scholarly journals Утицај показатеља пословање компанија на цијене акција на берзама у Босни и Херцеговини // Impact of Business Performance Indicators on Share Prices on Stock Exchanges in Bosnia and Herzegovina

2013 ◽  
Vol 11 (18) ◽  
pp. 253
Author(s):  
Џафер Алибеговић
Keyword(s):  
Bosnia And Herzegovina ◽  
Performance Indicators ◽  
Stock Prices ◽  
Business Performance ◽  
Market Price ◽  
Developed Countries ◽  
Stock Exchanges ◽  
Investment Strategies ◽  
Share Prices ◽  
Long Run

Резиме: Показатељи пословањa компаније који се добију прорачуном коефицијената рацио анализе, једна су од кључних референтних тачака инвестиционе анализе на тржиштима капитала како развијених земаља, тако и земаља са тржиштем капитала у развоју. Директна и позитивна релација показатеља пословања компанија и цијена њихових акција на берзама у овим земљама је доказана, као што је доказана и могућност употребе показатеља пословања за процјену будућег кретања цијена акција и будућих приноса на инвестицију. Насупрот, на берзама у Босни и Херцеговини директне релације између показатеља пословања компанија и тржишних цијена акција нема, те стога показатељи пословања не могу бити кориштени у процјени инвестиција на тржишту капитала, осим у посебним стратегијама и на дуги рок.Summary: Business performance indicators resulting from ratio analysis are one of the key benchmarks of investment analysis on capital markets, both developed countries and countries with emerging markets. Direct and positive relations between business performance and share prices on the stock exchanges of these countries has been demonstrated, along with the possibility of using performance indicators to predict future trends in stock prices and future returns on investment. In contrast, direct relationship between business performance and market price of the shares in the stock market in Bosnia and Herzegovina does not exists, therefore, business performance indicators cannot be used in an appraisal of the investment in the capital market instruments, except in special investment strategies and on the long run.

scholarly journals The Interaction between Stock Prices and Commodity Prices: East Europe and Central Asia Countries

2015 ◽  
Author(s):  
Mustafa Ildırar ◽  
Erhan İşcan
Keyword(s):  
Stock Prices ◽  
Sharp Increase ◽  
Commodity Prices ◽  
Panel Cointegration ◽  
Commodity Price ◽  
Developed Countries ◽  
Upward Trend ◽  
East Europe ◽  
Long Run ◽  
Panel Cointegration Test

The sharp increase in commodity prices since 2000s has important effects on many economic variables. Especially the upward trend in commodity prices had substantial effects on stock prices. The literature has continuing and growing interest to the dynamics of commodity price and their significant impact on economic and financial developments. There is growing evidence that commodity prices, stock prices moved together, and that the correlations between them have increased. Many studies investigated the interaction between stock prices and real and commodity prices and find strong interaction for developed countries. However, the effect of the commodity prices on stock markets in relatively less investigated for ECA countries. The purpose of this study is to investigate the long-run relationship between commodity prices and stock prices in ECA countries can by using a panel cointegration test.

scholarly journals Stock prices, uncertainty and risks: Evidence from developing and advanced economies

2020 ◽  
Vol 9 (3) ◽  
pp. 265-279
Author(s):  
Mary Elena Sánchez Gabarre
Keyword(s):  
Economic Policy ◽  
Stock Market ◽  
Stock Prices ◽  
Stock Markets ◽  
Developed Countries ◽  
Market Volatility ◽  
Policy Uncertainty ◽  
Stock Market Volatility ◽  
Share Prices ◽  
Geopolitical Risks

This paper studies the relationship between stock prices and three types of uncertainty: economic policy uncertainty, stock market volatility, and geopolitical risks. In particular, our aim is to determine whether these forms of uncertainty play the same role in developed and developing countries. With this purpose, we take Spain and Brazil as representative cases. In order to provide new insights into the abovementioned relationship, a cointegration approach is applied, specifically an ARDL model, using monthly data from the period January 2006-December 2019 for a series of financial and macroeconomic variables. The results obtained reveal that there is no uniform effect of uncertainty in stock markets of developing and developed countries. First, in Spain, there is a high perception of uncertainty in economic policy and stock market volatility, which impact negatively in share prices, both in the short and long term. Regarding Brazil, the global uncertainty in the stock markets has effects on share prices, in both time horizons. By contrast, geopolitical risks do not show any significant impact on Brazilian and Spanish share returns.

