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overflow: hidden; text-overflow: ellipsis; -webkit-line-clamp: 3; -webkit-box-orient: vertical; }</style><div class="col-xs-12 clearfix"><div class="u-floatLeft"><h1 class="PageHeader-title u-m0x u-fs30">Stock Market</h1><div class="u-tcGrayDark">24,736 Followers</div><div class="u-tcGrayDark u-mt2x">Recent papers in <b>Stock Market</b></div></div></div></div></div></div><div class="TabbedNavigation"><div class="container"><div class="row"><div class="col-xs-12 clearfix"><ul class="nav u-m0x u-p0x list-inline u-displayFlex"><li class="active"><a href="https://www.academia.edu/Documents/in/Stock_Market">Top Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Stock_Market/MostCited">Most Cited Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Stock_Market/MostDownloaded">Most Downloaded Papers</a></li><li><a href="https://www.academia.edu/Documents/in/Stock_Market/MostRecent">Newest Papers</a></li><li><a class="" href="https://www.academia.edu/People/Stock_Market">People</a></li></ul></div><style type="text/css">ul.nav{flex-direction:row}@media(max-width: 567px){ul.nav{flex-direction:column}.TabbedNavigation li{max-width:100%}.TabbedNavigation li.active{background-color:var(--background-grey, #dddde2)}.TabbedNavigation li.active:before,.TabbedNavigation li.active:after{display:none}}</style></div></div></div><div class="container"><div class="row"><div class="col-xs-12"><div class="u-displayFlex"><div class="u-flexGrow1"><div class="works"><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_24362351" data-work_id="24362351" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/24362351/The_Promise_and_Peril_of_Corporate_Governance_Indices">The Promise and Peril of Corporate Governance Indices</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In recent years, financial economists and commercial providers of governance services have created measures of corporate governance quality that collapse into one number (a governance rating or index) the multiple dimensions of a... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_24362351" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In recent years, financial economists and commercial providers of governance services have created measures of corporate governance quality that collapse into one number (a governance rating or index) the multiple dimensions of a company's governance, measures which commercial providers market to institutional investors as aids for portfolio and proxy voting decisions. The aim of this Article is twofold: to analyze the effectiveness of corporate governance indices in predicting corporate performance and to consider the implications for public policy that follow from that assessment. We highlight methodological shortcomings of the extant research that claims to have identified a relation between particular governance measures and corporate performance. Our core conclusion is that there is no consistent relation between governance indices and measures of corporate performance. Namely, there is no one "best" measure of corporate governance: The most effective governance system depends on context and on firms' specific circumstances. It would therefore be difficult for an index, or any one variable, to capture nuances critical for making informed decisions. As a consequence, we conclude that governance indices are highly imperfect instruments for determining how to vote corporate proxies, let alone for making portfolio investment decisions, and that investors and policymakers should exercise caution in attempting to draw inferences regarding a firm's quality orfuture stock market performance from its ranking on any particular corporate governance measure. Most important, because there is considerable variation in the relation between indices and measures of corporate performance, our analysis suggests that corporate governance is an area where a regulatory regime of</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/24362351" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="d883d2bdb9030479ea628ee24cb4f560" rel="nofollow" data-download="{"attachment_id":44693839,"asset_id":24362351,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44693839/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="46965169" href="https://independent.academia.edu/SanjaiBhagat">Sanjai Bhagat</a><script data-card-contents-for-user="46965169" type="text/json">{"id":46965169,"first_name":"Sanjai","last_name":"Bhagat","domain_name":"independent","page_name":"SanjaiBhagat","display_name":"Sanjai Bhagat","profile_url":"https://independent.academia.edu/SanjaiBhagat?f_ri=29156","photo":"https://0.academia-photos.com/46965169/18816197/18776116/s65_sanjai.bhagat.jpg"}</script></span></span></li><li class="js-paper-rank-work_24362351 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="24362351"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 24362351, container: ".js-paper-rank-work_24362351", }); });</script></li><li class="js-percentile-work_24362351 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 24362351; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_24362351"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_24362351 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="24362351"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 24362351; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=24362351]").text(description); $(".js-view-count-work_24362351").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_24362351").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="24362351"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="4167" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance">Corporate Governance</a>, <script data-card-contents-for-ri="4167" type="text/json">{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="59704" rel="nofollow" href="https://www.academia.edu/Documents/in/Institutional_Investors">Institutional Investors</a>, <script data-card-contents-for-ri="59704" type="text/json">{"id":59704,"name":"Institutional Investors","url":"https://www.academia.edu/Documents/in/Institutional_Investors?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="109037" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Performance">Corporate Performance</a><script data-card-contents-for-ri="109037" type="text/json">{"id":109037,"name":"Corporate Performance","url":"https://www.academia.edu/Documents/in/Corporate_Performance?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=24362351]'), work: {"id":24362351,"title":"The Promise and Peril of Corporate Governance Indices","created_at":"2016-04-13T05:07:04.052-07:00","url":"https://www.academia.edu/24362351/The_Promise_and_Peril_of_Corporate_Governance_Indices?f_ri=29156","dom_id":"work_24362351","summary":"In recent years, financial economists and commercial providers of governance services have created measures of corporate governance quality that collapse into one number (a governance rating or index) the multiple dimensions of a company's governance, measures which commercial providers market to institutional investors as aids for portfolio and proxy voting decisions. The aim of this Article is twofold: to analyze the effectiveness of corporate governance indices in predicting corporate performance and to consider the implications for public policy that follow from that assessment. We highlight methodological shortcomings of the extant research that claims to have identified a relation between particular governance measures and corporate performance. Our core conclusion is that there is no consistent relation between governance indices and measures of corporate performance. Namely, there is no one \"best\" measure of corporate governance: The most effective governance system depends on context and on firms' specific circumstances. It would therefore be difficult for an index, or any one variable, to capture nuances critical for making informed decisions. As a consequence, we conclude that governance indices are highly imperfect instruments for determining how to vote corporate proxies, let alone for making portfolio investment decisions, and that investors and policymakers should exercise caution in attempting to draw inferences regarding a firm's quality orfuture stock market performance from its ranking on any particular corporate governance measure. Most important, because there is considerable variation in the relation between indices and measures of corporate performance, our analysis suggests that corporate governance is an area where a regulatory regime of","downloadable_attachments":[{"id":44693839,"asset_id":24362351,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":46965169,"first_name":"Sanjai","last_name":"Bhagat","domain_name":"independent","page_name":"SanjaiBhagat","display_name":"Sanjai Bhagat","profile_url":"https://independent.academia.edu/SanjaiBhagat?f_ri=29156","photo":"https://0.academia-photos.com/46965169/18816197/18776116/s65_sanjai.bhagat.jpg"}],"research_interests":[{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":59704,"name":"Institutional Investors","url":"https://www.academia.edu/Documents/in/Institutional_Investors?f_ri=29156","nofollow":true},{"id":109037,"name":"Corporate Performance","url":"https://www.academia.edu/Documents/in/Corporate_Performance?f_ri=29156","nofollow":true},{"id":749302,"name":"Indexation","url":"https://www.academia.edu/Documents/in/Indexation?f_ri=29156"},{"id":764415,"name":"Investment Decision","url":"https://www.academia.edu/Documents/in/Investment_Decision?f_ri=29156"},{"id":1723635,"name":"Public Policy","url":"https://www.academia.edu/Documents/in/Public_Policy?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_24614917" data-work_id="24614917" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/24614917/Corporate_Governance_and_Board_Composition_diversity_and_independence_of_Australian_boards">Corporate Governance and Board Composition: diversity and independence of Australian boards</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The board of directors is one of a number of internal governance mechanisms that are intended to ensure that the interests of shareholders and managers are closely aligned, and to discipline or remove ineffective management teams. Among... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_24614917" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The board of directors is one of a number of internal governance mechanisms that are intended to ensure that the interests of shareholders and managers are closely aligned, and to discipline or remove ineffective management teams. Among the most significant governance issues currently faced by the modern corporation are those relating to diversity, such as gender and age, and independence of directors.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/24614917" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="26367fde204256749904e6894d1d2441" rel="nofollow" data-download="{"attachment_id":44944963,"asset_id":24614917,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44944963/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="47459994" href="https://independent.academia.edu/MandyCheng10">Mandy Cheng</a><script data-card-contents-for-user="47459994" type="text/json">{"id":47459994,"first_name":"Mandy","last_name":"Cheng","domain_name":"independent","page_name":"MandyCheng10","display_name":"Mandy Cheng","profile_url":"https://independent.academia.edu/MandyCheng10?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_24614917 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="24614917"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 24614917, container: ".js-paper-rank-work_24614917", }); 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$(".js-view-count[data-work-id=24614917]").text(description); $(".js-view-count-work_24614917").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_24614917").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="24614917"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="4167" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance">Corporate Governance</a>, <script data-card-contents-for-ri="4167" type="text/json">{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="186492" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_Research">Empirical Research</a>, <script data-card-contents-for-ri="186492" type="text/json">{"id":186492,"name":"Empirical Research","url":"https://www.academia.edu/Documents/in/Empirical_Research?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="187579" rel="nofollow" href="https://www.academia.edu/Documents/in/Cultural_difference">Cultural difference</a><script data-card-contents-for-ri="187579" type="text/json">{"id":187579,"name":"Cultural difference","url":"https://www.academia.edu/Documents/in/Cultural_difference?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=24614917]'), work: {"id":24614917,"title":"Corporate Governance and Board Composition: diversity and independence of Australian boards","created_at":"2016-04-21T01:32:06.133-07:00","url":"https://www.academia.edu/24614917/Corporate_Governance_and_Board_Composition_diversity_and_independence_of_Australian_boards?f_ri=29156","dom_id":"work_24614917","summary":"The board of directors is one of a number of internal governance mechanisms that are intended to ensure that the interests of shareholders and managers are closely aligned, and to discipline or remove ineffective management teams. Among the most significant governance issues currently faced by the modern corporation are those relating to diversity, such as gender and age, and independence of directors.","downloadable_attachments":[{"id":44944963,"asset_id":24614917,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":47459994,"first_name":"Mandy","last_name":"Cheng","domain_name":"independent","page_name":"MandyCheng10","display_name":"Mandy Cheng","profile_url":"https://independent.academia.edu/MandyCheng10?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":186492,"name":"Empirical Research","url":"https://www.academia.edu/Documents/in/Empirical_Research?f_ri=29156","nofollow":true},{"id":187579,"name":"Cultural difference","url":"https://www.academia.edu/Documents/in/Cultural_difference?f_ri=29156","nofollow":true},{"id":469205,"name":"Governance Structure","url":"https://www.academia.edu/Documents/in/Governance_Structure?f_ri=29156"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_21701095" data-work_id="21701095" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/21701095/China_s_Financial_System_Opportunities_and_Challenges">China’s Financial System: Opportunities and Challenges</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We provide a comprehensive review of China's financial system, and explore directions of future development. First, the financial system has been dominated by a large banking sector. In recent years banks have made considerable progress... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_21701095" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We provide a comprehensive review of China's financial system, and explore directions of future development. First, the financial system has been dominated by a large banking sector. In recent years banks have made considerable progress in reducing the amount of non-performing loans and improving their efficiency. Second, the role of the stock market in allocating resources in the economy has been limited and ineffective. We discuss issues related to the further development of China's stock market and other financial markets. Third, the most successful part of the financial system, in terms of supporting the growth of the overall economy, is a non-standard sector that consists of alternative financing channels, governance mechanisms, and institutions. The co-existence of this sector with banks and markets can continue to support the growth of the Hybrid Sector (non-state, non-listed firms). Finally, among the policies that will help to sustain stable economic growth in China are those that reduce the likelihood of damaging financial crises, including a banking sector crisis, a real estate or stock market crash, and a "twin crisis" in the currency market and banking sector.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/21701095" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ed2b581ee14b05c9d538f75b23c3e8fa" rel="nofollow" data-download="{"attachment_id":42406380,"asset_id":21701095,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42406380/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="42878451" href="https://independent.academia.edu/MengxinZhao">Mengxin Zhao</a><script data-card-contents-for-user="42878451" type="text/json">{"id":42878451,"first_name":"Mengxin","last_name":"Zhao","domain_name":"independent","page_name":"MengxinZhao","display_name":"Mengxin Zhao","profile_url":"https://independent.academia.edu/MengxinZhao?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_21701095 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="21701095"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 21701095, container: ".js-paper-rank-work_21701095", }); 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$(".js-view-count[data-work-id=21701095]").text(description); $(".js-view-count-work_21701095").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_21701095").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="21701095"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="41" rel="nofollow" href="https://www.academia.edu/Documents/in/Real_Estate">Real Estate</a>, <script data-card-contents-for-ri="41" type="text/json">{"id":41,"name":"Real Estate","url":"https://www.academia.edu/Documents/in/Real_Estate?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4484" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Growth">Economic Growth</a>, <script data-card-contents-for-ri="4484" type="text/json">{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="63444" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_System">Financial System</a><script data-card-contents-for-ri="63444" type="text/json">{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=21701095]'), work: {"id":21701095,"title":"China’s Financial System: Opportunities and Challenges","created_at":"2016-02-08T13:18:56.061-08:00","url":"https://www.academia.edu/21701095/China_s_Financial_System_Opportunities_and_Challenges?f_ri=29156","dom_id":"work_21701095","summary":"We provide a comprehensive review of China's financial system, and explore directions of future development. First, the financial system has been dominated by a large banking sector. In recent years banks have made considerable progress in reducing the amount of non-performing loans and improving their efficiency. Second, the role of the stock market in allocating resources in the economy has been limited and ineffective. We discuss issues related to the further development of China's stock market and other financial markets. Third, the most successful part of the financial system, in terms of supporting the growth of the overall economy, is a non-standard sector that consists of alternative financing channels, governance mechanisms, and institutions. The co-existence of this sector with banks and markets can continue to support the growth of the Hybrid Sector (non-state, non-listed firms). Finally, among the policies that will help to sustain stable economic growth in China are those that reduce the likelihood of damaging financial crises, including a banking sector crisis, a real estate or stock market crash, and a \"twin crisis\" in the currency market and banking sector.","downloadable_attachments":[{"id":42406380,"asset_id":21701095,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":42878451,"first_name":"Mengxin","last_name":"Zhao","domain_name":"independent","page_name":"MengxinZhao","display_name":"Mengxin Zhao","profile_url":"https://independent.academia.edu/MengxinZhao?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":41,"name":"Real Estate","url":"https://www.academia.edu/Documents/in/Real_Estate?f_ri=29156","nofollow":true},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=29156","nofollow":true},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=29156"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=29156"},{"id":353101,"name":"Banking Sector","url":"https://www.academia.edu/Documents/in/Banking_Sector?f_ri=29156"},{"id":1960593,"name":"Non Performing Loan","url":"https://www.academia.edu/Documents/in/Non_Performing_Loan?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_8235479" data-work_id="8235479" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/8235479/Assessment_of_ATS_Trading_Platform">Assessment of ATS Trading Platform</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/8235479" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2b728a9694d4f4762f2ce9cd54155950" rel="nofollow" data-download="{"attachment_id":34658491,"asset_id":8235479,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/34658491/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="15232310" href="https://london.academia.edu/PeterLevant">Peter Levant</a><script data-card-contents-for-user="15232310" type="text/json">{"id":15232310,"first_name":"Peter","last_name":"Levant","domain_name":"london","page_name":"PeterLevant","display_name":"Peter Levant","profile_url":"https://london.academia.edu/PeterLevant?f_ri=29156","photo":"https://0.academia-photos.com/15232310/4108826/19634628/s65_peter.levant.jpg"}</script></span></span></li><li class="js-paper-rank-work_8235479 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="8235479"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 8235479, container: ".js-paper-rank-work_8235479", }); 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$(".js-view-count[data-work-id=8235479]").text(description); $(".js-view-count-work_8235479").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_8235479").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="8235479"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="36222" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Markets">Stock Markets</a>, <script data-card-contents-for-ri="36222" type="text/json">{"id":36222,"name":"Stock Markets","url":"https://www.academia.edu/Documents/in/Stock_Markets?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="96026" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market_Efficiency">Stock Market Efficiency</a>, <script data-card-contents-for-ri="96026" type="text/json">{"id":96026,"name":"Stock Market Efficiency","url":"https://www.academia.edu/Documents/in/Stock_Market_Efficiency?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="698050" rel="nofollow" href="https://www.academia.edu/Documents/in/Electronic_Trading_in_Stock_exchanges">Electronic Trading in Stock exchanges</a><script data-card-contents-for-ri="698050" type="text/json">{"id":698050,"name":"Electronic Trading in Stock exchanges","url":"https://www.academia.edu/Documents/in/Electronic_Trading_in_Stock_exchanges?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=8235479]'), work: {"id":8235479,"title":"Assessment of ATS Trading Platform","created_at":"2014-09-07T20:18:24.294-07:00","url":"https://www.academia.edu/8235479/Assessment_of_ATS_Trading_Platform?f_ri=29156","dom_id":"work_8235479","summary":null,"downloadable_attachments":[{"id":34658491,"asset_id":8235479,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":15232310,"first_name":"Peter","last_name":"Levant","domain_name":"london","page_name":"PeterLevant","display_name":"Peter Levant","profile_url":"https://london.academia.edu/PeterLevant?f_ri=29156","photo":"https://0.academia-photos.com/15232310/4108826/19634628/s65_peter.levant.jpg"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":36222,"name":"Stock Markets","url":"https://www.academia.edu/Documents/in/Stock_Markets?f_ri=29156","nofollow":true},{"id":96026,"name":"Stock Market Efficiency","url":"https://www.academia.edu/Documents/in/Stock_Market_Efficiency?f_ri=29156","nofollow":true},{"id":698050,"name":"Electronic Trading in Stock exchanges","url":"https://www.academia.edu/Documents/in/Electronic_Trading_in_Stock_exchanges?f_ri=29156","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_44765725" data-work_id="44765725" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/44765725/IMPACT_OF_COVID_19_ON_THE_STOCK_MARKET">IMPACT OF COVID-19 ON THE STOCK MARKET</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper studies the effect on the stock market in India. It's a vivid picture which has emerged in India Stock market. This paper will try to evaluate the stock market fall from January 2020 to 17 th March 2020.The data are collected... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_44765725" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The paper studies the effect on the stock market in India. It's a vivid picture which has emerged in India Stock market. This paper will try to evaluate the stock market fall from January 2020 to 17 th March 2020.The data are collected from secondary sources. This paper will help the people to understand clear picture about the different phases of COVAID-19 which is responsible for bearish mood of the market. The first outbreak came in China market. Afterward it has affected all the market throughout the world. It has effected in three phases. When I was going through reports I found there are three phases, In short the phases are-i) Incubation phase ii) Outbreak Phase iii) Fever phase or Pandemic. In Incubation the financial Institutions started paying attention in Outbreak stage the stocks started falling.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/44765725" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="b84bc0330a1a0beb71f532f25f539f0f" rel="nofollow" data-download="{"attachment_id":65256008,"asset_id":44765725,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/65256008/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="39122404" href="https://iaeme.academia.edu/publication">IAEME Publication</a><script data-card-contents-for-user="39122404" type="text/json">{"id":39122404,"first_name":"IAEME","last_name":"Publication","domain_name":"iaeme","page_name":"publication","display_name":"IAEME Publication","profile_url":"https://iaeme.academia.edu/publication?f_ri=29156","photo":"https://0.academia-photos.com/39122404/12178523/13563629/s65_iaeme.publication.jpg"}</script></span></span></li><li class="js-paper-rank-work_44765725 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="44765725"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 44765725, container: ".js-paper-rank-work_44765725", }); 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$(".js-view-count[data-work-id=44765725]").text(description); $(".js-view-count-work_44765725").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_44765725").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="44765725"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3578751" rel="nofollow" href="https://www.academia.edu/Documents/in/Corona_Virus">Corona Virus</a><script data-card-contents-for-ri="3578751" type="text/json">{"id":3578751,"name":"Corona Virus","url":"https://www.academia.edu/Documents/in/Corona_Virus?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=44765725]'), work: {"id":44765725,"title":"IMPACT OF COVID-19 ON THE STOCK MARKET","created_at":"2020-12-23T21:53:10.350-08:00","url":"https://www.academia.edu/44765725/IMPACT_OF_COVID_19_ON_THE_STOCK_MARKET?f_ri=29156","dom_id":"work_44765725","summary":"The paper studies the effect on the stock market in India. It's a vivid picture which has emerged in India Stock market. This paper will try to evaluate the stock market fall from January 2020 to 17 th March 2020.The data are collected from secondary sources. This paper will help the people to understand clear picture about the different phases of COVAID-19 which is responsible for bearish mood of the market. The first outbreak came in China market. Afterward it has affected all the market throughout the world. It has effected in three phases. When I was going through reports I found there are three phases, In short the phases are-i) Incubation phase ii) Outbreak Phase iii) Fever phase or Pandemic. In Incubation the financial Institutions started paying attention in Outbreak stage the stocks started falling.","downloadable_attachments":[{"id":65256008,"asset_id":44765725,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":39122404,"first_name":"IAEME","last_name":"Publication","domain_name":"iaeme","page_name":"publication","display_name":"IAEME Publication","profile_url":"https://iaeme.academia.edu/publication?f_ri=29156","photo":"https://0.academia-photos.com/39122404/12178523/13563629/s65_iaeme.publication.jpg"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":3578751,"name":"Corona Virus","url":"https://www.academia.edu/Documents/in/Corona_Virus?f_ri=29156","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_45565250" data-work_id="45565250" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/45565250/IMPACT_OF_COVID_19_ON_THE_STOCK_MARKET">IMPACT OF COVID-19 ON THE STOCK MARKET</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper studies the effect on the stock market in India. It’s a vivid picture which has emerged in India Stock market. This paper will try to evaluate the stock market fall from January 2020 to 17 th March 2020.The data are collected... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_45565250" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The paper studies the effect on the stock market in India. It’s a vivid picture which has emerged in India Stock market. This paper will try to evaluate the stock market fall from January 2020 to 17 th March 2020.The data are collected from secondary sources. This paper will help the people to understand clear picture about the different phases of COVAID-19 which is responsible for bearish mood of the market. The first outbreak came in China market. Afterward it has affected all the market throughout the world. It has effected in three phases. When I was going through reports I found there are three phases, In short the phases are –i) Incubation phase ii) Outbreak Phase iii) Fever phase or Pandemic . In Incubation the financial Institutions started paying attention in Outbreak stage the stocks started falling</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/45565250" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="a66cf1bce701c53391a81515fe9ae989" rel="nofollow" data-download="{"attachment_id":66039114,"asset_id":45565250,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/66039114/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="39122404" href="https://iaeme.academia.edu/publication">IAEME Publication</a><script data-card-contents-for-user="39122404" type="text/json">{"id":39122404,"first_name":"IAEME","last_name":"Publication","domain_name":"iaeme","page_name":"publication","display_name":"IAEME Publication","profile_url":"https://iaeme.academia.edu/publication?f_ri=29156","photo":"https://0.academia-photos.com/39122404/12178523/13563629/s65_iaeme.publication.jpg"}</script></span></span></li><li class="js-paper-rank-work_45565250 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="45565250"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 45565250, container: ".js-paper-rank-work_45565250", }); });</script></li><li class="js-percentile-work_45565250 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 45565250; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_45565250"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_45565250 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="45565250"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 45565250; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=45565250]").text(description); $(".js-view-count-work_45565250").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_45565250").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="45565250"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3578751" rel="nofollow" href="https://www.academia.edu/Documents/in/Corona_Virus">Corona Virus</a><script data-card-contents-for-ri="3578751" type="text/json">{"id":3578751,"name":"Corona Virus","url":"https://www.academia.edu/Documents/in/Corona_Virus?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=45565250]'), work: {"id":45565250,"title":"IMPACT OF COVID-19 ON THE STOCK MARKET","created_at":"2021-03-16T21:24:49.503-07:00","url":"https://www.academia.edu/45565250/IMPACT_OF_COVID_19_ON_THE_STOCK_MARKET?f_ri=29156","dom_id":"work_45565250","summary":"The paper studies the effect on the stock market in India. It’s a vivid picture which has emerged in India Stock market. This paper will try to evaluate the stock market fall from January 2020 to 17 th March 2020.The data are collected from secondary sources. This paper will help the people to understand clear picture about the different phases of COVAID-19 which is responsible for bearish mood of the market. The first outbreak came in China market. Afterward it has affected all the market throughout the world. It has effected in three phases. When I was going through reports I found there are three phases, In short the phases are –i) Incubation phase ii) Outbreak Phase iii) Fever phase or Pandemic . In Incubation the financial Institutions started paying attention in Outbreak stage the stocks started falling","downloadable_attachments":[{"id":66039114,"asset_id":45565250,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":39122404,"first_name":"IAEME","last_name":"Publication","domain_name":"iaeme","page_name":"publication","display_name":"IAEME Publication","profile_url":"https://iaeme.academia.edu/publication?f_ri=29156","photo":"https://0.academia-photos.com/39122404/12178523/13563629/s65_iaeme.publication.jpg"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":3578751,"name":"Corona Virus","url":"https://www.academia.edu/Documents/in/Corona_Virus?f_ri=29156","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_64759906" data-work_id="64759906" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/64759906/2000_2019_%C4%B0spanya_Borsa_Verilerinden_Telefonica_Firmasinin_Yapay_Sinir_A%C4%9Flari_Y%C3%B6ntemleri_%C4%B0le_Kar%C5%9Fila%C5%9Ftirmali_Analizi">2000-2019 İspanya Borsa Verilerinden Telefonica Firmasinin Yapay Sinir Ağlari Yöntemleri İle Karşilaştirmali Analizi</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Günümüzde Yapay Sinir Ağları son dönemde popüler olan öngörü yöntemlerinden biridir. Bununla birlikte Yapay Sinir Ağları kendi içerisinde öngörü modelleri birkaç farklı yöntemle ayrılmaktadır. Bu makalede yapay sinir ağları yöntemlerinden... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_64759906" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Günümüzde Yapay Sinir Ağları son dönemde popüler olan öngörü yöntemlerinden biridir. Bununla birlikte Yapay Sinir Ağları kendi içerisinde öngörü modelleri birkaç farklı yöntemle ayrılmaktadır. Bu makalede yapay sinir ağları yöntemlerinden en çok kullanılan 3 yöntemin karşılaştırmalı analizi yapılmıştır. Bu çalışmada en yüksek tahmin sonuçlarını veren yöntemin belirlenmesi amaçlanmıştır. Bu veri setinde 6215 veri, 6 farklı bağımsız değişken bulunmaktadır. Bu bağımsız değişkenler sırasıyla, açılış, kapanış, en yüksek olduğu nokta, en düşük olduğu nokta, açılış-kapanış arasındaki fark, en yüksek çıktığı değer-en çok düştüğü değer arasındaki farkın ortalamasıdır. Bu bağımsız değişkenler Yapay Sinir Ağları modelinin girdisi iken, bağımlı değişken olarak modelin tahmin gücü kullanılmıştır. Bu çalışmada üç farklı Yapay Sinir Ağı yöntemi kullanılacaktır, bunlar sırasıyla; doğrusal regresyon, rassal orman regresyon, karar ağacı öğrenmesi'dir. Yapay Sinir Ağları ile elde edilen sonuçlar en iyi tahmin modeli ortaya çıkaracaktır. Uygun veri setinin kullanımı ile birlikte en doğru sonuçları verebilmektedir. Bunun en önemli nedenlerinden bir tanesi Yapay Sinir Ağları, daha fazla veriye ihtiyaç duymakta ve veri sayısı arttıkça öğrenme ve eğitim aşamaları daha iyi sonuç ortaya koymaktadır.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/64759906" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="5068dd26294b1624cde7659880613f91" rel="nofollow" data-download="{"attachment_id":79642484,"asset_id":64759906,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/79642484/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3541088" href="https://gtu-tr.academia.edu/YavuzBalcioglu">Yavuz S E L I M Balcioglu</a><script data-card-contents-for-user="3541088" type="text/json">{"id":3541088,"first_name":"Yavuz","last_name":"Balcioglu","domain_name":"gtu-tr","page_name":"YavuzBalcioglu","display_name":"Yavuz S E L I M Balcioglu","profile_url":"https://gtu-tr.academia.edu/YavuzBalcioglu?f_ri=29156","photo":"https://0.academia-photos.com/3541088/1219045/58703145/s65_yavuz.balcioglu.jpg"}</script></span></span></li><li class="js-paper-rank-work_64759906 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="64759906"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 64759906, container: ".js-paper-rank-work_64759906", }); });</script></li><li class="js-percentile-work_64759906 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 64759906; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_64759906"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_64759906 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="64759906"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 64759906; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=64759906]").text(description); $(".js-view-count-work_64759906").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_64759906").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="64759906"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="465" rel="nofollow" href="https://www.academia.edu/Documents/in/Artificial_Intelligence">Artificial Intelligence</a>, <script data-card-contents-for-ri="465" type="text/json">{"id":465,"name":"Artificial Intelligence","url":"https://www.academia.edu/Documents/in/Artificial_Intelligence?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="54123" rel="nofollow" href="https://www.academia.edu/Documents/in/Artificial_Neural_Networks">Artificial Neural Networks</a>, <script data-card-contents-for-ri="54123" type="text/json">{"id":54123,"name":"Artificial Neural Networks","url":"https://www.academia.edu/Documents/in/Artificial_Neural_Networks?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="161976" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market_Technical_Analysis">Stock Market Technical Analysis</a><script data-card-contents-for-ri="161976" type="text/json">{"id":161976,"name":"Stock Market Technical Analysis","url":"https://www.academia.edu/Documents/in/Stock_Market_Technical_Analysis?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=64759906]'), work: {"id":64759906,"title":"2000-2019 İspanya Borsa Verilerinden Telefonica Firmasinin Yapay Sinir Ağlari Yöntemleri İle Karşilaştirmali Analizi","created_at":"2021-12-17T01:50:40.170-08:00","url":"https://www.academia.edu/64759906/2000_2019_%C4%B0spanya_Borsa_Verilerinden_Telefonica_Firmasinin_Yapay_Sinir_A%C4%9Flari_Y%C3%B6ntemleri_%C4%B0le_Kar%C5%9Fila%C5%9Ftirmali_Analizi?f_ri=29156","dom_id":"work_64759906","summary":"Günümüzde Yapay Sinir Ağları son dönemde popüler olan öngörü yöntemlerinden biridir. Bununla birlikte Yapay Sinir Ağları kendi içerisinde öngörü modelleri birkaç farklı yöntemle ayrılmaktadır. Bu makalede yapay sinir ağları yöntemlerinden en çok kullanılan 3 yöntemin karşılaştırmalı analizi yapılmıştır. Bu çalışmada en yüksek tahmin sonuçlarını veren yöntemin belirlenmesi amaçlanmıştır. Bu veri setinde 6215 veri, 6 farklı bağımsız değişken bulunmaktadır. Bu bağımsız değişkenler sırasıyla, açılış, kapanış, en yüksek olduğu nokta, en düşük olduğu nokta, açılış-kapanış arasındaki fark, en yüksek çıktığı değer-en çok düştüğü değer arasındaki farkın ortalamasıdır. Bu bağımsız değişkenler Yapay Sinir Ağları modelinin girdisi iken, bağımlı değişken olarak modelin tahmin gücü kullanılmıştır. Bu çalışmada üç farklı Yapay Sinir Ağı yöntemi kullanılacaktır, bunlar sırasıyla; doğrusal regresyon, rassal orman regresyon, karar ağacı öğrenmesi'dir. Yapay Sinir Ağları ile elde edilen sonuçlar en iyi tahmin modeli ortaya çıkaracaktır. Uygun veri setinin kullanımı ile birlikte en doğru sonuçları verebilmektedir. Bunun en önemli nedenlerinden bir tanesi Yapay Sinir Ağları, daha fazla veriye ihtiyaç duymakta ve veri sayısı arttıkça öğrenme ve eğitim aşamaları daha iyi sonuç ortaya koymaktadır.","downloadable_attachments":[{"id":79642484,"asset_id":64759906,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":3541088,"first_name":"Yavuz","last_name":"Balcioglu","domain_name":"gtu-tr","page_name":"YavuzBalcioglu","display_name":"Yavuz S E L I M Balcioglu","profile_url":"https://gtu-tr.academia.edu/YavuzBalcioglu?f_ri=29156","photo":"https://0.academia-photos.com/3541088/1219045/58703145/s65_yavuz.balcioglu.jpg"}],"research_interests":[{"id":465,"name":"Artificial Intelligence","url":"https://www.academia.edu/Documents/in/Artificial_Intelligence?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":54123,"name":"Artificial Neural Networks","url":"https://www.academia.edu/Documents/in/Artificial_Neural_Networks?f_ri=29156","nofollow":true},{"id":161976,"name":"Stock Market Technical Analysis","url":"https://www.academia.edu/Documents/in/Stock_Market_Technical_Analysis?f_ri=29156","nofollow":true},{"id":224767,"name":"Prediction Model","url":"https://www.academia.edu/Documents/in/Prediction_Model?f_ri=29156"},{"id":985585,"name":"ANNs","url":"https://www.academia.edu/Documents/in/ANNs?f_ri=29156"},{"id":1129552,"name":"Interceptação Telefônica","url":"https://www.academia.edu/Documents/in/Interceptacao_Telefonica?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_70629437" data-work_id="70629437" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" rel="nofollow" href="https://www.academia.edu/70629437/Idiosyncratic_Risk_and_the_Cross_Section_of_Expected_Stock_Returns_Evidence_from_Nigeria">Idiosyncratic Risk and the Cross-Section of Expected Stock Returns: Evidence from Nigeria</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Capital Asset Pricing Model (CAPM) builds on the portfolio theory and predicts that all investors hold the market portfolio in equilibrium and as such only systematic risks is priced. Yet empirical evidences on this important relation... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_70629437" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Capital Asset Pricing Model (CAPM) builds on the portfolio theory and predicts that all investors hold the market portfolio in equilibrium and as such only systematic risks is priced. Yet empirical evidences on this important relation have been yielding mixed results. While some show that idiosyncratic risk can as well be priced, others contradict this. In investigating whether idiosyncratic risks can be priced in the Nigerian stock market, we employed two-step estimation procedures, namely the time series procedure to determine the beta and idiosyncratic risk for each of the companies and the cross-sectional estimation procedure used on EGARCH model to investigate the impact of these risks on the stock market returns. Our result reveals that systematic risk is priced while the idiosyncratic risk is not priced. Thus, investors in the Nigerian stock market seem to fully diversify away firms specific risk while holding market portfolio. The study also found that volatility clustering ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/70629437" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="188324995" href="https://independent.academia.edu/GodwinChigozieOkpara">Godwin Chigozie Okpara</a><script data-card-contents-for-user="188324995" type="text/json">{"id":188324995,"first_name":"Godwin Chigozie","last_name":"Okpara","domain_name":"independent","page_name":"GodwinChigozieOkpara","display_name":"Godwin Chigozie Okpara","profile_url":"https://independent.academia.edu/GodwinChigozieOkpara?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_70629437 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="70629437"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 70629437, container: ".js-paper-rank-work_70629437", }); });</script></li><li class="js-percentile-work_70629437 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 70629437; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_70629437"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_70629437 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="70629437"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 70629437; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=70629437]").text(description); $(".js-view-count-work_70629437").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_70629437").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="70629437"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="4456" rel="nofollow" href="https://www.academia.edu/Documents/in/Time_Series">Time Series</a>, <script data-card-contents-for-ri="4456" type="text/json">{"id":4456,"name":"Time Series","url":"https://www.academia.edu/Documents/in/Time_Series?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="69845" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Asset_Pricing_Model">Capital Asset Pricing Model</a>, <script data-card-contents-for-ri="69845" type="text/json">{"id":69845,"name":"Capital Asset Pricing Model","url":"https://www.academia.edu/Documents/in/Capital_Asset_Pricing_Model?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="340651" rel="nofollow" href="https://www.academia.edu/Documents/in/Systematic_Risk">Systematic Risk</a><script data-card-contents-for-ri="340651" type="text/json">{"id":340651,"name":"Systematic Risk","url":"https://www.academia.edu/Documents/in/Systematic_Risk?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=70629437]'), work: {"id":70629437,"title":"Idiosyncratic Risk and the Cross-Section of Expected Stock Returns: Evidence from Nigeria","created_at":"2022-02-05T20:32:37.543-08:00","url":"https://www.academia.edu/70629437/Idiosyncratic_Risk_and_the_Cross_Section_of_Expected_Stock_Returns_Evidence_from_Nigeria?f_ri=29156","dom_id":"work_70629437","summary":"Capital Asset Pricing Model (CAPM) builds on the portfolio theory and predicts that all investors hold the market portfolio in equilibrium and as such only systematic risks is priced. Yet empirical evidences on this important relation have been yielding mixed results. While some show that idiosyncratic risk can as well be priced, others contradict this. In investigating whether idiosyncratic risks can be priced in the Nigerian stock market, we employed two-step estimation procedures, namely the time series procedure to determine the beta and idiosyncratic risk for each of the companies and the cross-sectional estimation procedure used on EGARCH model to investigate the impact of these risks on the stock market returns. Our result reveals that systematic risk is priced while the idiosyncratic risk is not priced. Thus, investors in the Nigerian stock market seem to fully diversify away firms specific risk while holding market portfolio. The study also found that volatility clustering ...","downloadable_attachments":[],"ordered_authors":[{"id":188324995,"first_name":"Godwin Chigozie","last_name":"Okpara","domain_name":"independent","page_name":"GodwinChigozieOkpara","display_name":"Godwin Chigozie Okpara","profile_url":"https://independent.academia.edu/GodwinChigozieOkpara?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4456,"name":"Time Series","url":"https://www.academia.edu/Documents/in/Time_Series?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":69845,"name":"Capital Asset Pricing Model","url":"https://www.academia.edu/Documents/in/Capital_Asset_Pricing_Model?f_ri=29156","nofollow":true},{"id":340651,"name":"Systematic Risk","url":"https://www.academia.edu/Documents/in/Systematic_Risk?f_ri=29156","nofollow":true},{"id":393134,"name":"Empirical evidence","url":"https://www.academia.edu/Documents/in/Empirical_evidence?f_ri=29156"},{"id":404000,"name":"Cross Section","url":"https://www.academia.edu/Documents/in/Cross_Section?f_ri=29156"},{"id":846445,"name":"Portfolio Theory","url":"https://www.academia.edu/Documents/in/Portfolio_Theory?f_ri=29156"},{"id":2573546,"name":"Volatility Clustering","url":"https://www.academia.edu/Documents/in/Volatility_Clustering?f_ri=29156"},{"id":2693063,"name":"Idiosyncratic risk","url":"https://www.academia.edu/Documents/in/Idiosyncratic_risk?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_48145852" data-work_id="48145852" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/48145852/The_Swedish_Corporate_Control_Model_Convergence_Persistence_or_Decline">The Swedish Corporate Control Model: Convergence, Persistence or Decline?</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper explores the effects of deregulation and globalization on the dominant mode of corporate governance in Swedish public firms. The effects are multidimensional-the direction of change in corporate governance cannot be determined... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_48145852" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper explores the effects of deregulation and globalization on the dominant mode of corporate governance in Swedish public firms. The effects are multidimensional-the direction of change in corporate governance cannot be determined by simply examining whether a convergence towards the Anglo-American model is occurring. Dispersed ownership with management control has not proven to be a viable model of corporate governance for Swedish listed companies. Instead, the control models with the most rapid growth in the most recent decades are found outside the stock market, notably private equity and foreign ownership. After a major revival of the Swedish stock market its importance for the Swedish economy is again in decline. Instead of adjustments in pertinent institutions and practices to ensure effectiveness of the corporate governance of Swedish public firms under these new conditions, a great deal of endogenous adjustment of the ownership structure has taken place. A major lesson from this study is that unless institutional reform renders management entrenchment and/or board independence possible, convergence to the Anglo-American model cannot take place.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/48145852" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="34a9b3437697d2ef8f9b500ed8aed6d5" rel="nofollow" data-download="{"attachment_id":66909693,"asset_id":48145852,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/66909693/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="115146771" href="https://independent.academia.edu/MHenrekson">Magnus Henrekson</a><script data-card-contents-for-user="115146771" type="text/json">{"id":115146771,"first_name":"Magnus","last_name":"Henrekson","domain_name":"independent","page_name":"MHenrekson","display_name":"Magnus Henrekson","profile_url":"https://independent.academia.edu/MHenrekson?f_ri=29156","photo":"https://0.academia-photos.com/115146771/40042890/32932018/s65_magnus.henrekson.jpg"}</script></span></span></li><li class="js-paper-rank-work_48145852 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="48145852"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 48145852, container: ".js-paper-rank-work_48145852", }); });</script></li><li class="js-percentile-work_48145852 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 48145852; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_48145852"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_48145852 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="48145852"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 48145852; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=48145852]").text(description); $(".js-view-count-work_48145852").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_48145852").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="48145852"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">15</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="27" rel="nofollow" href="https://www.academia.edu/Documents/in/Entrepreneurship">Entrepreneurship</a>, <script data-card-contents-for-ri="27" type="text/json">{"id":27,"name":"Entrepreneurship","url":"https://www.academia.edu/Documents/in/Entrepreneurship?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4167" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance">Corporate Governance</a>, <script data-card-contents-for-ri="4167" type="text/json">{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="5975" rel="nofollow" href="https://www.academia.edu/Documents/in/Institutional_Theory">Institutional Theory</a>, <script data-card-contents-for-ri="5975" type="text/json">{"id":5975,"name":"Institutional Theory","url":"https://www.academia.edu/Documents/in/Institutional_Theory?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6609" rel="nofollow" href="https://www.academia.edu/Documents/in/Relevance_Theory">Relevance Theory</a><script data-card-contents-for-ri="6609" type="text/json">{"id":6609,"name":"Relevance Theory","url":"https://www.academia.edu/Documents/in/Relevance_Theory?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=48145852]'), work: {"id":48145852,"title":"The Swedish Corporate Control Model: Convergence, Persistence or Decline?","created_at":"2021-05-04T02:12:09.872-07:00","url":"https://www.academia.edu/48145852/The_Swedish_Corporate_Control_Model_Convergence_Persistence_or_Decline?f_ri=29156","dom_id":"work_48145852","summary":"This paper explores the effects of deregulation and globalization on the dominant mode of corporate governance in Swedish public firms. The effects are multidimensional-the direction of change in corporate governance cannot be determined by simply examining whether a convergence towards the Anglo-American model is occurring. Dispersed ownership with management control has not proven to be a viable model of corporate governance for Swedish listed companies. Instead, the control models with the most rapid growth in the most recent decades are found outside the stock market, notably private equity and foreign ownership. After a major revival of the Swedish stock market its importance for the Swedish economy is again in decline. Instead of adjustments in pertinent institutions and practices to ensure effectiveness of the corporate governance of Swedish public firms under these new conditions, a great deal of endogenous adjustment of the ownership structure has taken place. A major lesson from this study is that unless institutional reform renders management entrenchment and/or board independence possible, convergence to the Anglo-American model cannot take place.","downloadable_attachments":[{"id":66909693,"asset_id":48145852,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":115146771,"first_name":"Magnus","last_name":"Henrekson","domain_name":"independent","page_name":"MHenrekson","display_name":"Magnus Henrekson","profile_url":"https://independent.academia.edu/MHenrekson?f_ri=29156","photo":"https://0.academia-photos.com/115146771/40042890/32932018/s65_magnus.henrekson.jpg"}],"research_interests":[{"id":27,"name":"Entrepreneurship","url":"https://www.academia.edu/Documents/in/Entrepreneurship?f_ri=29156","nofollow":true},{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=29156","nofollow":true},{"id":5975,"name":"Institutional Theory","url":"https://www.academia.edu/Documents/in/Institutional_Theory?f_ri=29156","nofollow":true},{"id":6609,"name":"Relevance Theory","url":"https://www.academia.edu/Documents/in/Relevance_Theory?f_ri=29156","nofollow":true},{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=29156"},{"id":10347,"name":"European Union","url":"https://www.academia.edu/Documents/in/European_Union?f_ri=29156"},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156"},{"id":31779,"name":"Management Control","url":"https://www.academia.edu/Documents/in/Management_Control?f_ri=29156"},{"id":32196,"name":"Private Equity","url":"https://www.academia.edu/Documents/in/Private_Equity?f_ri=29156"},{"id":266854,"name":"Regulatory reform","url":"https://www.academia.edu/Documents/in/Regulatory_reform?f_ri=29156"},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=29156"},{"id":469793,"name":"Foreign Ownership","url":"https://www.academia.edu/Documents/in/Foreign_Ownership?f_ri=29156"},{"id":656620,"name":"Social Norm","url":"https://www.academia.edu/Documents/in/Social_Norm?f_ri=29156"},{"id":971218,"name":"Corporate Control","url":"https://www.academia.edu/Documents/in/Corporate_Control?f_ri=29156"},{"id":2772853,"name":"Law and Legal Studies","url":"https://www.academia.edu/Documents/in/Law_and_Legal_Studies?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_76609452" data-work_id="76609452" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/76609452/Parametric_and_nonparametric_Granger_causality_testing_Linkages_between_international_stock_markets">Parametric and nonparametric Granger causality testing: Linkages between international stock markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study investigates long-term linear and nonlinear causal linkages among eleven stock markets, six industrialized markets and five emerging markets of South-East Asia. We cover the period 1987-2006, taking into account the on-set of... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_76609452" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study investigates long-term linear and nonlinear causal linkages among eleven stock markets, six industrialized markets and five emerging markets of South-East Asia. We cover the period 1987-2006, taking into account the on-set of the Asian financial crisis of 1997. We first apply a test for the presence of general nonlinearity in vector time series. Substantial differences exist between the pre-and post-crisis period in terms of the total number of significant nonlinear relationships. We then examine both periods, using a new nonparametric test for Granger noncausality and the conventional parametric Granger noncausality test. One major finding is that the Asian stock markets have become more internationally integrated after the Asian financial crisis. An exception is the Sri Lankan market with almost no significant long-term linear and nonlinear causal linkages with other markets. To ensure that any causality is strictly nonlinear in nature, we also examine the nonlinear causal relationships of VAR filtered residuals and VAR filtered squared residuals for the post-crisis sample. We find quite a few remaining significant bi-and unidirectional causal nonlinear relationships in these series. Finally, after filtering the VAR-residuals with GARCH-BEKK models, we show that the nonparametric test statistics are substantially smaller in both magnitude and statistical significance than those before filtering. This indicates that nonlinear causality can, to a large extent, be explained by simple volatility effects.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/76609452" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9cf3533556c69d7afdeb5d8062ae4abd" rel="nofollow" data-download="{"attachment_id":84263783,"asset_id":76609452,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/84263783/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="1922657" href="https://pdn.academia.edu/SelliahSiva">Selliah Sivarajasingham</a><script data-card-contents-for-user="1922657" type="text/json">{"id":1922657,"first_name":"Selliah","last_name":"Sivarajasingham","domain_name":"pdn","page_name":"SelliahSiva","display_name":"Selliah Sivarajasingham","profile_url":"https://pdn.academia.edu/SelliahSiva?f_ri=29156","photo":"https://0.academia-photos.com/1922657/1686153/162936921/s65_selliah.sivarajasingham.jpeg"}</script></span></span></li><li class="js-paper-rank-work_76609452 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="76609452"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 76609452, container: ".js-paper-rank-work_76609452", }); 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$(".js-view-count[data-work-id=76609452]").text(description); $(".js-view-count-work_76609452").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_76609452").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="76609452"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">15</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="318" rel="nofollow" href="https://www.academia.edu/Documents/in/Mathematical_Physics">Mathematical Physics</a>, <script data-card-contents-for-ri="318" type="text/json">{"id":318,"name":"Mathematical Physics","url":"https://www.academia.edu/Documents/in/Mathematical_Physics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="518" rel="nofollow" href="https://www.academia.edu/Documents/in/Quantum_Physics">Quantum Physics</a>, <script data-card-contents-for-ri="518" type="text/json">{"id":518,"name":"Quantum Physics","url":"https://www.academia.edu/Documents/in/Quantum_Physics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3243" rel="nofollow" href="https://www.academia.edu/Documents/in/Nonparametric_Statistics">Nonparametric Statistics</a><script data-card-contents-for-ri="3243" type="text/json">{"id":3243,"name":"Nonparametric Statistics","url":"https://www.academia.edu/Documents/in/Nonparametric_Statistics?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=76609452]'), work: {"id":76609452,"title":"Parametric and nonparametric Granger causality testing: Linkages between international stock markets","created_at":"2022-04-16T06:08:47.779-07:00","url":"https://www.academia.edu/76609452/Parametric_and_nonparametric_Granger_causality_testing_Linkages_between_international_stock_markets?f_ri=29156","dom_id":"work_76609452","summary":"This study investigates long-term linear and nonlinear causal linkages among eleven stock markets, six industrialized markets and five emerging markets of South-East Asia. We cover the period 1987-2006, taking into account the on-set of the Asian financial crisis of 1997. We first apply a test for the presence of general nonlinearity in vector time series. Substantial differences exist between the pre-and post-crisis period in terms of the total number of significant nonlinear relationships. We then examine both periods, using a new nonparametric test for Granger noncausality and the conventional parametric Granger noncausality test. One major finding is that the Asian stock markets have become more internationally integrated after the Asian financial crisis. An exception is the Sri Lankan market with almost no significant long-term linear and nonlinear causal linkages with other markets. To ensure that any causality is strictly nonlinear in nature, we also examine the nonlinear causal relationships of VAR filtered residuals and VAR filtered squared residuals for the post-crisis sample. We find quite a few remaining significant bi-and unidirectional causal nonlinear relationships in these series. Finally, after filtering the VAR-residuals with GARCH-BEKK models, we show that the nonparametric test statistics are substantially smaller in both magnitude and statistical significance than those before filtering. This indicates that nonlinear causality can, to a large extent, be explained by simple volatility effects.","downloadable_attachments":[{"id":84263783,"asset_id":76609452,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":1922657,"first_name":"Selliah","last_name":"Sivarajasingham","domain_name":"pdn","page_name":"SelliahSiva","display_name":"Selliah Sivarajasingham","profile_url":"https://pdn.academia.edu/SelliahSiva?f_ri=29156","photo":"https://0.academia-photos.com/1922657/1686153/162936921/s65_selliah.sivarajasingham.jpeg"}],"research_interests":[{"id":318,"name":"Mathematical Physics","url":"https://www.academia.edu/Documents/in/Mathematical_Physics?f_ri=29156","nofollow":true},{"id":518,"name":"Quantum Physics","url":"https://www.academia.edu/Documents/in/Quantum_Physics?f_ri=29156","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true},{"id":3243,"name":"Nonparametric Statistics","url":"https://www.academia.edu/Documents/in/Nonparametric_Statistics?f_ri=29156","nofollow":true},{"id":4456,"name":"Time Series","url":"https://www.academia.edu/Documents/in/Time_Series?f_ri=29156"},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=29156"},{"id":88265,"name":"South east Asia","url":"https://www.academia.edu/Documents/in/South_east_Asia?f_ri=29156"},{"id":118593,"name":"Asian Financial Crisis","url":"https://www.academia.edu/Documents/in/Asian_Financial_Crisis?f_ri=29156"},{"id":125564,"name":"Statistical Significance","url":"https://www.academia.edu/Documents/in/Statistical_Significance?f_ri=29156"},{"id":128830,"name":"Granger causality","url":"https://www.academia.edu/Documents/in/Granger_causality?f_ri=29156"},{"id":135987,"name":"Hypothesis testing","url":"https://www.academia.edu/Documents/in/Hypothesis_testing?f_ri=29156"},{"id":981724,"name":"International Stock Markets","url":"https://www.academia.edu/Documents/in/International_Stock_Markets?f_ri=29156"},{"id":1119231,"name":"Granger Causality Test","url":"https://www.academia.edu/Documents/in/Granger_Causality_Test?f_ri=29156"},{"id":3519354,"name":"Hypothesis Test","url":"https://www.academia.edu/Documents/in/Hypothesis_Test?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_72815082" data-work_id="72815082" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/72815082/Complexity_of_information_and_trading_behavior_The_case_of_dividend_increase_announcements">Complexity of information and trading behavior: The case of dividend increase announcements</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_72815082" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/72815082" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="d5a3a7c0ffc5162844d80bbf39b8ca41" rel="nofollow" data-download="{"attachment_id":81591646,"asset_id":72815082,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/81591646/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="42727831" href="https://independent.academia.edu/IrajFooladi">Iraj Fooladi</a><script data-card-contents-for-user="42727831" type="text/json">{"id":42727831,"first_name":"Iraj","last_name":"Fooladi","domain_name":"independent","page_name":"IrajFooladi","display_name":"Iraj Fooladi","profile_url":"https://independent.academia.edu/IrajFooladi?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_72815082 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="72815082"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 72815082, container: ".js-paper-rank-work_72815082", }); });</script></li><li class="js-percentile-work_72815082 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 72815082; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_72815082"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_72815082 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="72815082"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 72815082; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=72815082]").text(description); $(".js-view-count-work_72815082").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_72815082").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="72815082"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="4307" rel="nofollow" href="https://www.academia.edu/Documents/in/Behavior">Behavior</a>, <script data-card-contents-for-ri="4307" type="text/json">{"id":4307,"name":"Behavior","url":"https://www.academia.edu/Documents/in/Behavior?