Showing papers on "Stock exchange published in 2015"
TL;DR: Experimental results show that the performance of all the prediction models improve when these technical parameters are represented as trend deterministic data, and random forest outperforms other three prediction models on overall performance.
Abstract: Four machine learning algorithms are used for prediction in stock markets.Focus is on data pre-processing to improve the prediction accuracy.Technical indicators are discretised by exploiting the inherent opinion.Prediction accuracy of algorithms increases when discrete data is used. This paper addresses problem of predicting direction of movement of stock and stock price index for Indian stock markets. The study compares four prediction models, Artificial Neural Network (ANN), Support Vector Machine (SVM), random forest and naive-Bayes with two approaches for input to these models. The first approach for input data involves computation of ten technical parameters using stock trading data (open, high, low & close prices) while the second approach focuses on representing these technical parameters as trend deterministic data. Accuracy of each of the prediction models for each of the two input approaches is evaluated. Evaluation is carried out on 10years of historical data from 2003 to 2012 of two stocks namely Reliance Industries and Infosys Ltd. and two stock price indices CNX Nifty and S&P Bombay Stock Exchange (BSE) Sensex. The experimental results suggest that for the first approach of input data where ten technical parameters are represented as continuous values, random forest outperforms other three prediction models on overall performance. Experimental results also show that the performance of all the prediction models improve when these technical parameters are represented as trend deterministic data.
657 citations
Posted Content•
TL;DR: In this article, the authors evaluate the potential implications of these changes for managers, institutional investors, small shareholders, auditors, and other parties involved in corporate governance, and propose that the lower cost, greater liquidity, more accurate record-keeping and transparency of ownership offered by blockchains may significantly upend the balance of power among these cohorts.
Abstract: Blockchains represent a novel application of cryptography and information technology to ag-eold problems of financial record-keeping, and they may lead to far-reaching changes in corporate governance. Many major players in the financial industry have began to invest in this new technology, and stock exchanges have proposed using blockchains as a new method for trading corporate equities and tracking their ownership. This essay evaluates the potential implications of these changes for managers, institutional investors, small shareholders, auditors, and other parties involved in corporate governance. The lower cost, greater liquidity, more accurate record-keeping, and transparency of ownership offered by blockchains may significantly upend the balance of power among these cohorts.
340 citations
TL;DR: This paper studies the phenomenon of financial distress for 107 Chinese companies that received the label ‘special treatment’ from 2001 to 2008 to discover that financial indicators play an important role in prediction of deterioration in profitability.
304 citations
TL;DR: In this article, the authors explore and compare the extent of intellectual capital and its four components among ASEAN countries, and examine the relationship between firms' IC, market value, and financial performance.
Abstract: Purpose – The purpose of this paper is to explore and compare the extent of intellectual capital (IC) and its four components among ASEAN countries, and examine the relationship between firms’ IC, market value, and financial performance. Design/methodology/approach – The study uses the data of 213 technology firms listed on five ASEAN stock exchanges. Pulic’s Value Added Intellectual Coefficient model is modified by adding an extra component, namely, relational capital efficiency (RCE). The Kruskal-Wallis one-way ANOVA and multiple regression analysis have been utilized to test the hypotheses. Findings – The results reveal that there is no significant difference in Modified Value Added Intellectual Coefficient (MVAIC) across five ASEAN countries; however, firms in each country tend to place a different degree of emphasis on components of MVAIC to generate corporate value. The results further indicate a positive relationship between IC and market value, confirming that firms with greater IC tend to have gr...
261 citations
TL;DR: In this article, the authors used the VAR-GARCH framework of Ling and McAleer (2003) to explore both return and volatility spillovers between world gold prices and stock market in China over the period from March 22, 2004 through March 31, 2011.
