Stock Market Equilibrium and Macroeconomic Fundamentals - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Stock Market Equilibrium and Macroeconomic Fundamentals write by Mr.Lamin Leigh. This book was released on 1997-01-01. Stock Market Equilibrium and Macroeconomic Fundamentals available in PDF, EPUB and Kindle. This paper examines the efficiency of the Stock Exchange of Singapore and the relationship between the stock market and the overall economy. Using a wide range of methods for testing market efficiency, the paper establishes that the Singapore stock market is both “weakly” and “semi-strongly” efficient in asset-pricing terms but not “strongly” efficient. Granger causality tests based on the efficiency test results indicate that developments in the stock market appear to be systematically related to the overall economy in Singapore and can thus serve as a leading indicator of its intertemporal behavior.
Stock-Market Equilibrium and the Dividend Yield
Stock-Market Equilibrium and the Dividend Yield - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Stock-Market Equilibrium and the Dividend Yield write by Mr.Charles Frederick Kramer. This book was released on 1996-08-01. Stock-Market Equilibrium and the Dividend Yield available in PDF, EPUB and Kindle. Can fundamentals account for the recent performance of the U.S. stock market? The price/earnings ratio is out of line with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record levels of inflows into mutual funds have led some to conclude that stock prices are above their fundamental levels. This paper assesses the recent rise in the stock market using a model for the equilibrium dividend/price ratio. While economic variables can account for most of the recent fall in the dividend/price ratio, mutual-fund inflows still have some marginal explanatory power.
Multiple Equilibria, Contagion, and the Emerging Market Crises
Multiple Equilibria, Contagion, and the Emerging Market Crises - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Multiple Equilibria, Contagion, and the Emerging Market Crises write by Mr.Paul R. Masson. This book was released on 1999-12-01. Multiple Equilibria, Contagion, and the Emerging Market Crises available in PDF, EPUB and Kindle. The paper surveys the types of models producing multiple equilibria in financial markets. It argues that such models are consistent with observed phenomena, such as the greater volatility of financial asset prices than of macroeconomic fundamentals. Alternative explanations are compared with the stylized facts concerning capital flows, portfolio shifts, and exchange rate crises. Implications for crisis prediction and prevention are then discussed.
The Impact of Macroeconomic Fundamentals on Stock Prices Revised
The Impact of Macroeconomic Fundamentals on Stock Prices Revised - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Impact of Macroeconomic Fundamentals on Stock Prices Revised write by Gurmeet Singh. This book was released on 2016. The Impact of Macroeconomic Fundamentals on Stock Prices Revised available in PDF, EPUB and Kindle. The study investigates the relationships between the Indian stock market index (BSE Sensex) and five macroeconomic variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period January 2007 to March 2014. Johansen's co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and macroeconomic variables. The analysis reveals that macroeconomic variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the wholesale price index, money supply and interest rate but negatively relate to index of industrial production and exchange rate. The index of industrial production and the exchange rate are found to be insignificant in determining stock prices. In the Granger causality sense, there is bi-directional causality between exchange rate and stock market index and interest rate and stock market index. Interest rate causes stock market index in both long run and short-run. The findings show the evidence of causality from stock price index to wholesale price index in both long-run and short run but not other way around. Furthermore, it is observed from the findings that money supply causes stock prices only in the long-run but not in short run.
Equity Markets in Action
Equity Markets in Action - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Equity Markets in Action write by Robert A. Schwartz. This book was released on 2004-10-06. Equity Markets in Action available in PDF, EPUB and Kindle. An in-depth look at the nature of market making and exchanges From theory to practicalities, this is a comprehensive, up-to-date handbook and reference on how markets work and the nuances of trading. It includes a CD with an interactive trading simulation. Robert A. Schwartz, PhD (New York, NY), is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Reto Francioni, PhD (Zurich, Switzerland), is President and Chairman of the Board of SWX, the Swiss Stock Exchange, and former co-CEO of Consors Discount Broker AG, Nuremberg.