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9078" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Psychology">Economic Psychology</a>, <script data-card-contents-for-ri="9078" type="text/json">{"id":9078,"name":"Economic Psychology","url":"https://www.academia.edu/Documents/in/Economic_Psychology?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="28235" rel="nofollow" href="https://www.academia.edu/Documents/in/Multidisciplinary">Multidisciplinary</a>, <script data-card-contents-for-ri="28235" type="text/json">{"id":28235,"name":"Multidisciplinary","url":"https://www.academia.edu/Documents/in/Multidisciplinary?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a><script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=72815082]'), work: {"id":72815082,"title":"Complexity of information and trading behavior: The case of dividend increase announcements","created_at":"2022-03-02T09:51:59.113-08:00","url":"https://www.academia.edu/72815082/Complexity_of_information_and_trading_behavior_The_case_of_dividend_increase_announcements?f_ri=29156","dom_id":"work_72815082","summary":"We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the ...","downloadable_attachments":[{"id":81591646,"asset_id":72815082,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":42727831,"first_name":"Iraj","last_name":"Fooladi","domain_name":"independent","page_name":"IrajFooladi","display_name":"Iraj Fooladi","profile_url":"https://independent.academia.edu/IrajFooladi?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4307,"name":"Behavior","url":"https://www.academia.edu/Documents/in/Behavior?f_ri=29156","nofollow":true},{"id":9078,"name":"Economic Psychology","url":"https://www.academia.edu/Documents/in/Economic_Psychology?f_ri=29156","nofollow":true},{"id":28235,"name":"Multidisciplinary","url":"https://www.academia.edu/Documents/in/Multidisciplinary?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":52982,"name":"Commerce","url":"https://www.academia.edu/Documents/in/Commerce?f_ri=29156"},{"id":78434,"name":"Investment","url":"https://www.academia.edu/Documents/in/Investment?f_ri=29156"},{"id":292710,"name":"Inversion","url":"https://www.academia.edu/Documents/in/Inversion?f_ri=29156"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_54062225" data-work_id="54062225" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/54062225/Minera%C3%A7%C3%A3o_de_opini%C3%B5es_aplicada_%C3%A0_an%C3%A1lise_de_investimentos">Mineração de opiniões aplicada à análise de investimentos</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Investors, before making an investment decision, rely on many sources of information, including the Web, which in current times has become an important mean of mass production and dissemination of information for the financial/stock... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_54062225" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Investors, before making an investment decision, rely on many sources of information, including the Web, which in current times has become an important mean of mass production and dissemination of information for the financial/stock market. In this work, we study techniques of Opinion Mining, applied to investment analysis, based on news sources disseminated on the Web, in order to achieve a better consumption and processing of this information, extracting the relevant part of the huge amount of unstructured data (text) generated on the Web.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/54062225" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2daed5fab47ff6bc6df64b9dc3b4a9a1" rel="nofollow" data-download="{"attachment_id":70608056,"asset_id":54062225,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/70608056/download_file?st=MTc0MDU4Njk0MCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="54658571" href="https://ibmwatson.academia.edu/FabricioBarth">Fabrício Barth</a><script data-card-contents-for-user="54658571" type="text/json">{"id":54658571,"first_name":"Fabrício","last_name":"Barth","domain_name":"ibmwatson","page_name":"FabricioBarth","display_name":"Fabrício Barth","profile_url":"https://ibmwatson.academia.edu/FabricioBarth?f_ri=29156","photo":"https://0.academia-photos.com/54658571/170579321/160564618/s65_fabri_cio.barth.jpg"}</script></span></span></li><li class="js-paper-rank-work_54062225 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="54062225"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 54062225, container: ".js-paper-rank-work_54062225", }); });</script></li><li class="js-percentile-work_54062225 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 54062225; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_54062225"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_54062225 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="54062225"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 54062225; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=54062225]").text(description); $(".js-view-count-work_54062225").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_54062225").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="54062225"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="11128" rel="nofollow" href="https://www.academia.edu/Documents/in/Information_Extraction">Information Extraction</a>, <script data-card-contents-for-ri="11128" type="text/json">{"id":11128,"name":"Information Extraction","url":"https://www.academia.edu/Documents/in/Information_Extraction?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="165663" rel="nofollow" href="https://www.academia.edu/Documents/in/Mass_production">Mass production</a>, <script data-card-contents-for-ri="165663" type="text/json">{"id":165663,"name":"Mass production","url":"https://www.academia.edu/Documents/in/Mass_production?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="201685" rel="nofollow" href="https://www.academia.edu/Documents/in/Opinion_Mining">Opinion Mining</a><script data-card-contents-for-ri="201685" type="text/json">{"id":201685,"name":"Opinion Mining","url":"https://www.academia.edu/Documents/in/Opinion_Mining?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=54062225]'), work: {"id":54062225,"title":"Mineração de opiniões aplicada à análise de investimentos","created_at":"2021-09-29T16:11:45.374-07:00","url":"https://www.academia.edu/54062225/Minera%C3%A7%C3%A3o_de_opini%C3%B5es_aplicada_%C3%A0_an%C3%A1lise_de_investimentos?f_ri=29156","dom_id":"work_54062225","summary":"Investors, before making an investment decision, rely on many sources of information, including the Web, which in current times has become an important mean of mass production and dissemination of information for the financial/stock market. In this work, we study techniques of Opinion Mining, applied to investment analysis, based on news sources disseminated on the Web, in order to achieve a better consumption and processing of this information, extracting the relevant part of the huge amount of unstructured data (text) generated on the Web.","downloadable_attachments":[{"id":70608056,"asset_id":54062225,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":54658571,"first_name":"Fabrício","last_name":"Barth","domain_name":"ibmwatson","page_name":"FabricioBarth","display_name":"Fabrício Barth","profile_url":"https://ibmwatson.academia.edu/FabricioBarth?f_ri=29156","photo":"https://0.academia-photos.com/54658571/170579321/160564618/s65_fabri_cio.barth.jpg"}],"research_interests":[{"id":11128,"name":"Information Extraction","url":"https://www.academia.edu/Documents/in/Information_Extraction?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":165663,"name":"Mass production","url":"https://www.academia.edu/Documents/in/Mass_production?f_ri=29156","nofollow":true},{"id":201685,"name":"Opinion Mining","url":"https://www.academia.edu/Documents/in/Opinion_Mining?f_ri=29156","nofollow":true},{"id":362782,"name":"Investment analysis","url":"https://www.academia.edu/Documents/in/Investment_analysis?f_ri=29156"},{"id":764415,"name":"Investment Decision","url":"https://www.academia.edu/Documents/in/Investment_Decision?f_ri=29156"},{"id":1238618,"name":"Text Generation","url":"https://www.academia.edu/Documents/in/Text_Generation?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_52915004" data-work_id="52915004" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/52915004/The_KOSPI200_Implied_Volatility_Index_Evidence_of_Regime_Switches_in_Volatility_Expectations">The KOSPI200 Implied Volatility Index: Evidence of Regime Switches in Volatility Expectations</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study develops a new KOSPI200 implied volatility index and examines its informational content and nonlinear dynamics. The construction of this new benchmark for volatility expectations follows the methodology for calculating the new... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_52915004" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study develops a new KOSPI200 implied volatility index and examines its informational content and nonlinear dynamics. The construction of this new benchmark for volatility expectations follows the methodology for calculating the new VIX index from S&P500 options. The empirical evidence suggests that the expected level of volatility in the Korean stock market has been steadily falling since the inception of option trading and the onset of the Asian financial crisis. Implied volatility is found to reflect useful information on future volatility that is not contained in the history of returns, even after allowing for leverage effects. Markov regime-switching models suggest that nonlinearities in volatility expectations are not likely to be driven solely by the asymmetric impact of news but also by regime-dependencies in the realignment mechanism adjusting for forecast errors. The adjustment process is likely to be significant during regimes of lower volatility expectations but financial crises seem to elevate the level of anticipated volatility and impair its adaptive dynamics.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/52915004" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e2a12ffb67fbccf0f60769da2e52238f" rel="nofollow" data-download="{"attachment_id":69946542,"asset_id":52915004,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/69946542/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="47323644" href="https://independent.academia.edu/NabilMaghrebi">Nabil Maghrebi</a><script data-card-contents-for-user="47323644" type="text/json">{"id":47323644,"first_name":"Nabil","last_name":"Maghrebi","domain_name":"independent","page_name":"NabilMaghrebi","display_name":"Nabil Maghrebi","profile_url":"https://independent.academia.edu/NabilMaghrebi?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_52915004 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="52915004"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 52915004, container: ".js-paper-rank-work_52915004", }); 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$(".js-view-count[data-work-id=52915004]").text(description); $(".js-view-count-work_52915004").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_52915004").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="52915004"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="5493" rel="nofollow" href="https://www.academia.edu/Documents/in/Nonlinear_dynamics">Nonlinear dynamics</a>, <script data-card-contents-for-ri="5493" type="text/json">{"id":5493,"name":"Nonlinear dynamics","url":"https://www.academia.edu/Documents/in/Nonlinear_dynamics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="393134" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_evidence">Empirical evidence</a>, <script data-card-contents-for-ri="393134" type="text/json">{"id":393134,"name":"Empirical evidence","url":"https://www.academia.edu/Documents/in/Empirical_evidence?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="749302" rel="nofollow" href="https://www.academia.edu/Documents/in/Indexation">Indexation</a><script data-card-contents-for-ri="749302" type="text/json">{"id":749302,"name":"Indexation","url":"https://www.academia.edu/Documents/in/Indexation?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=52915004]'), work: {"id":52915004,"title":"The KOSPI200 Implied Volatility Index: Evidence of Regime Switches in Volatility Expectations","created_at":"2021-09-19T19:01:58.082-07:00","url":"https://www.academia.edu/52915004/The_KOSPI200_Implied_Volatility_Index_Evidence_of_Regime_Switches_in_Volatility_Expectations?f_ri=29156","dom_id":"work_52915004","summary":"This study develops a new KOSPI200 implied volatility index and examines its informational content and nonlinear dynamics. The construction of this new benchmark for volatility expectations follows the methodology for calculating the new VIX index from S\u0026P500 options. The empirical evidence suggests that the expected level of volatility in the Korean stock market has been steadily falling since the inception of option trading and the onset of the Asian financial crisis. Implied volatility is found to reflect useful information on future volatility that is not contained in the history of returns, even after allowing for leverage effects. Markov regime-switching models suggest that nonlinearities in volatility expectations are not likely to be driven solely by the asymmetric impact of news but also by regime-dependencies in the realignment mechanism adjusting for forecast errors. The adjustment process is likely to be significant during regimes of lower volatility expectations but financial crises seem to elevate the level of anticipated volatility and impair its adaptive dynamics.","downloadable_attachments":[{"id":69946542,"asset_id":52915004,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":47323644,"first_name":"Nabil","last_name":"Maghrebi","domain_name":"independent","page_name":"NabilMaghrebi","display_name":"Nabil Maghrebi","profile_url":"https://independent.academia.edu/NabilMaghrebi?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":5493,"name":"Nonlinear dynamics","url":"https://www.academia.edu/Documents/in/Nonlinear_dynamics?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":393134,"name":"Empirical evidence","url":"https://www.academia.edu/Documents/in/Empirical_evidence?f_ri=29156","nofollow":true},{"id":749302,"name":"Indexation","url":"https://www.academia.edu/Documents/in/Indexation?f_ri=29156","nofollow":true},{"id":1114420,"name":"Implied Volatility","url":"https://www.academia.edu/Documents/in/Implied_Volatility?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_29969062" data-work_id="29969062" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/29969062/Data_Mining_for_Financial_Applications">Data Mining for Financial Applications</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This chapter describes data mining in finance by discussing financial tasks, specifics of methodologies and techniques in this data mining area. It includes time dependence, data selection, forecast horizon, measures of success, quality... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_29969062" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This chapter describes data mining in finance by discussing financial tasks, specifics of methodologies and techniques in this data mining area. It includes time dependence, data selection, forecast horizon, measures of success, quality of patterns, hypothesis evaluation, problem ID, method profile, attribute-based and relational methodologies. The second part of the chapter discusses data mining models and practice in finance. It covers use of neural networks in portfolio management, design of interpretable trading rules and discovering money laundering schemes using decision rules and relational data mining methodology.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/29969062" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3a962004b9e3c018da346785717e2b0c" rel="nofollow" data-download="{"attachment_id":50427556,"asset_id":29969062,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50427556/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="42696811" href="https://cwu.academia.edu/BorisKovalerchuk">Boris Kovalerchuk</a><script data-card-contents-for-user="42696811" type="text/json">{"id":42696811,"first_name":"Boris","last_name":"Kovalerchuk","domain_name":"cwu","page_name":"BorisKovalerchuk","display_name":"Boris Kovalerchuk","profile_url":"https://cwu.academia.edu/BorisKovalerchuk?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_29969062 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="29969062"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 29969062, container: ".js-paper-rank-work_29969062", }); 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$(".js-view-count[data-work-id=29969062]").text(description); $(".js-view-count-work_29969062").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_29969062").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="29969062"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="2009" rel="nofollow" href="https://www.academia.edu/Documents/in/Data_Mining">Data Mining</a>, <script data-card-contents-for-ri="2009" type="text/json">{"id":2009,"name":"Data Mining","url":"https://www.academia.edu/Documents/in/Data_Mining?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4456" rel="nofollow" href="https://www.academia.edu/Documents/in/Time_Series">Time Series</a>, <script data-card-contents-for-ri="4456" type="text/json">{"id":4456,"name":"Time Series","url":"https://www.academia.edu/Documents/in/Time_Series?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9399" rel="nofollow" href="https://www.academia.edu/Documents/in/Portfolio_Management">Portfolio Management</a>, <script data-card-contents-for-ri="9399" type="text/json">{"id":9399,"name":"Portfolio Management","url":"https://www.academia.edu/Documents/in/Portfolio_Management?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="26066" rel="nofollow" href="https://www.academia.edu/Documents/in/Neural_Network">Neural Network</a><script data-card-contents-for-ri="26066" type="text/json">{"id":26066,"name":"Neural Network","url":"https://www.academia.edu/Documents/in/Neural_Network?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=29969062]'), work: {"id":29969062,"title":"Data Mining for Financial Applications","created_at":"2016-11-19T20:08:31.932-08:00","url":"https://www.academia.edu/29969062/Data_Mining_for_Financial_Applications?f_ri=29156","dom_id":"work_29969062","summary":"This chapter describes data mining in finance by discussing financial tasks, specifics of methodologies and techniques in this data mining area. It includes time dependence, data selection, forecast horizon, measures of success, quality of patterns, hypothesis evaluation, problem ID, method profile, attribute-based and relational methodologies. The second part of the chapter discusses data mining models and practice in finance. It covers use of neural networks in portfolio management, design of interpretable trading rules and discovering money laundering schemes using decision rules and relational data mining methodology.","downloadable_attachments":[{"id":50427556,"asset_id":29969062,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":42696811,"first_name":"Boris","last_name":"Kovalerchuk","domain_name":"cwu","page_name":"BorisKovalerchuk","display_name":"Boris Kovalerchuk","profile_url":"https://cwu.academia.edu/BorisKovalerchuk?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":2009,"name":"Data Mining","url":"https://www.academia.edu/Documents/in/Data_Mining?f_ri=29156","nofollow":true},{"id":4456,"name":"Time Series","url":"https://www.academia.edu/Documents/in/Time_Series?f_ri=29156","nofollow":true},{"id":9399,"name":"Portfolio Management","url":"https://www.academia.edu/Documents/in/Portfolio_Management?f_ri=29156","nofollow":true},{"id":26066,"name":"Neural Network","url":"https://www.academia.edu/Documents/in/Neural_Network?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156"},{"id":162271,"name":"Decision Tree","url":"https://www.academia.edu/Documents/in/Decision_Tree?f_ri=29156"},{"id":170453,"name":"Relational Data Mining","url":"https://www.academia.edu/Documents/in/Relational_Data_Mining?f_ri=29156"},{"id":394477,"name":"Time Dependent","url":"https://www.academia.edu/Documents/in/Time_Dependent?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_76061491" data-work_id="76061491" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/76061491/Sentiment_Analysis_for_Effective_Stock_Market_Prediction">Sentiment Analysis for Effective Stock Market Prediction</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The Stock market forecasters focus on developing a successful approach to predict stock prices. The vital idea to successful stock market prediction is not only achieving best results but also to minimize the inaccurate forecast of stock... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_76061491" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The Stock market forecasters focus on developing a successful approach to predict stock prices. The vital idea to successful stock market prediction is not only achieving best results but also to minimize the inaccurate forecast of stock prices. This paper attempts to design and implement a predictive system for guiding stock market investment. The novelty of our approach is the combination of both sensex points and Really Simple Syndication (RSS) feeds for effective prediction. Our claim is that the sentiment analysis of RSS news feeds has an impact on stock market values. Hence RSS news feed data are collected along with the stock market investment data for a period of time. Using our algorithm for sentiment analysis, the correlation between the stock market values and sentiments in RSS news feeds are established. This trained model is used for prediction of stock market rates. In our experimental study the stock market prices and RSS news feeds are collected for the company ARBK from Amman Stock Exchange (ASE). Our experimental study has shown an improvement of 14.43% accuracy prediction, when compared with the standard algorithm of ID3, C4.5 and moving average stock level indicator.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/76061491" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ca05764df1e3f9ddd3e0615d3dd6b343" rel="nofollow" data-download="{"attachment_id":83746612,"asset_id":76061491,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/83746612/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="184631562" href="https://hindustanuniv.academia.edu/DrShriBharathiSVAssistantProfessorIIICSE">Dr. Shri Bharathi SV</a><script data-card-contents-for-user="184631562" type="text/json">{"id":184631562,"first_name":"Dr. Shri Bharathi","last_name":"SV","domain_name":"hindustanuniv","page_name":"DrShriBharathiSVAssistantProfessorIIICSE","display_name":"Dr. Shri Bharathi SV","profile_url":"https://hindustanuniv.academia.edu/DrShriBharathiSVAssistantProfessorIIICSE?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_76061491 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="76061491"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 76061491, container: ".js-paper-rank-work_76061491", }); 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$(".js-view-count[data-work-id=76061491]").text(description); $(".js-view-count-work_76061491").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_76061491").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="76061491"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="422" rel="nofollow" href="https://www.academia.edu/Documents/in/Computer_Science">Computer Science</a>, <script data-card-contents-for-ri="422" type="text/json">{"id":422,"name":"Computer Science","url":"https://www.academia.edu/Documents/in/Computer_Science?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2008" rel="nofollow" href="https://www.academia.edu/Documents/in/Machine_Learning">Machine Learning</a>, <script data-card-contents-for-ri="2008" type="text/json">{"id":2008,"name":"Machine Learning","url":"https://www.academia.edu/Documents/in/Machine_Learning?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="5379" rel="nofollow" href="https://www.academia.edu/Documents/in/Sentiment_Analysis">Sentiment Analysis</a>, <script data-card-contents-for-ri="5379" type="text/json">{"id":5379,"name":"Sentiment Analysis","url":"https://www.academia.edu/Documents/in/Sentiment_Analysis?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="14494" rel="nofollow" href="https://www.academia.edu/Documents/in/Opinion_Mining_Data_Mining_">Opinion Mining (Data Mining)</a><script data-card-contents-for-ri="14494" type="text/json">{"id":14494,"name":"Opinion Mining (Data Mining)","url":"https://www.academia.edu/Documents/in/Opinion_Mining_Data_Mining_?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=76061491]'), work: {"id":76061491,"title":"Sentiment Analysis for Effective Stock Market Prediction","created_at":"2022-04-10T22:07:32.650-07:00","url":"https://www.academia.edu/76061491/Sentiment_Analysis_for_Effective_Stock_Market_Prediction?f_ri=29156","dom_id":"work_76061491","summary":"The Stock market forecasters focus on developing a successful approach to predict stock prices. The vital idea to successful stock market prediction is not only achieving best results but also to minimize the inaccurate forecast of stock prices. This paper attempts to design and implement a predictive system for guiding stock market investment. The novelty of our approach is the combination of both sensex points and Really Simple Syndication (RSS) feeds for effective prediction. Our claim is that the sentiment analysis of RSS news feeds has an impact on stock market values. Hence RSS news feed data are collected along with the stock market investment data for a period of time. Using our algorithm for sentiment analysis, the correlation between the stock market values and sentiments in RSS news feeds are established. This trained model is used for prediction of stock market rates. In our experimental study the stock market prices and RSS news feeds are collected for the company ARBK from Amman Stock Exchange (ASE). Our experimental study has shown an improvement of 14.43% accuracy prediction, when compared with the standard algorithm of ID3, C4.5 and moving average stock level indicator.","downloadable_attachments":[{"id":83746612,"asset_id":76061491,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":184631562,"first_name":"Dr. Shri Bharathi","last_name":"SV","domain_name":"hindustanuniv","page_name":"DrShriBharathiSVAssistantProfessorIIICSE","display_name":"Dr. Shri Bharathi SV","profile_url":"https://hindustanuniv.academia.edu/DrShriBharathiSVAssistantProfessorIIICSE?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":422,"name":"Computer Science","url":"https://www.academia.edu/Documents/in/Computer_Science?f_ri=29156","nofollow":true},{"id":2008,"name":"Machine Learning","url":"https://www.academia.edu/Documents/in/Machine_Learning?f_ri=29156","nofollow":true},{"id":5379,"name":"Sentiment Analysis","url":"https://www.academia.edu/Documents/in/Sentiment_Analysis?f_ri=29156","nofollow":true},{"id":14494,"name":"Opinion Mining (Data Mining)","url":"https://www.academia.edu/Documents/in/Opinion_Mining_Data_Mining_?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156"},{"id":140576,"name":"Social Media Sentiment Analysis","url":"https://www.academia.edu/Documents/in/Social_Media_Sentiment_Analysis?f_ri=29156"},{"id":161976,"name":"Stock Market Technical Analysis","url":"https://www.academia.edu/Documents/in/Stock_Market_Technical_Analysis?f_ri=29156"},{"id":193914,"name":"Stock Market Prediction","url":"https://www.academia.edu/Documents/in/Stock_Market_Prediction?f_ri=29156"},{"id":455746,"name":"OPINION MINING AND SENTIMENT ANALYSIS","url":"https://www.academia.edu/Documents/in/OPINION_MINING_AND_SENTIMENT_ANALYSIS?f_ri=29156"},{"id":2552564,"name":"Stock Market Forecasting","url":"https://www.academia.edu/Documents/in/Stock_Market_Forecasting?f_ri=29156"},{"id":2788169,"name":"RSS News feeds","url":"https://www.academia.edu/Documents/in/RSS_News_feeds?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_1639924" data-work_id="1639924" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/1639924/Causal_relationship_between_stock_prices_and_exchange_rates">Causal relationship between stock prices and exchange rates</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/1639924" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2319c0fe47aff52f5425da112223918b" rel="nofollow" data-download="{"attachment_id":50889285,"asset_id":1639924,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50889285/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="1918809" href="https://rhodes-za.academia.edu/PaulAlagidede">Paul Alagidede</a><script data-card-contents-for-user="1918809" type="text/json">{"id":1918809,"first_name":"Paul","last_name":"Alagidede","domain_name":"rhodes-za","page_name":"PaulAlagidede","display_name":"Paul Alagidede","profile_url":"https://rhodes-za.academia.edu/PaulAlagidede?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_1639924 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="1639924"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 1639924, container: ".js-paper-rank-work_1639924", }); 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$(".js-view-count[data-work-id=1639924]").text(description); $(".js-view-count-work_1639924").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_1639924").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="1639924"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6961" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange_Market">Foreign Exchange Market</a>, <script data-card-contents-for-ri="6961" type="text/json">{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="40867" rel="nofollow" href="https://www.academia.edu/Documents/in/United_Kingdom">United Kingdom</a><script data-card-contents-for-ri="40867" type="text/json">{"id":40867,"name":"United Kingdom","url":"https://www.academia.edu/Documents/in/United_Kingdom?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=1639924]'), work: {"id":1639924,"title":"Causal relationship between stock prices and exchange rates","created_at":"2012-06-10T04:17:57.574-07:00","url":"https://www.academia.edu/1639924/Causal_relationship_between_stock_prices_and_exchange_rates?f_ri=29156","dom_id":"work_1639924","summary":null,"downloadable_attachments":[{"id":50889285,"asset_id":1639924,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":1918809,"first_name":"Paul","last_name":"Alagidede","domain_name":"rhodes-za","page_name":"PaulAlagidede","display_name":"Paul Alagidede","profile_url":"https://rhodes-za.academia.edu/PaulAlagidede?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=29156","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":40867,"name":"United Kingdom","url":"https://www.academia.edu/Documents/in/United_Kingdom?f_ri=29156","nofollow":true},{"id":128830,"name":"Granger causality","url":"https://www.academia.edu/Documents/in/Granger_causality?f_ri=29156"},{"id":161176,"name":"The","url":"https://www.academia.edu/Documents/in/The?f_ri=29156"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=29156"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156"},{"id":1119231,"name":"Granger Causality Test","url":"https://www.academia.edu/Documents/in/Granger_Causality_Test?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_3701928" data-work_id="3701928" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/3701928/Inverse_cubic_law_for_the_distribution_of_stock_price_variations">Inverse cubic law for the distribution of stock price variations</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The probability distribution of stock price changes is studied by analyzing a database (the Trades and Quotes Database) documenting every trade for all stocks in three major US stock markets, for the two year period Jan 1994 -Dec 1995. A... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_3701928" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The probability distribution of stock price changes is studied by analyzing a database (the Trades and Quotes Database) documenting every trade for all stocks in three major US stock markets, for the two year period Jan 1994 -Dec 1995. A sample of 40 million data points is extracted, which is substantially larger than studied hitherto. We find an asymptotic power-law behavior for the cumulative distribution with an exponent α ≈ 3, well outside the Levy regime (0 < α < 2).</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/3701928" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="0d94cd896be5ff11316af2d29c7c0531" rel="nofollow" data-download="{"attachment_id":50173079,"asset_id":3701928,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50173079/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="4528427" href="https://sociesc.academia.edu/AnaPaula">Ana Paula</a><script data-card-contents-for-user="4528427" type="text/json">{"id":4528427,"first_name":"Ana","last_name":"Paula","domain_name":"sociesc","page_name":"AnaPaula","display_name":"Ana Paula","profile_url":"https://sociesc.academia.edu/AnaPaula?f_ri=29156","photo":"https://0.academia-photos.com/4528427/1870410/2220835/s65_ana.paula.jpg"}</script></span></span></li><li class="js-paper-rank-work_3701928 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="3701928"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 3701928, container: ".js-paper-rank-work_3701928", }); 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$(".js-view-count[data-work-id=3701928]").text(description); $(".js-view-count-work_3701928").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_3701928").