245 citations
TL;DR: Li et al. as discussed by the authors investigated whether philanthropic giving decisions and amount of charitable giving are related to firms' political connections and ownership type, and found that a significant and positive relationship between political connections, state ownership and the likelihood and extent of firm contributions was found in Chinese firms listed on either the Shenzhen or Shanghai stock exchange between 2004 and 2011.
Abstract: This paper investigates whether philanthropic giving decisions and amount of charitable giving are related to firms’ political connections and ownership type. To this end, Chinese firms listed on either the Shenzhen or Shanghai stock exchange between 2004 and 2011 are examined, where government interference in the business sector is prevalent, state ownership structure is dominant, and corporate political connections prevail. Our analyses show (1) a significant and positive relationship between political connections and the likelihood and extent of firm contributions; (2) a significant and negative relationship between state ownership and extent of firm contributions; and (3) a stronger relationship between political connections and corporate philanthropy in non-state-owned firms. These findings with regard to the relationship between corporate giving, political connections, and ownership type have important implications for understanding corporate giving behavior in China and in emerging markets in general.
225 citations
TL;DR: A novel fuzzy time series model is used to forecast stock market prices and is based on the granular computing approach with binning-based partition and entropy-based discretization methods, which provides improved prediction accuracy.
200 citations
TL;DR: The authors found that high market-wide attention events lead investors to sell their stock holdings dramatically when the level of the stock market is high, which has a negative impact on market prices, reducing market returns by 19 basis points on days following attention-grabbing events.
Abstract: Market-wide attention-grabbing events -- record levels for the Dow and front-page articles about the stock market -- predict the trading behavior of investors and, in turn, market returns. Both aggregate and household-level data reveal that high market-wide attention events lead investors to sell their stock holdings dramatically when the level of the stock market is high. Such aggressive selling has a negative impact on market prices, reducing market returns by 19 basis points on days following attention-grabbing events.
198 citations
21 Jan 2015
TL;DR: The United States Securities and Exchange Commission (SEC) as discussed by the authors is a government agency focused on protecting investors, maintaining capital markets, and facilitating capital formation, which has been the key organization overseeing federal securities law compliance and bringing enforcement actions against violators.
Abstract: The United States Securities and Exchange Commission (SEC) is a government agency focused on protecting investors, maintaining capital markets, and facilitating capital formation. Starting in early 1930s, the SEC has been the key organization overseeing federal securities law compliance and bringing enforcement actions against violators. The SEC is headed by five commissioners appointed by the US President. Its 3500 employees are organized into 5 divisions and 19 offices as well as 11 regional offices. Bearing part of the blame for the recent stock market crashes, the SEC is now in the process of upgrading its structure, functions, and key operations.
Keywords:
financial markets;
stock markets;
regulations;
securities;
government agencies
186 citations
Book•
01 Jan 2015
TL;DR: The evolution of rules in exclusive clubs: From coffeehouses to the London Stock Exchange, the evolution of private governance can be traced to the deus ex machina theory of law.
Abstract: Why private governance? 1 Introduction 2 Beyond the deus ex machina theory of law 3 Rules from voluntary associations as an alternative to coercive ones: Governance as a club good Privately governed markets in history and modern times 4 Markets without enforcement: Reciprocity and reputation mechanisms in the world's first stock market 5 The evolution of rules in exclusive clubs: From coffeehouses to the London Stock Exchange 6 Markets creating transparency: Competing listing and disclosure requirements from the Big Board in New York to the Alternative Investment Market in London 7 How technologically advanced markets can work even when fraud is "legal": Ex ante risk management by PayPal and other intermediaries 8 Bundling governance with bricks and mortar: Private policing in colleges, in California, North Carolina, and beyond 9 The most personal form of private governance: Individual self-governance 10 When third party review is ": Adjudication by contract 11 Does private governance work in the most complex markets? Successful risk management on Wall Street even in the wake of the 2008 economic downturn Lessons of private governance 12 The relationship between public and private governance: Does the state help or crowd out good governance? 13 Applying Hayek's insights about discovery and spontaneous order to governance 14 The unseen beauty that underpins markets
175 citations
TL;DR: In this article, the authors examined the impact of stock liquidity on firm bankruptcy risk using the Securities and Exchange Commission's decimalization regulation as a shock to stock liquidity, and established that enhanced liquidity decreases default risk.
