The Role of Divestitures in Horizontal Mergers: Evidence from Product and Stock Markets

2018 ◽  
Author(s):  
Amrita Nain ◽  
Yiming Qian
Keyword(s):  
Stock Markets ◽  
Horizontal Mergers

The Macroprudential Role of Stock Markets

2020 ◽  
Author(s):  
Kyriakos Chousakos ◽  
Gary B. Gorton ◽  
Guillermo Ordoñez
Keyword(s):  
Stock Markets

scholarly journals Role of index futures on China's stock markets: Evidence from price discovery and volatility spillover

2017 ◽  
Vol 44 ◽  
pp. 13-26 ◽  
Author(s):  
Hong Miao ◽  
Sanjay Ramchander ◽  
Tianyang Wang ◽  
Dongxiao Yang
Keyword(s):  
Stock Markets ◽  
Price Discovery ◽  
Volatility Spillover ◽  
Index Futures

scholarly journals Does corruption matter for stock markets? The role of heterogeneous institutions

2021 ◽  
Vol 94 ◽  
pp. 386-400
Author(s):  
Geeta Lakshmi ◽  
Shrabani Saha ◽  
Keshab Bhattarai
Keyword(s):  
Stock Markets

scholarly journals Information Transfer between Stock Market Sectors: A Comparison between the USA and China

Entropy ◽  
2020 ◽  
Vol 22 (2) ◽  
pp. 194 ◽  
Author(s):  
Peng Yue ◽  
Yaodong Fan ◽  
Jonathan A. Batten ◽  
Wei-Xing Zhou
Keyword(s):  
Stock Markets ◽  
Information Exchange ◽  
Information Transfer ◽  
Information Diffusion ◽  
Information Source ◽  
Bank Lending ◽  
Chinese Market ◽  
The Usa ◽  
The Impact

Information diffusion within financial markets plays a crucial role in the process of price formation and the propagation of sentiment and risk. We perform a comparative analysis of information transfer between industry sectors of the Chinese and the USA stock markets, using daily sector indices for the period from 2000 to 2017. The information flow from one sector to another is measured by the transfer entropy of the daily returns of the two sector indices. We find that the most active sector in information exchange (i.e., the largest total information inflow and outflow) is the non-bank financial sector in the Chinese market and the technology sector in the USA market. This is consistent with the role of the non-bank sector in corporate financing in China and the impact of technological innovation in the USA. In each market, the most active sector is also the largest information sink that has the largest information inflow (i.e., inflow minus outflow). In contrast, we identify that the main information source is the bank sector in the Chinese market and the energy sector in the USA market. In the case of China, this is due to the importance of net bank lending as a signal of corporate activity and the role of energy pricing in affecting corporate profitability. There are sectors such as the real estate sector that could be an information sink in one market but an information source in the other, showing the complex behavior of different markets. Overall, these findings show that stock markets are more synchronized, or ordered, during periods of turmoil than during periods of stability.

Googling Investor Sentiment around the World

2019 ◽  
Vol 55 (2) ◽  
pp. 549-580 ◽  
Author(s):  
Zhenyu Gao ◽  
Haohan Ren ◽  
Bohui Zhang
Keyword(s):  
Stock Prices ◽  
Stock Markets ◽  
Investor Sentiment ◽  
Search Behavior ◽  
Market Returns ◽  
Country Level ◽  
The World ◽  
Google Search

We study how investor sentiment affects stock prices around the world. Relying on households’ Google search behavior, we construct a weekly measure of sentiment for 38 countries during 2004–2014. We validate the sentiment index in tests using sports outcomes and show that the sentiment measure is a contrarian predictor of country-level market returns. Furthermore, we document an important role of global sentiment in stock markets.

A Study on Foreign Banks‘ Short Borrowings and Volatilities of Stock Markets & FX Markets in Korea: Focus on aTe Derivatives

2015 ◽  
Vol 23 (1) ◽  
pp. 125-153
Author(s):  
Young Sook Suh
Keyword(s):  
Financial Markets ◽  
Stock Markets ◽  
Historical Data ◽  
Liquidity Risk ◽  
Foreign Banks ◽  
Short Term ◽  
Call Markets ◽  
Otc Derivatives ◽  
Funding Sources

This study examines how FX OTC derivatives transactions of foreign banks’ branches funded by short term borrowings affect the volatility of stock markets and FX markets in Korea based on historical data. It founds that they use call money for FX-derivatives trading, rather than borrowings from their Head Quarter. This result also proves that their derivatives trading is funded by call market increasing stock markets’ volatility in Korea, even if foreign banks’ branches have been using various funding sources. Also the role of foreign banks’ branches as FX money supplier for the korean local banks effects to stock markets by increasing the volatility via call markets. On the other hands, derivatives liabilities of foreign banks’ branches tend to increase volatility of the korean stock markets, but their derivatives assets tend to decrease the volatility. This result together with O/N dollar call volatility should be regarded as a kind of liquidity risk because they could give serious impacts to Korean financial markets if shocks break out. When considering the main revenue source of foreign banks’ branches, derivatives trading creates much higher leverage effects to them than korean local banks, and their roles in financial and capital markets of Korea this study provides with a reason that regulators should give complex and multilateral attentions to foreign banks’ branches.

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