scholarly journals STOCK EXCHANGES IN INDIA- NEED FOR A PARADIGM SHIFT IN ELECTRONIC ERA

2020 ◽  
pp. 106-109
Author(s):  
Shacheendran.V
Keyword(s):  
Key Words ◽  
Paradigm Shift ◽  
Stock Exchange ◽  
Money Market ◽  
Secondary Market ◽  
Market Liquidity ◽  
Stock Exchanges ◽  
Proper Functioning ◽  
Set Up ◽  
Capitalistic System

Stock Exchange is regarded as an essential concomitant of the capitalistic system of economy. It is indispensable for the proper functioning of corporate enterprise. It is the citadel of capital and the pivot of money market. Since 1887, various regional stock exchanges have been set up in India. However, the performance records from 1993-94 to 2003-04 show that the trading initiated by them had been gradually declining. Hence, the present paper suggests, based on their performance records, to consolidate the secondary market for securities by merging them with the leading exchanges. KEY WORDS: Stock Exchange, money market, liquidity, securities

An Empirical Research of Impact of the Merger of Pan-European and Oslo Stock Exchanges on the Efficiency of Tobacco Securities Market

2021 ◽  
Vol 7 (4) ◽  
pp. 568-587
Author(s):  
Dongpeng Xu ◽  
Deqin Lin ◽  
Dan Zhang
Keyword(s):  
Market Efficiency ◽  
Stock Exchange ◽  
Explanatory Power ◽  
Secondary Market ◽  
Securities Market ◽  
Stock Exchanges ◽  
Market Returns ◽  
Market Theory ◽  
Efficient Market Theory ◽  
The Impact

Objectives: Europe is one of the important markets for traditional tobacco. We analyzed the impact of exchange consolidation on securities market efficiency, so as to enable tobacco enterprises to improve the financing efficiency of the stock market and carry out transformation and upgrading. Methods: In this work. We’re based on efficient market theory, the merger of Pan-European Stock Exchange and Oslo Stock Exchange, Norway in June 2019 is analyzed through empirical analysis. The logarithmic returns of 25 listed companies in the Oslo Stock Exchange OBX-25 index were analyzed using OLSN Chow and KPSS tests. Results: It is found that of 72% of securities, the explanatory power of market returns for securities returns is increased, which shows significant improvement in market efficiency. The merger of stock exchanges can indeed improve the market efficiency. In addition, through the KPSS test, it is found that the merger of stock exchanges can improve the market efficiency. As time goes by, however, the validity decreases. Conclusion: The improvement of the efficiency of the securities market will be conducive to the financing efficiency of listed tobacco companies in the secondary market, promote the transformation of enterprises, and contribute to the tobacco control and the health of the population in Europe.

scholarly journals The Paradigm Shift in the Pakistan Stock Exchange’s Financial Integration Post-FTA and CPEC

2018 ◽  
Vol 23 (1) ◽  
pp. 21-50 ◽  
Author(s):  
Abdul Wahid
Keyword(s):  
Paradigm Shift ◽  
Free Trade Agreement ◽  
Financial Integration ◽  
Stock Exchange ◽  
Trade Agreement ◽  
International Markets ◽  
Global Markets ◽  
Stock Exchanges ◽  
Volatility Spillovers ◽  
Regional Markets

This paper examines whether regional connectivity causes return and volatility spillovers and the co-movement of stock exchanges to shift from international to regional markets. Using the China-Pakistan free trade agreement (FTA) of 2006 and the China-Pakistan Economic Corridor (CPEC) agreement to represent events of regional connectivity, we test this proposition based on data for two regional stock exchanges (the Pakistan Stock Exchange and Shenzhen Stock Exchange) and two global markets (the FTSE 100 and Nasdaq). We divide the convergence and co-integration of the stock markets into three phases: overall sample (2001–17), pre-FTA and post-FTA, and pre-CPEC and post-CPEC. Applying a GARCH (1, 1) model, co-integration, Granger causality and seasonality, we find that regional connectivity causes return and volatility spillovers and co-movements in the Pakistan Stock Exchange to shift from international markets to regional markets.

scholarly journals Thy Governance Matters: A Study on Governance Practices of Stock Exchanges in India

2021 ◽  
Vol 4 (1) ◽  
pp. 41-54
Author(s):  
Amit Majumder
Keyword(s):  
Organizational Structure ◽  
Insider Trading ◽  
Good Governance ◽  
Stock Exchange ◽  
Effective Control ◽  
Stock Exchanges ◽  
Outside Directors ◽  
Global Pattern ◽  
Governance Practices ◽  
Set Up

Historically the responsibility of ushering the practices of good governance, transparent management and effective control process for the corporate houses rests under the jurisdiction of those stock exchanges where the shares of the companies are listed. However, the very question of the management and governance of these stock exchange houses are always under the scanner across the globe in view of the limitations of their historic pattern of member-owned ‘non-profit’ kind of mutual organizational structure. The lacunae of that typical organizational structure was that their activities are primarily targeted towards members interests as well as that set up was not immune fully from the malice like insider trading and conflict of interest for office bearers and traders. In view of this following the global pattern the Union Government of India had decided for corporatization of stock exchanges thereby creating a separation of ownership, management and trading membership of stock exchanges which is formally known as demutualization and corporatization of stock exchanges. A committee was set up by the SEBI under the chairmanship of Justice M.H. Kania which had submitted the report in 2002 recommending corporatizations and demutualization of stock exchanges which become mandatory for every stock exchange in India to implement within a stipulated period of time. Against this backdrop the present study is conducted to make an overview of the present state of governance affairs of major stock exchanges in India. It has been observed that the corporatization and governance practices of the major bourses in India had followed governance practices like separation of the post of chairman and CEO, inclusion of public interest directors as outside directors in the board, adherence to code of conducts for directors, organizing frequent meetings of directors etc.