Abstract: This paper examines the impact of stock liquidity on firm bankruptcy risk. Using the Securities and Exchange Commission’s decimalization regulation as a shock to stock liquidity, we establish that enhanced liquidity decreases default risk. Stocks with the highest default risk experience the largest improvements. We find two mechanisms through which stock liquidity reduces firm default risk: through improving stock price informational efficiency and facilitating corporate governance by blockholders. Of the two mechanisms, the informational efficiency channel has higher explanatory power than the corporate governance channel.
TL;DR: This article investigated the relationship between long-term U.S. stock market risks and the macroeconomic environment using a two component GARCH-MIDAS model and found that macro variables carry information on stock market risk beyond that contained in lagged realized volatilities, in particular when it comes to longterm forecasting.
Abstract: We investigate the relationship between long-term U.S. stock market risks and the macroeconomic environment using a two component GARCH-MIDAS model. Our results provide strong evidence in favor of counter-cyclical behavior of long-term stock market volatility. Among the various macro variables in our dataset the term spread, housing starts, corporate profits and the unemployment rate have the highest predictive ability for stock market volatility . While the term spread and housing starts are leading variables with respect to stock market volatility, for corporate profits and the unemployment rate expectations data from the Survey of Professional Forecasters regarding the future development are most informative. Our results suggest that macro variables carry information on stock market risk beyond that contained in lagged realized volatilities, in particular when it comes to long-term forecasting.
TL;DR: In this paper, the authors examined whether the integrated reports prepared in accordance with the King III Code of corporate governance regulation are providing the information intended of an integrated report, i.e. to communicate the ability of an organisation to create and sustain value.
Abstract: Purpose
– This study aims to examine whether the integrated reports prepared in accordance with the King III Code of corporate governance regulation are providing the information intended of an integrated report, i.e. to communicate the “ability of an organisation to create and sustain value”. Second, it explains the behaviour of companies listed on the Johannesburg Stock Exchange (JSE) when responding to the regulation to publish an integrated report. The King III Code of corporate governance requires companies listed on the JSE to prepare annually an integrated report or provide reasons for not doing so.
Design/methodology/approach
– This paper uses legitimacy theory to formulate two alternative propositions on how JSE-listed companies may disclose information relating to a number of capitals, as described by the International Integrated Reporting Committee, in response to the King III Code. Annual/integrated reports of the top 25 JSE listed companies for the years 2009/2010 and 2011/2012 are content-analysed for the presence of information on capitals. The change in the extent of disclosure of capitals is analysed using t-tests to test the propositions.
Findings
– The results show that the introduction of integrated reporting in South Africa has resulted in an increase in the extent of disclosure of human, social and relational, natural and intellectual capital information of the listed companies. The increment in the disclosure of social and relational capital is statistically significantly greater than the increment in the disclosure of other capitals. The findings indicate that JSE-listed companies are adopting a legitimation strategy based on symbolic management when preparing integrated reports.
Practical implications
– This study sheds light on the relevance of regulating corporate reporting within a setting where companies are already voluntarily reporting on social, environmental, human, intellectual and natural capital information. Findings have implications for policymakers who have mandated or considering mandating integrated reporting. To the South African policymakers, in particular, this study highlights the need for incorporating, within the listing rules, minimum requirements in relation to the nature and content of an integrated report.
Originality/value
– This paper provides the first initial evidence on the impact of the introduction of integrated reporting regulation, followed by limited guidance to preparers, on the nature and extent of disclosure of capitals. This study extends the work of Solomon and Maroun (2012) by explaining disclosure practices of South African-listed companies in relation to information on relational, human and intellectual capital.
