scholarly journals The Performance of Canadian Listed Cannabis Equities: 1996-2020

2021 ◽  
Vol 14 (8) ◽  
pp. 17
Author(s):  
Raymond A.K. Cox ◽  
Quan Cheng
Keyword(s):  
Stock Exchange ◽  
Composite Index ◽  
Medical Marijuana ◽  
Investment Performance ◽  
Over The Counter ◽  
Toronto Stock Exchange ◽  
The Us ◽  
Money Managers ◽  
High Investment ◽  
Skewness And Kurtosis

This research investigates the investment performance of Canadian listed cannabis stocks. Canada legalized medical marijuana in 2001, following the initiation of medical marijuana authorization by some states in the US starting in 1996, and completely approved cannabis products in 2018. Investing in the 89 Canadian cannabis equities (listed on the Toronto Stock Exchange, Canadian Securities Exchange, Toronto Venture Stock Exchange, and Over-the-Counter Market) as an industry portfolio, based on weekly returns for the 1996 to 2020 period, generated high mean returns, standard deviation, positive skewness, and kurtosis. Robustness tests taking the winsorised returns (deleting the top and bottom 10 percent of returns) produced qualitatively similar results. Further, both the portfolio alpha and beta were extremely high. More so, the Canadian cannabis portfolio garnered excess returns when compared to the Standard and Poor’s Toronto Stock Exchange Composite Index. Money managers, financial analysts, and investors should contemplate including Canadian listed  cannabis stocks based on their high investment return. 

scholarly journals Converting TSX 300 Index to S&P/TSX Composite Index: Effects on the Index’s Capitalization and Performance

2016 ◽  
Vol 8 (6) ◽  
pp. 250 ◽  
Author(s):  
Shamsul Alam ◽  
Ebenezer Asem ◽  
Shirin Shams
Keyword(s):  
Important Determinant ◽  
Stock Exchange ◽  
Tracking Error ◽  
Market Performance ◽  
Composite Index ◽  
Equity Market ◽  
Toronto Stock Exchange ◽  
And Performance

<p style="margin: 0in 0in 8pt; text-align: justify; line-height: normal;">In May 2002, the TSX (Toronto Stock Exchange) 300 Index was converted to S&amp;P/TSX Composite Index, increasing the flexibility of stock addition to, and deletion from, the Index. We study whether the increased flexibility enhances the Index’s ability to mimic the Canadian equity market performance and to represent the equity market. Our results show that the S&amp;P/TSX Composite Index captures a higher proportion of the equity market and has a lower tracking error than the TSX 300 Index. This suggests that flexibility in updating the constituents of an index is an important determinant of the index’s ability to represent the underlying market.</p>

scholarly journals PENGARUH MAKRO EKONOMI DAN PEMILIHAN PRESIDEN TERHADAP INDEKS HARGA SAHAM GABUNGAN DI BURSA EFEK INDONESIA: STUDI PERIODE 2012 – 2016

AdBispreneur ◽  
2017 ◽  
Vol 1 (3) ◽  
Author(s):  
Dian Fordian
Keyword(s):  
Exchange Rate ◽  
Presidential Election ◽  
Presidential Elections ◽  
Stock Exchange ◽  
Composite Index ◽  
Coefficient Of Determination ◽  
Political Sciences ◽  
The Us ◽  
Independent Variable ◽  
Variable Exchange

