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Stock exchange

About: Stock exchange is a research topic. Over the lifetime, 39566 publications have been published within this topic receiving 612044 citations.


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Journal ArticleDOI
TL;DR: The authors examines the US equity flows to emerging stock markets from 1978 to 1991 and draws three main conclusions: the US portfolio remains strongly biased toward domestic equities, and the volatility of US transactions in emerging-market equities is higher than in other foreign equities.
Abstract: This article examines the US equity flows to emerging stock markets from 1978 to 1991 and draws three main conclusions. First, despite the recent increase in US equity investment in emerging stock markets, the US portfolio remains strongly biased toward domestic equities. Second, of the fraction of the US portfolio that is allocated to foreign equity investment, the share invested in emerging stock markets is roughly proportional to the share of the emerging stock markets in the global market capitalization value. Third, the volatility of US transactions in emerging-market equities is higher than in other foreign equities. The normalized volatility of US transactions appears to be falling over time, however, and the authors find no relation between the volume of US transactions in foreign equity and local turnover rates or volatility of stock returns.

163 citations

Journal ArticleDOI
TL;DR: In this article, the extent to which the disclosure requirements of the London Stock Exchange relating to company annual reports are complied with or exceeded by Continental European companies listed on the Exchange was investigated.
Abstract: This study investigates the extent to which the disclosure requirements of the London Stock Exchange relating to company annual reports are complied with or exceeded by Continental European companies listed on the Exchange. It was found that the companies exceeded Exchange requirements through a wide range of voluntary disclosures, which in some cases were substantial. The significance of the Stock Exchange requirements appeared to be relatively minimal compared to competitive pressures associated with the need to raise capital in the international capital market context. At the same time, there were persistent national characteristics in the pattern of items voluntarily disclosed.

163 citations

Journal ArticleDOI
TL;DR: In this article, the authors report on the results of an empirical investigation of the factors that affect timely annual financial reporting practices by 95 non-financial, group companies listed on the Athens Stock Exchange.
Abstract: This paper reports on the results of an empirical investigation of the factors that affect timely annual financial reporting practices by 95 non-financial, group companies listed on the Athens Stock Exchange. A descriptive analysis indicates that 92% of the companies reported early (relative to the 161-day regulatory deadline), 3% reported on the 161st day and 5% reported late. A multivariate regression analysis suggests that large companies, service companies and companies audited by the former Big-5 audit firms have shorter final reporting lead-time. Our tests provide strong empirical evidence to suggest, however, that companies in the construction sector, companies whose audit reports were qualified and companies that had a greater proportion of their equity shares directly and indirectly held by insiders do not promptly release their audited financial statements. No empirical evidence was found in support of the monitoring cost theory. Policy implications of the results for the regulatory age...

163 citations

Journal ArticleDOI
TL;DR: This article constructed a model of speculative trading to examine how the mean and volatility of stock prices is affected both by government partisanship and by traders' expectations of electoral victory by the right-wing or left-wing party.
Abstract: We construct a model of speculative trading to examine how the mean and volatility of stock prices is affected both by government partisanship and by traders' expectations of electoral victory by the right-wing or left-wing party. Our model predicts that rational expectations of higher inflation under left-wing administrations lowers the volume of stocks traded in the stock market. The decline in trading volume leads to a decrease in the mean and volatility of stock prices not only during the incumbency of left-wing governments, but also when traders expect the left-wing party to win elections. Conversely, expectation of lower inflation under right-wing administrations leads to higher trading volume. This leads to an increase in the mean and volatility of stock prices during the tenure of right-wing governments and when traders anticipate the right-wing party to win elections. Daily and monthly data from U.S. and British equity markets between 1930 and 2000 statistically corroborate the predictions from our formal model.

162 citations

Journal ArticleDOI
TL;DR: Since the overhaul of its established securities trading practices, London’s financial markets have undergone profound change while continuing to operate smoothly; a number of benefits have been realized.
Abstract: :The London Stock Exchange’s Big Bang on October 27, 1986, marked the arrival of sweeping and long-awaited deregulation. Numerous changes occurred simultaneously, including elimination of fixed brokerage commissions, a marked increase in the number of market participants, changes in the structure and ownership of trading firms, and, perhaps most importantly, swift movement of securities trading away from the floor of the Exchange. This remains the most rapid and complete regulatory reform of any market, and the most striking example to date of a regulatory event engineered to benefit the local financial industry. The transformation was accomplished in large part through the Exchange’s implementation of a screen-based dealing system. Since the overhaul of its established securities trading practices, London’s financial markets have undergone profound change while continuing to operate smoothly; a number of benefits have been realized.

162 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20232,414
20225,944
20211,840
20202,645
20192,535
20182,413