scholarly journals Effect of Liberalization of Amman Stock Market on the Prices Fluctuation for the Period (1994-2015)

2018 ◽  
Vol 10 (1) ◽  
pp. 274
Author(s):  
Ahmad Abdalla Alrafaya
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Stock Exchange ◽  
Market Liberalization ◽  
Price Changes ◽  
Stock Market Liberalization ◽  
Amman Stock Exchange ◽  
The Relationship ◽  
Second Period ◽  
Speed And Accuracy

This study aimed to identify the relationship between the information and fluctuations in stocks return following the liberalization process of financial market, and illustrate the effect of liberalization of Amman Stock Exchange on price fluctuations, and the trend of this influence. To achieve this goal the researcher depended on the data of the daily stocks returns for Amman stock market for the period (1994-2015).The study was based on the analytical descriptive method. The period from which the financial data were taken was divided into two periods: first, the pre-liberalization of the financial market (1994-2000), and the second period, the post-liberalization which extended from 2001 to 2015, the appropriate statistical analysis was conducted through (e-views) program, and using the (GARCH) model.The results showed that there is an effect of the stock market liberalization on the fluctuations pattern in the Jordanian Stock Exchange, the speed and accuracy of information flow to the market has increased after stock market liberalization, it also appeared that there are some events and factors such as wars and catastrophes which lead to strong and illogical fluctuations in the stock market, and that the variation in price changes before the liberalization period was integrated variation which indicates that news have perpetual influences on price changes.

scholarly journals Transactions Volume, Exchange Direction and Asymmetry of Volatility in Emerging Market: Evidence From Tunisian Stock Exchange

2020 ◽  
Vol 11 (6) ◽  
pp. 318
Author(s):  
Jaber Yasmina
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Stock Exchange ◽  
Emerging Market ◽  
Explanatory Power ◽  
Trading Activity ◽  
Auto Correlation ◽  
The Asymmetry ◽  
The Impact ◽  
The Relationship

This study is an attempt to explain the relationship between intraday return and volume in Tunisian Stock Market. Indeed, former researches avow that the trading activity have the main explanatory power for volatility. However, most theories measure the activity of transactions through the size of exchange or the number of transactions. Nevertheless, these components are not aware enough of the importance of the direction of exchange when explaining the phenomenon of asymmetry of volatility. In the most of studies, the technique “Augmented Tick Test” (ATT) is employed so as to identify the direction of exchange. Such technique is adapted for the markets directed by orders like the Tunisian financial market. Again, this paper shows that the impact of the direction of exchange differs according to the market trend. In other words, if the returns are positive, the transactions of sale (of purchase) generate a decrease (increase) of volatility; whereas, they induce an increase (drop) of volatility if returns are negative. This result stresses the significance of exchange direction in explaning the asymmetry of volatility. Moreover, throughout this study, one may affirm that “Herding trades” are at the origin of the increase of volatility, while the “Contrarian trades” reduce volatility. Similarly, the identification of the direction of exchange enables us to affirm that the transactions of the initiates are characterized by the absence of returns auto- correlation; whereas, the transactions carried out by uninformed investors present an auto- correlation of the returns. In fact, the sign of this correlation varies according to transaction direction.

scholarly journals Impact of Engineering Financial Market and Using Financial Derivatives on Financial Analysts Interest: Empirical Study from Amman Stock Exchange –Jordan

2016 ◽  
Vol 8 (9) ◽  
pp. 208
Author(s):  
Mohammad Khalid Al Attar
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Random Sampling ◽  
Stock Exchange ◽  
Financial Analysts ◽  
Simple Random Sampling ◽  
Financial Derivatives ◽  
Amman Stock Exchange ◽  
Strongly Agree

This study aimed to measure the level of Amman Financial Market efficiency and show the role of financial derivatives in improving Markets’ efficiency. Generally, financial derivatives are considered an essential source of financing an economy. In addition, diversification of financial derivatives’ instruments which are circulated in a stock market as the main standard of measuring its development and efficiency, called as engineering. For the purpose of achieving the objectives of the study, the researcher selected some of the financial analysts’ that represent institutions in Amman Stock Exchange in Jordan, to serve as the sample of the study. Simple Random Sampling was used to select the sample to represent the whole population. Furthermore, the researcher developed a questionnaire to judge the respondents opinions and test the validity of the hypotheses. The questionnaire was designed by using a five -point -Likert scale (strongly agree, agree, neutral, disagree, strongly disagree). In total, the researcher distributed 100 questionnaires and 85 were returned from the selected sample of the study (85% from the whole questionnaires distributed). Results of the study showed that there was a strong bond between financial derivatives and efficiency of Amman Stock Market. Moreover, findings indicated that there is a statistical significant sign between financial analysts’ interests in returns of financial derivatives with their tools and efficiency of these markets.