scholarly journals Keterkaitan Antar Bursa Efek Dunia (Studi Kasus pada Bursa Efek Negara Maju dan Negara Berkembang)

2019 ◽  
Vol 12 (1) ◽  
pp. 85
Author(s):  
Muhammad Madyan ◽  
Haka Adila ◽  
Novian Abdi Firdausi
Keyword(s):  
Stock Exchange ◽  
Developed Countries ◽  
The United States ◽  
Stock Exchanges ◽  
Subprime Mortgage ◽  
Vector Error Correction ◽  
Long Run ◽  
Short Run ◽  
Stock Indexes ◽  
Second Period

This research analyzes the correlation between stock markets worldwide. Developing countries stock exchanges are represented by China and Indonesia, whereas developed countries stock exchanges are represented by Germany, Japan, Australia, Singapore, and the United States. Using stock’s daily close prices as data, then assessed with Vector Error Correction Model and Granger Causality. Analyzed indexes are Shanghai Stock Exchange Composite (SHCOMP), Indeks Harga Saham Gabungan (IHSG), Dow Jones Industrial Average (DJIA), Nikkei225 (NKY), Deutscher Aktien Index (DAX), All Ordinaries Index (AOI), and Strait Times Index (STI). Stock data grouped into two periods, the first period is the Asian Financial Crisis in 1 January 1998-31 December 2003, while second period is the Subprime Mortgage crisis in 1 January 2008-31 December 2013. Research results show correlations between analyzed stock indexes in both long run and short run relationship in the firstperiod as well asthe second period, however the correlation between Singapore’s and Indonesia’s stock exchange in second period is unproven.

Analyzing Variations in Global Stock Markets

2015 ◽  
Vol 9 (1and2) ◽  
Author(s):  
Ms. Sakshi Saxena ◽  
Ms. Pranjali Sharma
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Stock Markets ◽  
Developed Countries ◽  
Asia Pacific ◽  
Stock Exchanges ◽  
Political Events ◽  
Time Period ◽  
Significant Difference ◽  
Global Stock Markets

Fluctuations in financial markets have always been the subject of concern for academicians and practioners. Wide price fluctuations are a daily occurrence on the world's stock markets as investors react to economic, business, and political events. The soaring stock prices around the globe have taken valuations of stocks to unreachable heights. The present study is an attempt to analyse the volatility present in stock markets of Asia Pacific region and other developed countries. Data for the time period 2005-2013 has been collected to analyse the same. Coefficient of variation, Ttest and GARCH (1, 1) model has been used to investigate the variations in the stock markets. The results support the fact that there is no significant difference in volatility between stock exchanges within specific except between Germany stock market and US stock market. GARCH (1,1) provides that US stock market is the most volatile followed by India.

scholarly journals Intra-SADC Foreign Direct Investment: A Gravity Approach to South Africa Outward Investment

2015 ◽  
Vol 8 (1) ◽  
pp. 79
Author(s):  
Onelie Nkuna
Keyword(s):  
South Africa ◽  
Exchange Rates ◽  
South African ◽  
Stock Prices ◽  
Stock Price ◽  
Developed Countries ◽  
Outward Fdi ◽  
Long Run ◽  
Equilibrium Relationship ◽  
Agglomeration Effects

<p>This paper looks at intra-SADC FDI, focusing at South Africa outward FDI into SADC countries. LSDV and GMM estimation techniques are applied in a gravity model for the period 1999 to 2010. The study finds strong evidence that intra-trade and intra-FDI are negatively related, suggestive of a substitutive relationship between intra-SADC trade and intra-SADC FDI. The study also reveals that capital account openness, bilateral investment treaties, and labour availability are key in promoting intra-SADC FDI flows. Further, the study finds evidence that agglomeration effects are important for South African investors into SADC despite the fact that they are operating in a common region. The study also finds that FDI from developed countries complement with FDI from South Africa.</p>lts indicate that there is long-run level equilibrium relationship between the stock price of Taiwan and the NTD/USD exchange rates at lower distribution of stock prices, and at higher and lower distribution of exchange rates. The causality results show that there is unidirectional causality running from Taiwan stock price to the NTD/USD exchange rate at higher distribution of exchange rates. The result shows that there is evidence in favor of the portfolio hypothesis.<p> </p>