TL;DR: Li et al. as mentioned in this paper empirically investigated politically connected independent directors among Chinese listed firms using 7487 firm-year observations from the Shanghai stock exchange during the period of 2003-2012, and found that the value effect and incentives of appointing independent directors with political ties are shaped by a firm's ownership structure.
Abstract: This paper empirically investigates politically connected independent directors among Chinese listed firms using 7487 firm-year observations from the Shanghai stock exchange during the period of 2003–2012. We distinguish between privately controlled firms and state-controlled firms. We find that the value effect and incentives of appointing independent directors with political ties are shaped by a firm’s ownership structure. More exactly, Chinese listed privately controlled firms with a large fraction of politically connected independent directors tend to outperform their non-connected counterparts, due to the ease of access to external debt financing and more subsidies from the government. However, the appointment of politically connected independent directors also enlarges the magnitude of related-party transactions with the controlling party in listed privately controlled firms. In contrast, having politicians as independent directors does not help to add value to listed state-controlled firms, especially firms controlled by the local government, due to the expropriation of minority investors via more related-party transactions and more severe over-investment problems.
TL;DR: The price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets, and it is found that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits.
Abstract: Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders’ short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners.
TL;DR: In this article, the authors show that large parts of U.S. stock price fluctuations are not due to standard fundamental forces, instead result from self-reinforcing belief dynamics triggered by these fundamentals.
Abstract: The booms and busts in U.S. stock prices over the post-war period can to a large extent be explained by fluctuations in investors' subjective capital gains expectations. Survey measures of these expectations display excessive optimism at market peaks and excessive pessimism at market troughs. Formally incorporating subjective price beliefs into an otherwise standard asset pricing model with utility maximizing investors, we show how subjective belief dynamics can temporarily delink stock prices from their fundamental value and give rise to asset price booms that ultimately result in a price bust. The model quantitatively replicates (1) the volatility of stock prices and (2) the positive correlation between the price dividend ratio and expected returns observed in survey data. We show that models imposing objective or 'rational' price expectations cannot simultaneously account for both facts. Our findings imply that large parts of U.S. stock price fluctuations are not due to standard fundamental forces, instead result from self-reinforcing belief dynamics triggered by these fundamentals.
01 Oct 2015
TL;DR: The proposed SVM and KNN based prediction model is experienced with the above mentioned distinguished stock market indices and the performance of proposed model has been computed using Mean Squared Error and also been compared with recent developed models such as FLIT2NS and CEFLANN respectively.
Abstract: This paper proposes a hybridized framework of Support Vector Machine (SVM) with K-Nearest Neighbor approach for Indian stock market indices prediction. The objective of this paper is to get in-depth knowledge in the stock market in Indian Scenario with the two indices such as, Bombay Stock Exchange (BSE Sensex) and CNX Nifty using technical analysis methods and tools such as predicting closing price, volatility and momentum of the stock market for the available data. This hybrid model uses SVM with different kernel functions to predict profit or loss, and the output of SVM helps to compute best nearest neighbor from the training set to predict future of stock value in the horizon of 1 day, 1 week and 1 month. The proposed SVM and KNN based prediction model is experienced with the above mentioned distinguished stock market indices and the performance of proposed model has been computed using Mean Squared Error and also been compared with recent developed models such as FLIT2NS and CEFLANN respectively. The limitation of both of those existing models undergoes complex weight updating procedures, whereas, proposed SVM-KNN hybridized model scales relatively well to high dimensional data and the trade-off between classifier complexity and error can be controlled explicitly and have better prediction capability.
TL;DR: In this paper, the authors examined the relation between high frequency quotation and the behavior of stock prices between 2009 and 2011 for the full cross section of securities in the US and found that higher quotation activity is associated with price series that more closely resemble a random walk, and significantly lower cost of trading.
01 Oct 2015
TL;DR: The main contributions and novelty of this paper is the forecast of the range of closing prices of Brazilian power distribution companies' stocks, which may be of great interest to home brokers who do not possess ample knowledge to invest in such companies.