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="3701928"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="505" rel="nofollow" href="https://www.academia.edu/Documents/in/Condensed_Matter_Physics">Condensed Matter Physics</a>, <script data-card-contents-for-ri="505" type="text/json">{"id":505,"name":"Condensed Matter Physics","url":"https://www.academia.edu/Documents/in/Condensed_Matter_Physics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="67959" rel="nofollow" href="https://www.academia.edu/Documents/in/Probability_Distribution_and_Applications">Probability Distribution & Applications</a>, <script data-card-contents-for-ri="67959" type="text/json">{"id":67959,"name":"Probability Distribution \u0026 Applications","url":"https://www.academia.edu/Documents/in/Probability_Distribution_and_Applications?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="80414" rel="nofollow" href="https://www.academia.edu/Documents/in/Mathematical_Sciences">Mathematical Sciences</a><script data-card-contents-for-ri="80414" type="text/json">{"id":80414,"name":"Mathematical Sciences","url":"https://www.academia.edu/Documents/in/Mathematical_Sciences?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=3701928]'), work: {"id":3701928,"title":"Inverse cubic law for the distribution of stock price variations","created_at":"2013-06-13T01:59:18.182-07:00","url":"https://www.academia.edu/3701928/Inverse_cubic_law_for_the_distribution_of_stock_price_variations?f_ri=29156","dom_id":"work_3701928","summary":"The probability distribution of stock price changes is studied by analyzing a database (the Trades and Quotes Database) documenting every trade for all stocks in three major US stock markets, for the two year period Jan 1994 -Dec 1995. A sample of 40 million data points is extracted, which is substantially larger than studied hitherto. We find an asymptotic power-law behavior for the cumulative distribution with an exponent α ≈ 3, well outside the Levy regime (0 \u003c α \u003c 2).","downloadable_attachments":[{"id":50173079,"asset_id":3701928,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":4528427,"first_name":"Ana","last_name":"Paula","domain_name":"sociesc","page_name":"AnaPaula","display_name":"Ana Paula","profile_url":"https://sociesc.academia.edu/AnaPaula?f_ri=29156","photo":"https://0.academia-photos.com/4528427/1870410/2220835/s65_ana.paula.jpg"}],"research_interests":[{"id":505,"name":"Condensed Matter Physics","url":"https://www.academia.edu/Documents/in/Condensed_Matter_Physics?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":67959,"name":"Probability Distribution \u0026 Applications","url":"https://www.academia.edu/Documents/in/Probability_Distribution_and_Applications?f_ri=29156","nofollow":true},{"id":80414,"name":"Mathematical Sciences","url":"https://www.academia.edu/Documents/in/Mathematical_Sciences?f_ri=29156","nofollow":true},{"id":113890,"name":"Power Law","url":"https://www.academia.edu/Documents/in/Power_Law?f_ri=29156"},{"id":118582,"name":"Physical sciences","url":"https://www.academia.edu/Documents/in/Physical_sciences?f_ri=29156"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_7837023" data-work_id="7837023" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/7837023/Earnings_management_in_Malaysian_IPOs_The_East_Asian_crisis_ownership_control_and_post_IPO_performance">Earnings management in Malaysian IPOs: The East Asian crisis, ownership control, and post-IPO performance</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper provides general evidence of income-increasing earnings management in Malaysian IPOs but this occurs primarily during a period of severe economic stress (the East Asian crisis). The requirement to provide a profit guarantee... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_7837023" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The paper provides general evidence of income-increasing earnings management in Malaysian IPOs but this occurs primarily during a period of severe economic stress (the East Asian crisis). The requirement to provide a profit guarantee appears to reduce rather than encourage earnings management. Within this high ownership concentration market, ownership concerns also appear to constrain IPO earnings management. Owners are willing to forego 'opportunistic' earnings management and signalling opportunities to increase their likelihood of retaining control of the company post-IPO. IPO companies engaging in aggressive earnings management have significantly worse market-based performance than their more conservative counterparts, but only during the economic crisis period.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/7837023" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="db6292b0fb554eee85a14252000253d2" rel="nofollow" data-download="{"attachment_id":48321171,"asset_id":7837023,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/48321171/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="14568407" href="https://stir.academia.edu/AlanGoodacre">Alan Goodacre</a><script data-card-contents-for-user="14568407" type="text/json">{"id":14568407,"first_name":"Alan","last_name":"Goodacre","domain_name":"stir","page_name":"AlanGoodacre","display_name":"Alan Goodacre","profile_url":"https://stir.academia.edu/AlanGoodacre?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_7837023 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="7837023"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 7837023, container: ".js-paper-rank-work_7837023", }); 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$(".js-view-count[data-work-id=7837023]").text(description); $(".js-view-count-work_7837023").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_7837023").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="7837023"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="5775" rel="nofollow" href="https://www.academia.edu/Documents/in/Earnings_Management">Earnings Management</a>, <script data-card-contents-for-ri="5775" type="text/json">{"id":5775,"name":"Earnings Management","url":"https://www.academia.edu/Documents/in/Earnings_Management?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27487" rel="nofollow" href="https://www.academia.edu/Documents/in/Initial_public_offering">Initial public offering</a>, <script data-card-contents-for-ri="27487" type="text/json">{"id":27487,"name":"Initial public offering","url":"https://www.academia.edu/Documents/in/Initial_public_offering?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="39899" rel="nofollow" href="https://www.academia.edu/Documents/in/Ownership_Structure">Ownership Structure</a><script data-card-contents-for-ri="39899" type="text/json">{"id":39899,"name":"Ownership Structure","url":"https://www.academia.edu/Documents/in/Ownership_Structure?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=7837023]'), work: {"id":7837023,"title":"Earnings management in Malaysian IPOs: The East Asian crisis, ownership control, and post-IPO performance","created_at":"2014-07-31T20:18:38.482-07:00","url":"https://www.academia.edu/7837023/Earnings_management_in_Malaysian_IPOs_The_East_Asian_crisis_ownership_control_and_post_IPO_performance?f_ri=29156","dom_id":"work_7837023","summary":"The paper provides general evidence of income-increasing earnings management in Malaysian IPOs but this occurs primarily during a period of severe economic stress (the East Asian crisis). The requirement to provide a profit guarantee appears to reduce rather than encourage earnings management. Within this high ownership concentration market, ownership concerns also appear to constrain IPO earnings management. Owners are willing to forego 'opportunistic' earnings management and signalling opportunities to increase their likelihood of retaining control of the company post-IPO. IPO companies engaging in aggressive earnings management have significantly worse market-based performance than their more conservative counterparts, but only during the economic crisis period.","downloadable_attachments":[{"id":48321171,"asset_id":7837023,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":14568407,"first_name":"Alan","last_name":"Goodacre","domain_name":"stir","page_name":"AlanGoodacre","display_name":"Alan Goodacre","profile_url":"https://stir.academia.edu/AlanGoodacre?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":5775,"name":"Earnings Management","url":"https://www.academia.edu/Documents/in/Earnings_Management?f_ri=29156","nofollow":true},{"id":27487,"name":"Initial public offering","url":"https://www.academia.edu/Documents/in/Initial_public_offering?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":39899,"name":"Ownership Structure","url":"https://www.academia.edu/Documents/in/Ownership_Structure?f_ri=29156","nofollow":true},{"id":83222,"name":"Economic Crisis","url":"https://www.academia.edu/Documents/in/Economic_Crisis?f_ri=29156"},{"id":118593,"name":"Asian Financial Crisis","url":"https://www.academia.edu/Documents/in/Asian_Financial_Crisis?f_ri=29156"},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=29156"},{"id":137633,"name":"Feedback","url":"https://www.academia.edu/Documents/in/Feedback?f_ri=29156"},{"id":161176,"name":"The","url":"https://www.academia.edu/Documents/in/The?f_ri=29156"},{"id":315024,"name":"Initial Public Offerings","url":"https://www.academia.edu/Documents/in/Initial_Public_Offerings?f_ri=29156"},{"id":750129,"name":"OWNERSHIP CONCENTRATION","url":"https://www.academia.edu/Documents/in/OWNERSHIP_CONCENTRATION?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_5089145" data-work_id="5089145" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/5089145/ESTRUCTURA_DE_PROPIEDAD_Y_OPORTUNIDADES_DE_CRECIMIENTO_COMO_DETERMINANTES_DEL_ENDEUDAMIENTO_DE_LAS_EMPRESAS_CHILENAS">ESTRUCTURA DE PROPIEDAD Y OPORTUNIDADES DE CRECIMIENTO COMO DETERMINANTES DEL ENDEUDAMIENTO DE LAS EMPRESAS CHILENAS</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock market are related with their growth opportunities, their ownership structure and the environment in which they operate. We perform an empirical... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_5089145" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock market are related with their growth opportunities, their ownership structure and the environment in which they operate. We perform an empirical analysis over an unbalanced panel of 169 Chilean firms for the period 1990-2001. Chilean firms growth opportunities are financed with long term debt. However, when firms need external funds they finance their growth opportunities with short term debt. The high ownership concentration, characteristic of Chilean firms, along with the presence of growth opportunities favours debt financing. The largest firms and the more needed of external financing prefer longer maturities for their debt. Finally, our results indicate that the presence of internal capital markets within a group influences firms financing decisions, particularly in those firms within the group with financing deficit. Pecking order theory offers partial explanations of Chilean firms financing decisions.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/5089145" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="13ae3951572d612c705168b58ad9dc6f" rel="nofollow" data-download="{"attachment_id":49453560,"asset_id":5089145,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/49453560/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="528598" href="https://uva-es.academia.edu/Valent%C3%ADnAzofraPalenzuela">Valentín Azofra Palenzuela</a><script data-card-contents-for-user="528598" type="text/json">{"id":528598,"first_name":"Valentín","last_name":"Azofra Palenzuela","domain_name":"uva-es","page_name":"ValentínAzofraPalenzuela","display_name":"Valentín Azofra Palenzuela","profile_url":"https://uva-es.academia.edu/Valent%C3%ADnAzofraPalenzuela?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_5089145 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="5089145"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 5089145, container: ".js-paper-rank-work_5089145", }); });</script></li><li class="js-percentile-work_5089145 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 5089145; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_5089145"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_5089145 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="5089145"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 5089145; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=5089145]").text(description); $(".js-view-count-work_5089145").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_5089145").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="5089145"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="39899" rel="nofollow" href="https://www.academia.edu/Documents/in/Ownership_Structure">Ownership Structure</a>, <script data-card-contents-for-ri="39899" type="text/json">{"id":39899,"name":"Ownership Structure","url":"https://www.academia.edu/Documents/in/Ownership_Structure?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="94517" rel="nofollow" href="https://www.academia.edu/Documents/in/Firm_Growth">Firm Growth</a>, <script data-card-contents-for-ri="94517" type="text/json">{"id":94517,"name":"Firm Growth","url":"https://www.academia.edu/Documents/in/Firm_Growth?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="160336" rel="nofollow" href="https://www.academia.edu/Documents/in/Institutional_Environment">Institutional Environment</a><script data-card-contents-for-ri="160336" type="text/json">{"id":160336,"name":"Institutional Environment","url":"https://www.academia.edu/Documents/in/Institutional_Environment?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=5089145]'), work: {"id":5089145,"title":"ESTRUCTURA DE PROPIEDAD Y OPORTUNIDADES DE CRECIMIENTO COMO DETERMINANTES DEL ENDEUDAMIENTO DE LAS EMPRESAS CHILENAS","created_at":"2013-11-13T05:36:01.693-08:00","url":"https://www.academia.edu/5089145/ESTRUCTURA_DE_PROPIEDAD_Y_OPORTUNIDADES_DE_CRECIMIENTO_COMO_DETERMINANTES_DEL_ENDEUDAMIENTO_DE_LAS_EMPRESAS_CHILENAS?f_ri=29156","dom_id":"work_5089145","summary":"Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock market are related with their growth opportunities, their ownership structure and the environment in which they operate. We perform an empirical analysis over an unbalanced panel of 169 Chilean firms for the period 1990-2001. Chilean firms growth opportunities are financed with long term debt. However, when firms need external funds they finance their growth opportunities with short term debt. The high ownership concentration, characteristic of Chilean firms, along with the presence of growth opportunities favours debt financing. The largest firms and the more needed of external financing prefer longer maturities for their debt. Finally, our results indicate that the presence of internal capital markets within a group influences firms financing decisions, particularly in those firms within the group with financing deficit. Pecking order theory offers partial explanations of Chilean firms financing decisions.","downloadable_attachments":[{"id":49453560,"asset_id":5089145,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":528598,"first_name":"Valentín","last_name":"Azofra Palenzuela","domain_name":"uva-es","page_name":"ValentínAzofraPalenzuela","display_name":"Valentín Azofra Palenzuela","profile_url":"https://uva-es.academia.edu/Valent%C3%ADnAzofraPalenzuela?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":39899,"name":"Ownership Structure","url":"https://www.academia.edu/Documents/in/Ownership_Structure?f_ri=29156","nofollow":true},{"id":94517,"name":"Firm Growth","url":"https://www.academia.edu/Documents/in/Firm_Growth?f_ri=29156","nofollow":true},{"id":160336,"name":"Institutional Environment","url":"https://www.academia.edu/Documents/in/Institutional_Environment?f_ri=29156","nofollow":true},{"id":750129,"name":"OWNERSHIP CONCENTRATION","url":"https://www.academia.edu/Documents/in/OWNERSHIP_CONCENTRATION?f_ri=29156"},{"id":861848,"name":"Pecking Order Theory","url":"https://www.academia.edu/Documents/in/Pecking_Order_Theory?f_ri=29156"},{"id":993329,"name":"Empirical Analysis","url":"https://www.academia.edu/Documents/in/Empirical_Analysis?f_ri=29156"},{"id":1131945,"name":"Agency Problem","url":"https://www.academia.edu/Documents/in/Agency_Problem?f_ri=29156"},{"id":1418987,"name":"Debt Maturity","url":"https://www.academia.edu/Documents/in/Debt_Maturity?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_40602958" data-work_id="40602958" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/40602958/APRENDIZADO_POR_REFOR%C3%87O_APLICADO_AO_MERCADO_FINANCEIRO">APRENDIZADO POR REFORÇO APLICADO AO MERCADO FINANCEIRO</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This work aims to show how an intelligent system based on reinforcement learning can benefit of classical financial indicators to overcome classic trading strategies in the stock market. Due to the non-linear, random and non-stationary... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_40602958" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This work aims to show how an intelligent system based on reinforcement learning can benefit of classical financial indicators to overcome classic trading strategies in the stock market. Due to the non-linear, random and non-stationary nature of the financial markets, various classic strategies fail to benefit from all opportunities where they could be making profit. In order to achieve that, a system was built where only the buying strategy uses reinforcement learning SARSA algorithms while the sell is made through various classic strategies. To test it, a system that uses an identical selling strategy was constructed, where the purchase was based on a classic indicator. Results show that the intelligent algorithm achieved more stable returns, up to six times higher than the ones from tested classical strategies.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/40602958" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="5b166f9cff086d4b62fa2649ce2bbc55" rel="nofollow" data-download="{"attachment_id":60881571,"asset_id":40602958,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/60881571/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="119898526" href="https://independent.academia.edu/BrenoBrito8">Breno Brito</a><script data-card-contents-for-user="119898526" type="text/json">{"id":119898526,"first_name":"Breno","last_name":"Brito","domain_name":"independent","page_name":"BrenoBrito8","display_name":"Breno Brito","profile_url":"https://independent.academia.edu/BrenoBrito8?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_40602958 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="40602958"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 40602958, container: ".js-paper-rank-work_40602958", }); 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$(".js-view-count[data-work-id=40602958]").text(description); $(".js-view-count-work_40602958").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_40602958").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="40602958"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="1688" rel="nofollow" href="https://www.academia.edu/Documents/in/Reinforcement_Learning">Reinforcement Learning</a>, <script data-card-contents-for-ri="1688" type="text/json">{"id":1688,"name":"Reinforcement Learning","url":"https://www.academia.edu/Documents/in/Reinforcement_Learning?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2008" rel="nofollow" href="https://www.academia.edu/Documents/in/Machine_Learning">Machine Learning</a>, <script data-card-contents-for-ri="2008" type="text/json">{"id":2008,"name":"Machine Learning","url":"https://www.academia.edu/Documents/in/Machine_Learning?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="46185" rel="nofollow" href="https://www.academia.edu/Documents/in/Algorithmic_Trading">Algorithmic Trading</a><script data-card-contents-for-ri="46185" type="text/json">{"id":46185,"name":"Algorithmic Trading","url":"https://www.academia.edu/Documents/in/Algorithmic_Trading?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=40602958]'), work: {"id":40602958,"title":"APRENDIZADO POR REFORÇO APLICADO AO MERCADO FINANCEIRO","created_at":"2019-10-12T13:18:03.322-07:00","url":"https://www.academia.edu/40602958/APRENDIZADO_POR_REFOR%C3%87O_APLICADO_AO_MERCADO_FINANCEIRO?f_ri=29156","dom_id":"work_40602958","summary":"This work aims to show how an intelligent system based on reinforcement learning can benefit of classical financial indicators to overcome classic trading strategies in the stock market. Due to the non-linear, random and non-stationary nature of the financial markets, various classic strategies fail to benefit from all opportunities where they could be making profit. In order to achieve that, a system was built where only the buying strategy uses reinforcement learning SARSA algorithms while the sell is made through various classic strategies. To test it, a system that uses an identical selling strategy was constructed, where the purchase was based on a classic indicator. Results show that the intelligent algorithm achieved more stable returns, up to six times higher than the ones from tested classical strategies.","downloadable_attachments":[{"id":60881571,"asset_id":40602958,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":119898526,"first_name":"Breno","last_name":"Brito","domain_name":"independent","page_name":"BrenoBrito8","display_name":"Breno Brito","profile_url":"https://independent.academia.edu/BrenoBrito8?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":1688,"name":"Reinforcement Learning","url":"https://www.academia.edu/Documents/in/Reinforcement_Learning?f_ri=29156","nofollow":true},{"id":2008,"name":"Machine Learning","url":"https://www.academia.edu/Documents/in/Machine_Learning?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":46185,"name":"Algorithmic Trading","url":"https://www.academia.edu/Documents/in/Algorithmic_Trading?f_ri=29156","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_78016111" data-work_id="78016111" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/78016111/An_empirical_analysis_of_herd_behavior_in_global_stock_markets">An empirical analysis of herd behavior in global stock markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper examines herding behavior in global markets. By applying daily data for 18 countries from May 25, 1988, through April 24, 2009, we find evidence of herding in advanced stock markets (except the US) and in Asian markets. No... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_78016111" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper examines herding behavior in global markets. By applying daily data for 18 countries from May 25, 1988, through April 24, 2009, we find evidence of herding in advanced stock markets (except the US) and in Asian markets. No evidence of herding is found in Latin American markets. Evidence suggests that stock return dispersions in the US play a significant role in explaining the non-US market's herding activity. With the exceptions of the US and Latin American markets, herding is present in both up and down markets, although herding asymmetry is more profound in Asian markets during rising markets. Evidence suggests that crisis triggers herding activity in the crisis country of origin and then produces a contagion effect, which spreads the crisis to neighboring countries. During crisis periods, we find supportive evidence for herding formation in the US and Latin American markets.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/78016111" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="c987b4831fda4e02bc99787fea3949b2" rel="nofollow" data-download="{"attachment_id":85208886,"asset_id":78016111,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/85208886/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="7410799" href="https://drexel.academia.edu/ThomasChiang">Thomas Chiang</a><script data-card-contents-for-user="7410799" type="text/json">{"id":7410799,"first_name":"Thomas","last_name":"Chiang","domain_name":"drexel","page_name":"ThomasChiang","display_name":"Thomas Chiang","profile_url":"https://drexel.academia.edu/ThomasChiang?f_ri=29156","photo":"https://0.academia-photos.com/7410799/8647335/9657910/s65_thomas.chiang.jpg"}</script></span></span></li><li class="js-paper-rank-work_78016111 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="78016111"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 78016111, container: ".js-paper-rank-work_78016111", }); });</script></li><li class="js-percentile-work_78016111 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 78016111; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_78016111"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_78016111 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="78016111"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78016111; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=78016111]").text(description); $(".js-view-count-work_78016111").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_78016111").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="78016111"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">14</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="305" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Mathematics">Applied Mathematics</a>, <script data-card-contents-for-ri="305" type="text/json">{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6960" rel="nofollow" href="https://www.academia.edu/Documents/in/Behavioral_Finance">Behavioral Finance</a>, <script data-card-contents-for-ri="6960" type="text/json">{"id":6960,"name":"Behavioral Finance","url":"https://www.academia.edu/Documents/in/Behavioral_Finance?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="50679" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Crisis">Financial Crisis</a><script data-card-contents-for-ri="50679" type="text/json">{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=78016111]'), work: {"id":78016111,"title":"An empirical analysis of herd behavior in global stock markets","created_at":"2022-04-29T23:43:15.601-07:00","url":"https://www.academia.edu/78016111/An_empirical_analysis_of_herd_behavior_in_global_stock_markets?f_ri=29156","dom_id":"work_78016111","summary":"This paper examines herding behavior in global markets. By applying daily data for 18 countries from May 25, 1988, through April 24, 2009, we find evidence of herding in advanced stock markets (except the US) and in Asian markets. No evidence of herding is found in Latin American markets. Evidence suggests that stock return dispersions in the US play a significant role in explaining the non-US market's herding activity. With the exceptions of the US and Latin American markets, herding is present in both up and down markets, although herding asymmetry is more profound in Asian markets during rising markets. Evidence suggests that crisis triggers herding activity in the crisis country of origin and then produces a contagion effect, which spreads the crisis to neighboring countries. During crisis periods, we find supportive evidence for herding formation in the US and Latin American markets.","downloadable_attachments":[{"id":85208886,"asset_id":78016111,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":7410799,"first_name":"Thomas","last_name":"Chiang","domain_name":"drexel","page_name":"ThomasChiang","display_name":"Thomas Chiang","profile_url":"https://drexel.academia.edu/ThomasChiang?f_ri=29156","photo":"https://0.academia-photos.com/7410799/8647335/9657910/s65_thomas.chiang.jpg"}],"research_interests":[{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=29156","nofollow":true},{"id":6960,"name":"Behavioral Finance","url":"https://www.academia.edu/Documents/in/Behavioral_Finance?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=29156","nofollow":true},{"id":94662,"name":"Country of Origin","url":"https://www.academia.edu/Documents/in/Country_of_Origin?f_ri=29156"},{"id":156572,"name":"Latin American","url":"https://www.academia.edu/Documents/in/Latin_American?f_ri=29156"},{"id":404000,"name":"Cross Section","url":"https://www.academia.edu/Documents/in/Cross_Section?f_ri=29156"},{"id":616098,"name":"Herding Behaviour","url":"https://www.academia.edu/Documents/in/Herding_Behaviour?f_ri=29156"},{"id":783978,"name":"Herd Behavior","url":"https://www.academia.edu/Documents/in/Herd_Behavior?f_ri=29156"},{"id":974197,"name":"Stock Returns","url":"https://www.academia.edu/Documents/in/Stock_Returns?f_ri=29156"},{"id":993329,"name":"Empirical Analysis","url":"https://www.academia.edu/Documents/in/Empirical_Analysis?f_ri=29156"},{"id":1357254,"name":"Banking finance","url":"https://www.academia.edu/Documents/in/Banking_finance-1?f_ri=29156"},{"id":2657197,"name":"Herding Behavior","url":"https://www.academia.edu/Documents/in/Herding_Behavior?f_ri=29156"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_66419168" data-work_id="66419168" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/66419168/An_extensive_analysis_on_the_Japanese_markets_via_S_Taylors_model">An extensive analysis on the Japanese markets via S. Taylor's model</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Applying S. Taylor's approach (1986), we make an extensive analysis on the Japanese stock market, foreign exchange market and the Japanese Government Bond Futures market. The purpose of this paper is to empirically reveal the structure of... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_66419168" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Applying S. Taylor's approach (1986), we make an extensive analysis on the Japanese stock market, foreign exchange market and the Japanese Government Bond Futures market. The purpose of this paper is to empirically reveal the structure of the Japanese markets via Taylor's model rather than to propose a new model. For this reason, we include a variety of analyzed data particularly for the Japanese stock market and the foreign exchange market because the results can be used in a different manner. The paper consists of three parts. But each part can be read separately.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/66419168" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="05f4e091fe60c79953b6a31694562e3c" rel="nofollow" data-download="{"attachment_id":77616965,"asset_id":66419168,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/77616965/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="120218149" href="https://independent.academia.edu/JMaru1">J. Maru</a><script data-card-contents-for-user="120218149" type="text/json">{"id":120218149,"first_name":"J.","last_name":"Maru","domain_name":"independent","page_name":"JMaru1","display_name":"J. 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Taylor's model","created_at":"2021-12-29T10:34:59.560-08:00","url":"https://www.academia.edu/66419168/An_extensive_analysis_on_the_Japanese_markets_via_S_Taylors_model?f_ri=29156","dom_id":"work_66419168","summary":"Applying S. Taylor's approach (1986), we make an extensive analysis on the Japanese stock market, foreign exchange market and the Japanese Government Bond Futures market. The purpose of this paper is to empirically reveal the structure of the Japanese markets via Taylor's model rather than to propose a new model. For this reason, we include a variety of analyzed data particularly for the Japanese stock market and the foreign exchange market because the results can be used in a different manner. The paper consists of three parts. But each part can be read separately.","downloadable_attachments":[{"id":77616965,"asset_id":66419168,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":120218149,"first_name":"J.","last_name":"Maru","domain_name":"independent","page_name":"JMaru1","display_name":"J. Maru","profile_url":"https://independent.academia.edu/JMaru1?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true},{"id":6961,"name":"Foreign Exchange Market","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Market?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=29156","nofollow":true},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=29156"},{"id":4057970,"name":"Futures Market","url":"https://www.academia.edu/Documents/in/Futures_Market?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_63235777" data-work_id="63235777" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/63235777/SONART_the_sonification_application_research_toolbox">SONART: the sonification application research toolbox</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The Sonification Application and Research Toolbox (SonART) is an open-source effort to develop a platform-independent collection of methods to map data to sonification parameters. A set of graphical user interface tools that will provide... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_63235777" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The Sonification Application and Research Toolbox (SonART) is an open-source effort to develop a platform-independent collection of methods to map data to sonification parameters. A set of graphical user interface tools that will provide practical and intuitive utilities for experimentation and auditory display. SonART aims to provide publicly available, well-documented code that will be easily adapted to address a broad range of sonification needs. The effort will build upon the Synthesis ToolKit (STK) [1]. In this paper we describe SonART's parameter engine framework, its interface to STK, and relevant recent developments in STK. We present an example of sonified stock market data to illustrate the principles of SonART.