Tests Of Random Walk Hypothesis Evidence From China

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Tests of Random Walk Hypothesis. Evidence from China

Author : Maximiliane Brecht
Publisher : GRIN Verlag
ISBN 13 : 3668037272
Total Pages : 29 pages
Book Rating : 4.6/5 (68 download)

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Book Synopsis Tests of Random Walk Hypothesis. Evidence from China by : Maximiliane Brecht

Download or read book Tests of Random Walk Hypothesis. Evidence from China written by Maximiliane Brecht and published by GRIN Verlag. This book was released on 2015-08-27 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2015 in the subject Economics - Finance, grade: 1.0, , course: Research Methodology and Dissertation, language: English, abstract: Until the 1970s empirical studies generally supported the prediction following from weak-form efficiency: prices cannot be predicted using past prices, and returns are serially uncorrelated. However inter alia Shiller, Fischer, and Friedman (1984) refuted the conclusion of economic insignificance in the case of negligible autocorrelations by modeling return processes with irrational bubbles where short-horizon returns are not significantly autocorrelated. Empirically, studies such as Lo and MacKinlay (1988) reject the random walk hypothesis (RWH) for US stocks using the more powerful variance ratio (VR) test. Similarly, RWH has also been tested for other markets with varying results. This report aims to examine the Chinese stock market as it stands out insofar that it is segmented by investor type 3 that face identical conditions otherwise. It also allows to observe consequences of loosening capital controls in terms of return-predictability. Empirical evidence so far has produced mixed results: for instance Long, Payne, and Feng (1999) do not find significant autocorrelation using a 100-week sample. On the other hand, Su and Fleisher (1999) reject the RWH when using daily data and for the market for foreign investors when using weekly data. Similarly, Darrat and Zhong (2000) find positive autocorrelation in the composite index using weekly data. Using daily data until 2000, the RWH is rejected again only for the market for foreigners, but not for locals. This work will build on empirical studies such as Long, Payne, and Feng (1999), concentrate on the VR test, and include observations following a policy reform in 2011 to test inter alia the hypothesis whether the market for foreigners became more efficient.

Advances in Management Research

Author : Avinash K. Shrivastava
Publisher : CRC Press
ISBN 13 : 1000736954
Total Pages : 259 pages
Book Rating : 4.0/5 (7 download)

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Book Synopsis Advances in Management Research by : Avinash K. Shrivastava

Download or read book Advances in Management Research written by Avinash K. Shrivastava and published by CRC Press. This book was released on 2019-11-18 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers advancements across business domains in knowledge and information management. It presents research trends in the fields of management, innovation, and technology, and is composed of research papers that show applications of IT, analytics, and business operations in industry and in educational institutions. It offers a combination of scientific research methods and concepts, with contributions from globally renowned authors; presents various management domains from a number of countries for a global perspective; and provides a unique combination of topics and methods while giving insights on the management domain using a holistic approach. The book provides scholars with a platform to derive maximum utility in the area of management, research, and technology by subscribing to the idea of managing business through performance and management technology.

The Efficiency of China's Stock Market

Author : Shiguang Ma
Publisher : Routledge
ISBN 13 : 1351146904
Total Pages : 304 pages
Book Rating : 4.3/5 (511 download)

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Book Synopsis The Efficiency of China's Stock Market by : Shiguang Ma

Download or read book The Efficiency of China's Stock Market written by Shiguang Ma and published by Routledge. This book was released on 2017-11-30 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: By investigating the efficiency of China's stock market in accordance with the theoretical framework of the Efficient Market Hypothesis, this book focuses on weak form and semi-strong form market efficiency. Empirical tests have been intensively conducted on the random walk hypothesis, the presence of market seasonality and the price reaction to publicly released information. In addition The Efficiency of China's Stock Market provides a comparative analysis between China's stock market and other countries' stock markets.

Indian Stock Market

Author : Gourishankar S. Hiremath
Publisher : Springer Science & Business Media
ISBN 13 : 8132215907
Total Pages : 135 pages
Book Rating : 4.1/5 (322 download)

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Book Synopsis Indian Stock Market by : Gourishankar S. Hiremath

Download or read book Indian Stock Market written by Gourishankar S. Hiremath and published by Springer Science & Business Media. This book was released on 2013-10-28 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Handbook of Research on Managerial Thinking in Global Business Economics

Author : Dinçer, Hasan
Publisher : IGI Global
ISBN 13 : 1522571817
Total Pages : 641 pages
Book Rating : 4.5/5 (225 download)

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Book Synopsis Handbook of Research on Managerial Thinking in Global Business Economics by : Dinçer, Hasan