Performance Assessment Using Key Performance Indicators (KPIs) for Water Utilities: A Primer

2020 ◽  
Vol 06 (02) ◽  
pp. 2050001
Author(s):  
Sanford V. Berg
Keyword(s):  
Performance Indicators ◽  
Economies Of Scale ◽  
Key Performance Indicators ◽  
Developed Countries ◽  
Water Utilities ◽  
Regulatory Oversight ◽  
Water Utility ◽  
Middle Income ◽  
Long Run ◽  
Improve Service Quality

Key performance indicators (KPIs) are widely recognized as a basis for evaluating water utility operations in developing countries and for designing both regulatory and managerial incentives that improve performance. A number of methodolgies can be used for assessing performance, with KPIs and overall performance indicators serving as more comprehensible and potentially more comprehensive than more technical empirical benchmarking studies. Data initiatives in low and middle income countries require resources that could be used for other activities with more immediate payoffs. However, regulatory oversight requires data analysis of trends, current performance, and realistic targets. Quantitative studies can provide clues regarding the extent of economies of scale, scope, and density, but policy-makers need much more detail and specificity than most scholars provide. Here, the focus is on information systems that provide accurate, reliable, and relevant data. KPIs represent the foundation for those developing, implementing, and responding to public policy — incentivizing water utilities in developing (and developed) countries to contain costs, improve service quality, and expand water access over the long run.

scholarly journals Money Supply and Stock Prices – A Case Study of Nigeria

2021 ◽  
Vol 04 (10) ◽  
Author(s):  
Dr. Ogbonna Udochukwu Godfrey ◽  
Keyword(s):  
Money Supply ◽  
Stock Prices ◽  
Stock Exchange ◽  
Market Price ◽  
Unit Root Test ◽  
Causality Test ◽  
Long Run ◽  
Augmented Dickey Fuller ◽  
Short Run ◽  
The Relationship

This study examined the relationship between money supply and stock prices, using E-view version 10. The empirical results of the Augmented Dickey Fuller (ADF) unit root test at 5 percent critical levels indicates that all the variables (M2 and MCAP) were not stationary at levels. However, all the variables became stationary after first differencing. Hence, the variables are of the same order of integration I (1). A cointegration test tells us that there exists a long run relationship between or among the variables and that they will not wander far apart away even though on the short run they exhibit random walk behavior. The Vector Error Correction test shows that Money supply (M2) has a significant relationship with market capitalization of the Nigerian stock exchange. The value of the Adjusted R-Squared of 0.726710 implies that Money supply (M2) explained about 72.67% systematic variations in the dependent variable (MCAP) over the observed years while the remaining 27.33% variations are explained by other determining variables outside the model. In order to further establish the relationship between money supply and stock market price, a granger causality test was carried out and it was established that there is a bi-directional causality between money supply and stock prices. The researcher therefore recommends that there should be collaboration among agencies of government in charge of money supply and stock exchange in order to make sure that sound policies are made to achieve the objective of government. Furthermore, that there should be a deliberate and concerted policy and effort to improve the Nigerian stock exchange market in line with other stock exchanges of the world, since stock prices cause money supply and vice versa.

scholarly journals Analisis Fundamental Sebagai Prediktor Harga Saham Sektor Telekomunikasi

2021 ◽  
Vol 20 (1) ◽  
pp. 11-17
Author(s):  
Ni Made Santini ◽  
Ni Luh Anik Puspa Ningsih ◽  
Ita Sylvia Azita Azis
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Business Performance ◽  
Rapid Development ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Price Ratio ◽  
Share Prices ◽  
Equity Ratio