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/63235777" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="c5907ebd646441b0092d57a47be62b25" rel="nofollow" data-download="{"attachment_id":75729076,"asset_id":63235777,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/75729076/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="53686780" href="https://independent.academia.edu/JonathanBerger2">Jonathan Berger</a><script data-card-contents-for-user="53686780" type="text/json">{"id":53686780,"first_name":"Jonathan","last_name":"Berger","domain_name":"independent","page_name":"JonathanBerger2","display_name":"Jonathan Berger","profile_url":"https://independent.academia.edu/JonathanBerger2?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_63235777 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="63235777"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 63235777, container: ".js-paper-rank-work_63235777", }); 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A set of graphical user interface tools that will provide practical and intuitive utilities for experimentation and auditory display. SonART aims to provide publicly available, well-documented code that will be easily adapted to address a broad range of sonification needs. The effort will build upon the Synthesis ToolKit (STK) [1]. In this paper we describe SonART's parameter engine framework, its interface to STK, and relevant recent developments in STK. We present an example of sonified stock market data to illustrate the principles of SonART.","downloadable_attachments":[{"id":75729076,"asset_id":63235777,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":53686780,"first_name":"Jonathan","last_name":"Berger","domain_name":"independent","page_name":"JonathanBerger2","display_name":"Jonathan Berger","profile_url":"https://independent.academia.edu/JonathanBerger2?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":11079,"name":"Auditory Display","url":"https://www.academia.edu/Documents/in/Auditory_Display?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":45834,"name":"Open Source","url":"https://www.academia.edu/Documents/in/Open_Source?f_ri=29156","nofollow":true},{"id":98503,"name":"Graphic User Interface Design","url":"https://www.academia.edu/Documents/in/Graphic_User_Interface_Design?f_ri=29156","nofollow":true},{"id":3782429,"name":"İcad","url":"https://www.academia.edu/Documents/in/%C4%B0cad?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_2929043" data-work_id="2929043" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/2929043/What_makes_the_stock_market_jump_An_analysis_of_political_risk_on_Hong_Kong_stock_returns">What makes the stock market jump? An analysis of political risk on Hong Kong stock returns</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper employs a components-jump volatility filter to investigate the possible market impact of political risk. The filter operates by identifying jump return dates, which are then associated with political events, allowing us to... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_2929043" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper employs a components-jump volatility filter to investigate the possible market impact of political risk. The filter operates by identifying jump return dates, which are then associated with political events, allowing us to measure the market return and volatility effects of political announcements. Our empirical results show that political developments in Hong Kong have a significant impact on its market volatility and return. The results have some interesting implications for option pricing and political risk management.  2001 Published by Elsevier Science Ltd.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/2929043" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="94e3cbb872c2e1be78d2362a9651f8d8" rel="nofollow" data-download="{"attachment_id":50533303,"asset_id":2929043,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50533303/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3442081" href="https://du-in.academia.edu/AjSingh">Aj Singh</a><script data-card-contents-for-user="3442081" type="text/json">{"id":3442081,"first_name":"Aj","last_name":"Singh","domain_name":"du-in","page_name":"AjSingh","display_name":"Aj Singh","profile_url":"https://du-in.academia.edu/AjSingh?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_2929043 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="2929043"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 2929043, container: ".js-paper-rank-work_2929043", }); 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$(".js-view-count[data-work-id=2929043]").text(description); $(".js-view-count-work_2929043").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_2929043").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="2929043"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="117272" rel="nofollow" href="https://www.academia.edu/Documents/in/Money_and_Finance">Money and Finance</a>, <script data-card-contents-for-ri="117272" type="text/json">{"id":117272,"name":"Money and Finance","url":"https://www.academia.edu/Documents/in/Money_and_Finance?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="601424" rel="nofollow" href="https://www.academia.edu/Documents/in/Option_pricing">Option pricing</a><script data-card-contents-for-ri="601424" type="text/json">{"id":601424,"name":"Option pricing","url":"https://www.academia.edu/Documents/in/Option_pricing?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=2929043]'), work: {"id":2929043,"title":"What makes the stock market jump? An analysis of political risk on Hong Kong stock returns","created_at":"2013-03-08T05:20:24.958-08:00","url":"https://www.academia.edu/2929043/What_makes_the_stock_market_jump_An_analysis_of_political_risk_on_Hong_Kong_stock_returns?f_ri=29156","dom_id":"work_2929043","summary":"This paper employs a components-jump volatility filter to investigate the possible market impact of political risk. The filter operates by identifying jump return dates, which are then associated with political events, allowing us to measure the market return and volatility effects of political announcements. Our empirical results show that political developments in Hong Kong have a significant impact on its market volatility and return. The results have some interesting implications for option pricing and political risk management.  2001 Published by Elsevier Science Ltd.","downloadable_attachments":[{"id":50533303,"asset_id":2929043,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":3442081,"first_name":"Aj","last_name":"Singh","domain_name":"du-in","page_name":"AjSingh","display_name":"Aj Singh","profile_url":"https://du-in.academia.edu/AjSingh?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":117272,"name":"Money and Finance","url":"https://www.academia.edu/Documents/in/Money_and_Finance?f_ri=29156","nofollow":true},{"id":601424,"name":"Option pricing","url":"https://www.academia.edu/Documents/in/Option_pricing?f_ri=29156","nofollow":true},{"id":974197,"name":"Stock Returns","url":"https://www.academia.edu/Documents/in/Stock_Returns?f_ri=29156"},{"id":1757137,"name":"Political Risk","url":"https://www.academia.edu/Documents/in/Political_Risk?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_22082315" data-work_id="22082315" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/22082315/Bond_rating_changes_and_stock_returns_evidence_from_the_Spanish_stock_market">Bond rating changes and stock returns: evidence from the Spanish stock market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study analyzes the effect of corporate bond rating changes by international agencies on stock prices. This topic has not yet been analyzed for the Spanish stock market, despite the growing importance of ratings in Spanish financial... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_22082315" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study analyzes the effect of corporate bond rating changes by international agencies on stock prices. This topic has not yet been analyzed for the Spanish stock market, despite the growing importance of ratings in Spanish financial markets. On an efficient market, rating changes will only have an effect if they contain some new information. The results from an event study indicate that rating actions cause significant negative abnormal returns in issuing firms around the date of the announcement. This evidence indicates an informational effect related to downgrades, which supports the hypothesis that credit rating agencies provide information that may reduce the asymmetric information problem between firms and investors. In the case of upgrades, our results are compatible with a redistribution of wealth between bondholders and owners or with the reputation hypothesis.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/22082315" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="daba763aaa39f7a0254826358346c049" rel="nofollow" data-download="{"attachment_id":42756764,"asset_id":22082315,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42756764/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="35236879" href="https://ucm.academia.edu/MDoloresRobles">M. Dolores Robles</a><script data-card-contents-for-user="35236879" type="text/json">{"id":35236879,"first_name":"M. Dolores","last_name":"Robles","domain_name":"ucm","page_name":"MDoloresRobles","display_name":"M. Dolores Robles","profile_url":"https://ucm.academia.edu/MDoloresRobles?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_22082315 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="22082315"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 22082315, container: ".js-paper-rank-work_22082315", }); });</script></li><li class="js-percentile-work_22082315 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 22082315; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_22082315"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_22082315 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="22082315"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 22082315; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=22082315]").text(description); $(".js-view-count-work_22082315").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_22082315").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="22082315"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">12</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="116541" rel="nofollow" href="https://www.academia.edu/Documents/in/Event_Study">Event Study</a>, <script data-card-contents-for-ri="116541" type="text/json">{"id":116541,"name":"Event Study","url":"https://www.academia.edu/Documents/in/Event_Study?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="160127" rel="nofollow" href="https://www.academia.edu/Documents/in/Asymmetric_Information">Asymmetric Information</a><script data-card-contents-for-ri="160127" type="text/json">{"id":160127,"name":"Asymmetric Information","url":"https://www.academia.edu/Documents/in/Asymmetric_Information?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=22082315]'), work: {"id":22082315,"title":"Bond rating changes and stock returns: evidence from the Spanish stock market","created_at":"2016-02-17T00:40:41.497-08:00","url":"https://www.academia.edu/22082315/Bond_rating_changes_and_stock_returns_evidence_from_the_Spanish_stock_market?f_ri=29156","dom_id":"work_22082315","summary":"This study analyzes the effect of corporate bond rating changes by international agencies on stock prices. This topic has not yet been analyzed for the Spanish stock market, despite the growing importance of ratings in Spanish financial markets. On an efficient market, rating changes will only have an effect if they contain some new information. The results from an event study indicate that rating actions cause significant negative abnormal returns in issuing firms around the date of the announcement. This evidence indicates an informational effect related to downgrades, which supports the hypothesis that credit rating agencies provide information that may reduce the asymmetric information problem between firms and investors. In the case of upgrades, our results are compatible with a redistribution of wealth between bondholders and owners or with the reputation hypothesis.","downloadable_attachments":[{"id":42756764,"asset_id":22082315,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":35236879,"first_name":"M. Dolores","last_name":"Robles","domain_name":"ucm","page_name":"MDoloresRobles","display_name":"M. Dolores Robles","profile_url":"https://ucm.academia.edu/MDoloresRobles?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":116541,"name":"Event Study","url":"https://www.academia.edu/Documents/in/Event_Study?f_ri=29156","nofollow":true},{"id":160127,"name":"Asymmetric Information","url":"https://www.academia.edu/Documents/in/Asymmetric_Information?f_ri=29156","nofollow":true},{"id":235400,"name":"Spanish Economic History","url":"https://www.academia.edu/Documents/in/Spanish_Economic_History?f_ri=29156"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=29156"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156"},{"id":918187,"name":"Corporate Bonds","url":"https://www.academia.edu/Documents/in/Corporate_Bonds?f_ri=29156"},{"id":954759,"name":"Credit Rating Agencies","url":"https://www.academia.edu/Documents/in/Credit_Rating_Agencies?f_ri=29156"},{"id":974197,"name":"Stock Returns","url":"https://www.academia.edu/Documents/in/Stock_Returns?f_ri=29156"},{"id":1427175,"name":"Abnormal Return","url":"https://www.academia.edu/Documents/in/Abnormal_Return?f_ri=29156"},{"id":1766465,"name":"Efficient Markets","url":"https://www.academia.edu/Documents/in/Efficient_Markets?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_8902034" data-work_id="8902034" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/8902034/Stock_Exchange_Bank">Stock Exchange Bank</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The Stock Exchange Bank is a locally owned bank which prides itself on customer service. To provide excellent customer service for its customers, the human resources manager and other managers within the bank must interview and carefully... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_8902034" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The Stock Exchange Bank is a locally owned bank which prides itself on customer service. To provide excellent customer service for its customers, the human resources manager and other managers within the bank must interview and carefully select the best possible individuals to fill openings in the Bank. Training new hires and current employees is an ongoing process and is vital to the success of the Stock Exchange Bank. Communication barriers are a major challenge for the Bank branches. The Stock Exchange Bank is a family owned business and wants to include employees of the company in their family. Encouraging effecting communication is a challenge for the human resources department in the Stock Exchange Bank. The Stock Exchange Bank 3 The Stock Exchange Bank: A Family of Employees The Stock Exchange Bank is a locally owned and operated bank in Woodward,</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/8902034" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="021e0ed3f685aed58f3c074a3b83b5ef" rel="nofollow" data-download="{"attachment_id":35230734,"asset_id":8902034,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/35230734/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="19587869" href="https://independent.academia.edu/BradJones5">Brad Jones</a><script data-card-contents-for-user="19587869" type="text/json">{"id":19587869,"first_name":"Brad","last_name":"Jones","domain_name":"independent","page_name":"BradJones5","display_name":"Brad Jones","profile_url":"https://independent.academia.edu/BradJones5?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_8902034 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="8902034"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 8902034, container: ".js-paper-rank-work_8902034", }); });</script></li><li class="js-percentile-work_8902034 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 8902034; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_8902034"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_8902034 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="8902034"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 8902034; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=8902034]").text(description); $(".js-view-count-work_8902034").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_8902034").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="8902034"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a><script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=8902034]'), work: {"id":8902034,"title":"Stock Exchange Bank","created_at":"2014-10-21T22:41:16.892-07:00","url":"https://www.academia.edu/8902034/Stock_Exchange_Bank?f_ri=29156","dom_id":"work_8902034","summary":"The Stock Exchange Bank is a locally owned bank which prides itself on customer service. To provide excellent customer service for its customers, the human resources manager and other managers within the bank must interview and carefully select the best possible individuals to fill openings in the Bank. Training new hires and current employees is an ongoing process and is vital to the success of the Stock Exchange Bank. Communication barriers are a major challenge for the Bank branches. The Stock Exchange Bank is a family owned business and wants to include employees of the company in their family. Encouraging effecting communication is a challenge for the human resources department in the Stock Exchange Bank. The Stock Exchange Bank 3 The Stock Exchange Bank: A Family of Employees The Stock Exchange Bank is a locally owned and operated bank in Woodward,","downloadable_attachments":[{"id":35230734,"asset_id":8902034,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":19587869,"first_name":"Brad","last_name":"Jones","domain_name":"independent","page_name":"BradJones5","display_name":"Brad Jones","profile_url":"https://independent.academia.edu/BradJones5?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_67995714" data-work_id="67995714" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/67995714/Stock_Returns_Inflation_Relation_in_India">Stock Returns-Inflation Relation in India</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study contributes to the stock returns-inflation relation literature in developing countries by revisiting the issue with reference to the emerging economy, India. More specifically, it tests whether the Indian stock market provides... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_67995714" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study contributes to the stock returns-inflation relation literature in developing countries by revisiting the issue with reference to the emerging economy, India. More specifically, it tests whether the Indian stock market provides an effective hedge against inflation using monthly data on real stock return, inflation and real activity from April 1980 to March 2004 and a two-step estimation procedure. Results of the study indicate that (i) the Indian stock market reflects future real activity; (ii) the negative stock returns-inflation relation emerges from the unexpected component of the inflation and (iii) this negative relation vanishes when we control for the inflation-real activity relation, thereby providing a strong support for Fama’s proxy effect hypothesis. The split sample analyses indicate that the Fama hypothesis is valid only in pre reform period. In the post reform period, real stock returns have been independent of inflation, i.e., the Fisher Hypothesis is valid.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/67995714" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3e7fd79739db528eb0b8e94183bd2e99" rel="nofollow" data-download="{"attachment_id":78633462,"asset_id":67995714,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78633462/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="122700752" href="https://independent.academia.edu/SwarupMisra">Swarup Misra</a><script data-card-contents-for-user="122700752" type="text/json">{"id":122700752,"first_name":"Swarup","last_name":"Misra","domain_name":"independent","page_name":"SwarupMisra","display_name":"Swarup Misra","profile_url":"https://independent.academia.edu/SwarupMisra?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_67995714 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="67995714"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 67995714, container: ".js-paper-rank-work_67995714", }); });</script></li><li class="js-percentile-work_67995714 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 67995714; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_67995714"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_67995714 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="67995714"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 67995714; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=67995714]").text(description); $(".js-view-count-work_67995714").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_67995714").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="67995714"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="727" rel="nofollow" href="https://www.academia.edu/Documents/in/Development_Economics">Development Economics</a>, <script data-card-contents-for-ri="727" type="text/json">{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="748" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Economics">Financial Economics</a><script data-card-contents-for-ri="748" type="text/json">{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=67995714]'), work: {"id":67995714,"title":"Stock Returns-Inflation Relation in India","created_at":"2022-01-13T12:03:02.264-08:00","url":"https://www.academia.edu/67995714/Stock_Returns_Inflation_Relation_in_India?f_ri=29156","dom_id":"work_67995714","summary":"This study contributes to the stock returns-inflation relation literature in developing countries by revisiting the issue with reference to the emerging economy, India. More specifically, it tests whether the Indian stock market provides an effective hedge against inflation using monthly data on real stock return, inflation and real activity from April 1980 to March 2004 and a two-step estimation procedure. Results of the study indicate that (i) the Indian stock market reflects future real activity; (ii) the negative stock returns-inflation relation emerges from the unexpected component of the inflation and (iii) this negative relation vanishes when we control for the inflation-real activity relation, thereby providing a strong support for Fama’s proxy effect hypothesis. The split sample analyses indicate that the Fama hypothesis is valid only in pre reform period. In the post reform period, real stock returns have been independent of inflation, i.e., the Fisher Hypothesis is valid.","downloadable_attachments":[{"id":78633462,"asset_id":67995714,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":122700752,"first_name":"Swarup","last_name":"Misra","domain_name":"independent","page_name":"SwarupMisra","display_name":"Swarup Misra","profile_url":"https://independent.academia.edu/SwarupMisra?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=29156","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=29156","nofollow":true},{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=29156","nofollow":true},{"id":3671,"name":"Applied Econometrics","url":"https://www.academia.edu/Documents/in/Applied_Econometrics?f_ri=29156"},{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=29156"},{"id":6908,"name":"Banking","url":"https://www.academia.edu/Documents/in/Banking?f_ri=29156"},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156"},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=29156"},{"id":305313,"name":"Weed Control","url":"https://www.academia.edu/Documents/in/Weed_Control?f_ri=29156"},{"id":974197,"name":"Stock Returns","url":"https://www.academia.edu/Documents/in/Stock_Returns?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_63278925" data-work_id="63278925" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/63278925/Cross_border_valuation_The_international_cost_of_equity_capital">Cross-border valuation: The international cost of equity capital</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_63278925" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a particular challenge. This study examines the determinants of the discount rate for an international acquisition or project by examining the sources of risk in an international setting. These risks include stock-market price risk measured with ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/63278925" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="48ceaa67250415b1d190bba6665fcf31" rel="nofollow" data-download="{"attachment_id":75759422,"asset_id":63278925,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/75759422/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="40704293" href="https://independent.academia.edu/DumasB">Bernard Dumas</a><script data-card-contents-for-user="40704293" type="text/json">{"id":40704293,"first_name":"Bernard","last_name":"Dumas","domain_name":"independent","page_name":"DumasB","display_name":"Bernard Dumas","profile_url":"https://independent.academia.edu/DumasB?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_63278925 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="63278925"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 63278925, container: ".js-paper-rank-work_63278925", }); });</script></li><li class="js-percentile-work_63278925 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 63278925; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_63278925"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_63278925 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="63278925"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 63278925; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=63278925]").text(description); $(".js-view-count-work_63278925").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_63278925").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="63278925"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="69845" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Asset_Pricing_Model">Capital Asset Pricing Model</a>, <script data-card-contents-for-ri="69845" type="text/json">{"id":69845,"name":"Capital Asset Pricing Model","url":"https://www.academia.edu/Documents/in/Capital_Asset_Pricing_Model?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="70854" rel="nofollow" href="https://www.academia.edu/Documents/in/Developing_Country">Developing Country</a>, <script data-card-contents-for-ri="70854" type="text/json">{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="185537" href="https://www.academia.edu/Documents/in/Discount_Rate">Discount Rate</a><script data-card-contents-for-ri="185537" type="text/json">{"id":185537,"name":"Discount Rate","url":"https://www.academia.edu/Documents/in/Discount_Rate?f_ri=29156","nofollow":false}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=63278925]'), work: {"id":63278925,"title":"Cross-border valuation: The international cost of equity capital","created_at":"2021-12-05T12:27:29.410-08:00","url":"https://www.academia.edu/63278925/Cross_border_valuation_The_international_cost_of_equity_capital?f_ri=29156","dom_id":"work_63278925","summary":"How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a particular challenge. This study examines the determinants of the discount rate for an international acquisition or project by examining the sources of risk in an international setting. These risks include stock-market price risk measured with ...","downloadable_attachments":[{"id":75759422,"asset_id":63278925,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":40704293,"first_name":"Bernard","last_name":"Dumas","domain_name":"independent","page_name":"DumasB","display_name":"Bernard Dumas","profile_url":"https://independent.academia.edu/DumasB?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":69845,"name":"Capital Asset Pricing Model","url":"https://www.academia.edu/Documents/in/Capital_Asset_Pricing_Model?f_ri=29156","nofollow":true},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=29156","nofollow":true},{"id":185537,"name":"Discount Rate","url":"https://www.academia.edu/Documents/in/Discount_Rate?f_ri=29156","nofollow":false},{"id":758035,"name":"Cost of equity capital","url":"https://www.academia.edu/Documents/in/Cost_of_equity_capital?f_ri=29156"},{"id":1045589,"name":"IT Evaluation","url":"https://www.academia.edu/Documents/in/IT_Evaluation?f_ri=29156"},{"id":1757137,"name":"Political Risk","url":"https://www.academia.edu/Documents/in/Political_Risk?f_ri=29156"},{"id":2485290,"name":"Free Cash Flow","url":"https://www.academia.edu/Documents/in/Free_Cash_Flow?f_ri=29156"},{"id":3603851,"name":"Risk Premium","url":"https://www.academia.edu/Documents/in/Risk_Premium?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_58032957" data-work_id="58032957" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/58032957/Insider_trading_in_the_Hong_Kong_stock_market">Insider trading in the Hong Kong stock market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Many previous studies on insider trading are based on data in the U.S. capital market and conclude that insiders can earn abnormal profits. This paper examines abnormal price performance associated with insider trading in the Hong Kong... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_58032957" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Many previous studies on insider trading are based on data in the U.S. capital market and conclude that insiders can earn abnormal profits. This paper examines abnormal price performance associated with insider trading in the Hong Kong stock market. We find that abnormal profits associated with insider trading are all concentrated on small firms. Trading volume does matter in determining the magnitude of those abnormal profits. Our results show that insiders of mediumsized and large firms do not earn abnormal profits. Finally, it is found that outsiders who mimic the information of insider trades associated with medium-sized and large firms cannot earn abnormal profits.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/58032957" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="addda2e7c7ca3288c31a2c91019b1d33" rel="nofollow" data-download="{"attachment_id":72641251,"asset_id":58032957,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/72641251/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="66171463" href="https://independent.academia.edu/MichaelCSWong">Michael C S Wong</a><script data-card-contents-for-user="66171463" type="text/json">{"id":66171463,"first_name":"Michael C S","last_name":"Wong","domain_name":"independent","page_name":"MichaelCSWong","display_name":"Michael C S Wong","profile_url":"https://independent.academia.edu/MichaelCSWong?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_58032957 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="58032957"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 58032957, container: ".js-paper-rank-work_58032957", }); });</script></li><li class="js-percentile-work_58032957 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 58032957; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_58032957"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_58032957 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="58032957"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 58032957; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=58032957]").text(description); $(".js-view-count-work_58032957").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_58032957").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="58032957"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="100748" rel="nofollow" href="https://www.academia.edu/Documents/in/Small_Firms">Small Firms</a>, <script data-card-contents-for-ri="100748" type="text/json">{"id":100748,"name":"Small Firms","url":"https://www.academia.edu/Documents/in/Small_Firms?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="121035" rel="nofollow" href="https://www.academia.edu/Documents/in/Profitability">Profitability</a>, <script data-card-contents-for-ri="121035" type="text/json">{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="121094" rel="nofollow" href="https://www.academia.edu/Documents/in/Insider_Trading">Insider Trading</a><script data-card-contents-for-ri="121094" type="text/json">{"id":121094,"name":"Insider Trading","url":"https://www.academia.edu/Documents/in/Insider_Trading?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=58032957]'), work: {"id":58032957,"title":"Insider trading in the Hong Kong stock market","created_at":"2021-10-15T01:05:30.897-07:00","url":"https://www.academia.edu/58032957/Insider_trading_in_the_Hong_Kong_stock_market?f_ri=29156","dom_id":"work_58032957","summary":"Many previous studies on insider trading are based on data in the U.S. capital market and conclude that insiders can earn abnormal profits. This paper examines abnormal price performance associated with insider trading in the Hong Kong stock market. We find that abnormal profits associated with insider trading are all concentrated on small firms. Trading volume does matter in determining the magnitude of those abnormal profits. Our results show that insiders of mediumsized and large firms do not earn abnormal profits. Finally, it is found that outsiders who mimic the information of insider trades associated with medium-sized and large firms cannot earn abnormal profits.","downloadable_attachments":[{"id":72641251,"asset_id":58032957,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":66171463,"first_name":"Michael C S","last_name":"Wong","domain_name":"independent","page_name":"MichaelCSWong","display_name":"Michael C S Wong","profile_url":"https://independent.academia.edu/MichaelCSWong?