Topic
Stock exchange
About: Stock exchange is a research topic. Over the lifetime, 39566 publications have been published within this topic receiving 612044 citations.
Papers published on a yearly basis
Papers
More filters
TL;DR: In this paper, the authors investigated whether internal attributes of corporate governance such as board size, outside directors, CEO duality, managerial ownership, and ownership concentration affect the performance of Pakistani firms.
Abstract: Purpose – The purpose of this paper is to investigate whether internal attributes of corporate governance such as board size, outside directors, CEO duality, managerial ownership, and ownership concentration affect the performance of Pakistani firms.Design/methodology/approach – Panel econometric technique namely pooled ordinary least squares is used to estimate the relationship between internal governance mechanisms and performance measures (i.e., return on assets, return on equity, earnings per share, and market‐to‐book ratio) using the data of non‐financial firms listed on the Karachi stock exchange Pakistan during 2004‐2008.Findings – The empirical results indicate that board size is positively, whereas outside directors and managerial ownership are negatively related to the return on assets, earnings per share, and market‐to‐book ratio. Ownership concentration is positively related to all measures of performance used in this study. CEO duality is positively related to earnings per share only. As far ...
127 citations
TL;DR: In this paper, the authors examined associations between measures of stock exchange disclosure and market development at 50 of the member stock exchanges of the World Federation of Exchanges and found strong support for the hypothesis that the strength of the disclosure system (disclosure rules, monitoring, and enforcement) is positively associated with market development, after controlling for legal system, legal protection of investors, market size and several other potentially relevant explanatory variables.
Abstract: This study examines associations between measures of stock exchange disclosure and market development at 50 of the member stock exchanges of the World Federation of Exchanges. We focus on stock exchange disclosure systems (rather than actual company disclosures) because this approach links stock exchange policy with desired outcomes related to market development (such as liquidity, trading activity, and market size relative to gross domestic product). We find strong support for the hypothesis that the strength of the disclosure system (disclosure rules, monitoring, and enforcement) is positively associated with market development, after controlling for legal system, legal protection of investors, market size, and several other potentially relevant explanatory variables.
127 citations
Proceedings Article•
01 Jan 1991
TL;DR: It is concluded that transition from the established floor-based exchanges to potentially superior electronic alternatives is possible, despite the inertia resulting from the experience of benefits investors trading in active markets, and that current proposals for electronic markets are not demonstrably superior on generally accepted criteria used to assess market quality.
Abstract: Two alternative trading mechanisms for securities markets are compared using laboratory experimentation and computer simulation. One mechanism is the floor-based specialist auction in place in most U.S. stock exchanges today, and the other is an electronic alternative employing automatic order matching. We conclude that transition from the established floor-based exchanges to potentially superior electronic alternatives is possible, despite the inertia resulting from the experience of benefits investors trading in active markets, and that current proposals for electronic markets are not demonstrably superior on generally accepted criteria used to assess market quality. This has clear implications for established stock exchanges, market regulators, and vendors of electronic trading systems.
126 citations
TL;DR: This article investigated the stock market reaction to 447 announcements of business relocation decisions in the 1978-1990 period and found that the stock reaction to such decisions is tied to the motive for the relocation and the implied prospects for the firm, with the type of facility being relocated playing an insignificant role.
Abstract: We investigate the stock market reaction to 447 announcements of business relocation decisions in the 1978-1990 period. We find that the stock market reaction to such decisions is tied to the motive for the relocation and the implied prospects for the firm, with the type of facility being relocated playing an insignificant role. Our finding reconciles several results in the literature concemmg the stock market reaction to announcements of capital investment decisions.
126 citations
TL;DR: In this article, the authors show that institutional participation in the U.S. stock market in recent decades has played an ever increasing role in explaining cross-sectional variation in stock market illiquidity.
Abstract: In this paper we show that institutional participation in the U.S. stock market in recent decades has played an ever increasing role in explaining cross-sectional variation in stock market illiquidity. We first document trends in the growth of institutional stock ownership using the 13F holdings, extending the evidence by thirteen years to the end of 2010. In contrast to previous research, we find that institutions, and particularly hedge funds, have increased their holdings of smaller stocks and decreased their holdings of larger stocks over this period. Institutions currently underweight the largest stocks and overweight the smallest stocks relative to market weights. We then examine the relation between illiquidity and two measures of institutional stock ownership – the percentage of a stock owned by institutions and the number of institutions that own the stock – both in the cross section and through time. We find that: (1) the number of institutions that own and trade a stock is more important than the percentage of institutional ownership in explaining the cross-sectional variability of illiquidity; and (2) the power of the number of institutional owners in explaining illiquidity is significantly stronger in the second half of our sample period.
126 citations