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Market capitalization

About: Market capitalization is a research topic. Over the lifetime, 3583 publications have been published within this topic receiving 77288 citations. The topic is also known as: market cap & market value.


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Journal ArticleDOI
TL;DR: In this paper, the authors assess the potential of small-cap stocks as a vehicle for international portfolio diversification during the period 1980-1999 and show that the extra gains from the augmented diversification with smallcap funds are statistically significant for both in-sample and out-of-sample periods.
Abstract: To the extent that investors diversify internationally, large-cap stocks receive the dominant share of fund allocation. Increasingly, however, returns to large-cap stocks or stock market indices tend to comove, mitigating the benefits from international diversification. In contrast, stocks of locally oriented, small companies do not exhibit the same tendency. In this paper, we assess the potential of small-cap stocks as a vehicle for international portfolio diversification during the period 1980–1999. We show that the extra gains from the augmented diversification with small-cap funds are statistically significant for both in-sample and out-of-sample periods and remain robust to the consideration of market frictions.

133 citations

Journal ArticleDOI
TL;DR: In this paper, the authors examined the Granger causality between foreign institutional ownership and liquidity in the Indonesian stock market and found that foreign ownership has a negative impact on future liquidity, which is consistent with the negative impact of institutional investor ownership in developed markets.
Abstract: From January 2002 to August 2007, foreign institutions held almost 70% of the free-float value of the Indonesian equity market, or 41% of the total market capitalization. Over the same period, liquidity on the Jakarta Stock Exchange improved substantially with the average bid–ask spread more than halved and the average depth more than doubled. In this study we examine the Granger causality between foreign institutional ownership and liquidity, while controlling for persistence in foreign ownership and liquidity measures. We find that foreign holdings have a negative impact on future liquidity: a 10% increase in foreign institutional ownership in the current month is associated with approximately 2% increase in the bid–ask spread, 3% decrease in depth, and 4% rise in price sensitivity in the next month, challenging the view that foreign institutions enhance liquidity in small emerging markets. Our findings are consistent with the negative liquidity impact of institutional investor ownership in developed markets.

133 citations

Journal ArticleDOI
TL;DR: A hybrid Artificial Neural Network-Generalized AutoRegressive Conditional Conditional Heteroskedasticity (ANN-GARCH) model with preprocessing to forecast the price volatility of bitcoin, the most traded and largest by market capitalization of the cryptocurrencies.
Abstract: Measurement, prediction, and modeling of currency price volatility constitutes an important area of research at both the national and corporate level. Countries attempt to understand currency volatility to set national economic policies and firms to best manage exchange rate risk and leverage assets. A relatively new technological invention that the corporate treasurer has to turn to as part of the overall financial strategy is cryptocurrency. One estimate values the total market capitalization of cryptocurrencies at $557 billion USD at the beginning of 2018. While the overall size of the market for cryptocurrency is significant, our understanding of the behavior of this instrument is only beginning. In this article, we propose a hybrid Artificial Neural Network-Generalized AutoRegressive Conditional Heteroskedasticity (ANN-GARCH) model with preprocessing to forecast the price volatility of bitcoin, the most traded and largest by market capitalization of the cryptocurrencies.

132 citations

Journal ArticleDOI
Hugh Willmott1
TL;DR: The contemporary significance of branding as a source of value is explored by situating the creation and valorization of brand equity within "the full circuit of capital" as mentioned in this paper, and some pointers are proposed for developing a more "joined-up" view of the "bigger picture" of contemporary capitalist reproduction.
Abstract: The contemporary significance of branding as a source of value is explored by situating the creation and valorization of brand equity within ‘the full circuit of capital’. Conceived as a form of co-production occurring in the sphere of circulation (as well as production), brand-building is connected to: the surpluses generated by the labour of user-consumers as well as the designers and producers of branded products and services; the realization of surplus through control of revenues derived from sales of these products and services and the appropriation of surpluses, including the conversion of brand equity into brand value after deduction of costs. Contemporary investment in branding is related to the financialization of brands as intangibles that make a growing contribution to market capitalization. By attending to multiple facets of the circuit of capital, including the co-production brand equity by user-consumers, some pointers are proposed for developing a more ‘joined-up’ view of the ‘bigger picture’ of contemporary capitalist reproduction.

131 citations

Journal ArticleDOI
TL;DR: In this article, the authors discuss the rise of Japanese stock and land prices in the past four decades and their dramatic decline in the early 1990s, and discuss the role of land values in the Japanese stock market.
Abstract: In late 1991, the total land value in Japan was estimated at nearly $20 trillion. This was more than 20 percent of the world's wealth, or to put it in some other contexts, about double the world's equity markets or half again as large as the world's bond markets. Japanese land was then valued at about five times that of the United States; the land under the Emperor's Palace, which is about three-quarters of a square mile, was estimated to be worth about the same as all the land in California or in Canada. Real estate assets of Japanese corporations grew by $2.8 trillion from 1986 to 1988, an increase in valuation roughly equal to the size of the Japanese gross national product. An equally dramatic rise in stock prices accompanied the rise in land prices. At its peak in December 1989, the Japanese stock market had a value of about $4 trillion, which was about 44 percent of the world's equity market capitalization. To put that figure in perspective, the value of the equity on all the stock exchanges in the United States in August 1992 was less than $5 trillion. But then, from its peak in December 1989 to August 1992, the Japanese stock market fell by over 60 percent. Various indices of speculative land values fell a similar amount. Meanwhile, other land prices—industrial, commercial, residential, as measured by various indices—fell 15–20 percent. This paper discusses the rise of Japanese stock and land prices in the past four decades and their dramatic decline in the early 1990s. To what extent can

131 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
2023151
2022279
2021154
2020187
2019196
2018186