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action="https://publications.waset.org/abstracts/search"> <div id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="logistic stock exchange"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 3014</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: logistic stock exchange</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3014</span> A Stock Exchange Analysis in Turkish Logistics Sector: Modeling, Forecasting, and Comparison with Logistics Indices </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Eti%20Mizrahi">Eti Mizrahi</a>, <a href="https://publications.waset.org/abstracts/search?q=Gizem%20%C4%B0ntepe"> Gizem İntepe</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The geographical location of Turkey that stretches from Asia to Europe and Russia to Africa makes it an important logistics hub in the region. Although logistics is a developing sector in Turkey, the stock market representation is still low with only two companies listed in Turkey’s stock exchange since 2010. In this paper, we use the daily values of these two listed stocks as a benchmark for the logistics sector. After modeling logistics stock prices, an empirical examination is conducted between the existing logistics indices and these stock prices. The paper investigates whether the measures of logistics stocks are correlated with newly available logistics indices. It also shows the reflection of the economic activity in the logistics sector on the stock exchange market. The results presented in this paper are the first analysis of the behavior of logistics indices and logistics stock prices for Turkey. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=forecasting" title="forecasting">forecasting</a>, <a href="https://publications.waset.org/abstracts/search?q=logistic%20stock%20exchange" title=" logistic stock exchange"> logistic stock exchange</a>, <a href="https://publications.waset.org/abstracts/search?q=modeling" title=" modeling"> modeling</a>, <a href="https://publications.waset.org/abstracts/search?q=Africa" title=" Africa "> Africa </a> </p> <a href="https://publications.waset.org/abstracts/15459/a-stock-exchange-analysis-in-turkish-logistics-sector-modeling-forecasting-and-comparison-with-logistics-indices" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/15459.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">541</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3013</span> Mean Reversion in Stock Prices: Evidence from Karachi Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tabassum%20Riaz">Tabassum Riaz</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study provides a complete examination of the stock prices behavior in the Karachi stock exchange. It examines that whether Karachi stock exchange can be described as mean reversion or not. For this purpose daily, weekly and monthly index data from Karachi stock exchange ranging from period July 1, 1997 to July 2, 2011 was taken. After employing the Multiple variance ratio and unit root tests it is concluded that stock market follow mean reversion behavior and hence have reverting trend which opens the door for the active invest management. Thus technical analysis may be help to identify the potential areas for value creation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=mean%20reversion" title="mean reversion">mean reversion</a>, <a href="https://publications.waset.org/abstracts/search?q=random%20walk" title=" random walk"> random walk</a>, <a href="https://publications.waset.org/abstracts/search?q=technical%20analysis" title=" technical analysis"> technical analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=Karachi%20stock%20exchange" title=" Karachi stock exchange"> Karachi stock exchange</a> </p> <a href="https://publications.waset.org/abstracts/23494/mean-reversion-in-stock-prices-evidence-from-karachi-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/23494.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">432</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3012</span> Foreign Exchange Volatilities and Stock Prices: Evidence from London Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mahdi%20Karazmodeh">Mahdi Karazmodeh</a>, <a href="https://publications.waset.org/abstracts/search?q=Pooyan%20Jafari"> Pooyan Jafari </a> </p> <p class="card-text"><strong>Abstract:</strong></p> One of the most interesting topics in finance is the relation between stock prices and exchange rates. During the past decades different stock markets in different countries have been the subject of study for researches. The volatilities of exchange rates and its effect on stock prices during the past 10 years have continued to be an attractive research topic. The subject of this study is one of the most important indices, FTSE 100. 20 firms with the highest market capitalization in 5 different industries are chosen. Firms are included in oil and gas, mining, pharmaceuticals, banking and food related industries. 5 different criteria have been introduced to evaluate the relationship between stock markets and exchange rates. Return of market portfolio, returns on broad index of Sterling are also introduced. The results state that not all firms are sensitive to changes in exchange rates. Furthermore, a Granger Causality test has been run to observe the route of changes between stock prices and foreign exchange rates. The results are consistent, to some level, with the previous studies. However, since the number of firms is not large, it is suggested that a larger number of firms being used to achieve the best results. However results showed that not all firms are affected by foreign exchange rates changes. After testing Granger Causality, this study found out that in some industries (oil and gas, pharmaceuticals), changes in foreign exchange rate will not cause any changes in stock prices (or vice versa), however, in banking sector the situation was different. This industry showed more reaction to these changes. The results are similar to the ones with Richards and Noel, where a variety of firms in different industries were evaluated. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=stock%20prices" title="stock prices">stock prices</a>, <a href="https://publications.waset.org/abstracts/search?q=foreign%20exchange%20rate" title=" foreign exchange rate"> foreign exchange rate</a>, <a href="https://publications.waset.org/abstracts/search?q=exchange%20rate%20exposure" title=" exchange rate exposure"> exchange rate exposure</a>, <a href="https://publications.waset.org/abstracts/search?q=Granger%20Causality" title=" Granger Causality"> Granger Causality</a> </p> <a href="https://publications.waset.org/abstracts/3610/foreign-exchange-volatilities-and-stock-prices-evidence-from-london-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/3610.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">444</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3011</span> The Influence of the Company's Financial Performance and Macroeconomic Factors to Stock Return</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Angrita%20Denziana">Angrita Denziana</a>, <a href="https://publications.waset.org/abstracts/search?q=Haninun"> Haninun</a>, <a href="https://publications.waset.org/abstracts/search?q=Hepiana%20Patmarina"> Hepiana Patmarina</a>, <a href="https://publications.waset.org/abstracts/search?q=Ferdinan%20Fatah"> Ferdinan Fatah</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The aims of the study are to determine the effect of the company's financial performance with Return on Asset (ROA) and Return on Equity (ROE) indicators. The macroeconomic factors with the indicators of Indonesia interest rate (SBI) and exchange rate on stock returns of non-financial companies listed in IDX. The results of this study indicate that the variable of ROA has negative effect on stock returns, ROE has a positive effect on stock returns, and the variable interest rate and exchange rate of SBI has positive effect on stock returns. From the analysis data by using regression model, independent variables ROA, ROE, SBI interest rate and the exchange rate very significant (p value < 0.01). Thus, all the above variable can be used as the basis for investment decision making for investment in Indonesia Stock Exchange (IDX) mainly for shares in the non- financial companies. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=ROA" title="ROA">ROA</a>, <a href="https://publications.waset.org/abstracts/search?q=ROE" title=" ROE"> ROE</a>, <a href="https://publications.waset.org/abstracts/search?q=interest%20rate" title=" interest rate"> interest rate</a>, <a href="https://publications.waset.org/abstracts/search?q=exchange%20rate" title=" exchange rate"> exchange rate</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20return" title=" stock return "> stock return </a> </p> <a href="https://publications.waset.org/abstracts/21185/the-influence-of-the-companys-financial-performance-and-macroeconomic-factors-to-stock-return" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/21185.