The article discusses financial market liquidity and its applications to the stock market. It says market liquidity has a time attribute in which investors needs the shortest possible trade time to prevent price reversal risk, has volume in which there must be enough bids to satisfy the needs of...

The aim of this paper is to study the degree of interdependence between oil price and stock market index into two groups of countries: oil-importers and oil-exporters. To this end, we propose a new empirical methodology allowing a time-varying dynamic correlation measure between the stock market...

This study analyzes how the 2008 and 2010 financial crises, which began in the US and Greece respectively, affected the Hurst exponents of index returns of the stock markets of Belgium, France, Greece, Japan, the Netherlands, Portugal, the UK and US. We perform two innovative statistical tests...

In rational, efficiently functioning and complete markets, returns on derivative and underlying securities should be perfectly contemporaneously correlated.Due to market imperfections, one of these markets may reflect information faster.The use of high-frequency data and the choice for a small...

Considering mixed results of several studies that analyse the influence of total leverage on stock returns, we focus on a more differentiated ratio in our approach: 'total debt to (total capital + long term debt)' [TD/(TC + LTD)] which treats short- and long-term debt differently. In this...

This article presents a review on “Pop Finance: Investment Clubs and the New Investor Populism” by B. Harrington. The book is devoted to investment clubs that were widespread on the American stock market in the 1990s. It was a way for attracting a mass of amateur investors on the market. In...

Using the the Two-Step Generalized Method of Moments (GMM) described by Arellano and Bond (1991) for dynamic panels, this paper analyzes the profitability of 25 commercial banks in Turkey over the period from 2003 to 2011.Our profitability determinants include bank-specific characteristics as...

Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop...

This thesis provides clear empirical evidence that the establishment of the EMU has influenced the stock market integration process within the Euro-area. This is mostly evident across the large four EMU-stock markets: France, Germany, Italy and Netherlands, which appear to be near to perfect...