investor's investment. Hence, the internal control mechanism of corporate governance which is long-term focused and associated with KKI{ eradi cation cannot b e su cc es sfully impl em ent ed.Keywords: Institutional ownership, managerial ownership, performance,capital structure

Investigating the Relationship (Short-term and Long-term) Between Cash Flow Management and Financial Performance of Firms Listed in Tehran Stock Exchange

2015 ◽  
Vol 5 (8) ◽  
pp. 116
Author(s):  
Abolfazl Ghadiri Moghaddam ◽  
Mahdi Filsaraei ◽  
Jamshid Khademi ◽  
Javad Askarizadeh ◽  
Zahra Mojarad Neyshaburi ◽  
...  
Keyword(s):  
Financial Performance ◽  
Cash Flow ◽  
Stock Exchange ◽  
Short Term ◽  
Flow Management ◽  
Cash Flow Management ◽  
The Relationship

Market States and Momentum: Evidence from the Dhaka Stock Exchange

2017 ◽  
Vol 20 (02) ◽  
pp. 1750011 ◽  
Author(s):  
Mostafa Saidur Rahim Khan
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
Market Performance ◽  
Regression Coefficients ◽  
Nonlinear Relationship ◽  
Momentum Effect ◽  
Short Term ◽  
Momentum Profits

This study examines the momentum effect in the Dhaka Stock Exchange (DSE) listed stock returns on the basis of market states. Momentum profits are found to be significantly positive in UP market states but insignificant in DOWN market states. Momentum profits evident in UP market states are also found to revert in the long term. The evidence of short term momentum and long term reversal hold true even after adjusting for risks. In addition to short-term momentum and long-term reversal, regression coefficients also provide evidence for a positive but nonlinear relationship between momentum profits and market states. Maximum momentum profits are found at the median market performance not at the peak. Findings of this study suggest that investors’ overreaction causes momentum profits in the DSE.

scholarly journals ANALYSIS OF FACTORS AFFECTING THE INDONESIAN SYARIAH STOCK INDEX (ISSI) ON THE INDONESIAN STOCK EXCHANGE (IDX)

2019 ◽  
Vol 8 (2) ◽  
pp. 26
Author(s):  
Siska Angriani Hasibuan ◽  
Armin Rahmansyah
Keyword(s):  
Exchange Rate ◽  
Stock Exchange ◽  
Stock Index ◽  
Variable Amount ◽  
Short Term ◽  
Correction Model ◽  
Factors Affecting ◽  
Independent Variables ◽  
The Relationship

The Indonesian Syariah Stock Index (ISSI) is an indicator that can be used by investors to know the movements of the sharia stock market. This research aims to analyze the effect of the Indonesian Syariah Stock Index (ISSI) on the Indonesian Stock Exchange (IDX). The analysis uses equations by the method of Error Correction Model (ECM). This study analyzed the relationship between the dependent and independent variables in both the short term and long term. Estimation results show that in the long term and the short term, the variable amount of the inflation was a positif and significant in the short term but not significant in the long term affect the Indonesian Syariah Stock Index (ISSI). The variable amount of the BI rate and exchange rate was a negative and significant in the short term but not significant in the long term affect the Indonesian Syariah Stock Index (ISSI). These results show that inflation, BI rate and exchange rate was significant in the short term affect the Indonesian Syariah Stock Index (ISSI) on the Indonesian Stock Exchange (IDX).

An Empirical Study on Capital Structure and Corporate Performance of Chinese Listed Companies

2016 ◽  
Vol 5 (3) ◽  
Author(s):  
Fahd Al-Duais
Keyword(s):  
Capital Structure ◽  
Corporate Performance ◽  
Positive Impact ◽  
Stock Exchange ◽  
Listed Companies ◽  
Short Term ◽  
Chinese Listed Companies ◽  
The Impact ◽  
The Relationship

The relationship between level of debt and the companys performance remains an important unsolved issue in the field of financing. It is very important to know how Chinas listed companies manage their capital towards business growth. This paper investigates the impact of the capital structure on corporate performance of a sample of 711 listed companies on the Shenzhen Stock Exchange in China in 2014. The results indicates that there is a positive relation between financial leverage and corporate performance as well as there is a positive impact that the mixture of long-term debt and short-term debt (using total debt). This would help decision maker in the companies to finance firms operation in the both periods. On the other hand, the short term debt has a negative relation and impact on corporate performance compared to the changing in firm size which cannot change in the profitability of firms.