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">429</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3010</span> Exchange Traded Products on the Warsaw Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Piotr%20Prewysz-Kwinto">Piotr Prewysz-Kwinto</a> </p> <p class="card-text"><strong>Abstract:</strong></p> A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=exchange%20traded%20products" title="exchange traded products">exchange traded products</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20market" title=" financial market"> financial market</a>, <a href="https://publications.waset.org/abstracts/search?q=investment" title=" investment"> investment</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20exchange" title=" stock exchange"> stock exchange</a> </p> <a href="https://publications.waset.org/abstracts/51796/exchange-traded-products-on-the-warsaw-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/51796.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">347</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3009</span> An Impact of Stock Price Movements on Cross Listed Companies: A Study of Indian ADR and Domestic Stock Prices</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Kanhaiya%20Singh">Kanhaiya Singh</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Indian corporate sector has been raising resources through various international financial instruments important among them are Global depository receipts (GDRs) and American Depository Receipts (ADRs). The purpose of raising resources through such instruments is multifold such as lower cost of capital, increased visibility of the company, liberal tax environment, increased trading liquidity etc. One of the significant reason is also the value addition of the company in terms of market capitalization. Obviously, the stocks of such companies are cross listed, one in India and other at the International stock exchange. The sensitivity and movements of stock prices on one stock exchange as compared to other may have an impact on the price movement of the particular scrip. If there is any relationship exists is an issue of study. Having this in view this study is an attempt to identify the extent of impact of price movement of the scrip on one stock exchange on account of change in the prices on the counter stock exchange. Also there is an attempt to find out the difference between pre and post cross listed domestic firm. The study also analyses the impact of exchange rate movements on stock prices. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=ADR" title="ADR">ADR</a>, <a href="https://publications.waset.org/abstracts/search?q=GDR" title=" GDR"> GDR</a>, <a href="https://publications.waset.org/abstracts/search?q=cross%20listing" title=" cross listing"> cross listing</a>, <a href="https://publications.waset.org/abstracts/search?q=liquidity" title=" liquidity"> liquidity</a>, <a href="https://publications.waset.org/abstracts/search?q=exchange%20rate" title=" exchange rate"> exchange rate</a> </p> <a href="https://publications.waset.org/abstracts/27051/an-impact-of-stock-price-movements-on-cross-listed-companies-a-study-of-indian-adr-and-domestic-stock-prices" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/27051.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">381</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3008</span> Management Accounting Techniques of Companies Listed on the Stock Exchange in Thailand</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Prateep%20Wajeetongratana">Prateep Wajeetongratana</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The objectives of the research were to examine that how management accounting techniques were perceived and used by companies listed on the stock exchange and to investigate similarities or differences of management accounting practices between companies listed on the stock exchange and Thai SMEs. Descriptive and inferential statistics were employed. The finding found that almost all of the companies used traditional management accounting techniques more than advanced management accounting techniques. Four management accounting techniques having no significant association with business characteristic were standard costing, job order costing, process costing. The barriers that Thai SMEs encountered were a lack of proper accounting system and the insufficient knowledge in management accounting of the accountants. The comparison results revealed that both companies listed on the stock exchange and Thai SMEs used traditional management accounting techniques more than advanced techniques. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=companies%20listed%20on%20the%20stock%20exchange" title="companies listed on the stock exchange">companies listed on the stock exchange</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20budget" title=" financial budget"> financial budget</a>, <a href="https://publications.waset.org/abstracts/search?q=management%20accounting" title=" management accounting"> management accounting</a>, <a href="https://publications.waset.org/abstracts/search?q=operating%20budget" title=" operating budget"> operating budget</a> </p> <a href="https://publications.waset.org/abstracts/43943/management-accounting-techniques-of-companies-listed-on-the-stock-exchange-in-thailand" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/43943.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">383</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3007</span> Evaluating The Effects of Fundamental Analysis on Earnings Per Share Concept in Stock Valuation in the Zimbabwe Stock Exchange Market</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Brian%20Basvi">Brian Basvi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> A technique for analyzing a security's intrinsic value is called fundamental analysis. It involves looking at relevant financial, economic, and other qualitative and quantitative aspects. Earnings Per Share (EPS), a crucial metric in fundamental analysis, is calculated by dividing a company's net income by the total number of outstanding shares. With more than 70 listed businesses, the Zimbabwe Stock Exchange (ZSE) is the primary stock exchange in Zimbabwe. This study applies the EPS financial ratio and stock valuation techniques to historical stock data from 68 companies listed on the Zimbabwe Stock Exchange. According to a ZSE study, EPS significantly affects share prices that are listed on the market. The study's objective was to assess how fundamental analysis affected the idea of EPS in ZSE stock valuation. It concluded that EPS is an important consideration for investors when they make judgments about their investments. According to the study's findings, fundamental analysis is a useful tool for ZSE investors since it offers insightful information about a company's financial performance and aids in decision-making. Investors can have a better understanding of a company's underlying worth and prospects for future growth by looking into EPS and other basic aspects. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=fundamental%20analysis" title="fundamental analysis">fundamental analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20valuation" title=" stock valuation"> stock valuation</a>, <a href="https://publications.waset.org/abstracts/search?q=EPS" title=" EPS"> EPS</a>, <a href="https://publications.waset.org/abstracts/search?q=share%20pricing" title=" share pricing"> share pricing</a> </p> <a href="https://publications.waset.org/abstracts/188656/evaluating-the-effects-of-fundamental-analysis-on-earnings-per-share-concept-in-stock-valuation-in-the-zimbabwe-stock-exchange-market" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/188656.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">43</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3006</span> Nexus of Pakistan Stock Exchange with World's Top Five Stock Markets after Launching China Pakistan Economic Corridor</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Abdul%20Rauf">Abdul Rauf</a>, <a href="https://publications.waset.org/abstracts/search?q=Xiaoxing%20Liu"> Xiaoxing Liu</a>, <a href="https://publications.waset.org/abstracts/search?q=Waqas%20Amin"> Waqas Amin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Stock markets are fascinating more and more conductive to each other due to liberalization and globalization trends in recent years. China Pakistan Economic Corridor (CPEC) has dragged Pakistan stock exchange to the new heights and global investors are making investments to reap its benefits. So, in investors and government perspective, the study focuses co-integration of Pakistan stock exchange with world’s five big economies i-e US, China, England, Japan, and France. The time period of study is seven years i-e 2010 to 2016 and daily values of major indices of corresponding stock exchanges collected. All variables of that particular study are stationary at first difference confirmed by unit root test. The study Johansen system co integration test for analysis of data along with Granger causality test is performed for result purpose. Co integration test asserted that Pakistan stock exchange integrated with Shanghai stock exchange (SSE) and NIKKEI stock exchange in short run. Granger causality test also proclaimed these results. But NASDAQ, FTSE, DAX not co integrated and Granger cause at a short run but long run these markets are bonded with Pakistan stock exchange (KSE). VECM also confirmed this liaison in short and long run. Investors, therefore, need to be updated regarding co-integration of world’s stock exchanges to ensure well diversified and risk adjusted high returns. Equally, governments also need updated status so that they could reduce co-integration through multiple steps and hence drag investors for diversified investment. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=CPEC" title="CPEC">CPEC</a>, <a href="https://publications.waset.org/abstracts/search?q=DAX" title=" DAX"> DAX</a>, <a href="https://publications.waset.org/abstracts/search?q=FTSE" title=" FTSE"> FTSE</a>, <a href="https://publications.waset.org/abstracts/search?q=liberalization" title=" liberalization"> liberalization</a>, <a href="https://publications.waset.org/abstracts/search?q=NASDAQ" title=" NASDAQ"> NASDAQ</a>, <a href="https://publications.waset.org/abstracts/search?q=NIKKEI" title=" NIKKEI"> NIKKEI</a>, <a href="https://publications.waset.org/abstracts/search?q=SSE" title=" SSE"> SSE</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20markets" title=" stock markets"> stock markets</a> </p> <a href="https://publications.waset.org/abstracts/78053/nexus-of-pakistan-stock-exchange-with-worlds-top-five-stock-markets-after-launching-china-pakistan-economic-corridor" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/78053.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">302</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3005</span> An Automated Stock Investment System Using Machine Learning Techniques: An Application in Australia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Carol%20Anne%20Hargreaves">Carol Anne Hargreaves</a> </p> <p class="card-text"><strong>Abstract:</strong></p> A key issue in stock investment is how to select representative features for stock selection. The objective of this paper is to firstly determine whether an automated stock investment system, using machine learning techniques, may be used to identify a portfolio of growth stocks that are highly likely to provide returns better than the stock market index. The second objective is to identify the technical features that best characterize whether a stock’s price is likely to go up and to identify the most important factors and their contribution to predicting the likelihood of the stock price going up. Unsupervised machine learning techniques, such as cluster analysis, were applied to the stock data to identify a cluster of stocks that was likely to go up in price – portfolio 1. Next, the principal component analysis technique was used to select stocks that were rated high on component one and component two – portfolio 2. Thirdly, a supervised machine learning technique, the logistic regression method, was used to select stocks with a high probability of their price going up – portfolio 3. The predictive models were validated with metrics such as, sensitivity (recall), specificity and overall accuracy for all models. All accuracy measures were above 70%. All portfolios outperformed the market by more than eight times. The top three stocks were selected for each of the three stock portfolios and traded in the market for one month. After one month the return for each stock portfolio was computed and compared with the stock market index returns. The returns for all three stock portfolios was 23.87% for the principal component analysis stock portfolio, 11.65% for the logistic regression portfolio and 8.88% for the K-means cluster portfolio while the stock market performance was 0.38%. This study confirms that an automated stock investment system using machine learning techniques can identify top performing stock portfolios that outperform the stock market. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=machine%20learning" title="machine learning">machine learning</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20market%20trading" title=" stock market trading"> stock market trading</a>, <a href="https://publications.waset.org/abstracts/search?q=logistic%20regression" title=" logistic regression"> logistic regression</a>, <a href="https://publications.waset.org/abstracts/search?q=cluster%20analysis" title=" cluster analysis"> cluster analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=factor%20analysis" title=" factor analysis"> factor analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=decision%20trees" title=" decision trees"> decision trees</a>, <a href="https://publications.waset.org/abstracts/search?q=neural%20networks" title=" neural networks"> neural networks</a>, <a href="https://publications.waset.org/abstracts/search?q=automated%20stock%20investment%20system" title=" automated stock investment system"> automated stock investment system</a> </p> <a href="https://publications.waset.org/abstracts/90984/an-automated-stock-investment-system-using-machine-learning-techniques-an-application-in-australia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/90984.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">157</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3004</span> Corporate Governance and Firms` Performance: Evidence from Quoted Firms on the Nigerian Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ogunwole%20Cecilia%20Oluwakemi">Ogunwole Cecilia Oluwakemi</a>, <a href="https://publications.waset.org/abstracts/search?q=Wahid%20Damilola%20Olanipekun"> Wahid Damilola Olanipekun</a>, <a href="https://publications.waset.org/abstracts/search?q=Omoyele%20Olufemi%20Samuel"> Omoyele Olufemi Samuel</a>, <a href="https://publications.waset.org/abstracts/search?q=Timothy%20Ayomitunde%20Aderemi"> Timothy Ayomitunde Aderemi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The issues relating to corporate governance in both locally and internationally managed firms cannot be overemphasized because the lack of efficient corporate governance could orchestrate serious problems in any organization. Against this backdrop, this study examines the nexus between corporate governance and performance of firms from 2012 to 2020, using the case study of the Nigerian stock exchange. Consequently, data was collected from forty (40) listed firms on the Nigerian Stock Exchange. The study employed a fixed effect technique of estimation to address the objective of the study. It was discovered from the study that the influence of corporate governance components such as gender diversity, board independence and managerial ownership led to a significant positive impact on the performance of the firms under the investigation. In view of the above finding, this study makes the following recommendations for the policymakers in Nigeria that anytime the goal of the policymakers is the improvement of performance of the listed firms in the Nigerian stock exchange, board independence and a balance in the inclusion of male and female among the board of directors should be encouraged in these firms. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=corporate" title="corporate">corporate</a>, <a href="https://publications.waset.org/abstracts/search?q=governance" title=" governance"> governance</a>, <a href="https://publications.waset.org/abstracts/search?q=firms" title=" firms"> firms</a>, <a href="https://publications.waset.org/abstracts/search?q=performance" title=" performance"> performance</a>, <a href="https://publications.waset.org/abstracts/search?q=Nigeria" title=" Nigeria"> Nigeria</a>, <a href="https://publications.waset.org/abstracts/search?q=stock" title=" stock"> stock</a>, <a href="https://publications.waset.org/abstracts/search?q=exchange" title=" exchange"> exchange</a> </p> <a href="https://publications.waset.org/abstracts/145199/corporate-governance-and-firms-performance-evidence-from-quoted-firms-on-the-nigerian-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/145199.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">175</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3003</span> Analysis of Cross-Correlations in Emerging Markets Using Random Matrix Theory</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Thomas%20Chinwe%20Urama">Thomas Chinwe Urama</a>, <a href="https://publications.waset.org/abstracts/search?q=Patrick%20Oseloka%20Ezepue"> Patrick Oseloka Ezepue</a>, <a href="https://publications.waset.org/abstracts/search?q=Peters%20Chimezie%20Nnanwa"> Peters Chimezie Nnanwa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper investigates the universal financial dynamics in two dominant stock markets in Sub-Saharan Africa, through an in-depth analysis of the cross-correlation matrix of price returns in Nigerian Stock Market (NSM) and Johannesburg Stock Exchange (JSE), for the period 2009 to 2013. The strength of correlations between stocks is known to be higher in JSE than that of the NSM. Particularly important for modelling Nigerian derivatives in the future, the interactions of other stocks with the oil sector are weak, whereas the banking sector has strong positive interactions with the other sectors in the stock exchange. For the JSE, it is the oil sector and beverages that have greater sectorial correlations, instead of the banks which have the weaker correlation with other sectors in the stock exchange. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=random%20matrix%20theory" title="random matrix theory">random matrix theory</a>, <a href="https://publications.waset.org/abstracts/search?q=cross-correlations" title=" cross-correlations"> cross-correlations</a>, <a href="https://publications.waset.org/abstracts/search?q=emerging%20markets" title=" emerging markets"> emerging markets</a>, <a href="https://publications.waset.org/abstracts/search?q=option%20pricing" title=" option pricing"> option pricing</a>, <a href="https://publications.waset.org/abstracts/search?q=eigenvalues%20eigenvectors" title=" eigenvalues eigenvectors"> eigenvalues eigenvectors</a>, <a href="https://publications.waset.org/abstracts/search?q=inverse%20participation%20ratios%20and%20implied%20volatility" title=" inverse participation ratios and implied volatility"> inverse participation ratios and implied volatility</a> </p> <a href="https://publications.waset.org/abstracts/65711/analysis-of-cross-correlations-in-emerging-markets-using-random-matrix-theory" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/65711.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">299</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3002</span> Financial Instrument with High Investment Risk on the Warsaw Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Piotr%20Prewysz-Kwinto">Piotr Prewysz-Kwinto</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=derivatives" title="derivatives">derivatives</a>, <a href="https://publications.waset.org/abstracts/search?q=exchange%20traded%20products%20%28ETP%29" title=" exchange traded products (ETP)"> exchange traded products (ETP)</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20instruments" title=" financial instruments"> financial instruments</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20market" title=" financial market"> financial market</a>, <a href="https://publications.waset.org/abstracts/search?q=risk" title=" risk"> risk</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20exchange" title=" stock exchange"> stock exchange</a> </p> <a href="https://publications.waset.org/abstracts/73598/financial-instrument-with-high-investment-risk-on-the-warsaw-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/73598.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">380</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3001</span> Stock Prediction and Portfolio Optimization Thesis</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Deniz%20Peksen">Deniz Peksen</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This thesis aims to predict trend movement of closing price of stock and to maximize portfolio by utilizing the predictions. In this context, the study aims to define a stock portfolio strategy from models created by using Logistic Regression, Gradient Boosting and Random Forest. Recently, predicting the trend of stock price has gained a significance role in making buy and sell decisions and generating returns with investment strategies formed by machine learning basis decisions. There are plenty of studies in the literature on the prediction of stock prices in capital markets using machine learning methods but most of them focus on closing prices instead of the direction of price trend. Our study differs from literature in terms of target definition. Ours is a classification problem which is focusing on the market trend in next 20 trading days. To predict trend direction, fourteen years of data were used for training. Following three years were used for validation. Finally, last three years were used for testing. Training data are between 2002-06-18 and 2016-12-30 Validation data are between 2017-01-02 and 2019-12-31 Testing data are between 2020-01-02 and 2022-03-17 We determine Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate as benchmarks which we should outperform. We compared our machine learning basis portfolio return on test data with return of Hold Stock Portfolio, Best Stock Portfolio and USD-TRY Exchange rate. We assessed our model performance with the help of roc-auc score and lift charts. We use logistic regression, Gradient Boosting and Random Forest with grid search approach to fine-tune hyper-parameters. As a result of the empirical study, the existence of uptrend and downtrend of five stocks could not be predicted by the models. When we use these predictions to define buy and sell decisions in order to generate model-based-portfolio, model-based-portfolio fails in test dataset. It was found that Model-based buy and sell decisions generated a stock portfolio strategy whose returns can not outperform non-model portfolio strategies on test dataset. We found that any effort for predicting the trend which is formulated on stock price is a challenge. We found same results as Random Walk Theory claims which says that stock price or price changes are unpredictable. Our model iterations failed on test dataset. Although, we built up several good models on validation dataset, we failed on test dataset. We implemented Random Forest, Gradient Boosting and Logistic Regression. We discovered that complex models did not provide advantage or additional performance while comparing them with Logistic Regression. More complexity did not lead us to reach better performance. Using a complex model is not an answer to figure out the stock-related prediction problem. Our approach was to predict the trend instead of the price. This approach converted our problem into classification. However, this label approach does not lead us to solve the stock prediction problem and deny or refute the accuracy of the Random Walk Theory for the stock price. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=stock%20prediction" title="stock prediction">stock prediction</a>, <a href="https://publications.waset.org/abstracts/search?q=portfolio%20optimization" title=" portfolio optimization"> portfolio optimization</a>, <a href="https://publications.waset.org/abstracts/search?q=data%20science" title=" data science"> data science</a>, <a href="https://publications.waset.org/abstracts/search?q=machine%20learning" title=" machine learning"> machine learning</a> </p> <a href="https://publications.waset.org/abstracts/158788/stock-prediction-and-portfolio-optimization-thesis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/158788.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">80</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">3000</span> Methaheuristic Bat Algorithm in Training of Feed-Forward Neural Network for Stock Price Prediction</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Marjan%20Golmaryami">Marjan Golmaryami</a>, <a href="https://publications.waset.org/abstracts/search?q=Marzieh%20Behzadi"> Marzieh Behzadi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Recent developments in stock exchange highlight the need for an efficient and accurate method that helps stockholders make better decision. Since stock markets have lots of fluctuations during the time and different effective parameters, it is difficult to make good decisions. The purpose of this study is to employ artificial neural network (ANN) which can deal with time series data and nonlinear relation among variables to forecast next day stock price. Unlike other evolutionary algorithms which were utilized in stock exchange prediction, we trained our proposed neural network with metaheuristic bat algorithm, with fast and powerful convergence and applied it in stock price prediction for the first time. In order to prove the performance of the proposed method, this research selected a 7 year dataset from Parsian Bank stocks and after imposing data preprocessing, used 3 types of ANN (back propagation-ANN, particle swarm optimization-ANN and bat-ANN) to predict the closed price of stocks. Afterwards, this study engaged MATLAB to simulate 3 types of ANN, with the scoring target of mean absolute percentage error (MAPE). The results may be adapted to other companies stocks too. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=artificial%20neural%20network%20%28ANN%29" title="artificial neural network (ANN)">artificial neural network (ANN)</a>, <a href="https://publications.waset.org/abstracts/search?q=bat%20algorithm" title=" bat algorithm"> bat algorithm</a>, <a href="https://publications.waset.org/abstracts/search?q=particle%20swarm%20optimization%20algorithm%20%28PSO%29" title=" particle swarm optimization algorithm (PSO)"> particle swarm optimization algorithm (PSO)</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20exchange" title=" stock exchange"> stock exchange</a> </p> <a href="https://publications.waset.org/abstracts/14574/methaheuristic-bat-algorithm-in-training-of-feed-forward-neural-network-for-stock-price-prediction" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/14574.