Stock exchange

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

Online auctions

Abstract: Auctions on the Internet can involve not only consumers, but also businesses. They can form dynamically and enable the exchange of goods much as stock exchanges manage the buying and selling of securities. But because auctions have a wide scope and a short lifetime, the opportunistic behavior needed for successful interaction requires agents to both participate in and manage auctions. The article focuses on the use of software agents in such Internet based auctions.

Determinants of Corporate Social Responsibility Disclosure: An Empirical Study of Polish Listed Companies

Abstract: In this paper we explore whether a number of elements influence the levels of corporate social responsibility (CSR) disclosure in the annual reports of Polish companies. These elements include the following: company size, profitability, financial leverage, industry environmental sensitivity, board size, women on the board, internationalization, and reputation. We use content analysis to determine the quality of CSR disclosures. We test our hypotheses using a Tobit regression analysis on a sample of 60 reports from Polish companies listed on the Warsaw Stock Exchange. We find industry environmental sensitivity to have significant influence on CSR disclosures. Our research findings also reveal a relationship between company turnover, duration of the stock exchange listing, inclusion in the Respect Index portfolio and foreign capital share, and the level of CSR disclosures. This study extends the scope of previous studies by including non-commonly used independent variables: the company’s internationalization and reputation. To the authors’ knowledge, it is the primary step to investigating CSR reporting practices coupled with the corporate characteristics in a Central and Eastern European country such as Poland. The paper contributes to the understanding of determinants of CSR disclosure and offers findings which are potentially useful for both theory and practice.

The Conditional Relation between Beta and Returns

Abstract: The Capital Asset Pricing Model (CAPM) of Sharpe (1964), Lintner (1965), and Black (1972) (SLB) states that, in equilibrium, the expected return on a security is a positive linear function of its beta, and beta suffice to describe the cross-section of expected returns. The empirical studies on the validity of the positive beta-return relationship of the SLB model have been extensively carried out for the past four decades using average realized stock returns and an index of security returns to proxy for expected returns of stocks and market portfolio respectively. Early studies have supported the positive linear relationship between beta and return (e.g., Lintner (1965)). However, studies conducted after Fama and MacBeth (1973) (FM) have found inconsistent evidence on this relationship. For example, Fama and French (1992) conclude that the relationship between beta and average return is flat. In the Tokyo Stock Exchange (TSE), Nimal and Horimoto (2005) report that the beta and average return relationship is not significant in all months and even it is negatively significant in non-January months in some periods. Also in Sri Lankan context Samarakoon (1997) finds negative beta-return relationship and Anuradha (2008) reports insignificant beta-return relation in the Colombo Stock Exchange (CSE). The question is whether the inconsistent evidence on the relationship between beta and average return is sufficient to conclude that the movements of realized return are not systematically related with their betas1). Pettengill, The Conditional Relation between Beta and Returns

Environmental, Social and Governance Reporting in China

Abstract: What is the current state of environmental, social and governance (ESG) reporting and what is the relation between ESG reporting and the financial performance of Chinese companies? This study analyses corporate ESG disclosure in China between 2005 and 2012 by analysing the members of the main indexes of the biggest Chinese stock exchanges. After discussing theories that explain the ESG performance of firms such as institutional theory, accountability and stakeholder theory we present uni- and multivariate statistical analyses of ESG reporting and its relation to environmental and financial performance. Our results suggest that ownership status and membership of certain stock exchanges influence the frequency of ESG disclosure. In turn, ESG reporting influences both environmental and financial performance. We conclude that the main driver for ESG disclosure is accountability and that Chinese corporations are catching up with respect to the frequency of ESG reporting as well as with respect to the quality. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment