Stock Market

In recent years, financial economists and commercial providers of governance services have created measures of corporate governance quality that collapse into one number (a governance rating or index) the multiple dimensions of a company's governance, measures which commercial providers market to institutional investors as aids for portfolio and proxy voting decisions. The aim of this Article is twofold: to analyze the effectiveness of corporate governance indices in predicting corporate performance and to consider the implications for public policy that follow from that assessment. We highlight methodological shortcomings of the extant research that claims to have identified a relation between particular governance measures and corporate performance. Our core conclusion is that there is no consistent relation between governance indices and measures of corporate performance. Namely, there is no one "best" measure of corporate governance: The most effective governance system depends on context and on firms' specific circumstances. It would therefore be difficult for an index, or any one variable, to capture nuances critical for making informed decisions. As a consequence, we conclude that governance indices are highly imperfect instruments for determining how to vote corporate proxies, let alone for making portfolio investment decisions, and that investors and policymakers should exercise caution in attempting to draw inferences regarding a firm's quality orfuture stock market performance from its ranking on any particular corporate governance measure. Most important, because there is considerable variation in the relation between indices and measures of corporate performance, our analysis suggests that corporate governance is an area where a regulatory regime of

The board of directors is one of a number of internal governance mechanisms that are intended to ensure that the interests of shareholders and managers are closely aligned, and to discipline or remove ineffective management teams. Among the most significant governance issues currently faced by the modern corporation are those relating to diversity, such as gender and age, and independence of directors.

We provide a comprehensive review of China's financial system, and explore directions of future development. First, the financial system has been dominated by a large banking sector. In recent years banks have made considerable progress in reducing the amount of non-performing loans and improving their efficiency. Second, the role of the stock market in allocating resources in the economy has been limited and ineffective. We discuss issues related to the further development of China's stock market and other financial markets. Third, the most successful part of the financial system, in terms of supporting the growth of the overall economy, is a non-standard sector that consists of alternative financing channels, governance mechanisms, and institutions. The co-existence of this sector with banks and markets can continue to support the growth of the Hybrid Sector (non-state, non-listed firms). Finally, among the policies that will help to sustain stable economic growth in China are those that reduce the likelihood of damaging financial crises, including a banking sector crisis, a real estate or stock market crash, and a "twin crisis" in the currency market and banking sector.

The paper studies the effect on the stock market in India. It's a vivid picture which has emerged in India Stock market. This paper will try to evaluate the stock market fall from January 2020 to 17 th March 2020.The data are collected from secondary sources. This paper will help the people to understand clear picture about the different phases of COVAID-19 which is responsible for bearish mood of the market. The first outbreak came in China market. Afterward it has affected all the market throughout the world. It has effected in three phases. When I was going through reports I found there are three phases, In short the phases are-i) Incubation phase ii) Outbreak Phase iii) Fever phase or Pandemic. In Incubation the financial Institutions started paying attention in Outbreak stage the stocks started falling.

The paper studies the effect on the stock market in India. It’s a vivid picture which has emerged in India Stock market. This paper will try to evaluate the stock market fall from January 2020 to 17 th March 2020.The data are collected from secondary sources. This paper will help the people to understand clear picture about the different phases of COVAID-19 which is responsible for bearish mood of the market. The first outbreak came in China market. Afterward it has affected all the market throughout the world. It has effected in three phases. When I was going through reports I found there are three phases, In short the phases are –i) Incubation phase ii) Outbreak Phase iii) Fever phase or Pandemic . In Incubation the financial Institutions started paying attention in Outbreak stage the stocks started falling

Günümüzde Yapay Sinir Ağları son dönemde popüler olan öngörü yöntemlerinden biridir. Bununla birlikte Yapay Sinir Ağları kendi içerisinde öngörü modelleri birkaç farklı yöntemle ayrılmaktadır. Bu makalede yapay sinir ağları yöntemlerinden en çok kullanılan 3 yöntemin karşılaştırmalı analizi yapılmıştır. Bu çalışmada en yüksek tahmin sonuçlarını veren yöntemin belirlenmesi amaçlanmıştır. Bu veri setinde 6215 veri, 6 farklı bağımsız değişken bulunmaktadır. Bu bağımsız değişkenler sırasıyla, açılış, kapanış, en yüksek olduğu nokta, en düşük olduğu nokta, açılış-kapanış arasındaki fark, en yüksek çıktığı değer-en çok düştüğü değer arasındaki farkın ortalamasıdır. Bu bağımsız değişkenler Yapay Sinir Ağları modelinin girdisi iken, bağımlı değişken olarak modelin tahmin gücü kullanılmıştır. Bu çalışmada üç farklı Yapay Sinir Ağı yöntemi kullanılacaktır, bunlar sırasıyla; doğrusal regresyon, rassal orman regresyon, karar ağacı öğrenmesi'dir. Yapay Sinir Ağları ile elde edilen sonuçlar en iyi tahmin modeli ortaya çıkaracaktır. Uygun veri setinin kullanımı ile birlikte en doğru sonuçları verebilmektedir. Bunun en önemli nedenlerinden bir tanesi Yapay Sinir Ağları, daha fazla veriye ihtiyaç duymakta ve veri sayısı arttıkça öğrenme ve eğitim aşamaları daha iyi sonuç ortaya koymaktadır.

