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The Information Content Of Stock Market Factors
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Book Synopsis The Information Content of Stock Market Factors by : Mohammed Elgammal
Download or read book The Information Content of Stock Market Factors written by Mohammed Elgammal and published by . This book was released on 2017 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the information content within several popular stock market factors, asking whether they contain independent explanatory power for stock returns and whether their movements relate to economic variables. Given, the explosion in the number of such factors, it is important to consider whether each factor adds to our understanding of markets and the wider economy. We undertake three related exercises, whether a set of common factors contain independent predictive ability for stock return portfolios, what economic and market variables can explain movements in the factors and whether stock market factors have predictive power for future output growth. The results support the view that several of the considered factors do not contain independent information for stock returns. Further, most of these factors do not provide any predictive power for future output growth and thus appear not to contain any economic content or information regarding economic behaviour. Evidence suggest that movement in the factors is driven by considerations of current economic and market risk. Hence, stock market factors reflect existing economic conditions but do not provide a window on future behaviour.
Book Synopsis Valuing Wall Street by : Andrew Smithers
Download or read book Valuing Wall Street written by Andrew Smithers and published by McGraw Hill Professional. This book was released on 2002 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuing Wall Street is a book on investments.
Book Synopsis The Philadelphia Stock Exchange and the City It Made by : Domenic Vitiello
Download or read book The Philadelphia Stock Exchange and the City It Made written by Domenic Vitiello and published by University of Pennsylvania Press. This book was released on 2010-04-14 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Philadelphia Stock Exchange and the City It Made recounts the history of America's first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts on the city's place in the world economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. During the nineteenth century, they invested in making Philadelphia the center of industrial America, raising capital for the railroads and coal mines that connected cities to one another and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the modern metropolis, its transportation infrastructure, utility systems, and real estate development. At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia's loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange's revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange's fortunes diverged from those of the city around it. Ultimately, it became part of a larger, global institution when it merged with NASDAQ in 2008. Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular today. More generally, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied part of the history of metropolitan economic development.
Book Synopsis The Information Content of Stock Markets by : Randall Morck
Download or read book The Information Content of Stock Markets written by Randall Morck and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock prices in emerging economies move in step much more than in advanced economies. Emerging markets' prices capitalize less firm specific information, and appear subject to more economy-wide fluctuations. Measures of this consonance of stock returns are positively correlated with indicators of poor property rights protection, inefficient legal systems and corrupt government. Lax accounting standards strengthen these correlations, but do not have an independent effect. We argue that property rights, judicial efficiency, clean government and meaningful accounting information let stock markets process information and allocate capital better, and thus contribute to economic growth. The absence of these factors may discourage informed trading and foster noise trading.
Book Synopsis Layman's Guide to Stock Market & Investment by : Swati Dubey
Download or read book Layman's Guide to Stock Market & Investment written by Swati Dubey and published by Vij Books India Pvt Ltd. This book was released on 2012-10-10 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Content Introduction to Stock Market The Benefits of Long Term Trading Vs Short Term Trading Economics of Trading in Stock Substitutes Management of the World Trading Systems Reverse Mortgage Guide to Mutual Funds Stock Picking Strategies Mutual Funds Transperancy in India
Book Synopsis The Effect of Contextual Factors on the Information Content of Cash Flows in Explaining Stock Prices - the Case of Amman Stock Exchange by : Ali M. Al-Attar
Download or read book The Effect of Contextual Factors on the Information Content of Cash Flows in Explaining Stock Prices - the Case of Amman Stock Exchange written by Ali M. Al-Attar and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article aims to determine which is better earnings or cash flows as performance measure. We follow the more direct approach used in several recent U.S. studies, in which earnings and cash flows are considered as competing variables. Specifically, our methodology is a development of the study of Dechow (1994). We provide a replication of her main analysis, and then extend this to deal with the effect of earnings permanence, earnings growth and firm size on the value relevance of cash flow and earnings. Our study provides an evidence on the relevance of cash flow figures for investors in their investment decision in an emerging stock market. The study covers the case of Amman Stock Exchange (ASE) and employs data on a sample of industrial firms. The time horizon of this study includes the period of 1993-2001. The results of the current study indicate that earnings and cash flows have information content regarding the prediction of future cash flows. Cash flows and earnings separately have a significant association with stock return. The results show that there is no significant difference between the ability of earnings and cash flows in explaining the variation in stock return. Furthermore, as the earnings growth is low and the firm's size is small, the operating cash flow considered better than earnings as performance measure.
Book Synopsis Technical Analysis of the Financial Markets by : John J. Murphy
Download or read book Technical Analysis of the Financial Markets written by John J. Murphy and published by Penguin. This book was released on 1999-01-01 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: John J. Murphy has updated his landmark bestseller Technical Analysis of the Futures Markets, to include all of the financial markets. This outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets. Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotation, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets. Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.
