scholarly journals Should Budapest stock exchange market investors be afraid of Brexit: a wavelet coherence analysis

2019 ◽  
Author(s):  
Harun Ercan ◽  
Mert Mentes
Keyword(s):  
Stock Markets ◽  
Stock Exchange ◽  
Wavelet Coherence ◽  
Exchange Market ◽  
Wavelet Method ◽  
Market Data ◽  
The Uk ◽  
Wavelet Coherence Analysis ◽  
Practical Implications ◽  
The Eu

Purpose − this study investigates the stock market co-movements among three countries to observe the contagion which can be increased during Brexit. Research methodology – Wavelet method used in this study to illustrate exciting dynamics of the coherence between the UK, German and Hungarian stock markets since 2012. Findings – the results show that the connection of the Budapest Stock Exchange and London Stock Exchange Market Indices is increasing recently. The coherence between DAX and FTSE appears to be very high lately. This supports the idea that may affect Hungarian markets. Research limitations – because of the nonstationary of the time series such as stock exchange market data, it is essential to have a measure of correlation or coherence such as wavelet. The days on which both markets were open could be used to see the co-movements better. Practical implications – this paper aims to show if there is a particular sign for a co-movement between markets and therefore warns the investors about a dramatic change which might appear after Brexit. After the decision of Brexit, investors in many markets do not know what their future position should be. Although it is still unknown how FTSE will react when Britain leaves the EU, as a major country of the Union it may create some sanctions. These sanctions may harm many stock markets as it may create new fluctuations. Originality/Value – this study used a technique called wavelet to search the possible effects of Brexit in an Eastern economy. The novelty of this paper is coming from the application of the wavelet method by using financial market data, that enables us to understand the relations among stock markets during no crisis time. Because many studies focus on big markets in Europe such as British, German and French stock markets, the main contribution of this study fills the gap in the literature on the effects of Brexit in an Eastern Europe Economy

scholarly journals Co-movement of stock exchange indices and exchange rates in Ghana: A wavelet coherence analysis

2018 ◽  
Vol 5 (1) ◽  
pp. 1481559
Author(s):  
Peterson Owusu Junior ◽  
Baidoo Kwaku Boafo ◽  
Bright Kwesi Awuye ◽  
Kwame Bonsu ◽  
Henry Obeng-Tawiah ◽  
...  
Keyword(s):  
Exchange Rates ◽  
Stock Exchange ◽  
Wavelet Coherence ◽  
Coherence Analysis ◽  
Wavelet Coherence Analysis

ESMA issues Brexit opinions to EU regulators: a warning shot not only to the UK but also to the EU27

2017 ◽  
Vol 18 (4) ◽  
pp. 50-52
Author(s):  
William Yonge ◽  
Simon Currie
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Content Type ◽  
Regulatory Response ◽  
Market Participants ◽  
Financial Firms ◽  
Practical Guidance ◽  
The Uk ◽  
Practical Implications ◽  
The Eu

Purpose To summarize and analyse four opinions issued in May and July 2017 by the European Securities and Markets Authority (“ESMA”) concerning regulatory and supervisory arbitrage risks that arise as a result of increased requests from financial market participants to relocate activities and functions in the EU27 following the UK’s decision to withdraw from the EU, and the expected regulatory response to those risks. Design/methodology/approach Discusses the possible relocation of financial firms, activities and functions following the UK’s decision to withdraw from EU; the resulting cross-sectoral regulatory and supervisory arbitrage risks that ESMA foresees; nine principles that ESMA enumerates to guide its regulatory response to those risks; some common themes that emerge from ESMA’s July Opinions; and the implications for UK firms and trading venues seeking to establish a presence in the EU 27. Findings ESMA foresees regulatory and arbitrage risks in Brexit and a potential “race to the bottom” as certain national regulators jostle for and grab UK market share. Practical implications UK firms and trading venues seeking to establish a presence in the EU27 from which to operate will need to give detailed consideration and focus to the resources and operational substance which will need to be located in the jurisdiction in which that presence is established. Originality/value Practical guidance from experienced financial services, securities and fund management lawyers.

scholarly journals Impact of Covid-19 in Bangladesh Stock Market

2020 ◽  
Vol 4 (2) ◽  
pp. 22-23
Author(s):  
Sunjida Haque ◽  
Tanbir Ahmed Chowdhury
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Exchange ◽  
Potential Consequence ◽  
Economic Activities ◽  
Market Data ◽  
Policy Interventions ◽  
The World ◽  
Before And After ◽  
The Impact

The world's big economies are roiled and going under a devastating threat amid the impact of the COVID-19 pandemic. No country will be safe as this virus will eventually outbreak everywhere, regardless of how countries prepare to avoid it. The economic ramification as well as the stock market crisis will be uncertain due to the extended suspension of economic activities in almost every country. No wonder, the clattered stock markets of Bangladesh which have already got the adjective of “the worst stock market in the world” because of inefficient and irrational fluctuations in previous years will experience a colossal crisis due to the pandemic. The article provides an investigation on comparable analysis of the impact on stock markets of Bangladesh, Dhaka stock exchange, and Chittagong stock exchange, before and after the pandemic situation with current market data. We also examine the potential consequence of policy interventions to the market and the investors during a pandemic.

scholarly journals Codes of ethics content: UK and Australian corporations

2019 ◽  
Vol 31 (5) ◽  
pp. 669-687
Author(s):  
Greg Wood ◽  
Georgina Whyatt ◽  
Michael Callaghan ◽  
Goran Svensson
Keyword(s):  
Code Of Ethics ◽  
Stock Exchange ◽  
Codes Of Ethics ◽  
Ethical Standards ◽  
Content Type ◽  
Content Classification ◽  
The Uk ◽  
Societal Expectations ◽  
Practical Implications ◽  
Insight Into