Capital Asset Pricing Model (CAPM) builds on the portfolio theory and predicts that all investors hold the market portfolio in equilibrium and as such only systematic risks is priced. Yet empirical evidences on this important relation have been yielding mixed results. While some show that idiosyncratic risk can as well be priced, others contradict this. In investigating whether idiosyncratic risks can be priced in the Nigerian stock market, we employed two-step estimation procedures, namely the time series procedure to determine the beta and idiosyncratic risk for each of the companies and the cross-sectional estimation procedure used on EGARCH model to investigate the impact of these risks on the stock market returns. Our result reveals that systematic risk is priced while the idiosyncratic risk is not priced. Thus, investors in the Nigerian stock market seem to fully diversify away firms specific risk while holding market portfolio. The study also found that volatility clustering ...

This paper explores the effects of deregulation and globalization on the dominant mode of corporate governance in Swedish public firms. The effects are multidimensional-the direction of change in corporate governance cannot be determined by simply examining whether a convergence towards the Anglo-American model is occurring. Dispersed ownership with management control has not proven to be a viable model of corporate governance for Swedish listed companies. Instead, the control models with the most rapid growth in the most recent decades are found outside the stock market, notably private equity and foreign ownership. After a major revival of the Swedish stock market its importance for the Swedish economy is again in decline. Instead of adjustments in pertinent institutions and practices to ensure effectiveness of the corporate governance of Swedish public firms under these new conditions, a great deal of endogenous adjustment of the ownership structure has taken place. A major lesson from this study is that unless institutional reform renders management entrenchment and/or board independence possible, convergence to the Anglo-American model cannot take place.

This study investigates long-term linear and nonlinear causal linkages among eleven stock markets, six industrialized markets and five emerging markets of South-East Asia. We cover the period 1987-2006, taking into account the on-set of the Asian financial crisis of 1997. We first apply a test for the presence of general nonlinearity in vector time series. Substantial differences exist between the pre-and post-crisis period in terms of the total number of significant nonlinear relationships. We then examine both periods, using a new nonparametric test for Granger noncausality and the conventional parametric Granger noncausality test. One major finding is that the Asian stock markets have become more internationally integrated after the Asian financial crisis. An exception is the Sri Lankan market with almost no significant long-term linear and nonlinear causal linkages with other markets. To ensure that any causality is strictly nonlinear in nature, we also examine the nonlinear causal relationships of VAR filtered residuals and VAR filtered squared residuals for the post-crisis sample. We find quite a few remaining significant bi-and unidirectional causal nonlinear relationships in these series. Finally, after filtering the VAR-residuals with GARCH-BEKK models, we show that the nonparametric test statistics are substantially smaller in both magnitude and statistical significance than those before filtering. This indicates that nonlinear causality can, to a large extent, be explained by simple volatility effects.

We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the ...

Investors, before making an investment decision, rely on many sources of information, including the Web, which in current times has become an important mean of mass production and dissemination of information for the financial/stock market. In this work, we study techniques of Opinion Mining, applied to investment analysis, based on news sources disseminated on the Web, in order to achieve a better consumption and processing of this information, extracting the relevant part of the huge amount of unstructured data (text) generated on the Web.

This study develops a new KOSPI200 implied volatility index and examines its informational content and nonlinear dynamics. The construction of this new benchmark for volatility expectations follows the methodology for calculating the new VIX index from S&P500 options. The empirical evidence suggests that the expected level of volatility in the Korean stock market has been steadily falling since the inception of option trading and the onset of the Asian financial crisis. Implied volatility is found to reflect useful information on future volatility that is not contained in the history of returns, even after allowing for leverage effects. Markov regime-switching models suggest that nonlinearities in volatility expectations are not likely to be driven solely by the asymmetric impact of news but also by regime-dependencies in the realignment mechanism adjusting for forecast errors. The adjustment process is likely to be significant during regimes of lower volatility expectations but financial crises seem to elevate the level of anticipated volatility and impair its adaptive dynamics.

