Under the NTS Reform(Non-Tradable Share Reform),this paper explores the cross-sectional relations between illiquidity and stock returns by considering the idiosyncratic volatility biases in the Shanghai A’Share stock...Under the NTS Reform(Non-Tradable Share Reform),this paper explores the cross-sectional relations between illiquidity and stock returns by considering the idiosyncratic volatility biases in the Shanghai A’Share stock market.Differing from prior studies,stock returns are decreasing in a stock’s illiquidity both before and after the NTS Reform.Regarding the negative relation between illiquidity and stock returns,we find that stock returns show no clear relation with illiquidity after controlling for idiosyncratic volatility biases.Furthermore,we use residual approach to eliminate the effect of idiosyncratic volatility,and find there exists a positive relation between illiquidity and stock returns after the NTS Reform.展开更多
The aim of this study was to investigate the effect of dividend distributions and earnings per share by moderating bank size as measured by its total assets on the stock market value of banks operating in Jordan durin...The aim of this study was to investigate the effect of dividend distributions and earnings per share by moderating bank size as measured by its total assets on the stock market value of banks operating in Jordan during the period between 2011 and 2016.The hypotheses of the study were tested based on multiple and hierarchical regression method.The most important result of the study is that the earnings per share is the strongest variable that helps in predicting the stock market value of the bank shares,in addition to the significant effect of bank size as measured by its total assets.展开更多
A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of mar...A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. Objectives: The paper assesses the impact of Nigerian Stock Market (all share index, market capitalization, and number of equities) on Gross domestic product (Economic Growth). Materials and Methods: Regression analysis and ordinary least square technique were employed. Result and Discussion: The series was stationary at 1%, 5%, and 10% α level;the residuals were normally distributed but not serially correlated at 5% α level. All Share Index, Market Capitalization and Total Number of listed Equities have a joint and individual significant effect on Economic Growth (Gross Domestic Product) with Total Number of listed Equities having a negative (opposite) linear relationship with the Gross Domestic Product. The Durbin-Watson statistics (R2 = 0.9910 = 1.3686) suggest that the model is not spurious and it is devoid of positive and negative autocorrelation (DW = 1.3686 > dl = 1.07 and DW = 1.5033 ?-?du = 2.17). Therefore, it can produce meaningful result when used for forecasting a positive relationship between gross domestic product, all share index and market capitalization with a 99.1% R-square value. Significant Positive connection between all share index, market capitalization, the number of equities and gross domestic product suggests that government policies and bills aimed towards rapid development of the capital market should be initiated.展开更多
Stock market plays a pivotal role in firms’expansion and turns economic growth.In the literature,because of the importance of stock markets to the real economy,the smooth and risk-free operation of the stock market h...Stock market plays a pivotal role in firms’expansion and turns economic growth.In the literature,because of the importance of stock markets to the real economy,the smooth and risk-free operation of the stock market has attracted significant attention.The finance literature contains a large number of studies that examine the stock price behaviour with some emphasis on the determinants of the relationship between the equity prices and the financial market activities.The present study reviews the previous works of the effect of financial market variables and stock price.Five selected financial market variables,market capitalization,earnings per share,price earnings multiples,dividend yield,and trading volume are reviewed in this study.In the past literature,there are the opinions of the positive significant relationship between market capitalization and stock price.To find the relationship between dividend yield and stock price,there are two broad schools of thoughts.Both of the relevance and irrelevance theory of Gordon and Modigliani have the strong evidence in the current literature that keeps on the dilemma and provides the scopes for future research.Price-earnings multiples are analyzed in the past literature by using different variables.Based on that,it is evidenced that price-earnings multiples have a negative significant effect on stock price.The reviewed studies state the cointegrating relationship between the stock price and the trading volume as the trading volume is a source of risk.展开更多
The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share ma...The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.展开更多
文摘Under the NTS Reform(Non-Tradable Share Reform),this paper explores the cross-sectional relations between illiquidity and stock returns by considering the idiosyncratic volatility biases in the Shanghai A’Share stock market.Differing from prior studies,stock returns are decreasing in a stock’s illiquidity both before and after the NTS Reform.Regarding the negative relation between illiquidity and stock returns,we find that stock returns show no clear relation with illiquidity after controlling for idiosyncratic volatility biases.Furthermore,we use residual approach to eliminate the effect of idiosyncratic volatility,and find there exists a positive relation between illiquidity and stock returns after the NTS Reform.
文摘The aim of this study was to investigate the effect of dividend distributions and earnings per share by moderating bank size as measured by its total assets on the stock market value of banks operating in Jordan during the period between 2011 and 2016.The hypotheses of the study were tested based on multiple and hierarchical regression method.The most important result of the study is that the earnings per share is the strongest variable that helps in predicting the stock market value of the bank shares,in addition to the significant effect of bank size as measured by its total assets.
文摘A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. Objectives: The paper assesses the impact of Nigerian Stock Market (all share index, market capitalization, and number of equities) on Gross domestic product (Economic Growth). Materials and Methods: Regression analysis and ordinary least square technique were employed. Result and Discussion: The series was stationary at 1%, 5%, and 10% α level;the residuals were normally distributed but not serially correlated at 5% α level. All Share Index, Market Capitalization and Total Number of listed Equities have a joint and individual significant effect on Economic Growth (Gross Domestic Product) with Total Number of listed Equities having a negative (opposite) linear relationship with the Gross Domestic Product. The Durbin-Watson statistics (R2 = 0.9910 = 1.3686) suggest that the model is not spurious and it is devoid of positive and negative autocorrelation (DW = 1.3686 > dl = 1.07 and DW = 1.5033 ?-?du = 2.17). Therefore, it can produce meaningful result when used for forecasting a positive relationship between gross domestic product, all share index and market capitalization with a 99.1% R-square value. Significant Positive connection between all share index, market capitalization, the number of equities and gross domestic product suggests that government policies and bills aimed towards rapid development of the capital market should be initiated.
文摘Stock market plays a pivotal role in firms’expansion and turns economic growth.In the literature,because of the importance of stock markets to the real economy,the smooth and risk-free operation of the stock market has attracted significant attention.The finance literature contains a large number of studies that examine the stock price behaviour with some emphasis on the determinants of the relationship between the equity prices and the financial market activities.The present study reviews the previous works of the effect of financial market variables and stock price.Five selected financial market variables,market capitalization,earnings per share,price earnings multiples,dividend yield,and trading volume are reviewed in this study.In the past literature,there are the opinions of the positive significant relationship between market capitalization and stock price.To find the relationship between dividend yield and stock price,there are two broad schools of thoughts.Both of the relevance and irrelevance theory of Gordon and Modigliani have the strong evidence in the current literature that keeps on the dilemma and provides the scopes for future research.Price-earnings multiples are analyzed in the past literature by using different variables.Based on that,it is evidenced that price-earnings multiples have a negative significant effect on stock price.The reviewed studies state the cointegrating relationship between the stock price and the trading volume as the trading volume is a source of risk.
文摘The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.
