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Author: Kristian Rydqvist Publisher: ISBN: Category : Languages : en Pages : 50
Book Description
We estimate historical stock returns for Swedish listed companies in a newly constructed data set of daily stock prices. Stock returns exhibit all familiar characteristics. There is little trading in the past, and we examine the effects on return measurement from missing data. Stock selection and the replacement of missing transaction prices through search back procedures or limit orders make little difference to a value-weighted stock price index, while ignoring the price effects of capital operations makes a big difference. We also study stock market development. The growth of the public sector depresses the stock market, and the process of globalization revitalizes it. Banks play an important role in the early development of the stock market. The evolution of stock ownership implies that stock ownership is a normal good.
Author: Kristian Rydqvist Publisher: ISBN: Category : Languages : en Pages : 50
Book Description
We estimate historical stock returns for Swedish listed companies in a newly constructed data set of daily stock prices. Stock returns exhibit all familiar characteristics. There is little trading in the past, and we examine the effects on return measurement from missing data. Stock selection and the replacement of missing transaction prices through search back procedures or limit orders make little difference to a value-weighted stock price index, while ignoring the price effects of capital operations makes a big difference. We also study stock market development. The growth of the public sector depresses the stock market, and the process of globalization revitalizes it. Banks play an important role in the early development of the stock market. The evolution of stock ownership implies that stock ownership is a normal good.
Author: Daniel Waldenström Publisher: John Wiley & Sons ISBN: 1509557806 Category : Philosophy Languages : en Pages : 197
Book Description
Once there were princes and peasants and very few between. The extremes of wealth and poverty are still with us, but that shouldn't blind us to the fact our societies have been utterly transformed for the better over the past century. As Daniel Waldenström makes clear in this authoritative account of wealth accumulation and inequality in the modern west, we are today both significantly richer and more equal. Using cutting-edge research and new, sometimes surprising, data, Waldenström shows that what stands out since the late 1800s is a massive rise in the size of the middle class and its share of society’s total wealth. Unfettered capitalism, it seems, doesn’t have to lead to boundless inequality. The key to progress was political and institutional change that enabled citizens to become educated, better paid, and to amass wealth through housing and pension savings. Waldenström asks how we can consolidate these gains while encouraging the creation of new capital. The answer, he argues, is to pursue tax and social policies that raise the wealth of people in the bottom and middle rather than cutting wealth of entrepreneurs at the top. Richer and More Equal is a benchmark account of one of the most profound and encouraging social changes in human history and a blueprint for continued progress.
Author: Mahendrarajah Nimalendran Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper addresses the issue of the optimal trading system for less actively traded stocks. Several studies have examined the quality and performance of alternative market structures for actively traded stocks. However, very few empirical studies compare the performance of different market structures for less actively traded (i.e., 'thinly-traded') stocks. In 1997 the Italian Stock Exchange (ISE) implemented the Thin Stocks Project to improve market quality of 'thinly-traded' stocks. Under this project, stocks defined as 'thinly-traded' by the ISE were given the option to trade either on a pure order driven market with limit order book (POD), or a hybrid order driven market with specialist and limit order book (HOD). In this paper we compare the relative performance of the two trading systems for 'thinly-traded' stocks using several metrics of market quality. We find that the hybrid order driven system offers superior performance along several quality metrics. In particular, the hybrid order driven system offers lower execution costs, greater depth, significant increase in the depth-to-spread ratio, and a decrease in adverse selection cost. Very illiquid stocks benefit more from adopting a hybrid system than moderately illiquid ones. The results are robust to different measures of execution costs, sampling periods, and modeling approaches. Our findings support the analysis by Grossman and Miller (1988) that a specialist can enhance liquidity of 'thinly-traded' stocks.
Author: Wing-Keung Wong Publisher: Mdpi AG ISBN: 9783036530802 Category : Business & Economics Languages : en Pages : 232
Book Description
The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Author: Costas Lapavitsas Publisher: Routledge ISBN: 1134240708 Category : Business & Economics Languages : en Pages : 231
Book Description
The phenomenon of globalization is studied in detail (by prestigious contributors including Ben Fine and KS Jomo), with particular emphasis on East Asia Lapavitsas’s previous book on Development Policy in the 21st Century is one of our bigger selling monographs of recent years Provides a range of approaches and viewpoints – Post-Keynesian, Institutionalist and Marxian
Author: OECD Publisher: IDRC ISBN: 9264100253 Category : Business & Economics Languages : en Pages : 116
Book Description
The book assesses the current policy context for young enterprises in the MENA region and outlines policy tools and instruments, both indirect and direct, that governments can implement to support new enterprise development.
Author: Stefan Luckner Publisher: Springer Science & Business Media ISBN: 3834970859 Category : Business & Economics Languages : en Pages : 152
Book Description
Accurate predictions are essential in many areas such as corporate decision making, weather forecasting and technology forecasting. Prediction markets help to aggregate information and gain a better understanding of the future by leveraging the wisdom of the crowds. Trading prices in prediction markets thus reflect the traders’ aggregated expectations on the outcome of uncertain future events and can be used to predict the likelihood of these events. This book demonstrates that markets are accurate predictors. Results from several empirical studies reported in this work show the importance of designing such markets properly in order to derive valuable predictions. Therefore, the findings are valuable for designing future prediction markets.
Author: C. Hooy Publisher: Springer ISBN: 1137266619 Category : Business & Economics Languages : en Pages : 341
Book Description
Emerging Markets and Financial Resilience presents a picture of finance research. The issue of financial resilience in emerging markets is apt and timely as emerging countries are faced with the challenge of finding ways of sustaining their current trajectory in shaping the global financial architecture to ensure sustainable growth.
Author: Kristian Rydqvist
Author: Kristian Rydqvist
Author: Daniel Waldenström
Author: Alan H. Gelb
Author: Mahendrarajah Nimalendran
Author: Wing-Keung Wong
Author: 
Author: Costas Lapavitsas
Author: OECD
Author: Stefan Luckner
Author: C. Hooy