This chapter describes data mining in finance by discussing financial tasks, specifics of methodologies and techniques in this data mining area. It includes time dependence, data selection, forecast horizon, measures of success, quality of patterns, hypothesis evaluation, problem ID, method profile, attribute-based and relational methodologies. The second part of the chapter discusses data mining models and practice in finance. It covers use of neural networks in portfolio management, design of interpretable trading rules and discovering money laundering schemes using decision rules and relational data mining methodology.

The Stock market forecasters focus on developing a successful approach to predict stock prices. The vital idea to successful stock market prediction is not only achieving best results but also to minimize the inaccurate forecast of stock prices. This paper attempts to design and implement a predictive system for guiding stock market investment. The novelty of our approach is the combination of both sensex points and Really Simple Syndication (RSS) feeds for effective prediction. Our claim is that the sentiment analysis of RSS news feeds has an impact on stock market values. Hence RSS news feed data are collected along with the stock market investment data for a period of time. Using our algorithm for sentiment analysis, the correlation between the stock market values and sentiments in RSS news feeds are established. This trained model is used for prediction of stock market rates. In our experimental study the stock market prices and RSS news feeds are collected for the company ARBK from Amman Stock Exchange (ASE). Our experimental study has shown an improvement of 14.43% accuracy prediction, when compared with the standard algorithm of ID3, C4.5 and moving average stock level indicator.

The probability distribution of stock price changes is studied by analyzing a database (the Trades and Quotes Database) documenting every trade for all stocks in three major US stock markets, for the two year period Jan 1994 -Dec 1995. A sample of 40 million data points is extracted, which is substantially larger than studied hitherto. We find an asymptotic power-law behavior for the cumulative distribution with an exponent α ≈ 3, well outside the Levy regime (0 < α < 2).

The paper provides general evidence of income-increasing earnings management in Malaysian IPOs but this occurs primarily during a period of severe economic stress (the East Asian crisis). The requirement to provide a profit guarantee appears to reduce rather than encourage earnings management. Within this high ownership concentration market, ownership concerns also appear to constrain IPO earnings management. Owners are willing to forego 'opportunistic' earnings management and signalling opportunities to increase their likelihood of retaining control of the company post-IPO. IPO companies engaging in aggressive earnings management have significantly worse market-based performance than their more conservative counterparts, but only during the economic crisis period.

Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock market are related with their growth opportunities, their ownership structure and the environment in which they operate. We perform an empirical analysis over an unbalanced panel of 169 Chilean firms for the period 1990-2001. Chilean firms growth opportunities are financed with long term debt. However, when firms need external funds they finance their growth opportunities with short term debt. The high ownership concentration, characteristic of Chilean firms, along with the presence of growth opportunities favours debt financing. The largest firms and the more needed of external financing prefer longer maturities for their debt. Finally, our results indicate that the presence of internal capital markets within a group influences firms financing decisions, particularly in those firms within the group with financing deficit. Pecking order theory offers partial explanations of Chilean firms financing decisions.

This work aims to show how an intelligent system based on reinforcement learning can benefit of classical financial indicators to overcome classic trading strategies in the stock market. Due to the non-linear, random and non-stationary nature of the financial markets, various classic strategies fail to benefit from all opportunities where they could be making profit. In order to achieve that, a system was built where only the buying strategy uses reinforcement learning SARSA algorithms while the sell is made through various classic strategies. To test it, a system that uses an identical selling strategy was constructed, where the purchase was based on a classic indicator. Results show that the intelligent algorithm achieved more stable returns, up to six times higher than the ones from tested classical strategies.

This paper examines herding behavior in global markets. By applying daily data for 18 countries from May 25, 1988, through April 24, 2009, we find evidence of herding in advanced stock markets (except the US) and in Asian markets. No evidence of herding is found in Latin American markets. Evidence suggests that stock return dispersions in the US play a significant role in explaining the non-US market's herding activity. With the exceptions of the US and Latin American markets, herding is present in both up and down markets, although herding asymmetry is more profound in Asian markets during rising markets. Evidence suggests that crisis triggers herding activity in the crisis country of origin and then produces a contagion effect, which spreads the crisis to neighboring countries. During crisis periods, we find supportive evidence for herding formation in the US and Latin American markets.