THE EFFECT OF MACRO-ECONOMIC AND PRESIDENTIAL ELECTIONS TO JAKARTA COMPOSITE INDEX ON INDONESIA STOCK EXCHANGE: STUDY PERIOD 2012 - 2016 Dian FordianDepartment of Business Administration ScienceFaculty Social and Political Sciences University of PadjadjaranEmail : [email protected] ABSTRACTThis study aimed to examine the effect of macro-economic indicators of Indonesia, inflation, BI rate, the rupiah against the US dollar, as well as the 2014 presidential election on Jakarta Composite Index  (JCI) in Indonesia Stock Exchange period from February 2012 until August, 2016.Data analysis method used is multiple linear regression. The results showed that the variable inflation, BI rate, exchange rate, and presidential elections simultaneously affect JCI. Variable exchange rate and the BI rate variable partially affecting JCI. The coefficient of determination in this research is at 0.8654. The figure shows the ability of independent variables in explaining or explain the dependent variable is equal to 86.54%, while the rest is explained by other independent variable that is not included in the regression model. Keywords: JCI, inflation, BI rate, exchange rate, the presidential election  PENGARUH MAKRO EKONOMI DAN PEMILIHAN PRESIDEN TERHADAP INDEKS HARGA SAHAM GABUNGAN DI BURSA EFEK INDONESIA: STUDI PERIODE 2012 – 2016 ABSTRAKPenelitian ini bertujuan untuk menguji pengaruh  makro ekonomi Indonesia yaitu inflasi, BI rate, nilai tukar rupiah, serta pemilihan presiden tahun 2014 terhadap Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia periode bulan Februari 2012 sampai dengan bulan Agustus 2016.Metode analisis data yang digunakan adalah multiple linier regression. Hasil penelitian menunjukan bahwa variable inflasi, BI rate, nilai tukar, dan pemilihan presiden secara simultan mempengaruhi IHSG. Variable nilai tukar dan BI rate secara parsial mempengaruhi variable IHSG. Nilai koefisien determinasi dalam penelitian ini adalah sebesar 0.8654. Angka tersebut menunjukkan kemampuan variabel independen dalam menjelaskan atau menerangkan variabel dependennya adalah sebesar 86.54%, sedangkan sisanya dijelaskan oleh variabel independen lainnya yang tidak dimasukan dalam model regresi. Kata kunci: IHSG, inflasi, BI rate, nilai tukar rupiah, pemilihan presiden

META-ANALYSIS ON AMERICAN PRESIDENTIAL ELECTION - 2016 AND AMERICAN STOCK MARKET

2020 ◽  
Vol 38 (1) ◽  
Author(s):  
Farhan Ahmed ◽  
Salman Bahoo ◽  
Sohail Aslam ◽  
Muhammad Asif Qureshi
Keyword(s):  
Content Analysis ◽  
Stock Market ◽  
Event Study ◽  
Presidential Election ◽  
Republican Party ◽  
Stock Exchange ◽  
Meta Analysis ◽  
Composite Index ◽  
Stock Index ◽  
Political Event

This paper aims to analyze the efficient stock market hypothesis as responsive to American Presidential Election, 2016. The meta-analysis has been done combining content analysis and event study methodology. The all major newspapers, news channels, public polls, literature and five important indices as Dow Jones Industrial Average (DJIA), NASDAQ Stock Market Composit Indexe (NASDAQ-COMP), Standard & Poor's 500 Index (SPX-500), New York Stock Exchange Composite Index (NYSE-COMP) and Other U.S Indexes-Russell 2000 (RUT-2000) are critically examined and empirically analyzed. The findings from content analysis reflect that stunned winning of Mr Trump from Republican Party worked as shock for American stock market. From event study, findings confirmed that all the major indices reflected a decline on winning of Trump and losing of Ms. Clinton from Democratic. The results are supported empirically and practically through the political event like BREXIT that resulted in shock to Global stock index and loss of $2 Trillion.

The Nexus Between Johannesburg Stock Exchange and the United States Unemployment Rate Announcement: An Impulse Response Analysis

2018 ◽  
Vol 10 (3(J)) ◽  
pp. 160-168
Author(s):  
Misheck Mutize ◽  
Victor Virimai Mugobo
Keyword(s):  
United States ◽  
South African ◽  
Impulse Response ◽  
Unemployment Rate ◽  
Stock Prices ◽  
Stock Exchange ◽  
The United States ◽  
Response Analysis ◽  
Johannesburg Stock Exchange ◽  
The Us

