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SECURITIES MARKETS AND SOCIAL CAPITAL INTEGRATION IN AFRICA: RISKS AND POLICY OPTIONS

NWAOBI, GODWIN - EconWPA - 2005

The need to develop securities market has, following the recent international financial crises, increasingly attracted …

Persistent link: https://www.econbiz.de/10005561601

STOCK MARKET VALUATION IN THE UNITED STATES

BISCIARI, Patrick; DURRE, Alain; NYSSENS, Alain - EconWPA - 2003

This paper gives an overview of some issues related to market aluation, focusing on the developments on the New York equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and 31 December 2002 is situated in a very long term...

Persistent link: https://www.econbiz.de/10005125064

The Price of Gold: A Global Required Yield Theory

Faugere, Christophe; Erlach, Julian Van - EconWPA - 2004

We construct a gold valuation theory based on viewing gold as a global real store of wealth. We show that the real price of gold varies inversely to the stock market P/E and thus is a direct function of a global yield required to achieve a constant real after-tax return equal to long-term global...

Persistent link: https://www.econbiz.de/10005134662

Herd behavior and aggregate fluctuations in financial markets

CONT, Rama; BOUCHAUD, Jean-Philippe - EconWPA - 1997

We present a simple model of a stock market where a random communication structure between agents gives rise to a heavy tails in the distribution of stock price variations in the form of an exponentially truncated power-law, similar to distributions observed in recent empirical studies of high...

Persistent link: https://www.econbiz.de/10005134800

An Empirical Analysis of Market Reaction Around the Bonus Issues in India

Mishra, Asim - EconWPA - 2005

Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the...

Persistent link: https://www.econbiz.de/10005134827

Corporate Governance: Securities Market in Moldova

Fadeeva, Natalia - EconWPA - 2004

, securities market of Moldova enjoyed the support for the growth from U.S. Government on behalf of U.S. Agency for International … Development (USAID), The Western NIS (New Independent States) Enterprise Fund (WNISEF) and U.S. Securities and Exchange Commission … Exchanges (WFE), nor The International Organization of Securities Commissions (IOSCO). On the basis of three variables …

Persistent link: https://www.econbiz.de/10005134942

The Information Technology Revolution and the Puzzling Trends in Tobin’s average q

Peralta-Alva, Adrian - EconWPA - 2005

A growing literature argues that the Information Technology rev- olution caused the stock market crash of 1973-1974, its subsequent stagnation and eventual recovery. This paper employs general equi- librium theory to test whether this good news hypothesis is consistent with the behavior of US...

Persistent link: https://www.econbiz.de/10005407683

Stock market returns and economic activity: evidence from wavelet analysis

Gallegati, Marco - EconWPA - 2005

In this paper we investigate the relationship between stock market returns and economic activity by using signal decomposition techniques based on wavelet analysis. In particular, we apply the maximum overlap discrete wavelet transform (MODWT) to the DJIA stock price index and the industrial...

Persistent link: https://www.econbiz.de/10005412645

Do Stock Markets Promote Economic Growth?

Hanousek, Jan; Campos, Nauro F.; Filer, Randall K. - EconWPA - 2001

One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. Little research into this question, however has used a true causality framework. This paper fills this lacuna by using...

Persistent link: https://www.econbiz.de/10005413076

An Empirical Analasis of Market reaction Around the Bonus Issues in India

Mishra, Asim - EconWPA - 2005

Persistent link: https://www.econbiz.de/10005413084