Abstract: Graphical abstractDisplay Omitted HighlightsWe predict maximum and minimum day stock prices of power companies.The methodology is based on attribute selection and time series prediction.The most relevant attributes are determined by correlation analysis.The actual time series prediction is carried out by neural networks.The proposed methodology provides very good results. Time series forecasting has been widely used to determine future prices of stocks, and the analysis and modeling of finance time series is an important task for guiding investors' decisions and trades. Nonetheless, the prediction of prices by means of a time series is not trivial and it requires a thorough analysis of indexes, variables and other data. In addition, in a dynamic environment such as the stock market, the non-linearity of the time series is a pronounced characteristic, and this immediately affects the efficacy of stock price forecasts. Thus, this paper aims at proposing a methodology that forecasts the maximum and minimum day stock prices of three Brazilian power distribution companies, which are traded in the Sao Paulo Stock Exchange BM&FBovespa. When compared to the other papers already published in the literature, one of the main contributions and novelty of this paper is the forecast of the range of closing prices of Brazilian power distribution companies' stocks. As a result of its application, investors may be able to define threshold values for their stock trades. Moreover, such a methodology may be of great interest to home brokers who do not possess ample knowledge to invest in such companies. The proposed methodology is based on the calculation of distinct features to be analysed by means of attribute selection, defining the most relevant attributes to predict the maximum and minimum day stock prices of each company. Then, the actual prediction was carried out by Artificial Neural Networks (ANNs), which had their performances evaluated by means of Mean Absolute Error (MAE), Mean Absolute Percentage Error (MAPE) and Root Mean Square Error (RMSE) calculations. The proposed methodology for addressing the problem of prediction of maximum and minimum day stock prices for Brazilian distribution companies is effective. In addition, these results were only possible to be achieved due to the combined use of attribute selection by correlation analysis and ANNs.
TL;DR: In this paper, the authors explored intellectual capital from a multidimensional perspective and its relationship with organizational performance within Iranian public listed companies, finding that organizational culture plays a significant role in developing human capital and structural capital while trust is a major determinant of all the IC components, namely human, structural, relational, and social capital.
Abstract: Purpose – The purpose of this paper is to empirically explore intellectual capital (IC) from a multidimensional perspective and its relationship with organizational performance (OP) within Iranian public listed companies. Design/methodology/approach – Survey data from Chief Financial Officers in 128 companies within Tehran Stock Exchange were collected and analyzed using partial least squares regressions. Findings – The findings suggest that organizational culture plays a significant role in developing human capital and structural capital while trust is a major determinant of all the IC components, namely human, structural, relational, and social capital. The results also confirm that the investment in human, structural, and relational capital could potentially bring about OP improvement in Iranian public listed companies. Practical implications – A synthesis of various sub-elements of IC supports executives in detecting, capturing, and assessing the different kinds of knowledge resources which must be ta...
TL;DR: In this paper, a methodological extension of the recently developed causality-in-variance procedure and considering the case of Lebanon and Jordan was proposed to refine our basic understanding of the role of oil price volatility in predicting the stock-market volatility of small oil-importing countries that have a substantial number of investors from neighboring oil-exporting countries.
TL;DR: In this paper, the impact of capital structure or financial leverage on firm financial performance was studied for a sample size of 422 listed Indian manufacturing companies on the Bombay Stock Exchange (BSE).
Abstract: This paper studies the impact of capital structure or financial leverage on firm financial performance. A sample size of 422 listed Indian manufacturing companies on Bombay Stock Exchange (BSE) has...
TL;DR: In this article, the authors examined the impact of audit committee attributes on the performance of finance companies in Malaysia in both period before and after the Malaysian Code on Corporate Governance (MCCG) was issued in order to determine which of the Audit Committee attributes enhances performance.