Download or read book Handbook of Research on Managerial Thinking in Global Business Economics written by Dinçer, Hasan and published by IGI Global. This book was released on 2018-12-07 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a highly competitive global market, companies need to equip themselves with best practices and strategies to survive. Strategic management, innovative managerial thinking, and a clear decision-making process must be utilized to boost company performance and ultimately drive the company’s success. The Handbook of Research on Managerial Thinking in Global Business Economics identifies the importance of strategic decision making in competitive environments and analyzes the impacts of managerial thinking on global financial economics. The content within this publication examines globalization, consumer behavior, and risk management. It is designed for researchers, academicians, policymakers, government officials, and managers, and covers topics centered on innovation and development within organizations.

The Chinese Stock Market

Author : Nicolaas Groenewold
Publisher : Edward Elgar Publishing
ISBN 13 : 9781782541172
Total Pages : 268 pages
Book Rating : 4.5/5 (411 download)

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Book Synopsis The Chinese Stock Market by : Nicolaas Groenewold

Download or read book The Chinese Stock Market written by Nicolaas Groenewold and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: '. . . this book succeeds in its mission of analysing the efficiency, predictability and profitability of the Chinese stock market. It is strongly recommended to scholars. It is additionally recommended to practitioners involved in the market, sharing its prosperity and avoiding the possible risk. This book is also recommended to the students who want to learn the systematic application of econometric modelling to market efficiency analysis.' - Shiguang Ma, Economic Record The emergence of a stock market in China only occurred a decade ago and it remains something of an unknown quantity to many observers and traders outside of the country. This book provides an extensive historical and empirical analysis of the Chinese stock-market, the development of which is an integral part of the process of economic modernization that began in China in the late 1970s.

Handbook of Research on Acceleration Programs for SMEs

Author : Lisboa, Inês
Publisher : IGI Global
ISBN 13 : 1668456672
Total Pages : 602 pages
Book Rating : 4.6/5 (684 download)

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Book Synopsis Handbook of Research on Acceleration Programs for SMEs by : Lisboa, Inês

Download or read book Handbook of Research on Acceleration Programs for SMEs written by Lisboa, Inês and published by IGI Global. This book was released on 2022-12-19 with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international financial crisis of 2007 and 2008 and the situation caused by the COVID-19 pandemic have had a great impact on many firms’ financial needs. Simultaneously, several emerging countries have bet on boosting private initiatives as a way to diversify their economies and create jobs and wealth for their populations. New forms of financing have appeared that have impacted the firm’s capital structure, cost of capital, and access to finance by underprivileged communities that are normally outside the formal economy. The Handbook of Research on Acceleration Programs for SMEs provides and shares knowledge on the financial mix, alternative forms of finance, capital structure, and more. It calls attention to relevant challenges, financial institutions, and governments to guarantee funds and economic and social development with new competencies, innovations, new ways of investing, entrepreneurship, and business models with new public policies. Covering topics such as earnings management, capital structure, and foreign exchange, this major reference work is an essential resource for government officials, business leaders and executives, economists, sociologists, students and faculty of higher education, librarians, researchers, and academicians.

Advances in Financial Planning and Forecasting (New Series) Vol．5

Author : Cheng F. Lee
Publisher : Center for PBBEFR & Airiti Press
ISBN 13 : 9866286606
Total Pages : pages
Book Rating : 4.8/5 (662 download)

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Book Synopsis Advances in Financial Planning and Forecasting (New Series) Vol．5 by : Cheng F. Lee

Download or read book Advances in Financial Planning and Forecasting (New Series) Vol．5 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2012-12-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Planning and Froecasting (New Series) is an annual publication designed to disseminate developments in the area of financial analysis, planning, and forecasting. The publication is a froum for statistical, quantitative, and accounting analyses of issues in financial analysis and planning in terms of finance, accounting, and economic data.

Financial Management from an Emerging Market Perspective

Author : Soner Gokten
Publisher : BoD – Books on Demand
ISBN 13 : 9535137360
Total Pages : 334 pages
Book Rating : 4.5/5 (351 download)

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Book Synopsis Financial Management from an Emerging Market Perspective by : Soner Gokten

Download or read book Financial Management from an Emerging Market Perspective written by Soner Gokten and published by BoD – Books on Demand. This book was released on 2018-01-17 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main reasons to name this book as Financial Management from an Emerging Market Perspective is to show the main differences of financial theory and practice in emerging markets other than the developed ones. Our many years of learning, teaching, and consulting experience have taught us that the theory of finance differs in developed and emerging markets. It is a well-known fact that emerging markets do not always share the same financial management problems with the developed ones. This book intends to show these differences, which could be traced to several characteristics unique to emerging markets, and these unique characteristics could generate a different view of finance theory in a different manner. As a consequence, different financial decisions, arrangements, institutions, and practices may evolve in emerging markets over time. The purpose of this book is to provide practitioners and academicians with a working knowledge of the different financial management applications and their use in an emerging market setting. Six main topics regarding the financial management applications in emerging markets are covered, and the context of these topics are "Capital Structure," "Market Efficiency and Market Models," "Merger and Acquisitions and Corporate Governance," "Working Capital Management," "Financial Economics and Digital Currency," and "Real Estate and Health Finance."

