Author: George Zaad Publisher: ISBN: 9786667630873 Category : Business & Economics Languages : en Pages : 0
Book Description
The role of stock market in the process of economic development has been well recognised today. thedeveloping countries have started liberalising their financial markets giving considerable importance to the development of stock markets. However, in India stock market remained a dormant part of the financial system until the initiation of the structural adjustment programme . The structural adjustment programme implemented in a gradualistic pattern consisted of comprehensive fiscal, financial and external sector reforms. As part of it capital market reforms were launched.The process of reforms has led to a pace of growth of the stock market unparalleled in the history of any country. Stock market in India has grown exponentially as measured in terms of investor participation, amount raised from the market, number of stock exchanges and other intermediaries, number of listed stocks, trading volumes and turnover on the stock exchanges. Along with these physical changes, there has also been a change in the perception about stock markets and its role in the country's economic development. The present study aims to explore the impact of stock market development on the macro economy of the country, specifically in the post-reform period. It attempts to test the extent to which stock market development affects long-term economic growth, corporate capital structure, and behaviour of retail equity investors. The study also explores the direction of causality between stock prices and major macro economic variables.
Author: Rakesh Kumar Publisher: ISBN: Category : Languages : en Pages : 12
Book Description
Stock market volatility is a matter of great interest for researchers and policy makers. The present study examines the volatility of daily, weekly and monthly stock returns in view of economic growth rate. It investigates the hypothesis that high economic growth rate tend to stabilize the investment decisions and create certainty among the investors. Under such situations, investors prevent to alter their investment decisions spontaneously with regard to good or bad news. A low growth rate, on the other hand, makes their investment decisions highly volatile. The study examines the Bombay stock exchange listed index BSE 100 data for the period from 1996 through 2007, wherein Indian economy has registered high and low growth rates. It also examines additional aspect of volatility with regards to expected and unexpected variations in stock returns by applying AR(1)-GARCH(1,1) model. The findings report that investors are not sensitive to economic growth rate for short period, but they become largely sensitive with the long investment horizons. The direct observations can be made here, volatility is invariable to economic growth rate in short time period, but investors with long investment horizons are largely affected by economic growth rate. Briefly, high volatility tends to associate with low economic growth rate and low volatility is associated with high economic growth rate.
Author: Srinivasan Palamalai Publisher: ISBN: Category : Languages : en Pages : 17
Book Description
The link between stock market development and economic activity has always been the subject of considerable debate in the field of economics and it raises empirical question whether stock market development influences economic activity or whether it is a consequence of increased economic activity. This study attempts to investigate the direction of causality between stock market development and economic growth in the Indian context. Using the cointegration and causality tests for the period June 1991 to June 2013, the study confirms a well defined long-run equilibrium relationship between the stock market development indicators and economic growth in India. The empirical results show bidirectional causality between market capitalisation and economic growth and unidirectional causality from turnover ratio to economic growth in the long-run and short-run. By and large, it can be inferred that the stock market development indicators viz. market capitalisation and turnover ratio have a positive influence on economic growth in India.
Author: Gourishankar S. Hiremath Publisher: Springer Science & Business Media ISBN: 8132215907 Category : Business & Economics Languages : en Pages : 135
Book Description
India is one of the major emerging economies of the world and has witnessed tremendous economic growth over the last decades. The reforms in the financial sector were introduced to infuse energy and vibrancy into the process of economic growth. The Indian stock market now has the largest number of listed companies in the world. The phenomenal growth of the Indian equity market and its growing importance in the economy is indicated by the extent of market capitalization and the increasing integration of the Indian economy with the global economy. Various schools of thought explain the behaviour of stock returns. The Efficient Market Theory is the most important theory of the School of Neoclassical Finance based on rational expectation and no-trade argument. The book investigates the growth and efficiency of the Indian stock market in the theoretical framework of the Efficiency Market Hypothesis (EMH). The main objective of the present study is to examine the returns behaviour in the Indian equity market in the changed market environment. A detailed and rigorous analysis, made with the help of the sophisticated time series econometric models, is one of the key elements of this volume. The analysis empirically tests the random walk hypothesis and focuses on issues like nonlinear dynamics, structural breaks and long memory. It uses new and disaggregated data on recent reforms and changes in the market microstructure. The data on various indices including sectoral indices help in measuring the relative efficiency of the market and understanding how liquidity and market capitalization affect the efficiency of the market.
Author: Srikanta Patnaik Publisher: Springer Nature ISBN: 9811552436 Category : Technology & Engineering Languages : en Pages : 853
Book Description
This book gathers selected high-quality papers presented at the International Conference on Machine Learning and Computational Intelligence (ICMLCI-2019), jointly organized by Kunming University of Science and Technology and the Interscience Research Network, Bhubaneswar, India, from April 6 to 7, 2019. Addressing virtually all aspects of intelligent systems, soft computing and machine learning, the topics covered include: prediction; data mining; information retrieval; game playing; robotics; learning methods; pattern visualization; automated knowledge acquisition; fuzzy, stochastic and probabilistic computing; neural computing; big data; social networks and applications of soft computing in various areas.
Author: Greg N. Gregoriou Publisher: CRC Press ISBN: 1420099558 Category : Business & Economics Languages : en Pages : 654
Book Description
Up-to-Date Research Sheds New Light on This Area Taking into account the ongoing worldwide financial crisis, Stock Market Volatility provides insight to better understand volatility in various stock markets. This timely volume is one of the first to draw on a range of international authorities who offer their expertise on market volatility in devel
Author: Mr.Julan Du Publisher: International Monetary Fund ISBN: 1451847130 Category : Business & Economics Languages : en Pages : 43
Book Description
This paper studies the role of insider trading in explaining cross-country differences in stock market volatility. The central finding is that countries with more prevalent insider trading have more volatile stock markets, even after one controls for liquidity/maturity of the market and the volatility of the underlying fundamentals (volatility of real output and of monetary and fiscal policies). Moreover, the effect of insider trading is quantitively significant when compared with the effect of economic fundamentals.
Author: Raktim Ghosh Publisher: Emerald Group Publishing ISBN: 1804559369 Category : Business & Economics Languages : en Pages : 193
Book Description
As businesses, consumers, and investors make key financial decisions amid Economic Policy Uncertainty (EPU), there is the danger that many might freeze investment projects and hiring, leading to contractions of the economy. This book examines this and makes important recommendations.
Author: George Zaad
Author: Rakesh Kumar
Author: Srinivasan Palamalai
Author: Gourishankar S. Hiremath
Author: Srikanta Patnaik
Author: Greg N. Gregoriou
Author: Mr.Julan Du
Author: Raktim Ghosh
Author: Jean-Paul Chavas
Author: Dr. A. Latha