Abstract: – The purpose of this paper is to examine the impact of audit committee (AC) attributes on the performance of finance companies in Malaysia in both period before and after the Malaysian Code on Corporate Governance (MCCG) was issued in order to determine which of the AC attributes enhances performance of finance companies in Malaysia. , – The population of the study comprises firms listed under finance sector of the main market of Bursa Malaysia. The number of firms listed on the main market of Bursa Malaysia as at the time of data collection (2012) was 822, out of which 37 were finance firms. Since the number of finance companies listed on the main market was only 37, all companies were used as sample for this study. This comprises companies involved in commercial, investment and Islamic banking, insurance, Takaful and other finance-related services. The sample for the period prior to MCCG varies over the period of observation. The number of finance companies in 1992, 1993, 1994, 1995 and 1996 was 36, 40, 44, 47 and 54, respectively. The sample comprises companies in commercial banking, investment banking, Islamic banking, insurance, Takaful and other finance-related services. The sample comprises firms listed on the main board of Kuala Lumpur stock exchange as it was called before the name was changed to Bursa Malaysia. The companies listed under the Ace market are not included due to their small number and because they are subject to different listing requirements. The list of the finance companies for the period 2007-2011 is obtained from the web site of Bursa Malaysia while for the period 1992-1996, the list is obtained from Bursa Malaysia knowledge centre. The observation period for the study covers financial period from 2007 to 2011 which represents post MCCG period while period from 1992 to 1996 represents the period before MCCG. , – The findings suggests a significant positive relationship between independent AC members and profitability while dual membership of directors on audit and nomination committee is significant and negatively related with profitability. The result supports agency theory which suggests that independent directors provide effective monitoring of the management thereby enhancing profitability and reducing possibility for opportunistic behavior by the management and ultimately enhancing performance. In addition, the result indicates that there was significant improvement in corporate governance in finance companies after the MCCG was issued compared to the period before it was issued. , – The study focussed only on finance companies listed on Bursa Malaysia. The attributes examined include independence, expertise, experience, executive membership and interlock of directors, future studies could examine other attributes such as internal process of the committee and personal characteristics of the directors. Furthermore, the study used secondary data future studies could use primary data or a combination of primary and secondary data. The study only examined the period before MCCG and after the code was issued, future study could examine the impact of the first and second revision and compare it with period after the first and second revision. , – The findings contribute to the literature and the understanding of the influence of AC attributes such as independence and experience of the directors on the committee by showing an association between director independence, expertise, experience and improved performance. Management and board of companies may use the findings to make appropriate choices about AC attributes and governance mechanisms to improve performance particularly with regards to independence, expertise, experience and interlock of the directors. , – The study has provided policy makers with a better understanding of the various features a AC should have which could be incorporated in future policy formulation in order to safeguard investments of shareholders, protect the interest of various stakeholders and enhance the flow of capital and foreign direct investment into finance companies and the economy in general. Comparison of the result between the pre MCCG and post MCCG period shows an improvement in corporate governance in finance companies after the MCCG was issued. This implies that the initial issue of MCCG impacted positively on the governance of the finance companies. , – To best of the authors knowledge the study is the first to examine the attributes of AC in finance sector as a whole and to examine the impact in the period before and after the MCCG was issued.
TL;DR: In this paper, the authors studied the Corporate Sustainability Index (ISE) of the Sao Paulo Stock Exchange (Brazil) and found that the intangible value created by voluntary environmental initiatives, such as access to knowledge, new capabilities and reputational gain, better explain the efforts companies make to be listed in the ISE index.
TL;DR: In this paper, the authors study whether and why the breakdown of trading fees between liquidity demanders and suppliers on the Toronto Stock Exchange matters and find that the transaction costs for demanders remain unchanged once fees are taken into account.