The study explores the relationship between the unemployment rate in the United States and South Africa’s stock prices from the beginning of 2013 to the last day 2017. The objective of this paper is to examine the impact of the US unemployment rate announcement on the South African financial market. Results of Impulse Response analysis show that there is a very minimal impact from the US unemployment announcement to South Africa’s stock prices which disappears within two days of the announcement. In addition, the Johannesburg stock exchange index marginally responds to own shocks, which marginally fades away within two days. These findings imply that the changes in the US employment policies have a direct ripple effect on the South African macroeconomic environment, its investing public sentiments and corporate confidence on the future prospects of businesses.

scholarly journals The Influence of Trading Volume, Market Trend, and Monetary Policy on Characteristics of the Chinese Stock Exchange: An Econophysics Perspective

Open Physics ◽  
2019 ◽  
Vol 17 (1) ◽  
pp. 985-998
Author(s):  
Meng Ran ◽  
Zhenpeng Tang ◽  
Weihong Chen
Keyword(s):  
Monetary Policy ◽  
Trading Volume ◽  
Stock Exchange ◽  
Composite Index ◽  
Policy Formulation ◽  
Time Intervals ◽  
Monetary Policies ◽  
Policy Cycles ◽  
Trading Volumes ◽  
Healthy Growth

Abstract The paper adopts the financial physics approach to investigate influence of trading volume, market trend, as well as monetary policy on characteristics of the Chinese Stock Exchange. Utilizing 1-minute high-frequency data at various time intervals, the study examines the probability distribution density, autocorrelation and multi-fractal of the Shanghai Composite Index. Our study finds that the scale of trading volume, stock market trends, and monetary policy cycles all exert significant influences on micro characteristics of Shanghai Composite Index. More specifically, under the conditions of large trading volumes, loose monetary policies, and downward stock trends, the market possesses better fitting on Levy’s distribution, the volatility self-correlation is stronger, and multifractal trait is more salient. We hope our study could provide better guidance for investment decisions, and form the basis for policy formulation aiming for a healthy growth of the financial market.

Over-the-Counter Monograph Safety, Innovation, and Reform Act

2021 ◽  
Vol 49 (2) ◽  
pp. 321-327
Author(s):  
Jason Gardiner ◽  
Aaron S. Kesselheim
Keyword(s):  
Over The Counter ◽  
Safety Issues ◽  
Otc Drugs ◽  
The Us

AbstractOver-the-counter (OTC) drugs are ubiquitous in the US. Policymakers have long debated how to modernize the system for making determinations of safety and effectiveness and addressing safety issues with OTC drugs.

Absence of the weekend effect and industry-style portfolios

2019 ◽  
Vol 12 (4) ◽  
pp. 463-475
Author(s):  
Selma Izadi ◽  
Abdullah Noman
Keyword(s):  
New York ◽  
Stock Market ◽  
Structural Breaks ◽  
Stock Exchange ◽  
Structural Break ◽  
Weekend Effect ◽  
Content Type ◽  
Market Portfolio ◽  
The Us ◽  
Using Data

Purpose The existence of the weekend effect has been reported from the 1950s to 1970s in the US stock markets. Recently, Robins and Smith (2016, Critical Finance Review, 5: 417-424) have argued that the weekend effect has disappeared after 1975. Using data on the market portfolio, they document existence of structural break before 1975 and absence of any weekend effects after that date. The purpose of this study is to contribute some new empirical evidences on the weekend effect for the industry-style portfolios in the US stock market using data over 90 years. Design/methodology/approach The authors re-examine persistence or reversal of the weekend effect in the industry portfolios consisting of The New York Stock Exchange (NYSE), The American Stock Exchange (AMEX) and The National Association of Securities Dealers Automated Quotations exchange (NASDAQ) stocks using daily returns from 1926 to 2017. Our results confirm varying dates for structural breaks across industrial portfolios. Findings As for the existence of weekend effects, the authors get mixed results for different portfolios. However, the overall findings provide broad support for the absence of weekend effects in most of the industrial portfolios as reported in Robins and Smith (2016). In addition, structural breaks for other weekdays and days of the week effects for other days have also been documented in the paper. Originality/value As far as the authors are aware, this paper is the first research that analyzes weekend effect for the industry-style portfolios in the US stock market using data over 90 years.

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