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":100748,"name":"Small Firms","url":"https://www.academia.edu/Documents/in/Small_Firms?f_ri=29156","nofollow":true},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=29156","nofollow":true},{"id":121094,"name":"Insider Trading","url":"https://www.academia.edu/Documents/in/Insider_Trading?f_ri=29156","nofollow":true},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=29156"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=29156"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_45267593" data-work_id="45267593" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/45267593/Corporate_crime_announcement_effects_on_stock_performance_An_empirical_study_in_Malaysia">Corporate crime announcement effects on stock performance: An empirical study in Malaysia</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">An in-depth investigation of the effects of announcement of corporate crime on firm performance focusing on stock market performance among public enterprises in Malaysia has been conducted. A sample of 7 large, established public... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_45267593" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">An in-depth investigation of the effects of announcement of corporate crime on firm performance focusing on stock market performance among public enterprises in Malaysia has been conducted. A sample of 7 large, established public companies charged for committing corporate crime by Securities Commission from the period of 1999 to 2005 in Malaysia were identified and examined. Using the event-study methodology proposed by Rao (1997), monthly average abnormal returns (AARs) and cumulative average abnormal returns (CAARs) for the sample of 8 announcements of separate crimes ranging from 12 months prior to and 6 months after the announcement dates are determined. Empirical result indicates that the stock market is informationally inefficient in Malaysia and investors do react to announcement of corporate crime.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/45267593" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7f8028c942933b0870374d9eaf4ef174" rel="nofollow" data-download="{"attachment_id":65829440,"asset_id":45267593,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/65829440/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="29685106" href="https://independent.academia.edu/HarryEntebang">Harry Entebang</a><script data-card-contents-for-user="29685106" type="text/json">{"id":29685106,"first_name":"Harry","last_name":"Entebang","domain_name":"independent","page_name":"HarryEntebang","display_name":"Harry Entebang","profile_url":"https://independent.academia.edu/HarryEntebang?f_ri=29156","photo":"https://0.academia-photos.com/29685106/13158539/14461563/s65_harry.entebang.jpg"}</script></span></span></li><li class="js-paper-rank-work_45267593 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="45267593"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 45267593, container: ".js-paper-rank-work_45267593", }); });</script></li><li class="js-percentile-work_45267593 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 45267593; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_45267593"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_45267593 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="45267593"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 45267593; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=45267593]").text(description); $(".js-view-count-work_45267593").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_45267593").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="45267593"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="39900" rel="nofollow" href="https://www.academia.edu/Documents/in/Firm_Performance">Firm Performance</a>, <script data-card-contents-for-ri="39900" type="text/json">{"id":39900,"name":"Firm Performance","url":"https://www.academia.edu/Documents/in/Firm_Performance?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="116541" rel="nofollow" href="https://www.academia.edu/Documents/in/Event_Study">Event Study</a>, <script data-card-contents-for-ri="116541" type="text/json">{"id":116541,"name":"Event Study","url":"https://www.academia.edu/Documents/in/Event_Study?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="219474" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_Study">Empirical Study</a><script data-card-contents-for-ri="219474" type="text/json">{"id":219474,"name":"Empirical Study","url":"https://www.academia.edu/Documents/in/Empirical_Study?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=45267593]'), work: {"id":45267593,"title":"Corporate crime announcement effects on stock performance: An empirical study in Malaysia","created_at":"2021-02-28T21:39:31.161-08:00","url":"https://www.academia.edu/45267593/Corporate_crime_announcement_effects_on_stock_performance_An_empirical_study_in_Malaysia?f_ri=29156","dom_id":"work_45267593","summary":"An in-depth investigation of the effects of announcement of corporate crime on firm performance focusing on stock market performance among public enterprises in Malaysia has been conducted. A sample of 7 large, established public companies charged for committing corporate crime by Securities Commission from the period of 1999 to 2005 in Malaysia were identified and examined. Using the event-study methodology proposed by Rao (1997), monthly average abnormal returns (AARs) and cumulative average abnormal returns (CAARs) for the sample of 8 announcements of separate crimes ranging from 12 months prior to and 6 months after the announcement dates are determined. Empirical result indicates that the stock market is informationally inefficient in Malaysia and investors do react to announcement of corporate crime.","downloadable_attachments":[{"id":65829440,"asset_id":45267593,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":29685106,"first_name":"Harry","last_name":"Entebang","domain_name":"independent","page_name":"HarryEntebang","display_name":"Harry Entebang","profile_url":"https://independent.academia.edu/HarryEntebang?f_ri=29156","photo":"https://0.academia-photos.com/29685106/13158539/14461563/s65_harry.entebang.jpg"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":39900,"name":"Firm Performance","url":"https://www.academia.edu/Documents/in/Firm_Performance?f_ri=29156","nofollow":true},{"id":116541,"name":"Event Study","url":"https://www.academia.edu/Documents/in/Event_Study?f_ri=29156","nofollow":true},{"id":219474,"name":"Empirical Study","url":"https://www.academia.edu/Documents/in/Empirical_Study?f_ri=29156","nofollow":true},{"id":443586,"name":"Economic Cooperation","url":"https://www.academia.edu/Documents/in/Economic_Cooperation?f_ri=29156"},{"id":1427175,"name":"Abnormal Return","url":"https://www.academia.edu/Documents/in/Abnormal_Return?f_ri=29156"},{"id":1993786,"name":"Cumulant","url":"https://www.academia.edu/Documents/in/Cumulant?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30814986" data-work_id="30814986" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30814986/Linear_and_nonlinear_Granger_causality_in_the_stock_price_volume_relation_A_perspective_on_the_agent_based_model_of_stock_markets">Linear and nonlinear Granger causality in the stock price-volume relation: A perspective on the agent-based model of stock markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">From the perspective of the agent-based model of stock markets, this paper examines the possible explanations for the presence of the causal relation between stock returns and trading volume. The implication of this result is that the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_30814986" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">From the perspective of the agent-based model of stock markets, this paper examines the possible explanations for the presence of the causal relation between stock returns and trading volume. The implication of this result is that the presence of the stock price-volume causal relation does not require any explicit assumptions like information asymmetry, reaction asymmetry, noise traders, or tax motives. In fact, it suggests that the causal relation may be a generic property in a market modeled as evolving decentralized system of autonomous interacting agents.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30814986" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7576d2310d56c8355ce464933a9ec881" rel="nofollow" data-download="{"attachment_id":51248253,"asset_id":30814986,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51248253/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="12978461" href="https://erenlai.academia.edu/ShuHengChen">Shu-Heng Chen</a><script data-card-contents-for-user="12978461" type="text/json">{"id":12978461,"first_name":"Shu-Heng","last_name":"Chen","domain_name":"erenlai","page_name":"ShuHengChen","display_name":"Shu-Heng Chen","profile_url":"https://erenlai.academia.edu/ShuHengChen?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_30814986 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30814986"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30814986, container: ".js-paper-rank-work_30814986", }); });</script></li><li class="js-percentile-work_30814986 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30814986; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30814986"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30814986 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30814986"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30814986; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30814986]").text(description); $(".js-view-count-work_30814986").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30814986").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30814986"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="128830" rel="nofollow" href="https://www.academia.edu/Documents/in/Granger_causality">Granger causality</a>, <script data-card-contents-for-ri="128830" type="text/json">{"id":128830,"name":"Granger causality","url":"https://www.academia.edu/Documents/in/Granger_causality?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="489225" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Price">Stock Price</a>, <script data-card-contents-for-ri="489225" type="text/json">{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="741144" rel="nofollow" href="https://www.academia.edu/Documents/in/Agent_Based_Model">Agent Based Model</a><script data-card-contents-for-ri="741144" type="text/json">{"id":741144,"name":"Agent Based Model","url":"https://www.academia.edu/Documents/in/Agent_Based_Model?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30814986]'), work: {"id":30814986,"title":"Linear and nonlinear Granger causality in the stock price-volume relation: A perspective on the agent-based model of stock markets","created_at":"2017-01-08T08:36:14.402-08:00","url":"https://www.academia.edu/30814986/Linear_and_nonlinear_Granger_causality_in_the_stock_price_volume_relation_A_perspective_on_the_agent_based_model_of_stock_markets?f_ri=29156","dom_id":"work_30814986","summary":"From the perspective of the agent-based model of stock markets, this paper examines the possible explanations for the presence of the causal relation between stock returns and trading volume. The implication of this result is that the presence of the stock price-volume causal relation does not require any explicit assumptions like information asymmetry, reaction asymmetry, noise traders, or tax motives. In fact, it suggests that the causal relation may be a generic property in a market modeled as evolving decentralized system of autonomous interacting agents.","downloadable_attachments":[{"id":51248253,"asset_id":30814986,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":12978461,"first_name":"Shu-Heng","last_name":"Chen","domain_name":"erenlai","page_name":"ShuHengChen","display_name":"Shu-Heng Chen","profile_url":"https://erenlai.academia.edu/ShuHengChen?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":128830,"name":"Granger causality","url":"https://www.academia.edu/Documents/in/Granger_causality?f_ri=29156","nofollow":true},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156","nofollow":true},{"id":741144,"name":"Agent Based Model","url":"https://www.academia.edu/Documents/in/Agent_Based_Model?f_ri=29156","nofollow":true},{"id":839940,"name":"Trade Volume","url":"https://www.academia.edu/Documents/in/Trade_Volume?f_ri=29156"},{"id":925168,"name":"Information Asymmetry","url":"https://www.academia.edu/Documents/in/Information_Asymmetry?f_ri=29156"},{"id":974197,"name":"Stock Returns","url":"https://www.academia.edu/Documents/in/Stock_Returns?f_ri=29156"},{"id":985437,"name":"Artificial Stock Market","url":"https://www.academia.edu/Documents/in/Artificial_Stock_Market?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30337172 coauthored" data-work_id="30337172" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30337172/Pricing_Stocks_with_Yardsticks_and_Sentiments">Pricing Stocks with Yardsticks and Sentiments</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Human decision making by professionals trading daily in the stock market can be a daunting task. It includes decisions on whether to keep on investing or to exit a market subject to huge price swings, and how to price in news or rumors... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_30337172" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Human decision making by professionals trading daily in the stock market can be a daunting task. It includes decisions on whether to keep on investing or to exit a market subject to huge price swings, and how to price in news or rumors attributed to a specific stock. The question then arises how professional traders, who specialize in daily buying and selling large amounts of a given stock, know how to properly price a given stock on a given day? Here we introduce the idea that people use heuristics, or "rules of thumb", in terms of "yard sticks" from the performance of the other stocks in a stock index. The under-/over-performance with respect to such a yard stick then signifies a general negative/positive sentiment of the market participants towards a given stock. Using empirical data of the Dow Jones Industrial Average, stocks are shown to have daily performances with a clear tendency to cluster around the measures introduced by the yard sticks. We illustrate how sentiments, most likely due to insider information, can influence the performance of a given stock over period of months, and in one case years.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30337172" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1750686c9238d0141866fbd435541124" rel="nofollow" data-download="{"attachment_id":50790866,"asset_id":30337172,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50790866/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="57826914" href="https://independent.academia.edu/MichelMiniconi">Michel Miniconi</a><script data-card-contents-for-user="57826914" type="text/json">{"id":57826914,"first_name":"Michel","last_name":"Miniconi","domain_name":"independent","page_name":"MichelMiniconi","display_name":"Michel Miniconi","profile_url":"https://independent.academia.edu/MichelMiniconi?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-30337172">+1</span><div class="hidden js-additional-users-30337172"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://independent.academia.edu/SebastianMartinez6">Sebastian Martinez</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-30337172'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-30337172').html(); } } new HoverPopover(popoverSettings); })();</script></li><li class="js-paper-rank-work_30337172 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30337172"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30337172, container: ".js-paper-rank-work_30337172", }); });</script></li><li class="js-percentile-work_30337172 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30337172; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30337172"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30337172 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30337172"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30337172; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30337172]").text(description); $(".js-view-count-work_30337172").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30337172").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30337172"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="749302" rel="nofollow" href="https://www.academia.edu/Documents/in/Indexation">Indexation</a>, <script data-card-contents-for-ri="749302" type="text/json">{"id":749302,"name":"Indexation","url":"https://www.academia.edu/Documents/in/Indexation?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1151195" rel="nofollow" href="https://www.academia.edu/Documents/in/Dow_Jones_Industrial_Average">Dow Jones Industrial Average</a><script data-card-contents-for-ri="1151195" type="text/json">{"id":1151195,"name":"Dow Jones Industrial Average","url":"https://www.academia.edu/Documents/in/Dow_Jones_Industrial_Average?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30337172]'), work: {"id":30337172,"title":"Pricing Stocks with Yardsticks and Sentiments","created_at":"2016-12-08T14:02:53.111-08:00","url":"https://www.academia.edu/30337172/Pricing_Stocks_with_Yardsticks_and_Sentiments?f_ri=29156","dom_id":"work_30337172","summary":"Human decision making by professionals trading daily in the stock market can be a daunting task. It includes decisions on whether to keep on investing or to exit a market subject to huge price swings, and how to price in news or rumors attributed to a specific stock. The question then arises how professional traders, who specialize in daily buying and selling large amounts of a given stock, know how to properly price a given stock on a given day? Here we introduce the idea that people use heuristics, or \"rules of thumb\", in terms of \"yard sticks\" from the performance of the other stocks in a stock index. The under-/over-performance with respect to such a yard stick then signifies a general negative/positive sentiment of the market participants towards a given stock. Using empirical data of the Dow Jones Industrial Average, stocks are shown to have daily performances with a clear tendency to cluster around the measures introduced by the yard sticks. We illustrate how sentiments, most likely due to insider information, can influence the performance of a given stock over period of months, and in one case years.","downloadable_attachments":[{"id":50790866,"asset_id":30337172,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":57826914,"first_name":"Michel","last_name":"Miniconi","domain_name":"independent","page_name":"MichelMiniconi","display_name":"Michel Miniconi","profile_url":"https://independent.academia.edu/MichelMiniconi?f_ri=29156","photo":"/images/s65_no_pic.png"},{"id":11454857,"first_name":"Sebastian","last_name":"Martinez","domain_name":"independent","page_name":"SebastianMartinez6","display_name":"Sebastian Martinez","profile_url":"https://independent.academia.edu/SebastianMartinez6?f_ri=29156","photo":"https://0.academia-photos.com/11454857/7680360/8614922/s65_sebastian.martinez.jpg"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":749302,"name":"Indexation","url":"https://www.academia.edu/Documents/in/Indexation?f_ri=29156","nofollow":true},{"id":1151195,"name":"Dow Jones Industrial Average","url":"https://www.academia.edu/Documents/in/Dow_Jones_Industrial_Average?f_ri=29156","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_4138914" data-work_id="4138914" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/4138914/Complexity_entropy_causality_plane_A_useful_approach_to_quantify_the_stock_market_inefficiency">Complexity-entropy causality plane: A useful approach to quantify the stock market inefficiency</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The complexity-entropy causality plane has been recently introduced as a powerful tool for discriminating Gaussian from non-Gaussian process and different degrees of correlations [O.A. Rosso, H.A. Larrondo, M.T. Martín, A. Plastino, M.A.... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_4138914" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The complexity-entropy causality plane has been recently introduced as a powerful tool for discriminating Gaussian from non-Gaussian process and different degrees of correlations [O.A. Rosso, H.A. Larrondo, M.T. Martín, A. Plastino, M.A. Fuentes, Distinguishing noise from chaos, Phys. Rev. Lett. 99 (2007) 154102]. We propose to use this representation space to distinguish the stage of stock market development. Our empirical results demonstrate that this statistical physics approach is useful, allowing a more refined classification of stock market dynamics. (M. Zanin), <a href="mailto:benjamin.tabak@bcb.gov.br" rel="nofollow">benjamin.tabak@bcb.gov.br</a> (B.M. Tabak), <a href="mailto:dario.perez@ucv.cl" rel="nofollow">dario.perez@ucv.cl</a> (D.G. Pérez), <a href="mailto:oarosso@fibertel.com.ar" rel="nofollow">oarosso@fibertel.com.ar</a> (O.A. Rosso).</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/4138914" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7019138bf9197caa892ea84a58d24133" rel="nofollow" data-download="{"attachment_id":50017994,"asset_id":4138914,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50017994/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="4996962" href="https://independent.academia.edu/darioperez">dario perez</a><script data-card-contents-for-user="4996962" type="text/json">{"id":4996962,"first_name":"dario","last_name":"perez","domain_name":"independent","page_name":"darioperez","display_name":"dario perez","profile_url":"https://independent.academia.edu/darioperez?f_ri=29156","photo":"https://0.academia-photos.com/4996962/2167213/2542012/s65_dario.perez.jpg"}</script></span></span></li><li class="js-paper-rank-work_4138914 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="4138914"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 4138914, container: ".js-paper-rank-work_4138914", }); 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Rosso, H.A. Larrondo, M.T. Martín, A. Plastino, M.A. Fuentes, Distinguishing noise from chaos, Phys. Rev. Lett. 99 (2007) 154102]. We propose to use this representation space to distinguish the stage of stock market development. Our empirical results demonstrate that this statistical physics approach is useful, allowing a more refined classification of stock market dynamics. (M. Zanin), benjamin.tabak@bcb.gov.br (B.M. Tabak), dario.perez@ucv.cl (D.G. Pérez), oarosso@fibertel.com.ar (O.A. Rosso).","downloadable_attachments":[{"id":50017994,"asset_id":4138914,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":4996962,"first_name":"dario","last_name":"perez","domain_name":"independent","page_name":"darioperez","display_name":"dario perez","profile_url":"https://independent.academia.edu/darioperez?f_ri=29156","photo":"https://0.academia-photos.com/4996962/2167213/2542012/s65_dario.perez.jpg"}],"research_interests":[{"id":318,"name":"Mathematical Physics","url":"https://www.academia.edu/Documents/in/Mathematical_Physics?f_ri=29156","nofollow":true},{"id":518,"name":"Quantum Physics","url":"https://www.academia.edu/Documents/in/Quantum_Physics?f_ri=29156","nofollow":true},{"id":16460,"name":"Statistical Physics","url":"https://www.academia.edu/Documents/in/Statistical_Physics?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":30485,"name":"Time series analysis","url":"https://www.academia.edu/Documents/in/Time_series_analysis?f_ri=29156"},{"id":203356,"name":"Stock market development","url":"https://www.academia.edu/Documents/in/Stock_market_development?f_ri=29156"},{"id":688446,"name":"Gaussian Process","url":"https://www.academia.edu/Documents/in/Gaussian_Process?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_18721118 coauthored" data-work_id="18721118" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/18721118/Tracing_the_temporal_evolution_of_clusters_in_a_financial_stock_market">Tracing the temporal evolution of clusters in a financial stock market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We propose a methodology for clustering financial time series of stocks&#39; returns, and a graphical set-up to quantify and visualise the evolution of these clusters through time. The proposed graphical representation allows for the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_18721118" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We propose a methodology for clustering financial time series of stocks&#39; returns, and a graphical set-up to quantify and visualise the evolution of these clusters through time. The proposed graphical representation allows for the application of well known algorithms for solving classical combinatorial graph problems, which can be interpreted as problems relevant to portfolio design and investment strategies. 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returns, and a graphical set-up to quantify and visualise the evolution of these clusters through time. 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work: {"id":472052,"title":"Stock market prediction using artificial neural networks","created_at":"2011-03-11T21:20:21.822-08:00","url":"https://www.academia.edu/472052/Stock_market_prediction_using_artificial_neural_networks?f_ri=29156","dom_id":"work_472052","summary":null,"downloadable_attachments":[{"id":51395900,"asset_id":472052,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":360553,"first_name":"Meltem","last_name":"Ozturan","domain_name":"boun","page_name":"MeltemOzturan","display_name":"Meltem Ozturan","profile_url":"https://boun.academia.edu/MeltemOzturan?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=29156","nofollow":true},{"id":237,"name":"Cognitive Science","url":"https://www.academia.edu/Documents/in/Cognitive_Science?f_ri=29156","nofollow":true},{"id":2008,"name":"Machine 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class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study objective to examine the relationship between gold prices, oil prices and KSE100 return. This study important for the investor whose want to invest in real assets and financial assets. This study helps investor to achieve the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_79289955" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study objective to examine the relationship between gold prices, oil prices and KSE100 return. This study important for the investor whose want to invest in real assets and financial assets. This study helps investor to achieve the portfolio diversification. This study uses the monthly data of gold prices, KSE100, and oil prices for the period of 2000 to 2010 (monthly). This study applied Descriptive statistics, Augmented Dickey Fuller test Phillip Perron test, Johansen and Jelseluis Co-integration test, Variance Decomposition test to find relationship. This study concludes that Gold prices growth, Oil prices growth and KSE100 return have no significant relationship in the long run. This study provides information to the investors who want to get the benefit of diversification by investing in Gold, Oil and stock market. In the current era Gold prices and oil prices are fluctuating day by day and investors think that stock returns may or may not affected by these fluctuations. This study is unique because it focuses on current issues and takes the current data in this research to help the investment institutions or portfolio managers.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/79289955" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="f89a746dc1573130c37294c77efc9df5" rel="nofollow" data-download="{"attachment_id":86054989,"asset_id":79289955,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/86054989/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="116525468" href="https://independent.academia.edu/MuhammadImran904">Muhammad Imran</a><script data-card-contents-for-user="116525468" type="text/json">{"id":116525468,"first_name":"Muhammad","last_name":"Imran","domain_name":"independent","page_name":"MuhammadImran904","display_name":"Muhammad Imran","profile_url":"https://independent.academia.edu/MuhammadImran904?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_79289955 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="79289955"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 79289955, container: ".js-paper-rank-work_79289955", }); 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$(".js-view-count[data-work-id=79289955]").text(description); $(".js-view-count-work_79289955").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_79289955").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="79289955"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="30341" rel="nofollow" href="https://www.academia.edu/Documents/in/Investment_Portfolio_Management">Investment Portfolio Management</a>, <script data-card-contents-for-ri="30341" type="text/json">{"id":30341,"name":"Investment Portfolio Management","url":"https://www.academia.edu/Documents/in/Investment_Portfolio_Management?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="85362" rel="nofollow" href="https://www.academia.edu/Documents/in/Descriptive_Statistics">Descriptive Statistics</a><script data-card-contents-for-ri="85362" type="text/json">{"id":85362,"name":"Descriptive Statistics","url":"https://www.academia.edu/Documents/in/Descriptive_Statistics?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=79289955]'), work: {"id":79289955,"title":"Relationship between Gold and Oil Prices and Stock Market Returns","created_at":"2022-05-17T01:57:37.948-07:00","url":"https://www.academia.edu/79289955/Relationship_between_Gold_and_Oil_Prices_and_Stock_Market_Returns?f_ri=29156","dom_id":"work_79289955","summary":"This study objective to examine the relationship between gold prices, oil prices and KSE100 return. This study important for the investor whose want to invest in real assets and financial assets. This study helps investor to achieve the portfolio diversification. This study uses the monthly data of gold prices, KSE100, and oil prices for the period of 2000 to 2010 (monthly). This study applied Descriptive statistics, Augmented Dickey Fuller test Phillip Perron test, Johansen and Jelseluis Co-integration test, Variance Decomposition test to find relationship. This study concludes that Gold prices growth, Oil prices growth and KSE100 return have no significant relationship in the long run. This study provides information to the investors who want to get the benefit of diversification by investing in Gold, Oil and stock market. In the current era Gold prices and oil prices are fluctuating day by day and investors think that stock returns may or may not affected by these fluctuations. This study is unique because it focuses on current issues and takes the current data in this research to help the investment institutions or portfolio managers.","downloadable_attachments":[{"id":86054989,"asset_id":79289955,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":116525468,"first_name":"Muhammad","last_name":"Imran","domain_name":"independent","page_name":"MuhammadImran904","display_name":"Muhammad Imran","profile_url":"https://independent.academia.edu/MuhammadImran904?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":30341,"name":"Investment Portfolio Management","url":"https://www.academia.edu/Documents/in/Investment_Portfolio_Management?f_ri=29156","nofollow":true},{"id":85362,"name":"Descriptive Statistics","url":"https://www.academia.edu/Documents/in/Descriptive_Statistics?f_ri=29156","nofollow":true},{"id":541021,"name":"Unit Root Test","url":"https://www.academia.edu/Documents/in/Unit_Root_Test?f_ri=29156"},{"id":1119231,"name":"Granger Causality Test","url":"https://www.academia.edu/Documents/in/Granger_Causality_Test?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_49733100" data-work_id="49733100" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/49733100/Evolution_of_Business_Groups_in_Israel_Their_Impac_T_at_the_Level_of_the_Firm_and_the_Economy">Evolution of Business Groups in Israel: Their Impac T at the Level of the Firm and the Economy</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper, which is based on a newly constructed and unique database, examines the emergence, ownership structure, diversification, evolution and economic activity of business groups in Israel whose development over the years occurred... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_49733100" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The paper, which is based on a newly constructed and unique database, examines the emergence, ownership structure, diversification, evolution and economic activity of business groups in Israel whose development over the years occurred against the background of government activity in the business sector and the financial markets, the rapid expansion of the economy, geopolitical shocks and the extremely unusual replacement of the ruling elites. Using panel data on 650 public companies from 1995 to 2006, we identify twenty major business groups controlling about 160 listed companies and close to a half of total stock market capitalization, while the 10 largest groups' segment of the market capitalization is among the largest in the western world and amounts to 30 percent. These groups are family-controlled and highly diversified across different industries with common pyramidal structure of ownership: roughly 80 percent of all group-affiliated companies belong to business pyramids. Business groups are dominant especially in the financial sector, where half of banks and insurance companies are group-affiliated. Finally, using both stock market-based measures (Tobin's Q), and accounting measures of profitability (e.g. ROA), we find that group affiliation has no significant impact on accounting profitability, but it is associated with lower market valuation. In part, this seems to be due to conflicts between controlling and minority shareholders; and in part, this may reflect the fact that in a developed economy, where external markets are well-developed, business groups have no advantage in allocating resources internally. The reasons for their existence appear to have more to do with prestige, political ties, family considerations and other factors than with economic efficiency.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/49733100" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1dfa6455ff7157f6276dff3b5e5c6ab9" rel="nofollow" data-download="{"attachment_id":67991994,"asset_id":49733100,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/67991994/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="42451653" href="https://independent.academia.edu/KonstantinKosenko">Konstantin Kosenko</a><script data-card-contents-for-user="42451653" type="text/json">{"id":42451653,"first_name":"Konstantin","last_name":"Kosenko","domain_name":"independent","page_name":"KonstantinKosenko","display_name":"Konstantin Kosenko","profile_url":"https://independent.academia.edu/KonstantinKosenko?f_ri=29156","photo":"https://0.academia-photos.com/42451653/45192637/35323033/s65_konstantin.kosenko.jpg"}</script></span></span></li><li class="js-paper-rank-work_49733100 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="49733100"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 49733100, container: ".js-paper-rank-work_49733100", }); 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Using panel data on 650 public companies from 1995 to 2006, we identify twenty major business groups controlling about 160 listed companies and close to a half of total stock market capitalization, while the 10 largest groups' segment of the market capitalization is among the largest in the western world and amounts to 30 percent. These groups are family-controlled and highly diversified across different industries with common pyramidal structure of ownership: roughly 80 percent of all group-affiliated companies belong to business pyramids. Business groups are dominant especially in the financial sector, where half of banks and insurance companies are group-affiliated. Finally, using both stock market-based measures (Tobin's Q), and accounting measures of profitability (e.g. ROA), we find that group affiliation has no significant impact on accounting profitability, but it is associated with lower market valuation. In part, this seems to be due to conflicts between controlling and minority shareholders; and in part, this may reflect the fact that in a developed economy, where external markets are well-developed, business groups have no advantage in allocating resources internally. The reasons for their existence appear to have more to do with prestige, political ties, family considerations and other factors than with economic efficiency.","downloadable_attachments":[{"id":67991994,"asset_id":49733100,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":42451653,"first_name":"Konstantin","last_name":"Kosenko","domain_name":"independent","page_name":"KonstantinKosenko","display_name":"Konstantin Kosenko","profile_url":"https://independent.academia.edu/KonstantinKosenko?f_ri=29156","photo":"https://0.academia-photos.com/42451653/45192637/35323033/s65_konstantin.kosenko.jpg"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":39899,"name":"Ownership Structure","url":"https://www.academia.edu/Documents/in/Ownership_Structure?f_ri=29156","nofollow":true},{"id":40860,"name":"Panel Data","url":"https://www.academia.edu/Documents/in/Panel_Data?f_ri=29156","nofollow":true},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=29156","nofollow":true},{"id":170002,"name":"Business group","url":"https://www.academia.edu/Documents/in/Business_group?f_ri=29156"},{"id":243464,"name":"Developing Economies","url":"https://www.academia.edu/Documents/in/Developing_Economies?f_ri=29156"},{"id":244811,"name":"Financial Sector","url":"https://www.academia.edu/Documents/in/Financial_Sector?f_ri=29156"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=29156"},{"id":698433,"name":"Economic Efficiency","url":"https://www.academia.edu/Documents/in/Economic_Efficiency?f_ri=29156"},{"id":858261,"name":"Insurance Companies","url":"https://www.academia.edu/Documents/in/Insurance_Companies?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_3194123" data-work_id="3194123" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/3194123/No_Contagion_Only_Interdependence_Measuring_Stock_Market_Comovements">No Contagion, Only Interdependence: Measuring Stock Market Comovements</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Heteroskedasticity biases tests for contagion based on correlation coefficients. When contagion is defined as a significant increase in market comovement after a shock to one country, previous work suggests contagion occurred during... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_3194123" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Heteroskedasticity biases tests for contagion based on correlation coefficients. When contagion is defined as a significant increase in market comovement after a shock to one country, previous work suggests contagion occurred during recent crises. This paper shows that correlation coefficients are conditional on market volatility. Under certain assumptions, it is possible to adjust for this bias. Using this adjustment, there was virtually no increase in unconditional correlation coefficients~i.e., no contagion! during the 1997 Asian crisis, 1994 Mexican devaluation, and 1987 U.S. market crash. There is a high level of market comovement in all periods, however, which we call interdependence.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/3194123" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="70238a1110b189df657680558d41c9f4" rel="nofollow" data-download="{"attachment_id":31145284,"asset_id":3194123,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/31145284/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3649778" href="https://uib.academia.edu/JoyceXue">Joyce Xue</a><script data-card-contents-for-user="3649778" type="text/json">{"id":3649778,"first_name":"Joyce","last_name":"Xue","domain_name":"uib","page_name":"JoyceXue","display_name":"Joyce Xue","profile_url":"https://uib.academia.edu/JoyceXue?f_ri=29156","photo":"https://0.academia-photos.com/3649778/1285835/1599640/s65_joyce.xue.jpg"}</script></span></span></li><li class="js-paper-rank-work_3194123 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="3194123"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 3194123, container: ".js-paper-rank-work_3194123", }); });</script></li><li class="js-percentile-work_3194123 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 3194123; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_3194123"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_3194123 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="3194123"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 3194123; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=3194123]").text(description); $(".js-view-count-work_3194123").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_3194123").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="3194123"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="70854" rel="nofollow" href="https://www.academia.edu/Documents/in/Developing_Country">Developing Country</a>, <script data-card-contents-for-ri="70854" type="text/json">{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="118593" rel="nofollow" href="https://www.academia.edu/Documents/in/Asian_Financial_Crisis">Asian Financial Crisis</a><script data-card-contents-for-ri="118593" type="text/json">{"id":118593,"name":"Asian Financial Crisis","url":"https://www.academia.edu/Documents/in/Asian_Financial_Crisis?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=3194123]'), work: {"id":3194123,"title":"No Contagion, Only Interdependence: Measuring Stock Market Comovements","created_at":"2013-04-02T15:30:06.950-07:00","url":"https://www.academia.edu/3194123/No_Contagion_Only_Interdependence_Measuring_Stock_Market_Comovements?f_ri=29156","dom_id":"work_3194123","summary":"Heteroskedasticity biases tests for contagion based on correlation coefficients. When contagion is defined as a significant increase in market comovement after a shock to one country, previous work suggests contagion occurred during recent crises. This paper shows that correlation coefficients are conditional on market volatility. Under certain assumptions, it is possible to adjust for this bias. Using this adjustment, there was virtually no increase in unconditional correlation coefficients~i.e., no contagion! during the 1997 Asian crisis, 1994 Mexican devaluation, and 1987 U.S. market crash. There is a high level of market comovement in all periods, however, which we call interdependence.","downloadable_attachments":[{"id":31145284,"asset_id":3194123,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":3649778,"first_name":"Joyce","last_name":"Xue","domain_name":"uib","page_name":"JoyceXue","display_name":"Joyce Xue","profile_url":"https://uib.academia.edu/JoyceXue?f_ri=29156","photo":"https://0.academia-photos.com/3649778/1285835/1599640/s65_joyce.xue.jpg"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=29156","nofollow":true},{"id":118593,"name":"Asian Financial Crisis","url":"https://www.academia.edu/Documents/in/Asian_Financial_Crisis?f_ri=29156","nofollow":true},{"id":398479,"name":"Stock Market Volatility","url":"https://www.academia.edu/Documents/in/Stock_Market_Volatility?f_ri=29156"},{"id":610397,"name":"Inflation and Stock Market Returns","url":"https://www.academia.edu/Documents/in/Inflation_and_Stock_Market_Returns?f_ri=29156"},{"id":611814,"name":"Correlation coefficient","url":"https://www.academia.edu/Documents/in/Correlation_coefficient?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_11043350" data-work_id="11043350" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/11043350/Analysts_Forecasts_Low_Balling_Market_Efficiency_and_Insider_Trading">Analysts' Forecasts: Low-Balling, Market Efficiency, and Insider Trading</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The phenomenon of low-balling reported in the financial press involves downward biased projections of earnings by managers or analysts, thereby artificially lowering market expectations and creating a positive earnings surprise when... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_11043350" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The phenomenon of low-balling reported in the financial press involves downward biased projections of earnings by managers or analysts, thereby artificially lowering market expectations and creating a positive earnings surprise when actual earnings are announced. This study reports that the stock market does respond to such surprises relative to analysts' reported forecasts. Further, the proportion of insider buy-transactions in the period prior to the earnings forecast is significantly higher for the sample with high positive earnings surprise than for the control sample with zero forecast errors. The study cannot distinguish whether managers or analysts are the source of the low-balling and therefore makes no statement on the legality of such insider trades.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/11043350" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="53a42381b77f3713cd2e904d17b01f0a" rel="nofollow" data-download="{"attachment_id":46949446,"asset_id":11043350,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/46949446/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="26714442" href="https://independent.academia.edu/SenNilanjan">Nilanjan Sen</a><script data-card-contents-for-user="26714442" type="text/json">{"id":26714442,"first_name":"Nilanjan","last_name":"Sen","domain_name":"independent","page_name":"SenNilanjan","display_name":"Nilanjan Sen","profile_url":"https://independent.academia.edu/SenNilanjan?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_11043350 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="11043350"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 11043350, container: ".js-paper-rank-work_11043350", }); });</script></li><li class="js-percentile-work_11043350 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 11043350; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_11043350"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_11043350 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="11043350"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 11043350; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=11043350]").text(description); $(".js-view-count-work_11043350").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_11043350").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="11043350"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="121094" rel="nofollow" href="https://www.academia.edu/Documents/in/Insider_Trading">Insider Trading</a>, <script data-card-contents-for-ri="121094" type="text/json">{"id":121094,"name":"Insider Trading","url":"https://www.academia.edu/Documents/in/Insider_Trading?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="131496" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial">Financial</a>, <script data-card-contents-for-ri="131496" type="text/json">{"id":131496,"name":"Financial","url":"https://www.academia.edu/Documents/in/Financial?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="226331" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_efficiency">Market efficiency</a><script data-card-contents-for-ri="226331" type="text/json">{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=11043350]'), work: {"id":11043350,"title":"Analysts' Forecasts: Low-Balling, Market Efficiency, and Insider Trading","created_at":"2015-02-24T04:45:03.703-08:00","url":"https://www.academia.edu/11043350/Analysts_Forecasts_Low_Balling_Market_Efficiency_and_Insider_Trading?f_ri=29156","dom_id":"work_11043350","summary":"The phenomenon of low-balling reported in the financial press involves downward biased projections of earnings by managers or analysts, thereby artificially lowering market expectations and creating a positive earnings surprise when actual earnings are announced. This study reports that the stock market does respond to such surprises relative to analysts' reported forecasts. Further, the proportion of insider buy-transactions in the period prior to the earnings forecast is significantly higher for the sample with high positive earnings surprise than for the control sample with zero forecast errors. The study cannot distinguish whether managers or analysts are the source of the low-balling and therefore makes no statement on the legality of such insider trades.","downloadable_attachments":[{"id":46949446,"asset_id":11043350,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":26714442,"first_name":"Nilanjan","last_name":"Sen","domain_name":"independent","page_name":"SenNilanjan","display_name":"Nilanjan Sen","profile_url":"https://independent.academia.edu/SenNilanjan?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":121094,"name":"Insider Trading","url":"https://www.academia.edu/Documents/in/Insider_Trading?f_ri=29156","nofollow":true},{"id":131496,"name":"Financial","url":"https://www.academia.edu/Documents/in/Financial?f_ri=29156","nofollow":true},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=29156","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_13158798" data-work_id="13158798" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/13158798/An_improved_training_algorithm_for_feedforward_neural_network_learning_based_on_terminal_attractors">An improved training algorithm for feedforward neural network learning based on terminal attractors</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In this paper, an improved training algorithm based on the terminal attractor concept for feedforward neural network learning is proposed. A condition to avoid the singularity problem is proposed. The effectiveness of the proposed... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_13158798" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In this paper, an improved training algorithm based on the terminal attractor concept for feedforward neural network learning is proposed. A condition to avoid the singularity problem is proposed. The effectiveness of the proposed algorithm is evaluated by various simulation results for a function approximation problem and a stock market index prediction problem. It is shown that the terminal attractor based training algorithm performs consistently in comparison with other existing training algorithms.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/13158798" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9496a771a5db0f6186336bcbfc6887a7" rel="nofollow" data-download="{"attachment_id":45677799,"asset_id":13158798,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/45677799/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="32412235" href="https://rmit.academia.edu/httpssitesgooglecomsitexinghuoyu">Xinghuo Yu</a><script data-card-contents-for-user="32412235" type="text/json">{"id":32412235,"first_name":"Xinghuo","last_name":"Yu","domain_name":"rmit","page_name":"httpssitesgooglecomsitexinghuoyu","display_name":"Xinghuo Yu","profile_url":"https://rmit.academia.edu/httpssitesgooglecomsitexinghuoyu?f_ri=29156","photo":"https://0.academia-photos.com/32412235/9701646/10805763/s65_xinghuo.yu.jpg"}</script></span></span></li><li class="js-paper-rank-work_13158798 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="13158798"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 13158798, container: ".js-paper-rank-work_13158798", }); 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$(".js-view-count[data-work-id=13158798]").text(description); $(".js-view-count-work_13158798").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_13158798").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="13158798"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="305" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Mathematics">Applied Mathematics</a>, <script data-card-contents-for-ri="305" type="text/json">{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="5750" rel="nofollow" href="https://www.academia.edu/Documents/in/Back_Propagation">Back Propagation</a>, <script data-card-contents-for-ri="5750" type="text/json">{"id":5750,"name":"Back Propagation","url":"https://www.academia.edu/Documents/in/Back_Propagation?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="107131" rel="nofollow" href="https://www.academia.edu/Documents/in/Global_Optimization">Global Optimization</a><script data-card-contents-for-ri="107131" type="text/json">{"id":107131,"name":"Global Optimization","url":"https://www.academia.edu/Documents/in/Global_Optimization?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=13158798]'), work: {"id":13158798,"title":"An improved training algorithm for feedforward neural network learning based on terminal attractors","created_at":"2015-06-21T18:59:25.628-07:00","url":"https://www.academia.edu/13158798/An_improved_training_algorithm_for_feedforward_neural_network_learning_based_on_terminal_attractors?f_ri=29156","dom_id":"work_13158798","summary":"In this paper, an improved training algorithm based on the terminal attractor concept for feedforward neural network learning is proposed. A condition to avoid the singularity problem is proposed. The effectiveness of the proposed algorithm is evaluated by various simulation results for a function approximation problem and a stock market index prediction problem. It is shown that the terminal attractor based training algorithm performs consistently in comparison with other existing training algorithms.","downloadable_attachments":[{"id":45677799,"asset_id":13158798,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":32412235,"first_name":"Xinghuo","last_name":"Yu","domain_name":"rmit","page_name":"httpssitesgooglecomsitexinghuoyu","display_name":"Xinghuo Yu","profile_url":"https://rmit.academia.edu/httpssitesgooglecomsitexinghuoyu?f_ri=29156","photo":"https://0.academia-photos.com/32412235/9701646/10805763/s65_xinghuo.yu.jpg"}],"research_interests":[{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=29156","nofollow":true},{"id":5750,"name":"Back Propagation","url":"https://www.academia.edu/Documents/in/Back_Propagation?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":107131,"name":"Global Optimization","url":"https://www.academia.edu/Documents/in/Global_Optimization?f_ri=29156","nofollow":true},{"id":200998,"name":"Feedforward Neural Network","url":"https://www.academia.edu/Documents/in/Feedforward_Neural_Network?f_ri=29156"},{"id":506482,"name":"Function approximation","url":"https://www.academia.edu/Documents/in/Function_approximation?f_ri=29156"},{"id":556845,"name":"Numerical Analysis and Computational Mathematics","url":"https://www.academia.edu/Documents/in/Numerical_Analysis_and_Computational_Mathematics?f_ri=29156"},{"id":557804,"name":"Training Algorithm","url":"https://www.academia.edu/Documents/in/Training_Algorithm?f_ri=29156"},{"id":749302,"name":"Indexation","url":"https://www.academia.edu/Documents/in/Indexation?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_16090749 coauthored" data-work_id="16090749" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/16090749/Coherence_Based_Multivariate_Analysis_of_High_Frequency_Stock_Market_Values">Coherence-Based Multivariate Analysis of High Frequency Stock Market Values</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper tackles the problem of deriving a topological structure among stock prices from high frequency historical values. Similar studies using low frequency data have already provided valuable insights. However, in those cases data... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_16090749" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The paper tackles the problem of deriving a topological structure among stock prices from high frequency historical values. Similar studies using low frequency data have already provided valuable insights. However, in those cases data need to be collected for a longer period ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/16090749" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="d2ebc261c05874021698dc033d222516" rel="nofollow" data-download="{"attachment_id":42752176,"asset_id":16090749,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42752176/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="35213751" href="https://unifi.academia.edu/GiacomoInnocenti">Giacomo Innocenti</a><script data-card-contents-for-user="35213751" type="text/json">{"id":35213751,"first_name":"Giacomo","last_name":"Innocenti","domain_name":"unifi","page_name":"GiacomoInnocenti","display_name":"Giacomo Innocenti","profile_url":"https://unifi.academia.edu/GiacomoInnocenti?f_ri=29156","photo":"https://0.academia-photos.com/35213751/13629985/14778121/s65_giacomo.innocenti.jpg"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-16090749">+1</span><div class="hidden js-additional-users-16090749"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://spanalumni.academia.edu/DonatelloMaterassi">Donatello Materassi</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-16090749'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-16090749').html(); 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Similar studies using low frequency data have already provided valuable insights. However, in those cases data need to be collected for a longer period ...","downloadable_attachments":[{"id":42752176,"asset_id":16090749,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":35213751,"first_name":"Giacomo","last_name":"Innocenti","domain_name":"unifi","page_name":"GiacomoInnocenti","display_name":"Giacomo Innocenti","profile_url":"https://unifi.academia.edu/GiacomoInnocenti?f_ri=29156","photo":"https://0.academia-photos.com/35213751/13629985/14778121/s65_giacomo.innocenti.jpg"},{"id":25113,"first_name":"Donatello","last_name":"Materassi","domain_name":"spanalumni","page_name":"DonatelloMaterassi","display_name":"Donatello Materassi","profile_url":"https://spanalumni.academia.edu/DonatelloMaterassi?f_ri=29156","photo":"https://0.academia-photos.com/25113/8133/7740/s65_donatello.materassi.jpg"}],"research_interests":[{"id":4456,"name":"Time Series","url":"https://www.academia.edu/Documents/in/Time_Series?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":30372,"name":"Low Frequency","url":"https://www.academia.edu/Documents/in/Low_Frequency?f_ri=29156","nofollow":true},{"id":48458,"name":"High Frequency","url":"https://www.academia.edu/Documents/in/High_Frequency?f_ri=29156","nofollow":true},{"id":115917,"name":"Chaotic Dynamics","url":"https://www.academia.edu/Documents/in/Chaotic_Dynamics?f_ri=29156"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156"},{"id":899955,"name":"New York Stock Exchange","url":"https://www.academia.edu/Documents/in/New_York_Stock_Exchange?f_ri=29156"},{"id":1375732,"name":"High Frequency Data","url":"https://www.academia.edu/Documents/in/High_Frequency_Data?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_52737014" data-work_id="52737014" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/52737014/On_the_linkages_between_stock_prices_and_exchange_rates_Evidence_from_the_banking_crisis_of_2007_2010">On the linkages between stock prices and exchange rates: Evidence from the banking crisis of 2007–2010</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_52737014" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated producing evidence of unidirectional spillovers from stock returns to exchange rate changes in the US and the UK, in the opposite direction in Canada, and of bidirectional spillovers in the euro area and Switzerland. Furthermore, causality-invariance from stock returns to exchange rates changes is found in Japan and in the opposite direction in the euro area and Switzerland, whilst there is evidence of bidirectional feedback in the US and Canada. These findings imply limited opportunities for investors to diversify their assets during this period.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/52737014" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="a01ec03bb666c24c5e05960d43191db2" rel="nofollow" data-download="{"attachment_id":69859159,"asset_id":52737014,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/69859159/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="32549536" href="https://brunel.academia.edu/GuglielmomariaCaporale">Guglielmo Maria Caporale</a><script data-card-contents-for-user="32549536" type="text/json">{"id":32549536,"first_name":"Guglielmo Maria","last_name":"Caporale","domain_name":"brunel","page_name":"GuglielmomariaCaporale","display_name":"Guglielmo Maria Caporale","profile_url":"https://brunel.academia.edu/GuglielmomariaCaporale?f_ri=29156","photo":"https://0.academia-photos.com/32549536/10328497/11525658/s65_guglielmo-maria.caporale.jpeg"}</script></span></span></li><li class="js-paper-rank-work_52737014 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="52737014"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 52737014, container: ".js-paper-rank-work_52737014", }); 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$(".js-view-count[data-work-id=52737014]").text(description); $(".js-view-count-work_52737014").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_52737014").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="52737014"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="534" rel="nofollow" href="https://www.academia.edu/Documents/in/Law">Law</a>, <script data-card-contents-for-ri="534" type="text/json">{"id":534,"name":"Law","url":"https://www.academia.edu/Documents/in/Law?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="37915" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Analysis">Financial Analysis</a>, <script data-card-contents-for-ri="37915" type="text/json">{"id":37915,"name":"Financial Analysis","url":"https://www.academia.edu/Documents/in/Financial_Analysis?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="59282" rel="nofollow" href="https://www.academia.edu/Documents/in/Euro_Area">Euro Area</a><script data-card-contents-for-ri="59282" type="text/json">{"id":59282,"name":"Euro Area","url":"https://www.academia.edu/Documents/in/Euro_Area?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=52737014]'), work: {"id":52737014,"title":"On the linkages between stock prices and exchange rates: Evidence from the banking crisis of 2007–2010","created_at":"2021-09-18T13:08:10.920-07:00","url":"https://www.academia.edu/52737014/On_the_linkages_between_stock_prices_and_exchange_rates_Evidence_from_the_banking_crisis_of_2007_2010?f_ri=29156","dom_id":"work_52737014","summary":"This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated producing evidence of unidirectional spillovers from stock returns to exchange rate changes in the US and the UK, in the opposite direction in Canada, and of bidirectional spillovers in the euro area and Switzerland. Furthermore, causality-invariance from stock returns to exchange rates changes is found in Japan and in the opposite direction in the euro area and Switzerland, whilst there is evidence of bidirectional feedback in the US and Canada. These findings imply limited opportunities for investors to diversify their assets during this period.","downloadable_attachments":[{"id":69859159,"asset_id":52737014,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":32549536,"first_name":"Guglielmo Maria","last_name":"Caporale","domain_name":"brunel","page_name":"GuglielmomariaCaporale","display_name":"Guglielmo Maria Caporale","profile_url":"https://brunel.academia.edu/GuglielmomariaCaporale?f_ri=29156","photo":"https://0.academia-photos.com/32549536/10328497/11525658/s65_guglielmo-maria.caporale.jpeg"}],"research_interests":[{"id":534,"name":"Law","url":"https://www.academia.edu/Documents/in/Law?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":37915,"name":"Financial Analysis","url":"https://www.academia.edu/Documents/in/Financial_Analysis?f_ri=29156","nofollow":true},{"id":59282,"name":"Euro Area","url":"https://www.academia.edu/Documents/in/Euro_Area?f_ri=29156","nofollow":true},{"id":113316,"name":"Banking Crisis","url":"https://www.academia.edu/Documents/in/Banking_Crisis?f_ri=29156"},{"id":176461,"name":"Cointegration","url":"https://www.academia.edu/Documents/in/Cointegration?f_ri=29156"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=29156"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156"},{"id":974197,"name":"Stock Returns","url":"https://www.academia.edu/Documents/in/Stock_Returns?f_ri=29156"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_59463629" data-work_id="59463629" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/59463629/The_Social_Dimensions_of_Business_Excellence">The Social Dimensions of Business Excellence</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/59463629" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="a8ae8c32c45f181ec1ddc136b46c9197" rel="nofollow" data-download="{"attachment_id":73373193,"asset_id":59463629,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/73373193/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="72714297" href="https://independent.academia.edu/MarcelvanMarrewijk">Marcel van Marrewijk</a><script data-card-contents-for-user="72714297" type="text/json">{"id":72714297,"first_name":"Marcel van","last_name":"Marrewijk","domain_name":"independent","page_name":"MarcelvanMarrewijk","display_name":"Marcel van Marrewijk","profile_url":"https://independent.academia.edu/MarcelvanMarrewijk?f_ri=29156","photo":"https://gravatar.com/avatar/9eae171281e5ff10a2d28fe93c3a9ff2?s=65"}</script></span></span></li><li class="js-paper-rank-work_59463629 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="59463629"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 59463629, container: ".js-paper-rank-work_59463629", }); });</script></li><li class="js-percentile-work_59463629 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 59463629; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_59463629"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_59463629 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="59463629"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 59463629; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=59463629]").text(description); $(".js-view-count-work_59463629").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_59463629").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="59463629"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">16</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="1451" rel="nofollow" href="https://www.academia.edu/Documents/in/Quality_Management">Quality Management</a>, <script data-card-contents-for-ri="1451" type="text/json">{"id":1451,"name":"Quality Management","url":"https://www.academia.edu/Documents/in/Quality_Management?