Global stock exchanges : stability, interrelationships, and roles / Paolo B. Cassedes, editor.

Format:

Book

Contributor:

Cassedes, Paolo B.

Language:

English

Subjects (All):

Stock exchanges.

Physical Description:

1 online resource (222 p.)

Edition:

1st ed.

Place of Publication:

New York : Nova Science Publishers, c2009.

Language Note:

English

Summary:

This book explores the ways in which global stock exchanges work. A stock exchange or share market is a corporation or mutual organization which provides "trading" facilities for stock brokers and traders to trade stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. This new book is dedicated to understanding the stability, interrelations and roles of these global stock markets. The various factors which drive the supply and demand in stock markets, and subsequently affect the price of stocks, is examined as well.

Contents:

Intro

GLOBAL STOCK EXCHANGES:STABILITY, INTERRELATIONSHIPS,AND ROLES

CONTENTS

PREFACE

INSTITUTIONAL OWNERSHIP IN S&amp

PINDEX FINANCIAL CORPORATIONS*

Abstract

1. Introduction

2. Literature Review and Hypothesis Development

3. Data, Methodology and Variable Definitions

3.1. Sample Selection

3.2. Empirical Methodology

3.3. Variable Definitions

3.4. Other Control Variables

4. Empirical Analysis

4.1. Summary Statistics

4.2. Time-Series Analysis of Changes in Institutional Ownership

4.2.1. Average Changes in Institutional Ownership over Time

4.2.2. Frequency Distribution Analysis of Yearly Changes in InstitutionalOwnership

4.2.3. Yearly Changes in Institutional Ownership across Bull and Bear Markets

4.3. Univariate Analysis

4.4. Multiple Regression Results Across Bull and Bear Markets

4.5. Multiple Regression Results Across Different S&amp

P Indices and FinancialFirm Types

4.6. Endogenous Model with Lagged Variables

4.7. Effects of Changes in Firm Characteristics on Institutional Ownership

4.8. Additional Analysis

5. Conclusions

Appendix Tables

References

RATIONAL BUBBLES IN ISTANBUL STOCKEXCHANGE: LINEAR AND NONLINEARUNIT ROOT TESTS

2. Types of Stock Price Bubbles

2.1. Non Rational Bubbles

2.1.1. Two-traders Model

2.1.2. Investor Psychology

2.2. Rational Bubbles

2.3. Inefficiencies due to Imperfect and Heterogeneous Information

3. Present Value Model and Rational Bubbles

4. Empirical Tests of Rational Bubbles

4.1. Bubble Premium Tests

4.2. Excess Volatility Tests

4.3. Unit Root and Cointegration Tests

5. Testing Rational Bubbles in Istanbul Stock Exchange

5.1. Linear Unit Root Test Methodology

5.2. Bilinear Unit Root Test Methodology

6. Empirical Findings.

6.1. Empirical Findings of Linear Unit Root Model

6.2. Empirical Findings of Bilinear Unit Root Model

7. Conclusion

LEARNING TO LIVE WITH THE FLOAT:TURKEY'S EXPERIENCE 2001-2003

1 Introduction

2 Exchange Rate Regimes and Policy in Emerging MarketEconomies

3 Turkish Economy: An Overview

4 Policy Under Floating Exchange Rate Regime in Turkey

5 Accumulated Risks

6 Conclusion

GLOBALIZATION AND STOCK MARKET STABILITY

Introduction

Major Aspects of Stock Market Globalization

Liberalization of Stock Trading

Integration of the World Stock Markets

Adopting International Principles

Adopting Accounting Standards and Disclosure Requirements

Regional Integration of Stock Exchanges

Internationalization of Stock Markets

Increasing Foreign Share of Stock Trading

Increasing the Role of International Mutual Funds

Increasing Trading Value of Cross-Listed Firms

International Public Offerings

Conclusion

ANALYST ORIGIN AND THEIR FORECASTINGQUALITY ON THE LATIN AMERICANSTOCK MARKETS

2. Data and Overview Statistics

3. Analysts' Timeliness

3.1. Empirical Design

3.2. Results for Analysts' Timeliness

4. Forecast Accuracy

4.1. Empirical Design

4.2. Results for Forecast Accuracy

5. Impact of Forecast Revisions on Security Prices

5.1. Empirical Design

5.2. Results for the Impact of Forecast Revisions on Security Prices

6. Conclusions

Appendix

Leader-to-Follower Ratio

Acknowledgements

SARBANES-OXLEY AND THE COMPETITIVEPOSITION OF U.S. STOCK MARKETS

Who are the Competitors?

Trends in EXCHANGE Listings

Foreign vs. Domestic Listings

New Listings

Delistings

IPOs and Capital Formation

Endnotes.

ESTIMATION OF VALUE AT RISKFOR HETEROSCEDASTIC AND HEAVY-TAILED ASSETTIME SERIES: EVIDENCE FROM EMERGING ASIANSTOCK MARKETS

2. Methodology

2.1. An Alternative VaR Model

2.1.1. First Stage

2.1.2. Second Stage

2.2. Backtesting VaRs

3. Data Description

4. Empirical Results

CAPITAL ACCUMULATION IN LESS DEVELOPEDCOUNTRIES: DOES STOCK MARKET MATTER?

I. Introduction

II. Relationship between Stock Market Developments and CapitalAccumulation

A. Panel Data Analysis

B. Time Series Analysis

III. Conclusion

DO INTERNATIONAL STOCK PRICES REFLECTINTERNATIONAL BUSINESS CYCLES?

Data

Empirical Results

Some Concluding Remarks

INDEX.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

1-61728-427-0

OCLC:

662453107