Handbook of Research on Behavioral Finance and Investment Strategies: Decision Making in the Financial Industry

Author : Copur, Zeynep
Publisher : IGI Global
ISBN 13 : 1466674857
Total Pages : 559 pages
Book Rating : 4.4/5 (666 download)

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Book Synopsis Handbook of Research on Behavioral Finance and Investment Strategies: Decision Making in the Financial Industry by : Copur, Zeynep

Download or read book Handbook of Research on Behavioral Finance and Investment Strategies: Decision Making in the Financial Industry written by Copur, Zeynep and published by IGI Global. This book was released on 2015-01-31 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an ever-changing economy, market specialists strive to find new ways to evaluate the risks and potential reward of economic ventures by assessing the importance of human reaction during the economic planning process. The Handbook of Research on Behavioral Finance and Investment Strategies: Decision Making in the Financial Industry presents an interdisciplinary, comparative, and competitive analysis of the thought processes and planning necessary for individual and corporate economic management. This publication is an essential reference source for professionals, practitioners, and managers working in the field of finance, as well as researchers and academicians interested in an interdisciplinary approach to combine financial management, sociology, and psychology.

Development Economics Research Trends

Author : Gustavo T. Rocha
Publisher : Nova Publishers
ISBN 13 : 9781604561722
Total Pages : 286 pages
Book Rating : 4.5/5 (617 download)

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Book Synopsis Development Economics Research Trends by : Gustavo T. Rocha

Download or read book Development Economics Research Trends written by Gustavo T. Rocha and published by Nova Publishers. This book was released on 2008 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Development economics is a branch of economics which largely deals with the economic aspects of the development process in developing countries with a focus on methods of promoting economic growth while also dealing "with the economic, social, political and institutional mechanisms, both public and private, necessary to bring about rapid...and large-scale improvements in levels of living for the peoples" living in developing countries. This new book presents the latest research in this growing field.

Economics of Emerging Markets

Author : Lado Beridze
Publisher : Nova Publishers
ISBN 13 : 9781600218507
Total Pages : 378 pages
Book Rating : 4.2/5 (185 download)

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Book Synopsis Economics of Emerging Markets by : Lado Beridze

Download or read book Economics of Emerging Markets written by Lado Beridze and published by Nova Publishers. This book was released on 2008 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents recent significant research dealing the economics of emerging markets. The term emerging markets is commonly used to describe business and market activity in industrialising or emerging regions of the world. The term is sometimes loosely used as a replacement for emerging economies, but really signifies a business phenomenon that is not fully described by or constrained to geography or economic strength; such countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include China, India, Mexico, Brazil, much of Southeast Asia, countries in Eastern Europe, parts of Africa and Latin America. An emerging market is sometimes defined as "a country where politics matters at least as much as economics to the markets."

The Quarterly Review of Economics and Finance

Author :
Publisher :
ISBN 13 :
Total Pages : 1098 pages
Book Rating : 4.:/5 (334 download)

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Book Synopsis The Quarterly Review of Economics and Finance by :

Download or read book The Quarterly Review of Economics and Finance written by and published by . This book was released on 2010 with total page 1098 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Risk and Contingency Management: Breakthroughs in Research and Practice

Author : Management Association, Information Resources
Publisher : IGI Global
ISBN 13 : 1522539336
Total Pages : 472 pages
Book Rating : 4.5/5 (225 download)

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Book Synopsis Risk and Contingency Management: Breakthroughs in Research and Practice by : Management Association, Information Resources

Download or read book Risk and Contingency Management: Breakthroughs in Research and Practice written by Management Association, Information Resources and published by IGI Global. This book was released on 2017-12-01 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: In business, mistakes and errors will inevitably occur. As such, organizations must be constantly alert and ready to meet challenges head-on. Risk and Contingency Management: Breakthroughs in Research and Practice is a comprehensive reference source for the latest scholarly material on trends and techniques for the prediction and evaluation of financial risks and how to diminish their effect. Highlighting a range of pertinent topics such as project management, risk auditing and reporting, and resource management, this multi-volume book is ideally designed for researchers, academics, professionals, managers, students, and practitioners interested in risk and contingency management.