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">548</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2999</span> Hybrid Model for Measuring the Hedge Strategy in Exchange Risk in Information Technology Industry</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Yi-Hsien%20Wang">Yi-Hsien Wang</a>, <a href="https://publications.waset.org/abstracts/search?q=Fu-Ju%20Yang"> Fu-Ju Yang</a>, <a href="https://publications.waset.org/abstracts/search?q=Hwa-Rong%20Shen"> Hwa-Rong Shen</a>, <a href="https://publications.waset.org/abstracts/search?q=Rui-Lin%20Tseng"> Rui-Lin Tseng</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The business is notably related to the market risk according to the increase of liberalization of financial markets. Hence, the company usually utilized high financial leverage of derivatives to hedge the risk. When the company choose different hedging instruments to face a variety of exchange rate risk, we employ the Multinomial Logistic-AHP to analyze the impact of various derivatives. Hence, the research summarized the literature on relevant factors affecting managers selected exchange rate hedging instruments, using Multinomial Logistic Model and and further integrate AHP. Using Experts’ Questionnaires can test multi-level selection and hedging effect of different hedging instruments in order to calculate the hedging instruments and the multi-level factors of weights to understand the gap between the empirical results and practical operation. Finally, the Multinomial Logistic-AHP Model will sort the weights to analyze. The research findings can be a basis reference for investors in decision-making. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=exchange%20rate%20risk" title="exchange rate risk">exchange rate risk</a>, <a href="https://publications.waset.org/abstracts/search?q=derivatives" title=" derivatives"> derivatives</a>, <a href="https://publications.waset.org/abstracts/search?q=hedge" title=" hedge"> hedge</a>, <a href="https://publications.waset.org/abstracts/search?q=multinomial%20logistic-AHP" title=" multinomial logistic-AHP"> multinomial logistic-AHP</a> </p> <a href="https://publications.waset.org/abstracts/7564/hybrid-model-for-measuring-the-hedge-strategy-in-exchange-risk-in-information-technology-industry" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/7564.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">442</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2998</span> The Effect of Behavioral and Risk Factors of Investment Growth on Stock Returns</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Majid%20Lotfi%20Ghahroud">Majid Lotfi Ghahroud</a>, <a href="https://publications.waset.org/abstracts/search?q=Seyed%20Jalal%20Tabatabaei"> Seyed Jalal Tabatabaei</a>, <a href="https://publications.waset.org/abstracts/search?q=Ebrahim%20Karami"> Ebrahim Karami</a>, <a href="https://publications.waset.org/abstracts/search?q=AmirArsalan%20Ghergherechi"> AmirArsalan Ghergherechi</a>, <a href="https://publications.waset.org/abstracts/search?q=Amir%20Ali%20Saeidi"> Amir Ali Saeidi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this study, the relationship between investment growth and stock returns of companies listed in Tehran Stock Exchange and whether their relationship -behavioral or risk factors- are discussed. Generally, there are two perspectives; risk-based approach and behavioral approach. According to the risk-based approach due to increase investment, systemic risk and consequently the stock returns are reduced. But due to the second approach, an excessive optimism or pessimism leads to assuming stock price with high investment growth in the past, higher than its intrinsic value and the price of stocks with lower investment growth, less than its intrinsic value. The investigation period is eight years from 2007 to 2014. The sample consisted of all companies listed on the Tehran Stock Exchange. The method is a portfolio test, and the analysis is based on the t-student test (t-test). The results indicate that there is a negative relationship between investment growth and stock returns of companies and this negative correlation is stronger for firms with higher cash flow. Also, the negative relationship between asset growth and stock returns is due to behavioral factors. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=behavioral%20theory" title="behavioral theory">behavioral theory</a>, <a href="https://publications.waset.org/abstracts/search?q=investment%20growth" title=" investment growth"> investment growth</a>, <a href="https://publications.waset.org/abstracts/search?q=risk-based%20theory" title=" risk-based theory"> risk-based theory</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20returns" title=" stock returns"> stock returns</a> </p> <a href="https://publications.waset.org/abstracts/95312/the-effect-of-behavioral-and-risk-factors-of-investment-growth-on-stock-returns" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/95312.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">156</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2997</span> An Association between Stock Index and Macro Economic Variables in Bangladesh</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shamil%20Mardi%20Al%20Islam">Shamil Mardi Al Islam</a>, <a href="https://publications.waset.org/abstracts/search?q=Zaima%20Ahmed"> Zaima Ahmed</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The aim of this article is to explore whether certain macroeconomic variables such as industrial index, inflation, broad money, exchange rate and deposit rate as a proxy for interest rate are interlinked with Dhaka stock price index (DSEX index) precisely after the introduction of new index by Dhaka Stock Exchange (DSE) since January 2013. Bangladesh stock market has experienced rapid growth since its inception. It might not be a very well-developed capital market as compared to its neighboring counterparts but has been a strong avenue for investment and resource mobilization. The data set considered consists of monthly observations, for a period of four years from January 2013 to June 2018. Findings from cointegration analysis suggest that DSEX and macroeconomic variables have a significant long-run relationship. VAR decomposition based on VAR estimated indicates that money supply explains a significant portion of variation of stock index whereas, inflation is found to have the least impact. Impact of industrial index is found to have a low impact compared to the exchange rate and deposit rate. Policies should there aim to increase industrial production in order to enhance stock market performance. Further reasonable money supply should be ensured by authorities to stimulate stock market performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=deposit%20rate" title="deposit rate">deposit rate</a>, <a href="https://publications.waset.org/abstracts/search?q=DSEX" title=" DSEX"> DSEX</a>, <a href="https://publications.waset.org/abstracts/search?q=industrial%20index" title=" industrial index"> industrial index</a>, <a href="https://publications.waset.org/abstracts/search?q=VAR" title=" VAR"> VAR</a> </p> <a href="https://publications.waset.org/abstracts/106747/an-association-between-stock-index-and-macro-economic-variables-in-bangladesh" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/106747.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">161</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2996</span> Behavior of Iran Stock Exchange and Impacts of US Oil and Financial Markets</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Erfan%20Memarian">Erfan Memarian</a>, <a href="https://publications.waset.org/abstracts/search?q=Seyyed%20Fazayel%20Alizadeh"> Seyyed Fazayel Alizadeh</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study aims to evaluate the impacts of the oil and financial markets of the United States on Iran stock exchange and to develop an ARDL model to predict the short and long-term relationship between these markets. In this regard, all 713 weekly data between 28 July 1999 and 20 March 2013 were analyzed by using Microfit4.0 and Eviews7 econometric softwares. The independent variable of the study is the “Price and Yield Index (TEDPIX)” of Tehran Stock Exchange and the independent variables include S & P 500 Index, the US three-month treasury bill rate and West Texas Intermediate oil spot price index. The results show that the West Texas Intermediate oil spot price and the S&P 500 indices have significant positive relationships with Iran's TEDPIX. Also, there exists a significant negative relationship between Iran's TEDPIX and the US three-month Treasury bill rate. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=TEDPIX%3B%20Tehran%20Stock%20Exchange%3B%20S%26P%20500%20index%3B%20USA%20three-month%20Treasury%20bill%20rate%3B%20West%20Texas%20Intermediate%20oil" title="TEDPIX; Tehran Stock Exchange; S&P 500 index; USA three-month Treasury bill rate; West Texas Intermediate oil">TEDPIX; Tehran Stock Exchange; S&P 500 index; USA three-month Treasury bill rate; West Texas Intermediate oil</a> </p> <a href="https://publications.waset.org/abstracts/8744/behavior-of-iran-stock-exchange-and-impacts-of-us-oil-and-financial-markets" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/8744.