On The Risk-Return Relationship in European and MENA Major Stock Markets During the 2008 Financial Crisis

2016 ◽  
pp. 252-264
Author(s):  
Salim Lahmiri ◽  
Stephane Gagnon
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Stock Markets ◽  
Mena Region ◽  
2008 Financial Crisis ◽  
Risk Return ◽  
Show Evidence ◽  
The 2008 Financial Crisis ◽  
European Stock Markets ◽  
The Relationship

The purpose of this study is to examine the relationship between risk and return in financial markets. In particular, a comparative study is conducted to shed light on such association by using stock market data from Middle East and North Africa (MENA) and Europe. The exponential generalized autoregressive conditionally heteroskedastic in the mean (EGARCH-M) methodology is adopted to investigate the return generating process in financial markets under study during the 2008 financial crisis. Empirical findings show evidence that some MENA region financial markets generated more risk reward than European stock markets.

Emerging Markets Reward Risk

2016 ◽  
Vol 7 (3) ◽  
pp. 65-76
Author(s):  
Salim Lahmiri ◽  
Stephane Gagnon
Keyword(s):  
Financial Crisis ◽  
North Africa ◽  
Stock Markets ◽  
Mena Region ◽  
2008 Financial Crisis ◽  
International Financial Crisis ◽  
Show Evidence ◽  
European Stock Markets ◽  
The Relationship ◽  
Asset Managers

The relationship between risk and return in Middle East and North Africa (MENA) region stock markets is estimated during 2008 international financial crisis; including Jordan, KSA, Morocco, and Turkey. For comparison purpose, stock markets from Europe are also examined; including, FTSE (UK), CAC40 (France), DAX (Germany), and the Swiss market. The empirical findings show evidence that; contrary to European stock markets; MENA region stock markets generally reward risk during 2008 financial crisis. This result is important for international asset managers and investors to consider investing in emergent markets from MENA region.

Emerging Markets Reward Risk

2018 ◽  
pp. 421-433
Author(s):  
Salim Lahmiri ◽  
Stephane Gagnon
Keyword(s):  
Financial Crisis ◽  
Stock Markets ◽  
Mena Region ◽  
2008 Financial Crisis ◽  
Risk And Return ◽  
International Financial Crisis ◽  
Show Evidence ◽  
European Stock Markets ◽  
The Relationship ◽  
Asset Managers

The relationship between risk and return in Middle East and North Africa (MENA) region stock markets is estimated during 2008 international financial crisis; including Jordan, KSA, Morocco, and Turkey. For comparison purpose, stock markets from Europe are also examined; including, FTSE (UK), CAC40 (France), DAX (Germany), and the Swiss market. The empirical findings show evidence that; contrary to European stock markets; MENA region stock markets generally reward risk during 2008 financial crisis. This result is important for international asset managers and investors to consider investing in emergent markets from MENA region.

RESPONSE OF STOCK MARKET DURING COVID-19 AND 2008 FINANCIAL CRISIS: A COMPARATIVE EVIDENCE FROM BRICS NATIONS

2021 ◽  
pp. 1-24
Author(s):  
SANJEEV KUMAR ◽  
JASPREET KAUR ◽  
MOSAB I. TABASH ◽  
DANG K. TRAN ◽  
RAJ S DHANKAR
Keyword(s):  
South Africa ◽  
Financial Crisis ◽  
Stock Market ◽  
Stock Returns ◽  
Stock Markets ◽  
2008 Financial Crisis ◽  
First Case ◽  
Egarch Model ◽  
The 2008 Financial Crisis ◽  
The Impact

This study attempts to examine the response of stock markets amid the COVID-19 pandemic on prominent stock markets of the BRICS nation and compare it with the 2008 financial crisis by employing the GARCH and EGARCH model. First, average and variance of stock returns are tested for differences before and after the pandemic, t-test and F-test were applied. Further, OLS regression was applied to study the impact of COVID-19 on the standard deviation of returns using daily data of total cases, total deaths, and returns of the indices from the date on which the first case was reported till June 2020. Second, GARCH and EGARCH models are employed to compare the impact of COVID-19 and the 2008 financial crisis on the stock market volatility by using the data of respective stock indices for the period 2005–2020. The results suggest that the increasing number of COVID-19 cases and reported death cases hurt stock markets of the five countries except for South Africa in the latter case. The findings of the GARCH and EGARCH model indicate that for India and Russia, the financial crisis of 2008 has caused more stock volatility whereas stock markets of China, Brazil, and South Africa have been more volatile during the COVID-19 pandemic. The study has practical implications for investors, portfolio managers, institutional investors, regulatory institutions, and policymakers as it provides an understanding of stock market behavior in response to a major global crisis and helps them in taking decisions considering the risk of these events.