Handbook of Research on Reinventing Economies and Organizations Following a Global Health Crisis

Author : Costa, Teresa Gomes da
Publisher : IGI Global
ISBN 13 : 179986927X
Total Pages : 554 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Handbook of Research on Reinventing Economies and Organizations Following a Global Health Crisis by : Costa, Teresa Gomes da

Download or read book Handbook of Research on Reinventing Economies and Organizations Following a Global Health Crisis written by Costa, Teresa Gomes da and published by IGI Global. This book was released on 2021-06-11 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to the global health crisis, economies had to adapt to combat pandemic situations. In the present pandemic crisis, new legislation, methods, labor approaches, values, and social behaviors have emerged with a huge impact in all organizations. However, countries have applied different solutions, procedures, and rules to deal with crises. Therefore, the impact has been different per country. Organizations need to understand their customers and businesses not only to increase operational efficiency but also to increase stakeholder’s satisfaction and their competitiveness in a sustainable way. Customers are becoming more exigent and markets more complex, calling for the need for higher differentiation. This was enhanced in this pandemic situation, and to survive, organizations needed to change and adapt to the new normal. The Handbook of Research on Reinventing Economies and Organizations Following a Global Health Crisis deals with management and economic issues, particularly with the reinvention of businesses and economies due to the pandemic situation and the relevance of entrepreneurship, innovation, and intensive knowledge used to deal with these changes. This book emphasizes the challenges, difficulties, and opportunities for the success of businesses and economies in periods of crisis and provides information for dealing with entrepreneurship and innovation, networks, and complementarities to recover businesses. The chapters also point out possible opportunities, challenges, and risks in the process of recovery highlighting innovation, internationalization, technology, and intensive knowledge in promoting economies and companies’ competitiveness. This book is ideal for entrepreneurs, managers, economists, directors, shareholders, researchers, academicians, and students interested in how businesses reinvent and recover following a global health crisis.

Chinese Stock Markets

Author : Dongwei Su
Publisher : World Scientific
ISBN 13 : 9814491799
Total Pages : 452 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis Chinese Stock Markets by : Dongwei Su

Download or read book Chinese Stock Markets written by Dongwei Su and published by World Scientific. This book was released on 2003-01-07 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The exponential growth of China's stock markets in the past decade has attracted global attention from academics and practitioners. The practitioner's interest in Chinese markets stems from corporations; investors and financial institutions foresee substantial benefits from investing in China in the long run. However, the academic literature on the development of securities markets and reform of state enterprises in China is still in its infancy and fragmented. This handbook aims to bridge that gap by presenting a wide spectrum of research in the forefront of financial applications. It integrates theory and practice with state-of-the-art statistical techniques and provides numerous insights into the main challenges confronting Chinese markets in the new millennium. Contents: Development of Chinese Stock MarketsStructural and Institutional CharacteristicsRisk, Return and Regulation in Chinese Stock MarketsOwnership Restrictions and Foreign Shares DiscountExcess Volatility in Domestic Share MarketsThe Underpricing of Initial Public OfferingsCorporate Governance and Post-IPO FinancingAccounting Information and Stock PerformanceInternationalization of Chinese Stock MarketsAppendices:Securities LawSummary of P.R.C TaxesMajor Events in Chinese Stock Markets Readership: PhD and advanced MBA students, researchers, practitioners, and policymakers interested in emerging market issues. Keywords:

Global Stock Market Integration

Author : Sabur Mollah
Publisher : Springer
ISBN 13 : 1137367547
Total Pages : 162 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Global Stock Market Integration by : Sabur Mollah

Download or read book Global Stock Market Integration written by Sabur Mollah and published by Springer. This book was released on 2016-02-10 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock market integration between developing and emerging markets has numerous benefits for creating a global - yet stable - world economy. It increases competition and the efficiency of local markets, in turn reducing price volatility and the cost of capital among integrated markets. It also generates capital flows, which enhance financial stability and spur economic growth. At its core, stock market integration has an important role to play in both developing and emerging markets still reeling from the global financial crisis. Global Stock Market Integration analyzes the financial makeup of developing and emerging markets around the world, providing empirical insights into market integration, co-movements in price, crises, and efficiency linkages. Mobarek and Mollah argue that the relationship between market integration and market efficiency within developing and emerging countries is not the only measure necessary for effecting real financial growth. This work brings the review of theories and empirical research on the topic up-to-date and expands the existing literature with new perspectives on developed and emerging markets.