Applying S. Taylor's approach (1986), we make an extensive analysis on the Japanese stock market, foreign exchange market and the Japanese Government Bond Futures market. The purpose of this paper is to empirically reveal the structure of the Japanese markets via Taylor's model rather than to propose a new model. For this reason, we include a variety of analyzed data particularly for the Japanese stock market and the foreign exchange market because the results can be used in a different manner. The paper consists of three parts. But each part can be read separately.

The Sonification Application and Research Toolbox (SonART) is an open-source effort to develop a platform-independent collection of methods to map data to sonification parameters. A set of graphical user interface tools that will provide practical and intuitive utilities for experimentation and auditory display. SonART aims to provide publicly available, well-documented code that will be easily adapted to address a broad range of sonification needs. The effort will build upon the Synthesis ToolKit (STK) [1]. In this paper we describe SonART's parameter engine framework, its interface to STK, and relevant recent developments in STK. We present an example of sonified stock market data to illustrate the principles of SonART.

This paper employs a components-jump volatility filter to investigate the possible market impact of political risk. The filter operates by identifying jump return dates, which are then associated with political events, allowing us to measure the market return and volatility effects of political announcements. Our empirical results show that political developments in Hong Kong have a significant impact on its market volatility and return. The results have some interesting implications for option pricing and political risk management.  2001 Published by Elsevier Science Ltd.

This study analyzes the effect of corporate bond rating changes by international agencies on stock prices. This topic has not yet been analyzed for the Spanish stock market, despite the growing importance of ratings in Spanish financial markets. On an efficient market, rating changes will only have an effect if they contain some new information. The results from an event study indicate that rating actions cause significant negative abnormal returns in issuing firms around the date of the announcement. This evidence indicates an informational effect related to downgrades, which supports the hypothesis that credit rating agencies provide information that may reduce the asymmetric information problem between firms and investors. In the case of upgrades, our results are compatible with a redistribution of wealth between bondholders and owners or with the reputation hypothesis.

The Stock Exchange Bank is a locally owned bank which prides itself on customer service. To provide excellent customer service for its customers, the human resources manager and other managers within the bank must interview and carefully select the best possible individuals to fill openings in the Bank. Training new hires and current employees is an ongoing process and is vital to the success of the Stock Exchange Bank. Communication barriers are a major challenge for the Bank branches. The Stock Exchange Bank is a family owned business and wants to include employees of the company in their family. Encouraging effecting communication is a challenge for the human resources department in the Stock Exchange Bank. The Stock Exchange Bank 3 The Stock Exchange Bank: A Family of Employees The Stock Exchange Bank is a locally owned and operated bank in Woodward,

This study contributes to the stock returns-inflation relation literature in developing countries by revisiting the issue with reference to the emerging economy, India. More specifically, it tests whether the Indian stock market provides an effective hedge against inflation using monthly data on real stock return, inflation and real activity from April 1980 to March 2004 and a two-step estimation procedure. Results of the study indicate that (i) the Indian stock market reflects future real activity; (ii) the negative stock returns-inflation relation emerges from the unexpected component of the inflation and (iii) this negative relation vanishes when we control for the inflation-real activity relation, thereby providing a strong support for Fama’s proxy effect hypothesis. The split sample analyses indicate that the Fama hypothesis is valid only in pre reform period. In the post reform period, real stock returns have been independent of inflation, i.e., the Fisher Hypothesis is valid.

How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a particular challenge. This study examines the determinants of the discount rate for an international acquisition or project by examining the sources of risk in an international setting. These risks include stock-market price risk measured with ...

Many previous studies on insider trading are based on data in the U.S. capital market and conclude that insiders can earn abnormal profits. This paper examines abnormal price performance associated with insider trading in the Hong Kong stock market. We find that abnormal profits associated with insider trading are all concentrated on small firms. Trading volume does matter in determining the magnitude of those abnormal profits. Our results show that insiders of mediumsized and large firms do not earn abnormal profits. Finally, it is found that outsiders who mimic the information of insider trades associated with medium-sized and large firms cannot earn abnormal profits.