The rapid development and growth of the economy requires companies to improve their business performance. Companies with good performance are generally reflected in their share prices. This makes the stock price one of the investors' preferences for investing. Deepening the development of stock prices can be through the company's fundamental analysis. The purpose of this study is to analyze the company's fundamental factors on stock prices. The research was conducted on the telecommunications sector on the IDX, with an observation period of 2017 - 2019. There is a total population and a sample of 5 issuers at the same time. This study uses secondary data and multiple linear regression analysis techniques. The findings of this study are from 5 (five) ratios used, current ratio, debt to equity ratio, and earnings per share individually have no significant effect on stock prices. Gross profit margin have a positive signifikan effect on stock price ratio of total asset turn over which has a negative significant effect on the stock price of telecommunications companies on the IDX.

scholarly journals Real activities manipulation by bidders prior to mergers and acquisitions

2017 ◽  
Vol 16 (3) ◽  
pp. 322-347 ◽  
Author(s):  
Javeria Farooqi ◽  
Thanh Ngo ◽  
Surendranath Jory
Keyword(s):  
Mergers And Acquisitions ◽  
Earnings Management ◽  
Stock Returns ◽  
Stock Prices ◽  
Content Type ◽  
Share Prices ◽  
Long Run ◽  
Short Run ◽  
Real Activities Manipulation ◽  
Return Method

Purpose This study aims to examine the ability of investors to process signs of real activities manipulations at bidder firms in the quarters leading to the announcement of a merger. It further provides a supplementary explanation for the post-merger underperformance puzzle. Design/methodology/approach Examining a sample of cash-only, stock swap and mixed mergers completed between 1980 and 2011, it was found that bidder firms increase the use of real activities manipulation in the quarters leading up to the merger announcements. Using average abnormal stock return method, it is shown that the short-term positive effect of real activities manipulation on share prices is stronger than accrual-based earnings management. Findings While bidders are able to escape investors’ scrutiny in the short run, it is not the case in the long run. It was found that bidders’ long-run stock performance, measured by matched buy-and-hold stock returns, is inversely related to their pre-announcement level of earnings management. This paper contributes to the literature on earnings management by considering how real activities manipulations affect stock prices in mergers and acquisitions. Originality/value This study tests whether real activities manipulation, in addition to accrual-based earnings management, explains the underperformance puzzle of the acquiring firms in M&As. Zang (2012) argues that there is a greater likelihood for firms to engage in real activities manipulation, especially when firms are constrained in their use of accrual-based earnings management owing to heightened scrutiny or overuse in prior years.

Dynamic Relationship between Crude Oil and Stock Prices in India: Before And After the Subprime Financial Crisis 2008

GIS Business ◽  
2019 ◽  
Vol 14 (6) ◽  
pp. 96-104
Author(s):  
P. Sakthivel ◽  
S. Rajaswaminathan ◽  
R. Renuka ◽  
N. R.Vembu
Keyword(s):  
Financial Crisis ◽  
Crude Oil ◽  
Stock Prices ◽  
Oil Prices ◽  
Energy Index ◽  
Data Set ◽  
Dynamic Relationship ◽  
Crude Oil Prices ◽  
Long Run ◽  
Before And After

This paper empirically discovered the inter-linkages between stock and crude oil prices before and after the subprime financial crisis 2008 by using Johansan co-integration and Granger causality techniques to explore both long and short- run relationships.  The whole data set of Nifty index, Nifty energy index, BSE Sensex, BSE energy index and oil prices are divided into two periods; before crisis (from February 15, 2005 to December31, 2007) and after crisis (from January 1, 2008 to December 31, 2018) are collected and analyzed. The results discovered that there is one-way causal relationship from crude oil prices to Nifty index, Nifty energy index, BSE Sensex and BSE energy index but not other way around in both periods. However, a bidirectional causality relationship between BSE Energy index and crude oil prices during post subprime financial crisis 2008. The co-integration results suggested that the absence of long run relationship between crude oil prices and market indices of BSE Sensex, BSE energy index, Nifty index and Nifty energy index before and after subprime financial crisis 2008.

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