Abstract: Facing increased competition over the last decade, many stock exchanges changed their trading fees to maker-taker pricing, an incentive scheme that rewards liquidity suppliers and charges liquidity demanders. Using a change in trading fees on the Toronto Stock Exchange, we study whether and why the breakdown of trading fees between liquidity demanders and suppliers matters. Posted quotes adjust after the change in fee composition, but the transaction costs for liquidity demanders remain unaffected once fees are taken into account. However, as posted bid-ask spreads decline, traders (particularly retail) use aggressive orders more frequently, and adverse selection costs decrease.
TL;DR: In this article, content analysis was conducted to extract CSR and financial data from annual reports of 68 companies listed on the Nigeria Stock Exchange and the results of the descriptive statistics show that the listed companies used CSR initiatives to communicate social pe...
Abstract: Purpose – The purpose of this paper is to describe the nature and trend of corporate social responsibility (CSR) practices in Nigeria. The second objective of this paper is to examine the relationship between the dimensions of CSR disclosures and corporate financial performance (CFP) among Nigerian listed companies. Design/methodology/approach – To carry out this research, content analysis was conducted to extract CSR and financial data from annual reports of 68 companies listed on the Nigeria Stock Exchange. Financial data were cross-referenced with the NSE Factbook. CSR indexes and financial performance measures were computed for estimation of the regression analysis equation. The percentages were used to describe the nature and trend of CSR practice in Nigeria. This was followed by the hierarchical multiple regression analysis to examine the relationship between CSR and CFP. Findings – The results of the descriptive statistics show that the listed companies used CSR initiatives to communicate social pe...
Posted Content•
TL;DR: In this paper, the authors examined the stock market reaction to announcements of cash dividend increases and bonus issues (stock dividends) in the emerging stock market of Cyprus and found that both events elicit significantly positive abnormal returns, in line with evidence from developed stock markets.
Abstract: This article examines the stock market reaction to announcements of cash dividend increases and bonus issues (stock dividends) in the emerging stock market of Cyprus. Both events elicit significantly positive abnormal returns, in line with evidence from developed stock markets. This study contends that special characteristics of the Cyprus stock market delimit applicability of most traditional explanations for cash and stock dividends in favor of an information-signaling explanation. The empirical results are generally inconsistent with these contentions.
TL;DR: In this article, the authors assess the predictability of prices on Tehran Stock Exchange through the application of artificial neural network models and principal component analysis method and using 20 accounting variables, and determine the goodness of fit for principal components analysis has been determined through real values, and effective factors in Tehran stock exchange prices have been accurately predicted and modeled in the form of a new pattern consisting of all variables.
Abstract: Stock price changes are receiving the increasing attention of investors, especially those who have long-term aims. The present study intends to assess the predictability of prices on Tehran Stock Exchange through the application of artificial neural network models and principal component analysis method and using 20 accounting variables. Finally, goodness of fit for principal component analysis has been determined through real values, and the effective factors in Tehran Stock Exchange prices have been accurately predicted and modeled in the form of a new pattern consisting of all variables.
TL;DR: In this paper, the effects of foreign ownership on the firm-level volatility of stock returns in Vietnam were examined using a detailed panel data set of firms listed on the Ho Chi Minh City stock exchange for the period from 2006 to 2012.
TL;DR: This article found no evidence of any shift in the behaviour of these 16 clubs after flotation, consistent with the view that football clubs in England have been much more oriented toward profit objectives than is normally assumed.
Abstract: In the US, most economists argue that professional sports teams are profit-maximising businesses, but it is a widely held view in Europe that professional football clubs are not run on a profit-maximising basis. This belief has important implications for the impact of widely-advocated policy measures, such as revenue sharing. This paper looks at the performance of 16 English football clubs that acquired a stock exchange listing in the mid-1990s. If the European story is true, we should have observed a shift toward profit-maximising behaviour at these clubs, under the assumption that investors were attracted to these football clubs to earn a positive return. This paper finds no evidence of any shift in the behaviour of these 16 clubs after flotation. This result is consistent with the view that football clubs in England have been much more oriented toward profit objectives than is normally assumed.