An in-depth investigation of the effects of announcement of corporate crime on firm performance focusing on stock market performance among public enterprises in Malaysia has been conducted. A sample of 7 large, established public companies charged for committing corporate crime by Securities Commission from the period of 1999 to 2005 in Malaysia were identified and examined. Using the event-study methodology proposed by Rao (1997), monthly average abnormal returns (AARs) and cumulative average abnormal returns (CAARs) for the sample of 8 announcements of separate crimes ranging from 12 months prior to and 6 months after the announcement dates are determined. Empirical result indicates that the stock market is informationally inefficient in Malaysia and investors do react to announcement of corporate crime.

From the perspective of the agent-based model of stock markets, this paper examines the possible explanations for the presence of the causal relation between stock returns and trading volume. The implication of this result is that the presence of the stock price-volume causal relation does not require any explicit assumptions like information asymmetry, reaction asymmetry, noise traders, or tax motives. In fact, it suggests that the causal relation may be a generic property in a market modeled as evolving decentralized system of autonomous interacting agents.

The complexity-entropy causality plane has been recently introduced as a powerful tool for discriminating Gaussian from non-Gaussian process and different degrees of correlations [O.A. Rosso, H.A. Larrondo, M.T. Martín, A. Plastino, M.A. Fuentes, Distinguishing noise from chaos, Phys. Rev. Lett. 99 (2007) 154102]. We propose to use this representation space to distinguish the stage of stock market development. Our empirical results demonstrate that this statistical physics approach is useful, allowing a more refined classification of stock market dynamics. (M. Zanin), [email protected] (B.M. Tabak), [email protected] (D.G. Pérez), [email protected] (O.A. Rosso).

This study objective to examine the relationship between gold prices, oil prices and KSE100 return. This study important for the investor whose want to invest in real assets and financial assets. This study helps investor to achieve the portfolio diversification. This study uses the monthly data of gold prices, KSE100, and oil prices for the period of 2000 to 2010 (monthly). This study applied Descriptive statistics, Augmented Dickey Fuller test Phillip Perron test, Johansen and Jelseluis Co-integration test, Variance Decomposition test to find relationship. This study concludes that Gold prices growth, Oil prices growth and KSE100 return have no significant relationship in the long run. This study provides information to the investors who want to get the benefit of diversification by investing in Gold, Oil and stock market. In the current era Gold prices and oil prices are fluctuating day by day and investors think that stock returns may or may not affected by these fluctuations. This study is unique because it focuses on current issues and takes the current data in this research to help the investment institutions or portfolio managers.

The paper, which is based on a newly constructed and unique database, examines the emergence, ownership structure, diversification, evolution and economic activity of business groups in Israel whose development over the years occurred against the background of government activity in the business sector and the financial markets, the rapid expansion of the economy, geopolitical shocks and the extremely unusual replacement of the ruling elites. Using panel data on 650 public companies from 1995 to 2006, we identify twenty major business groups controlling about 160 listed companies and close to a half of total stock market capitalization, while the 10 largest groups' segment of the market capitalization is among the largest in the western world and amounts to 30 percent. These groups are family-controlled and highly diversified across different industries with common pyramidal structure of ownership: roughly 80 percent of all group-affiliated companies belong to business pyramids. Business groups are dominant especially in the financial sector, where half of banks and insurance companies are group-affiliated. Finally, using both stock market-based measures (Tobin's Q), and accounting measures of profitability (e.g. ROA), we find that group affiliation has no significant impact on accounting profitability, but it is associated with lower market valuation. In part, this seems to be due to conflicts between controlling and minority shareholders; and in part, this may reflect the fact that in a developed economy, where external markets are well-developed, business groups have no advantage in allocating resources internally. The reasons for their existence appear to have more to do with prestige, political ties, family considerations and other factors than with economic efficiency.

Heteroskedasticity biases tests for contagion based on correlation coefficients. When contagion is defined as a significant increase in market comovement after a shock to one country, previous work suggests contagion occurred during recent crises. This paper shows that correlation coefficients are conditional on market volatility. Under certain assumptions, it is possible to adjust for this bias. Using this adjustment, there was virtually no increase in unconditional correlation coefficients~i.e., no contagion! during the 1997 Asian crisis, 1994 Mexican devaluation, and 1987 U.S. market crash. There is a high level of market comovement in all periods, however, which we call interdependence.

The phenomenon of low-balling reported in the financial press involves downward biased projections of earnings by managers or analysts, thereby artificially lowering market expectations and creating a positive earnings surprise when actual earnings are announced. This study reports that the stock market does respond to such surprises relative to analysts' reported forecasts. Further, the proportion of insider buy-transactions in the period prior to the earnings forecast is significantly higher for the sample with high positive earnings surprise than for the control sample with zero forecast errors. The study cannot distinguish whether managers or analysts are the source of the low-balling and therefore makes no statement on the legality of such insider trades.

