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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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TL;DR: In this paper, an increase in margin requirements in the first section of the Tokyo Stock Exchange is followed by a decline in margin borrowing, trading volume, the proportion of trading performed through margin accounts, the growth in stock prices, and the conditional volatility of daily returns.
Abstract: An increase in margin requirements in the First Section of the Tokyo Stock Exchange is followed by a decline in margin borrowing, trading volume, the proportion of trading performed through margin accounts, the growth in stock prices, and the conditional volatility of daily returns. The nonmarginable Second Section stocks show a smaller change in volatility and only a delayed weak price response. The hypothesis that margin requirements restrict the behavior of destabilizing speculators can explain these correlations but cannot explain the observation that individuals, the most active users of margin funds, appear to be good market timers.
116 citations
TL;DR: In this paper, the interactions between stock prices and exchange rates in three emerging countries of South Asia named as Bangladesh, India and Pakistan were investigated and it was shown that there is no causal relationship between stock price and exchange rate in these countries.
Abstract: In this paper we have investigated the interactions between stock prices and exchange rates in three emerging countries of South Asia named as Bangladesh, India and Pakistan. We have considered average monthly nominal exchange rates of US dollar in terms of Bangladeshi Taka, Indian Rupee and Pakistani Rupee and monthly values of Dhaka Stock Exchange General Index, Bombay Stock Exchange Index and Karachi Stock Exchange All Share Price Index for period of January 2003 to June 2008 to conduct the study. Empirical result shows that exchange rates and stock prices data series are non stationary and integrated of order one. Then we have applied Johansen procedure to test for the possibility of a cointegrating relationship. Result shows that there is no cointegrating relationship between stock prices and exchange rates. Finally we applied Granger causality test to find out any causal relationship between stock prices and exchange rates. Outcome shows there is no way causal relationship between stock prices and exchange rates in the countries.
116 citations
TL;DR: In contrast to recently revived concerns about the adverse impact of market fragmentation, this paper showed that the New York Stock Exchange entry leads to a dramatic improvement in liquidity that they attribute to the elimination of market-maker rents.
Abstract: On July 31, 2001, for the first time in its history, the New York Stock Exchange (NYSE) began trading three unlisted securities. The DIA, SPY, and QQQ are the most actively traded Exchange Traded Funds (ETFs) and are listed on the American Stock Exchange. On April 15, 2002 another 27 ETFs followed. These two events provide a unique experiment for studying the impact of a new entrant on market quality. In contrast to recently revived concerns about the adverse impact of market fragmentation, we document that the NYSE entry leads to a dramatic improvement in liquidity that we attribute to the elimination of market-maker rents.
116 citations
Book•
01 Jan 1990
TL;DR: In this article, the most efficient operation of the Korean stock market has been discussed, with the focus on efficient operation in developing developing countries -growth, income, and other factors (F Modigliani, this article ).
Abstract: Keynote Addresses Toward the Most Efficient Operation of the Korean Stock Market (B-W Koh) Volatility, Episodic Volatility, and Coordinated Circuit-Breakers: The Sequel (MH Miller) Saving in Developing Countries - Growth, Income, and Other Factors (F Modigliani) Developing Asian Capital Markets (K Tarumizu) PACAP Distinguished Speakers Series Malaysian Financial Markets (L See-Yan) Tokyo Equity Market: Its Development and Policies (M Sato) The Philippine Financial System: Path Towards Liberalization and Internationalization (GC Singson) Competitive Research Award Papers Convertible Notes Issues by Japanese Firms in Switzerland: Pricing and its Effects (W Wasserfallen, RA Hunkeler) The Volatility of Japanese Interest Rates: A Comparison of Alternative Term Structure Models (KC Chan, GA Karolyi, FA Longstaff, AB Sanders) Issues in Asian Corporation Finance Determinants of Corporate Capital Structure: Australian Evidence (C Chiarella, TM Pham, AB Sim, MML Tan) Financial Management Practices Among South Korean Firms (JS Ang, M Jung) Optimal Corporate Investment in Imperfect Capital Markets: Evidence from Korea (M Dailami) Empirical Studies on Asian Capital Markets International Transmission of Stock Market Movements and Korea and Taiwan Fund Prices (Y Jeng, C-W Kim, WMH Wan-Sulaiman) Non-Performance Risk in Markets for Asian Commodities: Evidence and Implications (W Bailey, E Ng) The Impact of Dividend and Bonus Issue Announcements on the Hong Kong Exchange: An Empirical Investigation (EY Guo, AJ Keown) Korean Stock Market Studies Is the APT True in Korea? (K Cheong) Market Model Nonstationarity in the Korean Stock Market (T Bos, TA Fetherston) Size, Price-Earnings Ratio, and Seasonal Anomalies in the Korean Stock Market (YG Kim, KH Chung, CS Pyun) The Price Mechanism of IPO Market in Korea: with Emphasis on the Recent Liberalization Reform (U Lim) Stock Market Volatility On the Determinants of Stock Market Volatility: An Empirical Analysis of the Taiwan Stock Market (T Ma) The Crash of 1987: An Empirical Examination of Liquidity, Volatility, and Volume Across International Stock Markets (GN Naidu, MS Rozeff) ADRs Seasonal Patterns in ADR Returns: Some Implications (J Park) The Bid-Ask Spreads of American Depositary Receipts (JS Howe, J-C Lin) Derivative Securities Empirical Tests on the Pricing of the Nikkei Stock Index Options (M Toshino) Selection of Underlying Index for Stock Index Futures in Korea (C-P Kook, Y-J Kwon, WH Lee, HS Choe) Speculative, Hedging, and Arbitrage Efficiency of the Nikkei Index Futures (K-G Lim) Recent Trends in Global Financial Markets Bad Projects, Good Projects and IPO's (SA Ravid, M Spiegel) The Global Market for Underwriting Services (R Nachtmann, F Phillips-Patrick) Some Structural Changes and Performances of Finance and Securities Companies in Thailand during 1981-1990 (P Trairatvorakul, P
116 citations
TL;DR: In this article, the authors proposed an alternative approach to estimate China's capital stock series by region as well as across three economic sectors (agriculture, industry and services) and preliminary analyses of the derived capital stock statistics are conducted to examine growth, disparity and convergence in China's regional economies.
Abstract: The lack of capital stock statistics for empirical research of the Chinese economy has for a long time been one of the major impediments in the profession Professor Gregory Chow is one of the pioneers who attempted to deal with this matter His seminal paper on China's capital formation and economic growth was published in 1993 (Chow, 1993) Since then many authors have estimated their own capital stock data series However, most authors have focused on investigations at the national level and their findings are not without controversies In particular, few studies have provided estimates of capital stock for China's regional economies This paper adds to the existing literature in several ways First, it presents a critical review of the methods and findings in the existing literature Second, it proposes an alternative approach to estimate China's capital stock series by region as well as across three economic sectors (agriculture, industry and services) Finally, preliminary analyses of the derived capital stock statistics are conducted to examine growth, disparity and convergence in China's regional economies
116 citations