scispace - formally typeset
Search or ask a question
Book

A guide to Asian stock markets

TL;DR: The Danish Program for Simplification of Company Law as discussed by the authors has been proposed to simplify and harmonize Danish Company Law with European Security Regulation (ESR) and the European Company Harmonization Directive (ECL).
Abstract: Methods of Regulation and their Effects: Scandinavian Company Law Reforms in an International Regulatory Perspective Codes of Conduct as a Means of Regulation The Danish Program for Simplification of Company Law Is there Room for Soft Law within European Security Regulation? Regulation of Companies from a Practitioner's Perspective. New Issues in the Harmonisation of Company Law in the EU: Does the EU have a Role to play in Company Law? The High Level Group and the Issue of European Company Law Harmonisation - Europe Stumbles Along The New Draft Takeover Directive - a Breakthrough for Levelling the Playing Field in Europe? The European Company - A Challenge to Academics, Legislators and Practitioners Cross-holdings between European Companies. Company Law and Contract Law: Company Law as a Contract Law Discipline The Relationship between Article 9 of the 1st Company Law Directive and the Grounds for Annulment under General Contract Law Annulment of Subscription for Shares The Status of the Holder of a Guarantee on the Division of a Limited Liability Company.
Citations
More filters
Journal ArticleDOI
TL;DR: In this paper, the authors examined a number of common stochastic trends among stock prices in the US, Japan, Hong Kong, Korea, Singapore, Taiwan and Thailand, and concluded that if integration exists it is a fairly recent phenomenon.
Abstract: Are stock markets in the Asia-Pacific region integrated with each other and with the US and Japan? The paper examines a number of common stochastic trends among stock prices in the US, Japan, Hong Kong, Korea, Singapore, Taiwan and Thailand. If integration exists it is a fairly recent phenomenon. Institutional and economic considerations suggest the same is true so that a single common stochastic trend among Asian and North American markets is a recent phenomenon. The reason is that the stock markets studied were only recently sufficiently liberalized to permit some form of integration to emerge. Also, not only was the 1987 stock market crash significant, but the 1991 Gulf War also signalled a turning point in the degree of stock market integration among the countries studied.

71 citations

Journal ArticleDOI
TL;DR: In this article, the authors investigate the effects of opening stock markets on economic growth and find that the countries that opened stock markets grew faster than a priori similar countries that did not open exchanges.
Abstract: Nearly sixty countries have opened their first national stock exchanges since 1950. I investigate the effects on economic growth of these openings in two ways. First, economic growth histories of at least five years are available for seventeen of these countries. On average, the countries that opened stock markets grew faster than a priori similar countries that did not open exchanges; however, the growth rate of investment was lower in the countries opening exchanges over periods of five and ten years. Second, I use two stage least squares to account for possible endogeneity of the decision to open a stock market. Even controlling for this endogeneity, the estimated correlation between opening a stock exchange and economic growth is positive and statistically significant.

62 citations


Cites background from "A guide to Asian stock markets"

  • ...On average, countries that opened a stock exchange grew faster than a priori Levine (2006) provides an extensive overview of the literature; prominent theoretical examples include Bencivenga, Smith, and Starr (1995) and Greenwood and Jovanovic (1990), while empirical examples include Levine and Zervos (1998a, 1998b), Beck and Levine (2004), and Atje and Jovanovic (1993)....

    [...]

  • ...Cayman Islands: Stock exchange opened 1997 (CIA World Factbook); 2 companies listed 1997 (IFC) China: previous 1920-49, Shanghai opened 1990 and Shenzhen opened 1991 (SSB, Yao (1998)); 13 companies listed 1990 (Park and van Agtmael (1993)); Shanghai Securities Exchange opened with 8 traded stocks, designed to operate in China’s unique political-economic system (Hertz (1998)); first (modern) public issue of securities 1984, first centralized exchange 1990 ((George (1989))....

    [...]

Journal ArticleDOI
TL;DR: In this paper, the rationality of investors, stock prices, and stock market efficiency behavior in the theoretical lenses of behavioural finance paradigm is investigated. But the analysis is guided by multidisciplinary behavioural-related theories.

48 citations


Cites background from "A guide to Asian stock markets"

  • ...In the early 1970se1990s, Malaysia economy is concentrated on resources-based and export-oriented and has been known as the world's leading exporter of tin, rubber and palm oil (George, 1991; Kean, 1986)....

    [...]

Journal ArticleDOI
TL;DR: In this article, a large body of theoretical and empirical literature has established a positive relationship between levels of stock market development and economic growth and found that these exchanges have generated increases in growth during their first 5 years of existence.

45 citations

Journal ArticleDOI
TL;DR: The research demonstrates the efficacy of using neural network methods to capitalize on discovered market inefficiencies as it is applied to trading on market indices in the "emerging" Singapore market is compared with the more established Dow Jones market index.
Abstract: Emerging capital markets may not be as efficient as the more established equity markets. Because of the possible inefficiency in these markets, various indicators that are external to the emerging capital market may provide a significant trading advantage. A preliminary analysis suggests that the Singapore market appears to be efficient. Neural network models are used to evaluate the claim that emerging equity markets, specifically the Singapore exchange, are affected by external signals and attempt to exploit any trading advantage imparted by these signals. The neural network technique as it is applied to trading on market indices in the "emerging" Singapore market is compared with the more established Dow Jones market index. Results indicate that external market signals can significantly improve forecasting on the Singapore DBS50 index but have little or no effect on forecasts for the more established Dow Jones Industrial Average index. The research demonstrates the efficacy of using neural network methods to capitalize on discovered market inefficiencies. Utilizing external market signals, a neural network forecasting model achieved a 63 percent trading prediction accuracy.

38 citations