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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
Matti Keloharju1
TL;DR: In this paper, a test of the winner's curse hypothesis for the Finnish market was carried out and the evidence from 80 IPOs issued between 1984 and 1989 confirmed the presence of the curse: average returns adjusted for the bias in allocation are lower than average unadjusted returns.

344 citations

Journal ArticleDOI
TL;DR: In this paper, the authors studied the effects of transaction taxes on the behavior of Swedish equity returns during the 1980-1987 period and found that volatility did not decline in response to the introduction of taxes although stock price levels and turnover did.

344 citations

Journal ArticleDOI
TL;DR: In this article, the authors investigate the relationship between environmental reporting and corporate governance attributes of companies in Australia and find a significant positive relationship between the extent of environmental reporting with the proportions of independent and female directors on a board.
Abstract: Purpose – The purpose of this paper is to investigate the relationship between environmental reporting and corporate governance attributes of companies in Australia.Design/methodology/approach – The paper adopts a quantitative analysis approach. It examines the 2008 annual reports of the largest 100 Australian firms listed on the Australian Stock Exchange (ASX) to determine the amount of environmental reporting – these data are compared with various corporate governance measures.Findings – Analysis found a significant positive relationship between the extent of environmental reporting and the proportions of independent and female directors on a board. The analysis did not, however, support a negative relationship between the extent of environmental reporting and institutional investors and board size as has been previously predicted, rather, it showed a positive relationship.Originality/value – This paper offers insights to both regulators and company strategists. Regulators such as the Australian Stock E...

343 citations

Journal ArticleDOI
TL;DR: In this paper, the authors examined the effect of trading halts and circuit breakers on stock market volatility and concluded that the benefits of stability are greater than the cost of the inefficiency created by the trading halt.
Abstract: Investors, regulators, brokers, dealers and the press have all expressed concern over the level of stock market volatility. But the perception that prices move a lot-and have been moving a lot more in recent years-is in part merely a reflection of the historically high levels of popular stock indexes. The drop in stock prices on October 13, 1989-while large in terms of point decline-was not even among the 25 worst days in NYSE history in terms of percentage changes. While a 6 per cent drop in prices is not inconsequential, neither is it a rare event when considered within the context of the behavior of stock returns over the 1802-1989 period. Apart from October 1987 and October 1989, volatility was not particularly high in the 1980s. Moreover, the growth in stock index futures and options trading has not been associated with an upward trend in stock volatility. There is little evidence that computerized trading per se increases volatility, except perhaps within the trading day. On October 13, 1989, all the major networks flashed reports on the market decline. The ability of investors and the press to track stock prices on a virtually continuous basis has heightened public perceptions of a volatility problem. What we do not know, because the intraday data on stock prices are simply unavailable, is whether the large but extremely brief price drops that have characterized recent market declines also occurred in the past, when daily and monthly volatility was higher than it is today. The evidence so far is inconclusive as to whether trading halts or circuit-breakers can reduce volatility in a beneficial way. Even if circuit breakers can reduce volatility, are the benefits of stability greater than the cost of the inefficiency created by the trading halt?

343 citations

Posted Content
TL;DR: In this paper, the authors used a pooled ordinary least squares regression analysis for a sample of 93 firms quoted on the Nigerian Stock Exchange for the period 1996-1999, and found no evidence to support the idea that boards with a higher proportion of outside directors perform better than other firms, but there is evidence that expatriate CEOs tend to achieve higher levels of performance than those run by indigenous CEOs.
Abstract: Recent global events concerning high-profile corporate failures have put back on the policy agenda and intensified debate on the efficacy of corporate governance mechanisms as a means of increasing firm financial performance. This study attempts to address this question using pooled ordinary least squares regression analysis for a sample of 93 firms quoted on the Nigerian Stock Exchange for the period 1996–1999. While making a case for a board size of ten and for concentrated as opposed to diffused equity ownership, the results argue for the separation of the posts of Chief Executive Officer (CEO) and Chair. Moreover, although the results find no evidence to support the idea that boards with a higher proportion of outside directors perform better than other firms, there is evidence that firms run by expatriate CEOs tend to achieve higher levels of performance than those run by indigenous CEOs. In the main, the results are consistent with existing literature, but there is need to err on the side of caution in any attempt to generalize the findings as the sample selection was determined by the availability of data rather than byany probability criterion.

343 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