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1452" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Social_Responsibility">Corporate Social Responsibility</a>, <script data-card-contents-for-ri="1452" type="text/json">{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9745" rel="nofollow" href="https://www.academia.edu/Documents/in/Quality_Improvement">Quality Improvement</a>, <script data-card-contents-for-ri="9745" type="text/json">{"id":9745,"name":"Quality Improvement","url":"https://www.academia.edu/Documents/in/Quality_Improvement?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a><script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=59463629]'), work: {"id":59463629,"title":"The Social Dimensions of Business Excellence","created_at":"2021-10-22T01:56:25.289-07:00","url":"https://www.academia.edu/59463629/The_Social_Dimensions_of_Business_Excellence?f_ri=29156","dom_id":"work_59463629","summary":null,"downloadable_attachments":[{"id":73373193,"asset_id":59463629,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":72714297,"first_name":"Marcel van","last_name":"Marrewijk","domain_name":"independent","page_name":"MarcelvanMarrewijk","display_name":"Marcel van Marrewijk","profile_url":"https://independent.academia.edu/MarcelvanMarrewijk?f_ri=29156","photo":"https://gravatar.com/avatar/9eae171281e5ff10a2d28fe93c3a9ff2?s=65"}],"research_interests":[{"id":1451,"name":"Quality Management","url":"https://www.academia.edu/Documents/in/Quality_Management?f_ri=29156","nofollow":true},{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=29156","nofollow":true},{"id":9745,"name":"Quality Improvement","url":"https://www.academia.edu/Documents/in/Quality_Improvement?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":33743,"name":"Corporate Reputation","url":"https://www.academia.edu/Documents/in/Corporate_Reputation?f_ri=29156"},{"id":59482,"name":"Corporate Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Responsibility?f_ri=29156"},{"id":72654,"name":"Social Competence","url":"https://www.academia.edu/Documents/in/Social_Competence?f_ri=29156"},{"id":105569,"name":"Financial Institutions","url":"https://www.academia.edu/Documents/in/Financial_Institutions?f_ri=29156"},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=29156"},{"id":123579,"name":"Corporate (environmental) strategy","url":"https://www.academia.edu/Documents/in/Corporate_environmental_strategy?f_ri=29156"},{"id":202017,"name":"Integrated Management","url":"https://www.academia.edu/Documents/in/Integrated_Management?f_ri=29156"},{"id":313775,"name":"Business environment","url":"https://www.academia.edu/Documents/in/Business_environment?f_ri=29156"},{"id":329715,"name":"Product Quality","url":"https://www.academia.edu/Documents/in/Product_Quality?f_ri=29156"},{"id":353818,"name":"Shareholder Value","url":"https://www.academia.edu/Documents/in/Shareholder_Value?f_ri=29156"},{"id":478724,"name":"Socially Responsible Investing","url":"https://www.academia.edu/Documents/in/Socially_Responsible_Investing?f_ri=29156"},{"id":679783,"name":"Boolean Satisfiability","url":"https://www.academia.edu/Documents/in/Boolean_Satisfiability?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_48157646" data-work_id="48157646" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/48157646/Wavelet_based_detection_of_outliers_in_volatility_models">Wavelet-based detection of outliers in volatility models</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Outliers in financial data can lead to model parameter estimation biases, invalid inferences and poor volatility forecasts. Therefore, their detection and correction should be taken seriously when modeling financial data. This paper... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_48157646" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Outliers in financial data can lead to model parameter estimation biases, invalid inferences and poor volatility forecasts. Therefore, their detection and correction should be taken seriously when modeling financial data. This paper focuses on these issues and proposes a general detection and correction method based on wavelets that can be applied to a large class of volatility models. The effectiveness of our proposal is tested by an intensive Monte Carlo study for six well known volatility models and compared to alternative proposals in the literature, before applying it to three daily stock market indexes. The Monte Carlo experiments show that our method is both very effective in detecting isolated outliers and outlier patches and much more reliable than other wavelet-based procedures since it detects a significant smaller number of false outliers.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/48157646" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="853dcebcf882e7fd73d808572a2c27e3" rel="nofollow" data-download="{"attachment_id":66915360,"asset_id":48157646,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/66915360/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="649758" href="https://uc3m.academia.edu/HelenaVeiga">Helena Veiga</a><script data-card-contents-for-user="649758" type="text/json">{"id":649758,"first_name":"Helena","last_name":"Veiga","domain_name":"uc3m","page_name":"HelenaVeiga","display_name":"Helena Veiga","profile_url":"https://uc3m.academia.edu/HelenaVeiga?f_ri=29156","photo":"https://0.academia-photos.com/649758/224551/262693/s65_helena.veiga.jpg"}</script></span></span></li><li class="js-paper-rank-work_48157646 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="48157646"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 48157646, container: ".js-paper-rank-work_48157646", }); 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Therefore, their detection and correction should be taken seriously when modeling financial data. This paper focuses on these issues and proposes a general detection and correction method based on wavelets that can be applied to a large class of volatility models. The effectiveness of our proposal is tested by an intensive Monte Carlo study for six well known volatility models and compared to alternative proposals in the literature, before applying it to three daily stock market indexes. The Monte Carlo experiments show that our method is both very effective in detecting isolated outliers and outlier patches and much more reliable than other wavelet-based procedures since it detects a significant smaller number of false outliers.","downloadable_attachments":[{"id":66915360,"asset_id":48157646,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":649758,"first_name":"Helena","last_name":"Veiga","domain_name":"uc3m","page_name":"HelenaVeiga","display_name":"Helena Veiga","profile_url":"https://uc3m.academia.edu/HelenaVeiga?f_ri=29156","photo":"https://0.academia-photos.com/649758/224551/262693/s65_helena.veiga.jpg"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":39920,"name":"Parameter estimation","url":"https://www.academia.edu/Documents/in/Parameter_estimation?f_ri=29156","nofollow":true},{"id":43974,"name":"Wavelets","url":"https://www.academia.edu/Documents/in/Wavelets?f_ri=29156","nofollow":true},{"id":79964,"name":"Volatility Forecasting","url":"https://www.academia.edu/Documents/in/Volatility_Forecasting?f_ri=29156","nofollow":true},{"id":312698,"name":"Outliers","url":"https://www.academia.edu/Documents/in/Outliers?f_ri=29156"},{"id":474077,"name":"Large classes","url":"https://www.academia.edu/Documents/in/Large_classes?f_ri=29156"},{"id":749302,"name":"Indexation","url":"https://www.academia.edu/Documents/in/Indexation?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_1617012" data-work_id="1617012" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/1617012/AN_INVESTIGATION_OF_THE_HYBRID_FORECASTING_MODELS_FOR_STOCK_PRICE_VARIATION_IN_TAIWAN">AN INVESTIGATION OF THE HYBRID FORECASTING MODELS FOR STOCK PRICE VARIATION IN TAIWAN</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/1617012" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="405f1b4a1428eada70a9004c6f811a71" rel="nofollow" data-download="{"attachment_id":31346925,"asset_id":1617012,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/31346925/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="564288" href="https://yzu.academia.edu/peichannchang">pei-chann chang</a><script data-card-contents-for-user="564288" type="text/json">{"id":564288,"first_name":"pei-chann","last_name":"chang","domain_name":"yzu","page_name":"peichannchang","display_name":"pei-chann chang","profile_url":"https://yzu.academia.edu/peichannchang?f_ri=29156","photo":"https://0.academia-photos.com/564288/1533531/1863022/s65_pei-chann.chang.jpg"}</script></span></span></li><li class="js-paper-rank-work_1617012 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="1617012"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 1617012, container: ".js-paper-rank-work_1617012", }); 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It is generally measured in the consumer price index (CPI) or retail price index (RPI). Inflation reduces the purchasing power of a country&#39;s... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_75371382" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Inflation means a persistent change in the price level of goods and services in an economy. It is generally measured in the consumer price index (CPI) or retail price index (RPI). Inflation reduces the purchasing power of a country&#39;s currency, as we need more units of currency over time to buy the same goods and services. The current empirical paper entitled “relationship between inflation and stock market evidence from selected global stock markets” have been undertaken with an intention to investigate the relationship between inflation and stock returns of the chosen economies. In order to realize the stated objectives, the researchers have collected the monthly data 2000 to 2017 for selected indices. In the first phase, log returns were computed and it has been tested for the existence of unit root in the distribution. In the second phase, we ran Pearson correlation coefficient for the collected data to find out the association between the inflation and stock returns. Majorit...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/75371382" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9b07055bddb0a723e38b0c0f9b4af321" rel="nofollow" data-download="{"attachment_id":83166811,"asset_id":75371382,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/83166811/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3587972" href="https://independent.academia.edu/SudhindraGargesa">Sudhindra Gargesa</a><script data-card-contents-for-user="3587972" type="text/json">{"id":3587972,"first_name":"Sudhindra","last_name":"Gargesa","domain_name":"independent","page_name":"SudhindraGargesa","display_name":"Sudhindra Gargesa","profile_url":"https://independent.academia.edu/SudhindraGargesa?f_ri=29156","photo":"https://0.academia-photos.com/3587972/1248307/1557530/s65_sudhindra.gargesa.jpg"}</script></span></span></li><li class="js-paper-rank-work_75371382 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="75371382"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 75371382, container: ".js-paper-rank-work_75371382", }); 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$(".js-view-count[data-work-id=75371382]").text(description); $(".js-view-count-work_75371382").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_75371382").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="75371382"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">17</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="738" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Economics">Monetary Economics</a>, <script data-card-contents-for-ri="738" type="text/json">{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3389" rel="nofollow" href="https://www.academia.edu/Documents/in/Indian_studies">Indian studies</a>, <script data-card-contents-for-ri="3389" type="text/json">{"id":3389,"name":"Indian studies","url":"https://www.academia.edu/Documents/in/Indian_studies?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4800" rel="nofollow" href="https://www.academia.edu/Documents/in/Inflation_Theory">Inflation Theory</a><script data-card-contents-for-ri="4800" type="text/json">{"id":4800,"name":"Inflation Theory","url":"https://www.academia.edu/Documents/in/Inflation_Theory?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=75371382]'), work: {"id":75371382,"title":"An Analytical Study of the Effect of Inflation on Stock Market Returns","created_at":"2022-04-03T21:37:52.097-07:00","url":"https://www.academia.edu/75371382/An_Analytical_Study_of_the_Effect_of_Inflation_on_Stock_Market_Returns?f_ri=29156","dom_id":"work_75371382","summary":"Inflation means a persistent change in the price level of goods and services in an economy. It is generally measured in the consumer price index (CPI) or retail price index (RPI). Inflation reduces the purchasing power of a country\u0026#39;s currency, as we need more units of currency over time to buy the same goods and services. The current empirical paper entitled “relationship between inflation and stock market evidence from selected global stock markets” have been undertaken with an intention to investigate the relationship between inflation and stock returns of the chosen economies. In order to realize the stated objectives, the researchers have collected the monthly data 2000 to 2017 for selected indices. In the first phase, log returns were computed and it has been tested for the existence of unit root in the distribution. In the second phase, we ran Pearson correlation coefficient for the collected data to find out the association between the inflation and stock returns. Majorit...","downloadable_attachments":[{"id":83166811,"asset_id":75371382,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":3587972,"first_name":"Sudhindra","last_name":"Gargesa","domain_name":"independent","page_name":"SudhindraGargesa","display_name":"Sudhindra Gargesa","profile_url":"https://independent.academia.edu/SudhindraGargesa?f_ri=29156","photo":"https://0.academia-photos.com/3587972/1248307/1557530/s65_sudhindra.gargesa.jpg"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true},{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics?f_ri=29156","nofollow":true},{"id":3389,"name":"Indian studies","url":"https://www.academia.edu/Documents/in/Indian_studies?f_ri=29156","nofollow":true},{"id":4800,"name":"Inflation Theory","url":"https://www.academia.edu/Documents/in/Inflation_Theory?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156"},{"id":36222,"name":"Stock Markets","url":"https://www.academia.edu/Documents/in/Stock_Markets?f_ri=29156"},{"id":43838,"name":"India","url":"https://www.academia.edu/Documents/in/India?f_ri=29156"},{"id":72723,"name":"Stock Return","url":"https://www.academia.edu/Documents/in/Stock_Return?f_ri=29156"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=29156"},{"id":161976,"name":"Stock Market Technical Analysis","url":"https://www.academia.edu/Documents/in/Stock_Market_Technical_Analysis?f_ri=29156"},{"id":186228,"name":"Indian economy","url":"https://www.academia.edu/Documents/in/Indian_economy?f_ri=29156"},{"id":193914,"name":"Stock Market Prediction","url":"https://www.academia.edu/Documents/in/Stock_Market_Prediction?f_ri=29156"},{"id":265570,"name":"Stocks","url":"https://www.academia.edu/Documents/in/Stocks?f_ri=29156"},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=29156"},{"id":489225,"name":"Stock Price","url":"https://www.academia.edu/Documents/in/Stock_Price?f_ri=29156"},{"id":639390,"name":"Inflation Cosmology","url":"https://www.academia.edu/Documents/in/Inflation_Cosmology?f_ri=29156"},{"id":1258839,"name":"Serial Correlation","url":"https://www.academia.edu/Documents/in/Serial_Correlation?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_68102755" data-work_id="68102755" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/68102755/The_use_of_traditional_and_modern_value_based_performance_measures_to_evaluate_companies_implemented_and_future_strategies_in_the_Greek_capital_market_the_case_of_EPS_and_EVA">The use of traditional and modern value-based performance measures to evaluate companies’ implemented and future strategies in the Greek capital market: the case of EPS and EVA</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Traditional accounting performance measures, such as EPS, ROI, ROE, have long been used by investors to evaluate companies' implemented and future strategies. However, in recent years the appearance of shareholder value approach and its... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_68102755" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Traditional accounting performance measures, such as EPS, ROI, ROE, have long been used by investors to evaluate companies' implemented and future strategies. However, in recent years the appearance of shareholder value approach and its modern value-based performance measures, such as EVA ® and SVA, gave an incentive to investors to consider those measures as important ones to evaluate companies' strategies. This is the first study in Greece on the practice of investment management in terms of stock market forecasting and stock selection. Our respondents come from six different groups of investors: official members of the Athens Stock Exchange (ASE), mutual funds management companies (MF), portfolio investment companies (PIC), listed companies (LC), brokers (BR), and individual investors (ININ). ASE has become one of the developed stock market centres thus, it is important for international investors to acquire a better knowledge and understanding of how investors in Greece practice their trades. Results of this study confirm the importance of traditional accounting performance measures but at the same time reveal the significant attention investors should pay to modern value-based performance measures. For limitation reasons this study focuses only on EPS and EVA ® .</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/68102755" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7d4ec6c310cf22db78fc7869a1c745aa" rel="nofollow" data-download="{"attachment_id":78698935,"asset_id":68102755,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/78698935/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="106266598" href="https://uum.academia.edu/ZSevic">Z Sevic</a><script data-card-contents-for-user="106266598" type="text/json">{"id":106266598,"first_name":"Z","last_name":"Sevic","domain_name":"uum","page_name":"ZSevic","display_name":"Z Sevic","profile_url":"https://uum.academia.edu/ZSevic?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_68102755 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="68102755"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 68102755, container: ".js-paper-rank-work_68102755", }); });</script></li><li class="js-percentile-work_68102755 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 68102755; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_68102755"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_68102755 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="68102755"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 68102755; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=68102755]").text(description); $(".js-view-count-work_68102755").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_68102755").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="68102755"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="100751" rel="nofollow" href="https://www.academia.edu/Documents/in/Mutual_Fund">Mutual Fund</a>, <script data-card-contents-for-ri="100751" type="text/json">{"id":100751,"name":"Mutual Fund","url":"https://www.academia.edu/Documents/in/Mutual_Fund?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="353818" rel="nofollow" href="https://www.academia.edu/Documents/in/Shareholder_Value">Shareholder Value</a><script data-card-contents-for-ri="353818" type="text/json">{"id":353818,"name":"Shareholder Value","url":"https://www.academia.edu/Documents/in/Shareholder_Value?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=68102755]'), work: {"id":68102755,"title":"The use of traditional and modern value-based performance measures to evaluate companies’ implemented and future strategies in the Greek capital market: the case of EPS and EVA","created_at":"2022-01-14T05:16:31.730-08:00","url":"https://www.academia.edu/68102755/The_use_of_traditional_and_modern_value_based_performance_measures_to_evaluate_companies_implemented_and_future_strategies_in_the_Greek_capital_market_the_case_of_EPS_and_EVA?f_ri=29156","dom_id":"work_68102755","summary":"Traditional accounting performance measures, such as EPS, ROI, ROE, have long been used by investors to evaluate companies' implemented and future strategies. However, in recent years the appearance of shareholder value approach and its modern value-based performance measures, such as EVA ® and SVA, gave an incentive to investors to consider those measures as important ones to evaluate companies' strategies. This is the first study in Greece on the practice of investment management in terms of stock market forecasting and stock selection. Our respondents come from six different groups of investors: official members of the Athens Stock Exchange (ASE), mutual funds management companies (MF), portfolio investment companies (PIC), listed companies (LC), brokers (BR), and individual investors (ININ). ASE has become one of the developed stock market centres thus, it is important for international investors to acquire a better knowledge and understanding of how investors in Greece practice their trades. Results of this study confirm the importance of traditional accounting performance measures but at the same time reveal the significant attention investors should pay to modern value-based performance measures. For limitation reasons this study focuses only on EPS and EVA ® .","downloadable_attachments":[{"id":78698935,"asset_id":68102755,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":106266598,"first_name":"Z","last_name":"Sevic","domain_name":"uum","page_name":"ZSevic","display_name":"Z Sevic","profile_url":"https://uum.academia.edu/ZSevic?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":100751,"name":"Mutual Fund","url":"https://www.academia.edu/Documents/in/Mutual_Fund?f_ri=29156","nofollow":true},{"id":353818,"name":"Shareholder Value","url":"https://www.academia.edu/Documents/in/Shareholder_Value?f_ri=29156","nofollow":true},{"id":967860,"name":"Individual Investors","url":"https://www.academia.edu/Documents/in/Individual_Investors?f_ri=29156"},{"id":1033814,"name":"Athens Stock Exchange","url":"https://www.academia.edu/Documents/in/Athens_Stock_Exchange?f_ri=29156"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=29156"},{"id":1372214,"name":"Performance Measure","url":"https://www.academia.edu/Documents/in/Performance_Measure?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_34523385" data-work_id="34523385" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/34523385/Disclosure_environment_and_listing_on_foreign_stock_exchanges">Disclosure environment and listing on foreign stock exchanges</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The benefits of listing a company's stock on a foreign exchange to achieve better global market integration have been quite extensively examined. What has been overlooked in the finance literature is an attempt to explain why the New York... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_34523385" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The benefits of listing a company's stock on a foreign exchange to achieve better global market integration have been quite extensively examined. What has been overlooked in the finance literature is an attempt to explain why the New York Stock Exchange (NYSE) tends to be bypassed in favor of the London market and other exchanges when firms select foreign exchanges for listing. This paper explains the behavior of firms in their selection of foreign stock markets for listing by using a signalling model. Another purpose of this study is to address the current dispute between the NYSE and the Securities and Exchange Commission (SEC) regarding the desire of the NYSE to relax its registration requirements in order to gain more listings by foreign companies.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/34523385" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="a4ee4be265065b4b92fc9ed897f9b2b7" rel="nofollow" data-download="{"attachment_id":54388661,"asset_id":34523385,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/54388661/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="66130666" href="https://independent.academia.edu/JasonLee337">Jason Lee</a><script data-card-contents-for-user="66130666" type="text/json">{"id":66130666,"first_name":"Jason","last_name":"Lee","domain_name":"independent","page_name":"JasonLee337","display_name":"Jason Lee","profile_url":"https://independent.academia.edu/JasonLee337?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_34523385 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="34523385"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 34523385, container: ".js-paper-rank-work_34523385", }); });</script></li><li class="js-percentile-work_34523385 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 34523385; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_34523385"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_34523385 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="34523385"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 34523385; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=34523385]").text(description); $(".js-view-count-work_34523385").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_34523385").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="34523385"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="305" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Mathematics">Applied Mathematics</a>, <script data-card-contents-for-ri="305" type="text/json">{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a>, <script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=29156","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="182888" rel="nofollow" href="https://www.academia.edu/Documents/in/Signalling">Signalling</a><script data-card-contents-for-ri="182888" type="text/json">{"id":182888,"name":"Signalling","url":"https://www.academia.edu/Documents/in/Signalling?f_ri=29156","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=34523385]'), work: {"id":34523385,"title":"Disclosure environment and listing on foreign stock exchanges","created_at":"2017-09-09T16:36:17.065-07:00","url":"https://www.academia.edu/34523385/Disclosure_environment_and_listing_on_foreign_stock_exchanges?f_ri=29156","dom_id":"work_34523385","summary":"The benefits of listing a company's stock on a foreign exchange to achieve better global market integration have been quite extensively examined. What has been overlooked in the finance literature is an attempt to explain why the New York Stock Exchange (NYSE) tends to be bypassed in favor of the London market and other exchanges when firms select foreign exchanges for listing. This paper explains the behavior of firms in their selection of foreign stock markets for listing by using a signalling model. Another purpose of this study is to address the current dispute between the NYSE and the Securities and Exchange Commission (SEC) regarding the desire of the NYSE to relax its registration requirements in order to gain more listings by foreign companies.","downloadable_attachments":[{"id":54388661,"asset_id":34523385,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":66130666,"first_name":"Jason","last_name":"Lee","domain_name":"independent","page_name":"JasonLee337","display_name":"Jason Lee","profile_url":"https://independent.academia.edu/JasonLee337?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":305,"name":"Applied Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics?f_ri=29156","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=29156","nofollow":true},{"id":182888,"name":"Signalling","url":"https://www.academia.edu/Documents/in/Signalling?f_ri=29156","nofollow":true},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=29156"},{"id":431454,"name":"Market integration","url":"https://www.academia.edu/Documents/in/Market_integration?f_ri=29156"},{"id":463563,"name":"Securities and Exchange Commission","url":"https://www.academia.edu/Documents/in/Securities_and_Exchange_Commission?f_ri=29156"},{"id":899955,"name":"New York Stock Exchange","url":"https://www.academia.edu/Documents/in/New_York_Stock_Exchange?f_ri=29156"},{"id":1357254,"name":"Banking finance","url":"https://www.academia.edu/Documents/in/Banking_finance-1?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_12119801" data-work_id="12119801" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/12119801/_THE_WIDOW_THE_CLERGYMAN_AND_THE_RECKLESS_1_WOMEN_INVESTORS_IN_ENGLAND_1830_1914">“THE WIDOW, THE CLERGYMAN AND THE RECKLESS”: 1 WOMEN INVESTORS IN ENGLAND, 1830—1914</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Modern historians infrequently acknowledge that women were financial investors before the twentieth century. Yet a study of nineteenth-century England shows substantial groups of women investing for income, capital growth, or a share in... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_12119801" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Modern historians infrequently acknowledge that women were financial investors before the twentieth century. Yet a study of nineteenth-century England shows substantial groups of women investing for income, capital growth, or a share in the family business. This article will summarize the evidence for women as investors and consider why their participation has been until recently largely ignored by scholars. Second, it will analyze the forms taken by women's investment, exploring the extent to which the development of the stock market and legal changes in married women's property rights facilitated a growing female role in investment. Third, it will analyze the objectives and needs of the three main groups of women investors: speculators, incomeseekers, and family investors. The findings have implications for understanding the economic position of women before the First World War and also for contemporary discussion of women's wealth and investment.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/12119801" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="4b3fac9706e03e78ee4dfc2ef9dc6df9" rel="nofollow" data-download="{"attachment_id":46343837,"asset_id":12119801,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/46343837/download_file?st=MTc0MDU4Njk0MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="30353860" href="https://open.academia.edu/JanetteRutterford">Janette Rutterford</a><script data-card-contents-for-user="30353860" type="text/json">{"id":30353860,"first_name":"Janette","last_name":"Rutterford","domain_name":"open","page_name":"JanetteRutterford","display_name":"Janette Rutterford","profile_url":"https://open.academia.edu/JanetteRutterford?f_ri=29156","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_12119801 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="12119801"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 12119801, container: ".js-paper-rank-work_12119801", }); 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Yet a study of nineteenth-century England shows substantial groups of women investing for income, capital growth, or a share in the family business. This article will summarize the evidence for women as investors and consider why their participation has been until recently largely ignored by scholars. Second, it will analyze the forms taken by women's investment, exploring the extent to which the development of the stock market and legal changes in married women's property rights facilitated a growing female role in investment. Third, it will analyze the objectives and needs of the three main groups of women investors: speculators, incomeseekers, and family investors. The findings have implications for understanding the economic position of women before the First World War and also for contemporary discussion of women's wealth and investment.","downloadable_attachments":[{"id":46343837,"asset_id":12119801,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":30353860,"first_name":"Janette","last_name":"Rutterford","domain_name":"open","page_name":"JanetteRutterford","display_name":"Janette Rutterford","profile_url":"https://open.academia.edu/JanetteRutterford?f_ri=29156","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=29156","nofollow":true},{"id":733,"name":"Feminist Economics","url":"https://www.academia.edu/Documents/in/Feminist_Economics?f_ri=29156","nofollow":true},{"id":2315,"name":"Family Business","url":"https://www.academia.edu/Documents/in/Family_Business?f_ri=29156","nofollow":true},{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=29156","nofollow":true},{"id":15263,"name":"First World War","url":"https://www.academia.edu/Documents/in/First_World_War?f_ri=29156"},{"id":24768,"name":"Nineteenth Century","url":"https://www.academia.edu/Documents/in/Nineteenth_Century?f_ri=29156"},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=29156"},{"id":102412,"name":"Family economics","url":"https://www.academia.edu/Documents/in/Family_economics?f_ri=29156"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=29156"}]}, }) } })();</script></ul></li></ul></div></div></div><div class="u-taCenter Pagination"><ul class="pagination"><li class="next_page"><a href="/Documents/in/Stock_Market?after=50%2C61005179" rel="next">Next</a></li><li class="last next"><a href="/Documents/in/Stock_Market?page=last">Last »</a></li></ul></div></div><div class="hidden-xs 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