Book Synopsis THE INFORMATION CONTENT OF STOCK MARKETS: WHY DO EMERGING MARKETS HAVE SYNCHRONOUS STOCK PRICE MOVEMENTS? by : RANDALL MORCK, BERNARD YEUNG, AND WAYNE YU
Download or read book THE INFORMATION CONTENT OF STOCK MARKETS: WHY DO EMERGING MARKETS HAVE SYNCHRONOUS STOCK PRICE MOVEMENTS? written by RANDALL MORCK, BERNARD YEUNG, AND WAYNE YU and published by . This book was released on 1999 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Information Content of Stock Markets by : Randall Morck
Download or read book The Information Content of Stock Markets written by Randall Morck and published by . This book was released on 2013 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock prices move together more in low-income economies than in high-income economies. This finding is clearly not due to market size differences, and is only partially explained by slightly higher fundamentals correlation in low-income economies. However, measures of a country?s institutionalized respect for property rights do appear to explain these differences. We conjecture that weak private property rights impede informed trading and increase systematic noise trader risk. We also conjecture that, in countries that protect public investors poorly from corporate insiders, intercorporate income shifting may make firm-specific information less useful to risk arbitrageurs and therefore impede its capitalization into stock prices. Although our tests support these conjectures to some extent, we invite other explanations of our main finding.
Book Synopsis The Information Content of Stock Markets by : Randall Morck
Download or read book The Information Content of Stock Markets written by Randall Morck and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Individual and Incremental Significance of the Economic Determinants of Stock Returns and Systematic Risk by : Teppo Martikainen
Download or read book The Individual and Incremental Significance of the Economic Determinants of Stock Returns and Systematic Risk written by Teppo Martikainen and published by . This book was released on 1990 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stock Market Anomalies by : Elroy Dimson
Download or read book Stock Market Anomalies written by Elroy Dimson and published by CUP Archive. This book was released on 1988-03-17 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Information Content of Stock Markets by : Randall Morck
Download or read book The Information Content of Stock Markets written by Randall Morck and published by . This book was released on 1999 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Information Content of the Book-to-Market Ratio by : Xavier Garza Gomez
Download or read book The Information Content of the Book-to-Market Ratio written by Xavier Garza Gomez and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores whether the correlation between risk and the market value of equity can explain the premium obtained by investment strategies based on the ratio of book value to market value of equity (BV/MV). Using data from the Japanese stock market, I show that the relationship between BV/MV and risk is weak. I find that two factors contribute to this result. First, market value correlates not only with risk but also with variables measuring liquidity and past performance. Second, book value of equity has a strong correlation with financial risk. Overall evidence suggests that the high correlation between book value and risk reduces the role of market value as a risk proxy and makes other information contained in market value appear to be the main source of the BV/MV premium.
Book Synopsis Risk and Return in Asian Emerging Markets by : N. Cakici
Download or read book Risk and Return in Asian Emerging Markets written by N. Cakici and published by Springer. This book was released on 2014-08-13 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk and Return in Asian Emerging Markets offers readers a firm insight into the risk and return characteristics of leading Asian emerging market participants by comparing and contrasting behavioral model variables with predictive forecasting methods.
Book Synopsis THE INFORMATION CONTENT OF INSIDE TRADING WORKING PAPER #454 by : H. NEJAT SEYHUN
Download or read book THE INFORMATION CONTENT OF INSIDE TRADING WORKING PAPER #454 written by H. NEJAT SEYHUN and published by . This book was released on 1986 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Econometrics of Financial Markets by : John Y. Campbell
Download or read book The Econometrics of Financial Markets written by John Y. Campbell and published by Princeton University Press. This book was released on 2012-06-28 with total page 630 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past twenty years have seen an extraordinary growth in the use of quantitative methods in financial markets. Finance professionals now routinely use sophisticated statistical techniques in portfolio management, proprietary trading, risk management, financial consulting, and securities regulation. This graduate-level textbook is intended for PhD students, advanced MBA students, and industry professionals interested in the econometrics of financial modeling. The book covers the entire spectrum of empirical finance, including: the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, the term structure of interest rates, dynamic models of economic equilibrium, and nonlinear financial models such as ARCH, neural networks, statistical fractals, and chaos theory. Each chapter develops statistical techniques within the context of a particular financial application. This exciting new text contains a unique and accessible combination of theory and practice, bringing state-of-the-art statistical techniques to the forefront of financial applications. Each chapter also includes a discussion of recent empirical evidence, for example, the rejection of the Random Walk Hypothesis, as well as problems designed to help readers incorporate what they have read into their own applications.