The Neodevelopmentalist Front and Mercosur under the PT Governments: The Rise and Fall of Multidimensional Regionalism

2021 ◽  
pp. 0094582X2110293
Author(s):  
Tatiana Berringer
Keyword(s):  
Financial Crisis ◽  
Regional Integration ◽  
Political Process ◽  
The Political ◽  
2008 Financial Crisis ◽  
The Social ◽  
Integration Mechanisms ◽  
The 2008 Financial Crisis ◽  
The Impact ◽  
The Relationship

An analysis of the relationship between classes and class fractions and Mercosur under the PT (Workers’ Party) governments suggests that the transition from the open regionalism of the 1990s to the multidimensional regionalism of the 2000s and the crisis of the latter were linked to the overlap between the regional integration mechanisms Unasur and Mercosur and the social base of the neodevelopmentalist front. Multidimensional regionalism went into crisis after 2012, when the country began to suffer the impact of the 2008 financial crisis and changes in international politics and when the political process that culminated in the 2016 coup began. Uma análise da relação entre as classes e frações de classe e o Mercosul dos governos PT sugere que a transição do regionalismo aberto dos anos 1990 para o regionalismo multidimensional dos anos 2000 e a crise deste últimoestão ligados à imbricação entre os processos de integração regional, Unasur e Mercosur, e a base social da frente neodesenvolvimentista. O regionalismo multidimensional entrou em crise a partir de 2012 quando o país começou a sofrer mais o impacto da crise financeira de 2008 e das transformações na política internacional e iniciou-se o processo político que culminou no golpe de 2016.

scholarly journals Art Funds in China: Developments and Limitations

Arts ◽  
2021 ◽  
Vol 10 (1) ◽  
pp. 4
Author(s):  
Linli Li
Keyword(s):  
Financial Crisis ◽  
Chinese Art ◽  
Art World ◽  
The West ◽  
2008 Financial Crisis ◽  
Chinese Context ◽  
Significant Area ◽  
The 2008 Financial Crisis ◽  
The Relationship ◽  
Pragmatic Attitude

This paper focuses on a type of worldwide art investment vehicle in an unexplored yet significant area: the Chinese art fund. It seeks to understand why art funds exploded in China after the 2008 financial crisis and how they have developed new features in the Chinese context. Further, it discusses the relationship between Chinese art funds and the Chinese art world. While these two groups tend to be what sociologists call “hostile worlds” in the West, my study shows that actors in the Chinese art world tend to take a pragmatic attitude toward capital. Thus, art funds face fewer social limitations in the Chinese art world than their Western counterparts. However, Chinese art funds face limitations in terms of accessibility, credibility, and liquidity. These limitations have been caused mainly by a series of regulations launched since 2013, which has primarily resulted in a decline of art funds in China.

scholarly journals Impacts Of The 2008 Financial Crisis On South American Equity Markets

2014 ◽  
Vol 13 (3) ◽  
pp. 573
Author(s):  
Jae-Kwang Hwang ◽  
Young Dimkpah ◽  
Alex I. Ogwu
Keyword(s):  
Financial Crisis ◽  
Stock Returns ◽  
Latin American ◽  
Stock Markets ◽  
Financial Integration ◽  
South American ◽  
2008 Financial Crisis ◽  
International Portfolio Diversification ◽  
The 2008 Financial Crisis ◽  
Us Financial Crisis

This paper examines the transmission of the 2008 US financial crisis to four Latin American stock markets using daily stock returns from 2006 to 2009, analyzing returns before and during the 2008 financial crisis. The empirical evidence presents a financial integration by showing persistently higher volatility during the crisis period. This indicates that most of the stock markets in this study were severely hit by the US financial crisis. However, the evidence shows that Chile was less impacted by the 2008 financial crisis. The results here could be useful in international portfolio diversification decision-making in South American region.

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