Рассмотрены вопросы, связанные с инвестиционной деятельностью на автомобильном транспорте. Освещены сущность инвестиций, инвестиционная политика, финансирование инвестиций, экономическая оценка эффективности инвестиций, инвестирование в финансовые активы и портфельное инвестирование, а также особенности инвестиционного процесса на предприятиях автомобильного транспорта. Каждая глава содержит краткие теоретические сведения, основные формулы, решение типовых задач, задачи для самостоятельного решения, вопросы для самопроверки и темы рефератов, а также индивидуальные задания и тесты. Для студентов, обучающихся по специальности "Экономика и управление на предприятии транспорта"; может быть полезно практическим работникам.
Учебник написан учеными-экономистами, специализирующимися на проблемах фондового рынка. В нем раскрыты основные понятия, связанные с рынком ценных бумаг, дана их классификация, рассмотрен механизм функционирования с учетом существующей законодательной базы. Подробно изложены методы фундаментального и технического анализа ценных бумаг и исчисления доходности по ним. Особое внимание уделено содержанию и организации брокерско-дилерской, расчетно-клиринговой, депозитарной деятельности и деятельности по управлению ценными бумагами. Раскрыты также проблемы и методы управления инвестиционным портфелем. Учебник будет полезен широкому кругу специалистов: работникам банков, финансовых компаний, профессиональным участникам рынка ценных бумаг.
Last decades are characterized by increasing pace of globalization - local events tend to influence distinct and remote places. Although the recent Global Financial Crisis of 2007-2009 originated in the USA as credit market turmoil, it hit nearly all stock markets around the world severely. So, how interdependent are the international stock markets? Has the Crisis brought new perspectives in this respect? The first part of the book discusses theoretical causes of international stock market interdependencies. The second part empirically assesses the interconnection of eleven major global stock markets during the period of 2000 to 2010. Overall markets as well as five industry sectors are examined separately. The results presented in this book bear interesting implications for individual investors, portfolio managers, and also policymakers.
This book attempts to answer these key questions: What are the revaluation effects and the impacts on the cost of capital, volatility, and correlation with world market returns from emerging stock market liberalization? These questions have been studied extensively at the market-level, but not at the firm level. Since foreign portfolio investors are known to prefer investment in large and well-known firms, the opening of capital markets should have a differential impact across securities depending on foreign investors'' demand. Our test results using country indices show statistically and economically significant revaluation effects, and increases in the cost of capital. More important than these market-level findings, we report significantly different impacts of stock market liberalization, based on foreign investors'' demand. Our findings have important implications for international investors seeking to manage their global exposure as well as for policy makers considering capital market liberalization.
The concept of ''Efficient Markets'' took shape in the seventies explaining the behavior of stock market prices. For the stock market to perform its role of allocating capital resources in an economy successfully, it should be able to process information efficiently. This is seen as the market''s ability to incorporate all relevant information quickly and accurately into its prices. This book examines the arguments behind the efficient markets hypothesis and within this context examines the behavior of the Indian stock market. The book throws information on issues such as identifying structural changes in price movements; nature of statistical distribution of returns; market anomalies and the market behavior to policy announcements. The book is expected to be useful for anyone interested in stock market behavior. It will also interest researchers interested in non-parametric statistics.
The book-Market Size, Liquidity and Stock Market Performance in Nigeria x-rays the impact of market capitalization and turnover ratio of stocks and shares on performance of the stock market index. The book is highly essential for portfolio investors particularly those interested in investing in shares and stocks across the globe. In addition, it serves as a useful companion for practitioners in the stock market, banking and allied industry, opinion formers and decision makers interested in increasing their knowledge of how the capital market works. Both undergraduate and postgraduate students in economics, accounting, banking and finance, insurance and other behavioural disciplines would find the book very invaluable.
The recent global crisis which suddenly results to Nigerian stock market crash revealed some peculiarities of Nigerian firms. Some firms in Nigeria are performing but their stock prices are not increasing while some firms are at the brink of collapse but their stock prices are increasing. Thus, this study examines the relationship between firm performance and stock prices in Nigeria. The study covered the period of 2005 to 2009. This period is the period of stock boom and also marked the period of stock market crash as a result of global financial meltdown. The study is a panel study. A total of 140 firms were sampled from 216 firms listed on the Nigerian Stock Exchange (NSE). Data were collected from secondary source. These data were divided into four strata comprising the most performing stock, the least performing stock, most performing firms and the least performing firms. Each stratum contains 35 firms with characteristic of most performing stock, most performing firms, least performing stock and least performing firms. The study found that, relationship exists between selected firm performance parameters and stock price.
This research is designed to study the weak form efficiency in the Indian stock Market. To keep the research design in-line with the research objectives the researcher has taken due care, that the tools used in research are objective oriented. Stock markets are full of wonders. Several times, they move without any logical reasons, while several times they do not react to some specific information in an expected manner. This kind of nature of markets is named as random walk theory or weak form efficiency by researchers. On the other hand, quite a few times, markets perform in the direction of expectations around some events. The research data are analyzed using descriptive and inferential statistics distribution patterns (test for normality of distribution of price changes), which is a measure of the randomness of price changes, serve as the descriptive statistics while inferential tests consist of testing the SENSEX and NIFTY of the Indian stock exchange for independence (using serial correlation test), randomness (using runs test, Variance Ratio test), stationarity (using Unit root test) and Volatility (using ARCH and GARCH models).
This book extends a comprehensive body of theoretical and empirical work on global stock markets and their impact on economic growth in the case of Arab countries, East-Asia Pacific and the G- 7 Economies. It considered modern econometric techniques by using the three different estimation methods of OLS, 2SLS and GMM estimators on consistent panel data sets for the three groups of countries over the period 1980-2002. It compared the estimation results for the Arab countries with the East Asia-Pacific countries and the G-7 economies. This work was supervised by Professor P.N.(Raja) Junankar, and examined by Professor Steve Dowrick (Australian National University), Professor Ali Kutan (Southern Illinois University, USA), and Professor Panicos Demetraides (Leicester University, UK).
The interaction of the financial sector particularly the growth effects of stock market on the real economy is a matter to be probed. Over the past few decades the world stock markets have surged and emerging market countries have accounted for a large share of this boom. The growth of stock markets in emerging markets is partly due to the shift in policies from ‘financial repression’ to ‘financial liberalization’ which led to an increasing significance of capital markets in the allocation of financial resources. The study has ventured to analyze the impact of financial development, financial structure and financial reforms on private corporate manufacturing industries. Along with this the study also examined the influence of stock market development on industries capital structure, where in the factors affecting fixed capital expenditure across the industries also examined. The study covers the period from 1990 to 2007. The main aim of the study is to investigate the influence of reforms on growth of value added, investment patterns and foreign portfolio investments in Indian industries.