scholarly journals ANALYSIS OF FACTORS AFFECTING THE INDONESIAN SYARIAH STOCK INDEX (ISSI) ON THE INDONESIAN STOCK EXCHANGE (IDX)

2020 ◽  
Vol 8 (2) ◽  
Author(s):  
Siska Angriani Hasibuan
Keyword(s):  
Exchange Rate ◽  
Stock Exchange ◽  
Stock Index ◽  
Variable Amount ◽  
Short Term ◽  
Correction Model ◽  
Factors Affecting ◽  
Independent Variables ◽  
The Relationship

The Indonesian Syariah Stock Index (ISSI) is an indicator that can be used by investors to know the movements of the sharia stock market. This research aims to analyze the effect of the Indonesian Syariah Stock Index (ISSI) on the Indonesian Stock Exchange (IDX). The analysis uses equations by the method of Error Correction Model (ECM). This study analyzed the relationship between the dependent and independent variables in both the short term and long term. Estimation results show that in the long term and the short term, the variable amount of the inflation was a positif and significant in the short term but not significant in the long term affect the Indonesian Syariah Stock Index (ISSI). The variable amount of the BI rate and exchange rate was a negative and significant in the short term but not significant in the long term affect the Indonesian Syariah Stock Index (ISSI). These results show that inflation, BI rate and exchange rate was significant in the short term affect the Indonesian Syariah Stock Index (ISSI) on the Indonesian Stock Exchange (IDX).

scholarly journals Australian Stock Exchange and sub-variants of price momentum strategies

2018 ◽  
Vol 15 (1) ◽  
pp. 224-235
Author(s):  
Abdullah Ejaz ◽  
Petr Polak
Keyword(s):  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Investment Strategies ◽  
Momentum Effect ◽  
Short Term ◽  
Momentum Strategies ◽  
Price Momentum ◽  
Return Behavior

The aim of this study is to examine the sub-variants of price momentum strategies. The paper recommends which sub-variants post above average returns for Australian Stock Exchange. It also analyzes the return behavior of short-term momentum effect among sub-variants of price momentum strategies. It has been found that monthly price momentum strategies result in above average abnormal returns, whereas weekly price momentum strategies should be used in combination with monthly price momentum strategies. Trading volume-based momentum investment strategies should not be used at all.

scholarly journals Impact of Money, Interest Rate and Inflation on Dhaka Stock Exchange (DSE) of Bangladesh

2017 ◽  
pp. 41-54 ◽  
Author(s):  
Shakira Mahzabeen
Keyword(s):  
Interest Rate ◽  
Money Supply ◽  
Inflation Rate ◽  
Stock Exchange ◽  
Strong Impact ◽  
Short Term ◽  
Causality Test ◽  
Pairwise Correlation ◽  
The Impact ◽  
The Relationship

In this study, the impact of money supply, interest rate and inflation on Dhaka Stock Exchange (DSE) of Bangladesh is explored. These macroeconomic variables are said to have strong impact on capital market. The purpose of this study is to find out if it is true for Dhaka Stock Exchange. For this purpose, data were collected for a period of twelve years from January 2001 to December 2012, on 144 variables. Broad money supply (M2) has been taken as a measure of money supply, 91-days T-bill has been taken as a measure of short-term interest rate and CPI general inflation rate (Base: 1995=100) has been taken as a measure of inflation rate. Apart from that many rules and regulations were reviewed. As to the relationship of the market indices, month-end DGEN Index and its percentage change were used in this paper. A unit root test has been done to see the stationarity of the variables because stationary data are needed for the analysis. A pairwise correlation matrix shows that there was no multicolinearity problem. A simple OLS regression indicates a relationship with money growth, interest rate. But Granger causality test shows that there is only a slight relationship with short term interest rate, nothing else. Overall though a short-run relationship is found between interest rate and market index; the relationship is not very strong. It is proposed that a study estimating long run impact of the explanatory variables should be taken up to know the full effect.Journal of Business and Technology (Dhaka) Vol.11(1-2) 2016; 41-54

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