scholarly journals Technological Relationship Between Banknifty and Other Selected Sectorial Indices of NSE

2019 ◽  
Vol 8 (3) ◽  
pp. 2314-2318
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Stock Exchange ◽  
Risk And Return ◽  
Economic Process ◽  
Money Flows ◽  
Return Factors ◽  
The Relationship ◽  
Regression Correlation ◽  
Poor Relationship

Financial market of a country signifies the monetary strength of its economy. Smart monetary health of a rustic helps in enhancing the money flows and creates capital, that contributes to the event of the country. Post economic process innovate India he monetary market has entered into a replacement phase of worldwide integration and alleviation with variety of recent and innovative monetary instruments. The objective of the is to find the nature and extent of technical relationship between Nifty Bank on other selected sectorial indices of National Stock Exchange and to examine the risk and return factors of the sectorial indices. The major use of stock market indices are as a forecasting tool. Studying the historical performance of the stock market indices, you can forecast trends in the market. All the sectors of NSE are not considered in this study. Only five sectors other than bank nifty are considered. Six different sectors are compared individually with the Nifty Bank by the tools called correlation and Regression. Correlation and regression between the indices has been used to identify the relationship and extent of impact between Nifty Bank and other selected sectorial indices. From the results and findings of this study, one can understand that there is a significant relationship between Bank Nifty and other selected sectors (Energy, FMCG, IT, Media, Pharma) except Infrastructure. It is showing a poor relationship with Bank Nifty.

International Real Estate Review

2016 ◽  
Vol 19 (1) ◽  
pp. 51-97
Author(s):  
Gang-Zhi Fan ◽  
◽  
Zsuzsa R. Huszár ◽  
Weina Zhang ◽  
◽  
...  
Keyword(s):  
Corporate Governance ◽  
Real Estate ◽  
Stock Market ◽  
Financial Market ◽  
Market Liberalization ◽  
Real Estate Industry ◽  
Stock Market Liberalization ◽  
Governance Tools ◽  
State Governance ◽  
Using Data

We show that traditional western style corporate governance tools are ineffective in Chinese real estate firms by using data from 2000 to 2012. Instead, we find evidence of effective state governance, such as corruption cleanups and financial market liberalization. Specifically, firms with fewer state connections experience better performance in provinces with greater corruption prosecutions and after 2006 with accelerated stock market liberalization. Overall, our results suggest that the Chinese real estate industry is becoming more market-oriented with assistance from the state.

scholarly journals Sugar Prices vs. Financial Market Uncertainty in the Time of Crisis: Does COVID-19 Induce Structural Changes in the Relationship?

Agriculture ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 93
Author(s):  
Pavel Kotyza ◽  
Katarzyna Czech ◽  
Michał Wielechowski ◽  
Luboš Smutka ◽  
Petr Procházka
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Financial Market ◽  
Structural Breaks ◽  
Structural Changes ◽  
Global Financial Crisis ◽  
Market Uncertainty ◽  
Volatility Index ◽  
The Global Financial Crisis ◽  
The Relationship

Securitization of the agricultural commodity market has accelerated since the beginning of the 21st century, particularly in the times of financial market uncertainty and crisis. Sugar belongs to the group of important agricultural commodities. The global financial crisis and the COVID-19 pandemic has caused a substantial increase in the stock market volatility. Moreover, the novel coronavirus hit both the sugar market’s supply and demand side, resulting in sugar stock changes. The paper aims to assess potential structural changes in the relationship between sugar prices and the financial market uncertainty in a crisis time. In more detail, using sequential Bai–Perron tests for structural breaks, we check whether the global financial crisis and the COVID-19 pandemic have induced structural breaks in that relationship. Sugar prices are represented by the S&P GSCI Sugar Index, while the S&P 500 option-implied volatility index (VIX) is used to show stock market uncertainty. To investigate the changes in the relationship between sugar prices and stock market uncertainty, a regression model with a sequential Bai–Perron test for structural breaks is applied for the daily data from 2000–2020. We reveal the existence of two structural breaks in the analysed relationship. The first breakpoint was linked to the global financial crisis outbreak, and the second occurred in December 2011. Surprisingly, the COVID-19 pandemic has not induced the statistically significant structural change. Based on the regression model with Bai–Perron structural changes, we show that from 2000 until the beginning of the global financial crisis, the relationship between the sugar prices and the financial market uncertainty was insignificant. The global financial crisis led to a structural change in the relationship. Since August 2008, we observe a significant and negative relationship between the S&P GSCI Sugar Index and the S&P 500 option-implied volatility index (VIX). Sensitivity analysis conducted for the different financial market uncertainty measures, i.e., the S&P 500 Realized Volatility Index confirms our findings.

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