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">324</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2995</span> Unveiling the Black Swan of the Inflation-Adjusted Real Excess Returns-Risk Nexus: Evidence From Pakistan Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammad%20Azam">Mohammad Azam</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The purpose of this study is to investigate risk and real excess portfolio returns using inflation adjusted risk-free rates, a measuring technique that focuses on the momentum augmented Fama-French six-factor model and use monthly data from 1994 to 2022. With the exception of profitability, the data show that market, size, value, momentum, and investment factors are all strongly associated to excess portfolio stock returns using ordinary lease square regression technique. According to the Gibbons, Ross, and Shanken test, the momentum augmented Fama-French six-factor model outperforms the market. This technique discovery may be utilised by academics and professionals to acquire an in-depth knowledge of the Pakistan Stock Exchange across a broad stock pattern for investing decisions and portfolio construction. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=real%20excess%20portfolio%20returns" title="real excess portfolio returns">real excess portfolio returns</a>, <a href="https://publications.waset.org/abstracts/search?q=momentum%20augmented%20fama%20%26%20french%20five-factor%20model" title=" momentum augmented fama & french five-factor model"> momentum augmented fama & french five-factor model</a>, <a href="https://publications.waset.org/abstracts/search?q=GRS-test" title=" GRS-test"> GRS-test</a>, <a href="https://publications.waset.org/abstracts/search?q=pakistan%20stock%20exchange" title=" pakistan stock exchange"> pakistan stock exchange</a> </p> <a href="https://publications.waset.org/abstracts/159679/unveiling-the-black-swan-of-the-inflation-adjusted-real-excess-returns-risk-nexus-evidence-from-pakistan-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/159679.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">102</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2994</span> The Effect of Tax Avoidance on Firm Value: Evidence from Amman Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammad%20Abu%20Nassar">Mohammad Abu Nassar</a>, <a href="https://publications.waset.org/abstracts/search?q=Mahmoud%20Al%20Khalilah"> Mahmoud Al Khalilah</a>, <a href="https://publications.waset.org/abstracts/search?q=Hussein%20Abu%20Nassar"> Hussein Abu Nassar</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The purpose of this study is to examine whether corporate tax avoidance practices can impact firm value in the Jordanian context. The study employs a quantitative approach using s sample of (124) industrial and services companies listed on the Amman Stock Exchange for the period from 2010 to 2019. Multiple linear regression analysis has been applied to test the study's hypothesis. The study employs effective tax rate and book-tax difference to measure tax avoidance and Tobin's Q factor to measure firm value. The results of the study revealed that tax avoidance practices, when measured using effective tax rates, do not significantly impact firm value. When the book-tax difference is used to measure tax avoidance, the study results showed a negative impact on firm value. The result of the study has not supported the traditional view of tax avoidance as a transfer of wealth from the government to shareholders for industrial and services companies listed on the Amman Stock Exchange, indicating that Jordanian firms should not use tax avoidance strategies to enhance their value. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=tax%20avoidance" title="tax avoidance">tax avoidance</a>, <a href="https://publications.waset.org/abstracts/search?q=effective%20tax%20rate" title=" effective tax rate"> effective tax rate</a>, <a href="https://publications.waset.org/abstracts/search?q=book-tax%20difference" title=" book-tax difference"> book-tax difference</a>, <a href="https://publications.waset.org/abstracts/search?q=firm%20value" title=" firm value"> firm value</a>, <a href="https://publications.waset.org/abstracts/search?q=Amman%20stock%20exchange" title=" Amman stock exchange"> Amman stock exchange</a> </p> <a href="https://publications.waset.org/abstracts/151892/the-effect-of-tax-avoidance-on-firm-value-evidence-from-amman-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/151892.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">164</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2993</span> The Impact of Macroeconomic Factors on Tehran Stock Exchange Index during Economic and Oil Sanctions between January 2006 and December 2012</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hamed%20Movahedizadeh">Hamed Movahedizadeh</a>, <a href="https://publications.waset.org/abstracts/search?q=Annuar%20Md%20Nassir"> Annuar Md Nassir</a>, <a href="https://publications.waset.org/abstracts/search?q=Mehdi%20Karimimalayer"> Mehdi Karimimalayer</a>, <a href="https://publications.waset.org/abstracts/search?q=Navid%20Samimi%20Sedeh"> Navid Samimi Sedeh</a>, <a href="https://publications.waset.org/abstracts/search?q=Ehsan%20Bagherpour"> Ehsan Bagherpour</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The aim of this paper is to evaluate Tehran’s Stock Exchange (TSE) performance regarding with impact of four macroeconomic factors including world crude Oil Price (OP), World Gold Price (GP), Consumer Price Index (CPI) and total Supplied Oil by Iran (SO) from January 2006 to December 2012 that Iran faced with economic and oil sanctions. Iran's exports of crude oil and lease condensate reduced to roughly 1.5 million barrels per day (bbl/d) in 2012, compared to 2.5 million bbl/d in 2011 due to hard sanctions. Monthly data are collected and subjected to a battery of tests through ordinary least square by EViews7. This study found that gold price and oil price are positively correlated with stock returns while total oil supplied and consumer price index have negative relationship with stock index, however, consumer price index tends to become insignificant in stock index. While gold price and consumer price index have short run relationship with TSE index at 10% of significance level this amount for oil price is significant at 5% and there is no significant short run relationship between supplied oil and Tehran stock returns. Moreover, this study found that all macroeconomic factors have long-run relationship with Tehran Stock Exchange Index. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=consumer%20price%20index" title="consumer price index">consumer price index</a>, <a href="https://publications.waset.org/abstracts/search?q=gold%20price" title=" gold price"> gold price</a>, <a href="https://publications.waset.org/abstracts/search?q=macroeconomic" title=" macroeconomic"> macroeconomic</a>, <a href="https://publications.waset.org/abstracts/search?q=oil%20price" title=" oil price"> oil price</a>, <a href="https://publications.waset.org/abstracts/search?q=sanction" title=" sanction"> sanction</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20market" title=" stock market"> stock market</a>, <a href="https://publications.waset.org/abstracts/search?q=supplied%20oil" title=" supplied oil"> supplied oil</a> </p> <a href="https://publications.waset.org/abstracts/3992/the-impact-of-macroeconomic-factors-on-tehran-stock-exchange-index-during-economic-and-oil-sanctions-between-january-2006-and-december-2012" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/3992.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">489</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2992</span> Dynamic Comovements between Exchange Rates, Stock Prices and Oil Prices: Evidence from Developed and Emerging Latin American Markets</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Nini%20Johana%20Marin%20Rodriguez">Nini Johana Marin Rodriguez</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper applies DCC, EWMA and OGARCH models to compare the dynamic correlations between exchange rates, oil prices, exchange rates and stock markets to examine the time-varying conditional correlations to the daily oil prices and index returns in relation to the US dollar/local currency for developed (Canada and Mexico) and emerging Latin American markets (Brazil, Chile, Colombia and Peru). Changes in correlation interactions are indicative of structural changes in market linkages with implications to contagion and interdependence. For each pair of stock price-exchange rate and oil price-US dollar/local currency, empirical evidence confirms of a strengthening negative correlation in the last decade. Methodologies suggest only two events have significatively impact in the countries analyzed: global financial crisis and Europe crisis, both events are associated with shifts of correlations to stronger negative level for most of the pairs analyzed. While, the first event has a shifting effect on mainly emerging members, the latter affects developed members. The identification of these relationships provides benefits in risk diversification and inflation targeting. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=crude%20oil" title="crude oil">crude oil</a>, <a href="https://publications.waset.org/abstracts/search?q=dynamic%20conditional%20correlation" title=" dynamic conditional correlation"> dynamic conditional correlation</a>, <a href="https://publications.waset.org/abstracts/search?q=exchange%20rates" title=" exchange rates"> exchange rates</a>, <a href="https://publications.waset.org/abstracts/search?q=interdependence" title=" interdependence"> interdependence</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20prices" title=" stock prices"> stock prices</a> </p> <a href="https://publications.waset.org/abstracts/67128/dynamic-comovements-between-exchange-rates-stock-prices-and-oil-prices-evidence-from-developed-and-emerging-latin-american-markets" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/67128.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">307</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2991</span> Long-Run Relationship among Tehran Stock Exchange and the GCC Countries Financial Markets, Before and After 2007/2008 Financial Crisis</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammad%20Hossein%20Ranjbar">Mohammad Hossein Ranjbar</a>, <a href="https://publications.waset.org/abstracts/search?q=Mahdi%20Bagheri"> Mahdi Bagheri</a>, <a href="https://publications.waset.org/abstracts/search?q=B.%20Shivaraj"> B. Shivaraj</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This study attempts to investigate the relationship between stock market of Iran and GCC countries stock exchanges. Eight markets were included: the stock market of Iran, Kuwait, Bahrain, Qatar, Saudi Arabia, Dubai, Abu Dhabi and Oman. Daily country market indices were collected from January 2005 to December 2010. The potential time-varying behaviors of long-run stock market relationship among selected markets are tested applying correlation test, Augmented Dick Fuller test (ADF), Bilateral and Multilateral Cointegration (Johansen), and the Granger Causality test. The findings suggest that stock market of Iran is negatively correlated with most of the selected markets in the whole duration. But contemporaneous correlations among the eight selected markets are increased positively in period of financial crises. Bilateral Cointegration between selected markets suggests that there is no integration between Tehran stock exchange and other selected markets. Among other markets, except the stock market of Dubai and Abu Dhabi as a one pair, are not cointegrated in whole, but in duration of financial crises integration between selected markets are increased. Finally, investigation of the casual relationship among eight financial markets suggests there are unidirectional and bidirectional causal relationship among some of stock market indices. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=financial%20crises" title="financial crises">financial crises</a>, <a href="https://publications.waset.org/abstracts/search?q=Middle%20East" title=" Middle East"> Middle East</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20market%20integration" title=" stock market integration"> stock market integration</a>, <a href="https://publications.waset.org/abstracts/search?q=Granger%20Causality%20test" title=" Granger Causality test"> Granger Causality test</a>, <a href="https://publications.waset.org/abstracts/search?q=ARDL%20test" title=" ARDL test"> ARDL test</a> </p> <a href="https://publications.waset.org/abstracts/36061/long-run-relationship-among-tehran-stock-exchange-and-the-gcc-countries-financial-markets-before-and-after-20072008-financial-crisis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/36061.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">394</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2990</span> Investigating the Relationship between the Kuwait Stock Market and Its Marketing Sectors</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohamad%20H.%20Atyeh">Mohamad H. Atyeh</a>, <a href="https://publications.waset.org/abstracts/search?q=Ahmad%20Khaldi"> Ahmad Khaldi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The main objective of this research is to measure the relationship between the Kuwait stock Exchange (KSE) index and its two marketing sectors after the new market classification. The findings of this research are important for Public economic policy makers as they need to know if the new system (new classification) is efficient and to what level, to monitor the markets and intervene with appropriate measures. The data used are the daily index of the whole Kuwaiti market and the daily closing price, number of deals and volume of shares traded of two marketing sectors (consumer goods and consumer services) for the period from the 13th of May 2012 till the 12th of December 2016. The results indicate a positive direct impact of the closing price, volume and deals indexes of the consumer goods and the consumer services companies on the overall KSE index, volume and deals of the Kuwaiti stock market (KSE). <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=correlation" title="correlation">correlation</a>, <a href="https://publications.waset.org/abstracts/search?q=market%20capitalization" title=" market capitalization"> market capitalization</a>, <a href="https://publications.waset.org/abstracts/search?q=Kuwait%20Stock%20Exchange%20%28KSE%29" title=" Kuwait Stock Exchange (KSE)"> Kuwait Stock Exchange (KSE)</a>, <a href="https://publications.waset.org/abstracts/search?q=marketing%20sectors" title=" marketing sectors"> marketing sectors</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20performance" title=" stock performance"> stock performance</a> </p> <a href="https://publications.waset.org/abstracts/76744/investigating-the-relationship-between-the-kuwait-stock-market-and-its-marketing-sectors" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/76744.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">326</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2989</span> Corporate Fund Mobilization for Listed Companies and Economic Development: Case of Mongolian Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ernest%20Nweke">Ernest Nweke</a>, <a href="https://publications.waset.org/abstracts/search?q=Enkhtuya%20Bavuudorj"> Enkhtuya Bavuudorj</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The Mongolia Stock Exchange (MSE) serves as a vehicle for executing the privatization policy of Mongolian Government as it transitioned from socialist to free market economy. It was also the intention of the Government to develop the investment and securities market through its establishment and to further boost the ailing Mongolian economy. This paper focuses on the contributions of the Mongolian Stock Exchange (MSE) to the industrial and economic development of Mongolia via Corporate fund mobilization for listed companies in Mongolia. A study of this nature is imperative as economic development in Mongolia has been accelerated by corporate investments. The key purpose of the research was to critically analyze the operations of the MSE to ascertain the extent to which the objectives for which it was established have been accomplished and to assess its contributions to industrial and economic development of Mongolia. In achieving this, secondary data on the activities of the MSE; its market capitalization over the years were collected and analyzed vis-à-vis the figures for Mongolia’s macro-economic data for the same time period to determine whether the progressive increase in market capitalization of the MSE has positively impacted on Mongolia’s economic growth. Regression analysis package was utilized in dissecting the data. It was proven that the Mongolian Stock Exchange has contributed positively and significantly to Mongolia’s economic development though not yet to the desired level. Against the findings of this research, recommendations were made to address, the problems facing the MSE and to enhance its performance and ultimately its contributions to industrial and economic development of the Mongolian nation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Corporate%20Fund%20Mobilization" title="Corporate Fund Mobilization">Corporate Fund Mobilization</a>, <a href="https://publications.waset.org/abstracts/search?q=Gross%20Domestic%20Product%20%28GDP%29" title=" Gross Domestic Product (GDP)"> Gross Domestic Product (GDP)</a>, <a href="https://publications.waset.org/abstracts/search?q=market%20capitalization" title=" market capitalization"> market capitalization</a>, <a href="https://publications.waset.org/abstracts/search?q=purchasing%20power" title=" purchasing power"> purchasing power</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20exchange" title=" stock exchange"> stock exchange</a> </p> <a href="https://publications.waset.org/abstracts/52500/corporate-fund-mobilization-for-listed-companies-and-economic-development-case-of-mongolian-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/52500.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">253</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2988</span> Ownership Structure and Portfolio Performance: Pre- and Post-Crisis Evidence from the Amman Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammad%20Q.