Purpose This study aims to compare the content of the codes of ethics of the top 50 corporations in the UK and Australia. Design/methodology/approach The code of each of the 50 top companies listed on the London Stock Exchange and the 50 top companies listed on the Australian Stock Exchange based on market capitalization was read against an updated version of a previous code content classification system. Findings This research provides valuable insights into the similarities and differences that exist between the expected ethical standards in corporations based in two historically linked and culturally related countries: corporate approaches that are worthy of comment. Research limitations/implications This paper does provide a sound basis for further investigation and cross-country comparisons of corporate codes of ethics. Practical implications The instrument used for classifying code content gives an insight into the top companies operating in the UK and Australia and what they consider important to cover within a code of ethics. Social implications In light of increasing societal expectations of corporate ethical standards, this research study offers improved understanding of/insight into the development of codes of ethics as a means to guide organizational behaviours/conduct. Originality/value This study proposes a contemporary instrument for the analysis of codes of ethics that has built upon the work of others over the past 30 years.

scholarly journals Demutualization in Developing and Developed Country Stock Exchanges

2015 ◽  
Vol 3 (2) ◽  
pp. 35-58
Author(s):  
Muhammad Hammad ◽  
Adil Awan ◽  
Amir Rafiq
Keyword(s):  
Hong Kong ◽  
Stock Markets ◽  
Stock Exchange ◽  
Composite Index ◽  
Stock Exchanges ◽  
Return Volatility ◽  
Developed Country ◽  
Lm Test ◽  
The Uk ◽  
The Impact

This study considers seven different stock exchanges in order to measure the impact of demutualization announcements on stock market return volatility. This is measured based on the daily index prices of all seven indices: the Toronto Stock Exchange (TSX) in Canada, the FTSE 100 in the UK, the Straits Times Index (STI) in Singapore, the Nikkei 225 in Japan, the Kuala Lumpur Composite Index (KLCI) in Malaysia, the SENSEX in India, and the Hang Seng Index (HSI) in Hong Kong, China. A dummy variable is used to differentiate between pre- and post-event data. We use the augmented Dickey–Fuller test, the ARCH LM test and GARCH (1, 1) methodology to measure return volatility due to demutualization announcements. The results show that the decision to demutualize did not affect the UK, Singapore, and Indian stock markets, where volatility is explained by other factors. It did, however, affect the Canadian, Japanese, Hong Kong, and Malaysian stock markets. Moreover, the Canadian and Malaysian market swere negatively affected, while the Hong Kong and Japanese markets reacted positively to the demutualization announcements.

scholarly journals An Unconventional Example of Big Data: BIST-100 Banking Sub-Index of Turkey

2018 ◽  
Author(s):  
Sadullah Çelik ◽  
Elif İşbilen
Keyword(s):  
Big Data ◽  
Stock Market ◽  
Interest Rates ◽  
Stock Exchange ◽  
Great Influence ◽  
Wavelet Coherence ◽  
Exchange Market ◽  
Economic Agents ◽  
Turkish Economy ◽  
Rich Data

This paper applies Big Data concept to an emerging economy stock exchange market by examining the relationship between price and volume of the Banking index in BIST-100. Stock markets have been commonly analyzed in big data studies as they are one of the main sources of rich data with recordings of hourly and minutely transactions. In this sense, nowcasting the economic outlook has been related to the fluctuations in the stock exchange market as news from companies open to public became important sources of changes in expectations for economic agents. However, most of the previous studies concentrated on the main stock market indices rather than the major sub-indices. This study covers the period 13 December 2017 – 12 March 2018, with minute data and approximately 31000 observations for each of the 11 bank stocks. The effects of stock market movements on exchange rates and interest rates are also examined. The methodologies used are frequency domain Granger causality of Breitung and Candelon (2006) and wavelet coherence of Grinsted et al. (2004). The main finding is the supremacy of the banking index as it seems to have great influence on economic fluctuations in Turkish economy through other high frequency variables and the households’ expectations.

scholarly journals Determinants of corporate compliance with modern slavery reporting

2019 ◽  
Vol 25 (1) ◽  
pp. 1-16 ◽  
Author(s):  
Anthony Flynn
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Institutional Pressures ◽  
Content Type ◽  
Corporate Compliance ◽  
Risk Profiling ◽  
Modern Slavery ◽  
The Uk ◽  
Practical Implications

Purpose This paper aims to investigate the determinants of corporate compliance with the transparency in supply chains provision of the UK Modern Slavery Act. While recent scholarship has described what firms are doing to comply with this Act, no attempt has been made to explain their behaviour. Design/methodology/approach A predictive model of corporate compliance with modern slavery reporting is tested using secondary data from Financial Times Stock Exchange 350 firms. The model is informed by institutional theory and, in particular, by Oliver’s (1991) insights into the conditions under, which firms respond to institutional pressures. Findings Compliance with modern slavery reporting is found to be significantly related to firm size, prior social responsibility commitment, network involvement, industry and headquarter base (UK versus non-UK). Other predictors such as media exposure, shareholder concentration and profitability are found to be non-significant. Research limitations/implications The focus is on the 350 largest publicly listed companies in the UK. The stances that firms outside of this cohort are taking on modern slavery reporting still need to be investigated. Practical implications Compliance with the UK Modern Slavery Act varies by industry. Regulators should consider this as a part of risk profiling strategies and follow-up inspection of firms. Originality/value This paper provides the first theoretically grounded examination of the organisational and environmental factors that determine corporate compliance with modern slavery reporting.

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