Finance and Market最新文献_第4页

Open-end Mutual Fund Analysis—Take ChinaAMC Large Cap Select Fund as Example 开放式共同基金分析——以华夏大盘股精选基金为例

Finance and Market Pub Date : 2019-10-27 DOI: 10.18686/fm.v4i2.1611

X. Yuan

引用次数: 0

An Empirical Test of the Theory of Efficient Markets of Stock Prices 股票价格有效市场理论的实证检验

Finance and Market Pub Date : 2018-09-14 DOI: 10.18686/FM.V3I2.1077

K. Bhattarai, Vasi Margariti

{"title":"An Empirical Test of the Theory of Efficient Markets of Stock Prices","authors":"K. Bhattarai, Vasi Margariti","doi":"10.18686/FM.V3I2.1077","DOIUrl":"https://doi.org/10.18686/FM.V3I2.1077","url":null,"abstract":"A structure of the statistical tests motivated by Cromwell, Labys&Terraza[23]has been used to build linear and nonlinear predictability models.Most importantly, the variance ratio test and that of AR-GARCH model is used to test the dual hypotheses of the random walk and efficiencyin stock markets. Whilein all or nothing condition of market efficiency, the variance ratio tests show weak signs of predictability and in contrast to the AR-GARCH model that shows strong signs of predictability. Testing efficiency over time shows that price-fluctuations between periods of predictability and unpredictability and theseare not correlated through indices. This study then contributes to the empirical evidence that the efficient market hypothesis should not be an all or nothing condition but be stated as a time varying condition where prices fluctuate between periods of efficiency and inefficiency. It is found that market microstructure can cause problems for certain measuring frequencies and a sufficiently risk averse investor may be happy to pay a premium to avoid any unforecastable asset price volatilities as inLeroy[11]andLucas[12]. Three random walk models also do not prevent questioning the validity of predictability of stock prices.","PeriodicalId":12136,"journal":{"name":"Finance and Market","volume":"265 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77155974","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: 9

Does the Rise of Housing Prices Impede Labor Supply? -Evidence from CGSS Data 房价上涨阻碍劳动力供给吗?-来自CGSS数据的证据

Finance and Market Pub Date : 2018-09-03 DOI: 10.18686/FM.V3I2.1116

Guangpu Yang, Jinhua Li

引用次数: 0

Can Capital Structure Affect the Financial Performance of Banks in Turkey? 资本结构会影响土耳其银行的财务绩效吗?

Finance and Market Pub Date : 2018-04-15 DOI: 10.18686/FM.V4I1.1103

Merve Tuncay

{"title":"Can Capital Structure Affect the Financial Performance of Banks in Turkey?","authors":"Merve Tuncay","doi":"10.18686/FM.V4I1.1103","DOIUrl":"https://doi.org/10.18686/FM.V4I1.1103","url":null,"abstract":"The aim of this study is to investigate the determinants of banks’ financial performance in terms of the capital structure. Annual financial statements of 11 banks traded in Borsa Istanbul are employed for the period of 2006-2016. Return on assets, return on equity and earnings per share are chosen for financial performance measures. The independent variables related to the capital structure are capital adequacy, equity-to-asset, and financial leverage ratios. In addition, macroeconomic variables and bank-specific variables are also considered as control variables for the analysis. The data are analyzed by the panel data regression analysis as it provides more informative finding and less multicollinearity among variables than time series and cross-sectional analyzes.The Hausman test results indicate that the random effects model is appropriate for the whole dependent variables. According to the findings; while equity-to-asset ratio affects return on assets positively, amongst the control variables specific to firms, firm size, asset quality and asset growth variables have significant effects on return on assets. It is found no significant effect of independent variables on return on equity, however, it is seen that asset quality has a negative and significant effect. Inflation and interest rates have a significant effect on both variables. Finally, it is seen that equity-to-asset ratio has a positive and significant effect on earnings per share. Only the effect of asset quality on earnings per share is found to be significant among the control variables. Findings of the study are consistent with the previous studies. In addition, the M&M views are not supported by the findings related to return on assets and earnings per share but the return on equity.","PeriodicalId":12136,"journal":{"name":"Finance and Market","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77553136","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

TAA Properly Defined 正确定义TAA

Finance and Market Pub Date : 2018-04-15 DOI: 10.18686/FM.V4I1.1097

Robert A. Brown

引用次数: 6