%20M.%20Momani">Mohammad Q. M. Momani</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The objective of this study is to examine whether the value relevance of ownership structure changed as the Amman Stock Exchange market conditions changed. Using data from 2005 to 2014, the study finds that the performance of portfolios that contain firms with concentrated ownership structure declines significantly during the post-crisis period. These portfolios exhibit poor performance relative to portfolios that contain firms with dispersed ownership structure during the post-crisis period. The results argue that uninspired performance of the Amman Stock Exchange during the post-crisis period, increased the incentives for controlling shareholders to expropriate. Investors recognized these incentives and discounted firms that were more likely to expropriate. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=value%20relevance" title="value relevance">value relevance</a>, <a href="https://publications.waset.org/abstracts/search?q=ownership%20structure" title=" ownership structure"> ownership structure</a>, <a href="https://publications.waset.org/abstracts/search?q=portfolio%20performance" title=" portfolio performance"> portfolio performance</a>, <a href="https://publications.waset.org/abstracts/search?q=Jordan" title=" Jordan"> Jordan</a>, <a href="https://publications.waset.org/abstracts/search?q=ASE" title=" ASE"> ASE</a> </p> <a href="https://publications.waset.org/abstracts/105233/ownership-structure-and-portfolio-performance-pre-and-post-crisis-evidence-from-the-amman-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/105233.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">124</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2987</span> Measuring the Effect of the Privatization of the Kuwait Stock Exchange on Its Performance</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohamad%20H.%20Atyeh">Mohamad H. Atyeh</a>, <a href="https://publications.waset.org/abstracts/search?q=Wael%20Alrashed"> Wael Alrashed</a>, <a href="https://publications.waset.org/abstracts/search?q=Steven%20Telford"> Steven Telford</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The main objective of this research is to measure if there have been any notable changes in the trading actives of the Kuwait stock Exchange (KSE) after the privatization process that took place on the 25th of April 2016. The data that are used to test if there is any change in the KSE market performance are the daily indices for the period from the 25th of April 2016 till the 24th of October 2016 (after privatization) and a similar six months period before the date of the privatization from the 24th of October 2015 till the 24th of April 2016. In addition, as a control, the study included a period that is a period parallel to the six months period after the privatization. The results indicate that privatization is associated with lower variability for the majority of variables, but that the observed switch in slope direction is not actually a product of privatization, but rather one of serial correlation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=privatization" title="privatization">privatization</a>, <a href="https://publications.waset.org/abstracts/search?q=Kuwait%20stock%20exchange%20%28KSE%29" title=" Kuwait stock exchange (KSE)"> Kuwait stock exchange (KSE)</a>, <a href="https://publications.waset.org/abstracts/search?q=market%20capitalization%20%28MCAP%29" title=" market capitalization (MCAP)"> market capitalization (MCAP)</a>, <a href="https://publications.waset.org/abstracts/search?q=capital%20markets%20authority%20%28CMA%29" title=" capital markets authority (CMA)"> capital markets authority (CMA)</a>, <a href="https://publications.waset.org/abstracts/search?q=Boursa%20Kuwait%20securities%20company%20%28BKSC%29" title=" Boursa Kuwait securities company (BKSC)"> Boursa Kuwait securities company (BKSC)</a> </p> <a href="https://publications.waset.org/abstracts/62593/measuring-the-effect-of-the-privatization-of-the-kuwait-stock-exchange-on-its-performance" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/62593.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">297</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2986</span> Exploring the Effect of Accounting Information on Systematic Risk: An Empirical Evidence of Tehran Stock Exchange</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mojtaba%20Rezaei">Mojtaba Rezaei</a>, <a href="https://publications.waset.org/abstracts/search?q=Elham%20Heydari"> Elham Heydari</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=accounting%20information" title="accounting information">accounting information</a>, <a href="https://publications.waset.org/abstracts/search?q=market%20risk" title=" market risk"> market risk</a>, <a href="https://publications.waset.org/abstracts/search?q=systematic%20risk" title=" systematic risk"> systematic risk</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20return" title=" stock return"> stock return</a>, <a href="https://publications.waset.org/abstracts/search?q=efficient%20market%20hypothesis" title=" efficient market hypothesis"> efficient market hypothesis</a>, <a href="https://publications.waset.org/abstracts/search?q=EMH" title=" EMH"> EMH</a>, <a href="https://publications.waset.org/abstracts/search?q=Tehran%20stock%20exchange" title=" Tehran stock exchange"> Tehran stock exchange</a>, <a href="https://publications.waset.org/abstracts/search?q=TSE" title=" TSE"> TSE</a> </p> <a href="https://publications.waset.org/abstracts/118623/exploring-the-effect-of-accounting-information-on-systematic-risk-an-empirical-evidence-of-tehran-stock-exchange" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/118623.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">133</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">2985</span> Firm Performance and Stock Price in Nigeria</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tijjani%20Bashir%20Musa">Tijjani Bashir Musa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The recent global crisis which suddenly results to Nigerian stock market crash revealed some peculiarities of Nigerian firms. Some firms in Nigeria are performing but their stock prices are not increasing while some firms are at the brink of collapse but their stock prices are increasing. Thus, this study examines the relationship between firm performance and stock price in Nigeria. The study covered the period of 2005 to 2009. This period is the period of stock boom and also marked the period of stock market crash as a result of global financial meltdown. The study is a panel study. A total of 140 firms were sampled from 216 firms listed on the Nigerian Stock Exchange (NSE). Data were collected from secondary source. These data were divided into four strata comprising the most performing stock, the least performing stock, most performing firms and the least performing firms. Each stratum contains 35 firms with characteristic of most performing stock, most performing firms, least performing stock and least performing firms. Multiple linear regression models were used to analyse the data while statistical/econometrics package of Stata 11.0 version was used to run the data. The study found that, relationship exists between selected firm performance parameters (operating efficiency, firm profit, earning per share and working capital) and stock price. As such firm performance gave sufficient information or has predictive power on stock prices movements in Nigeria for all the years under study.. The study recommends among others that Managers of firms in Nigeria should formulate policies and exert effort geared towards improving firm performance that will enhance stock prices movements. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=firm" title="firm">firm</a>, <a href="https://publications.waset.org/abstracts/search?q=Nigeria" title=" Nigeria"> Nigeria</a>, <a href="https://publications.waset.org/abstracts/search?q=performance" title=" performance"> performance</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20price" title=" stock price"> stock price</a> </p> <a href="https://publications.waset.org/abstracts/27645/firm-performance-and-stock-price-in-nigeria" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/27645.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">475</span> </span> </div> </div> <ul class="pagination"> <li class="page-item disabled"><span class="page-link">&lsaquo;</span></li> <li class="page-item active"><span class="page-link">1</span></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=logistic%20stock%20exchange&page=2">2</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=logistic%20stock%20exchange&page=3">3</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=logistic%20stock%20exchange&page=4">4</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=logistic%20stock%20exchange&page=5">5</a></li> <li class="page-item"><a class="page-link" href="https://publications.waset.org/abstracts/search?q=logistic%20stock%20exchange&page=6">6</a></li> <li class="page-item"><a class="page-link" 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