Econometric Modeling: International Financial Markets - Emerging Markets eJournal最新文献_第10页

A Preliminary Study of the Emerging and Developing Stock Market of China 中国新兴和发展中的股票市场初步研究

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2014-01-21 DOI: 10.22158/jbtp.v2n1p100

Hai Long

{"title":"A Preliminary Study of the Emerging and Developing Stock Market of China","authors":"Hai Long","doi":"10.22158/jbtp.v2n1p100","DOIUrl":"https://doi.org/10.22158/jbtp.v2n1p100","url":null,"abstract":"The Chinese share market as an emerging and fast-growing listing venue has experienced a significant development since 2000. Prior studies on this market overwhelmingly concentrate on IPO-pricing-related and post-IPO performance-based propositions with lagging data. Adopting the updated data within the last couple of years, this paper comprehensively explores and accounts for some striking features of the Chinese stock market, and unfolds some new causes contributing to these characteristics.Some new findings are revealed. 1) Two new factors may lead to the extreme underpricing in China’s market, which are the unseasoned investors and their high demands of IPO shares. 2) The foreign-currency trading platform is not effective and efficient to attract the overseas investors. 3) The imbalanced industry structure of the listed firms is very significant, the Chinese share market is dominated by the manufacturing firms. 4) The Growth Enterprise Market of China is essential to address the long-standing financing difficulties for the Chinese Small and Medium-sized Enterprises, which are unqualified to raise capital from the Primary Stock Market.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128876119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Stock Market Reactions to the Announcements and Executions of Stock-Splits and Reverse Stock-Splits 股票市场对股票分割和反向股票分割的公告和执行的反应

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-12-12 DOI: 10.15290/OSE.2013.05.65.03

P. Jamróz, Grzegorz Koronkiewicz

引用次数: 3

Oil Price Fluctuation and Stock Market Performance - The Case of Pakistan 油价波动与股市表现——以巴基斯坦为例

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-12-01 DOI: 10.2139/ssrn.2388302

Prof.Dr.Masood Mashkoor Siddiqui, Nabeel Muhammad

{"title":"Oil Price Fluctuation and Stock Market Performance - The Case of Pakistan","authors":"Prof.Dr.Masood Mashkoor Siddiqui, Nabeel Muhammad","doi":"10.2139/ssrn.2388302","DOIUrl":"https://doi.org/10.2139/ssrn.2388302","url":null,"abstract":"The level of development in any country is very much dependent upon the rate of investment in the economy. Stock market provides an effective platform for the diversion of funds from surplus to deficient units and their ultimate productive investment. The prevalence of optimistic and pessimistic approach in the stock market determines the rise and fall in the stock index. There are number of local and global macroeconomic variables that determine the stock market performance. In this study the objective of the researcher is to investigate the impact of international oil price fluctuation on the performance of stock markets in Pakistan and KSE-100 Index is taken as sample for analysis. In addition to oil price, other macroeconomic variables i.e. exchange rate and foreign private portfolio investment were also included in the model to strengthen its explanatory power. The study also analyzed the significance of political stability in the determination of stock market performance. The results revealed that the oil prices, exchange rate and foreign private portfolio investment have positive correlation with stock market performance while democratic set up is found to have a negative impact over stock market performance in Pakistan.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123713783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 20

Competitive Advantages and Performance of Stock Market: The Case of Egypt 竞争优势与股票市场绩效:以埃及为例

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-10-22 DOI: 10.5539/IJEF.V5N11P133

N. Alber

引用次数: 11

Asymmetric Volatility and Performance of Indian Equity Market- Comparison of SENSEX and S&P CNX Nifty 印度股市的不对称波动和表现——SENSEX和标普CNX指数的比较

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-10-01 DOI: 10.2139/ssrn.3581621

R. Gupta

引用次数: 3

Dynamic Analysis of Time-Varying Correlations and Cointegration Relationship between Australia and Frontier Equity Markets 澳洲与前沿股市时变相关与协整关系之动态分析

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-08-19 DOI: 10.2139/ssrn.2312551

Sudharshan Reddy Paramati, Rakesh Gupta, K. Tandon

引用次数: 5

Do Emerging Markets Provide Currency Diversification Benefits? 新兴市场能带来外汇多元化的好处吗?

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-07-11 DOI: 10.1504/IJBAAF.2013.058087

I. Chaieb, V. Errunza, Basma Majerbi

引用次数: 2

The Role of Private Equity Investments in Public Firms: International Evidence 私募股权投资在上市公司中的作用:国际证据

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-06-01 DOI: 10.1596/1813-9450-6484

Sandeep Dahiya, Leora F. Klapper, H. Parthasarathy, Dorothe Singer

{"title":"The Role of Private Equity Investments in Public Firms: International Evidence","authors":"Sandeep Dahiya, Leora F. Klapper, H. Parthasarathy, Dorothe Singer","doi":"10.1596/1813-9450-6484","DOIUrl":"https://doi.org/10.1596/1813-9450-6484","url":null,"abstract":"This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders attempt to time the markets, firms issuing SEOs are preceded by a significantly higher run-up in stock price compared with those issuing PIPEs. This result is consistent with the undervaluation hypothesis that states that firms are more likely to issue PIPEs when they perceive their stock to be undervalued. In contrast to the United States where this undervaluation appears to be driven by financial distress and asymmetric information, the results show PIPE and SEO issuers to be statistically undistinguishable from each other. The announcement of a PIPE offering is on average associated with a significantly higher stock market reaction compared with an issue of a SEO, suggesting that private equity investors may play a certification or monitoring role. However, a comparison of PIPE issuers' operating performance and stock market returns in the pre-issue and the post-issue periods does not detect any significant improvements.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122279219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

The Sources of Country and Industry Variations in ASEAN Stock Returns 东盟股票收益国家和行业差异的来源

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-03-22 DOI: 10.2139/ssrn.2631867

T. Chong, C. Hooy, Meng Horng Lee

引用次数: 0

Does Emerging Market Recognize Intangible Capital? Evidence from China 新兴市场是否承认无形资本?来自中国的证据

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2013-03-21 DOI: 10.2139/ssrn.2237448

Yin Yu, Carol Padgett

{"title":"Does Emerging Market Recognize Intangible Capital? Evidence from China","authors":"Yin Yu, Carol Padgett","doi":"10.2139/ssrn.2237448","DOIUrl":"https://doi.org/10.2139/ssrn.2237448","url":null,"abstract":"Emerging markets are characterized by rapidly changing capital structures and advancing technology; but how well is intangible capital recognized in the capital market? This paper investigates equity market valuation of firm intangible capital and asset pricing model in the Chinese A-share market. While intangible capital is recognized as a risk factor in developed markets, we want to investigate whether this is the case in an emerging market. We derive a systematic model to identify and to value firms’ intangible capital relative to that of their industry peers and competitors. In this paper, firm intangible capital effect divides into human capital (HCF), external capital (ECF), and organizational capital (OCF). Using capital market data from China, we find that the traditional asset pricing model can be statistically enhanced by the presence of intangible capital and that market is able to recognize the value of intangible capital. Portfolios with low HCF, OCF, and ECF firms systematically outperform portfolios of high HCF, OCF, ECF firms by an average of 1.43%, 12.8%, and 4.02%. As shown in time series Fama-French three factors model, we found that the risk component proxied by intangible capital is not included in the traditional asset pricing model. Also large/state owned companies react to these risk proxies more than small/private companies.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126553352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0