In this paper, an improved training algorithm based on the terminal attractor concept for feedforward neural network learning is proposed. A condition to avoid the singularity problem is proposed. The effectiveness of the proposed algorithm is evaluated by various simulation results for a function approximation problem and a stock market index prediction problem. It is shown that the terminal attractor based training algorithm performs consistently in comparison with other existing training algorithms.

This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated producing evidence of unidirectional spillovers from stock returns to exchange rate changes in the US and the UK, in the opposite direction in Canada, and of bidirectional spillovers in the euro area and Switzerland. Furthermore, causality-invariance from stock returns to exchange rates changes is found in Japan and in the opposite direction in the euro area and Switzerland, whilst there is evidence of bidirectional feedback in the US and Canada. These findings imply limited opportunities for investors to diversify their assets during this period.

Outliers in financial data can lead to model parameter estimation biases, invalid inferences and poor volatility forecasts. Therefore, their detection and correction should be taken seriously when modeling financial data. This paper focuses on these issues and proposes a general detection and correction method based on wavelets that can be applied to a large class of volatility models. The effectiveness of our proposal is tested by an intensive Monte Carlo study for six well known volatility models and compared to alternative proposals in the literature, before applying it to three daily stock market indexes. The Monte Carlo experiments show that our method is both very effective in detecting isolated outliers and outlier patches and much more reliable than other wavelet-based procedures since it detects a significant smaller number of false outliers.

Inflation means a persistent change in the price level of goods and services in an economy. It is generally measured in the consumer price index (CPI) or retail price index (RPI). Inflation reduces the purchasing power of a country&#39;s currency, as we need more units of currency over time to buy the same goods and services. The current empirical paper entitled “relationship between inflation and stock market evidence from selected global stock markets” have been undertaken with an intention to investigate the relationship between inflation and stock returns of the chosen economies. In order to realize the stated objectives, the researchers have collected the monthly data 2000 to 2017 for selected indices. In the first phase, log returns were computed and it has been tested for the existence of unit root in the distribution. In the second phase, we ran Pearson correlation coefficient for the collected data to find out the association between the inflation and stock returns. Majorit...

Traditional accounting performance measures, such as EPS, ROI, ROE, have long been used by investors to evaluate companies' implemented and future strategies. However, in recent years the appearance of shareholder value approach and its modern value-based performance measures, such as EVA ® and SVA, gave an incentive to investors to consider those measures as important ones to evaluate companies' strategies. This is the first study in Greece on the practice of investment management in terms of stock market forecasting and stock selection. Our respondents come from six different groups of investors: official members of the Athens Stock Exchange (ASE), mutual funds management companies (MF), portfolio investment companies (PIC), listed companies (LC), brokers (BR), and individual investors (ININ). ASE has become one of the developed stock market centres thus, it is important for international investors to acquire a better knowledge and understanding of how investors in Greece practice their trades. Results of this study confirm the importance of traditional accounting performance measures but at the same time reveal the significant attention investors should pay to modern value-based performance measures. For limitation reasons this study focuses only on EPS and EVA ® .

The benefits of listing a company's stock on a foreign exchange to achieve better global market integration have been quite extensively examined. What has been overlooked in the finance literature is an attempt to explain why the New York Stock Exchange (NYSE) tends to be bypassed in favor of the London market and other exchanges when firms select foreign exchanges for listing. This paper explains the behavior of firms in their selection of foreign stock markets for listing by using a signalling model. Another purpose of this study is to address the current dispute between the NYSE and the Securities and Exchange Commission (SEC) regarding the desire of the NYSE to relax its registration requirements in order to gain more listings by foreign companies.

Modern historians infrequently acknowledge that women were financial investors before the twentieth century. Yet a study of nineteenth-century England shows substantial groups of women investing for income, capital growth, or a share in the family business. This article will summarize the evidence for women as investors and consider why their participation has been until recently largely ignored by scholars. Second, it will analyze the forms taken by women's investment, exploring the extent to which the development of the stock market and legal changes in married women's property rights facilitated a growing female role in investment. Third, it will analyze the objectives and needs of the three main groups of women investors: speculators, incomeseekers, and family investors. The findings have implications for understanding the economic position of women before the First World War and also for contemporary discussion of women's wealth and investment.