Operational Aspects of National Securities Depository Limited (NSDL) in Depository System

2018 ◽  
Vol 6 (8) ◽  
pp. 249
Author(s):  
Rajnikant Kumar
Keyword(s):  
Capital Markets ◽  
Service Providers ◽  
State Of The Art ◽  
Stock Exchanges ◽  
Saving Account ◽  
Business Partners ◽  
Paper Work ◽  
Set Up ◽  
Buy Back ◽  
Operational Aspects

NSDL was registered by the SEBI on June 7, 1996 as India’s first depository to facilitate trading and settlement of securities in the dematerialized form. NSDL has been set up to cater to the demanding needs of the Indian capital markets. NSDL commenced operations on November 08, 1996. NSDL has been promoted by a number of companies, the prominent of them being IDBI, UTI, NSE, SBI, HDFC Bank Ltd., etc. The initial paid up capital of NSDL was Rs. 105 crore which was reduced to Rs. 80 crore. During 2000-2001 through buy-back programme by buying back 2.5 crore shares @ 12 Rs./share. It was done to bring the size of its capital in better alignment with its financial operations and to provide same return to shareholders by gainfully deploying the excess cash available with NSDL. NSDL carries out its activities through service providers such as depository participants (DPs), issuing companies and their registrars and share transfer agents and clearing corporations/ clearing houses of stock exchanges. These entities are NSDL's business partners and are integrated in to the NSDL depository system to provide various services to investors and clearing members. The investor can get depository services through NSDL's depository participants. An investor needs to open a depository account with a depository participant to avail of depository facilities. Depository system essentially aims at eliminating the voluminous and cumbersome paper work involved in the scrip-based system and offers scope for ‘paperless’ trading through state-of-the-art technology. A depository can be compared to a bank. A depository holds securities of investors in the form of electronic accounts, in the same way as bank holds money in a saving account. Besides, holding securities, a depository also provides services related to transactions in securities.

Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham 53 kepada Publik terhadap Underpricing

2016 ◽  
Vol 8 (1) ◽  
pp. 53-74
Author(s):  
Maria Jeanne ◽  
Chermian Eforis
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Statement ◽  
Data Set ◽  
Multiple Regression Method ◽  
Underwriter Reputation ◽  
Public Offering

The objective of this research is to obtain empirical evidence about the effect of underwriter reputation, company age, and the percentage of share’s offering to public toward underpricing. Underpricing is a phenomenon in which the current stock price initial public offering (IPO) was lower than the closing price of shares in the secondary market during the first day. Sample in this research was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The samples in this research were 72 companies conducting initial public offering (IPO) at the Indonesian Stock Exchange in the period January 2010 - December 2014; perform initial offering of shares; suffered underpricing; has a complete data set forth in the company's prospectus, IDX monthly statistics, financial statement and stock price site (e-bursa); and use Rupiah currency. Results of this research were (1) underwriter reputation significantly effect on underpricing; (2) company age do not effect on underpricing; and (3) the percentage of share’s offering to public do not effect on undepricing. Keywords: company age, the percentage of share’s offering to public, underpricing, underwriter reputation.

THE PHYSICOCHEMICAL PROPERTIES OF GLUCOMANNAN FLOUR OF AMORPHOPHALLUS PAEONIIFOLIUS CULTIVALED IN THUA THIEN HUE

2014 ◽  
pp. 87-92
Author(s):  
Thi Hoai Nguyen ◽  
Thi Van Thi Tran ◽  
Trung Hieu Le ◽  
Thi Mai Huong Vo
Keyword(s):  
Physical Chemistry ◽  
Physicochemical Properties ◽  
Key Words ◽  
Quality Standards ◽  
Spectroscopic Methods ◽  
Research Results ◽  
Beneficial Effects ◽  
Laser Analysis ◽  
Set Up

Background: There are many beneficial effects such as reducing the risk of obesity, diabetes, hyperlipidemia and hypercholesterolemia from Amorphophallus sp. This reports are research results of physicochemical properties of glucomannan flour from tubers of Amorphophallus paeoniifolius cultivated in Thua Thien Hue. Materials: Glucomannan flour from tubers of Amorphophallus paeoniifolius (Dennst) Nicolson – Araceae cultivated in Thua Thien Hue. Method: Identify the quantity and physicochemical properties by many methods such as using enzymes, chemistry, physical chemistry, spectroscopic methods, laser analysis. Results: Identified starch and glucomannan quantity, physicochemical properties and indicators of microbiological of glucomannan flour. Conclusion: From the achieved results set up quality standards of glucomannan flour from tubers of Amorphophallus paeoniifolius cultivated in Thua Thien Hue. Key words: Glucomannan, starch, β-amylase.

HUBUNGAN ANTARA JIWA WIRAUSAHA MAHASISWA DENGAN MOTIVASI, LINGKUNGAN KELUARGA DAN PENDIDIKAN PADA POLITEKNIK LP3I JAKARTA KAMPUS BEKASI

2018 ◽  
Vol 6 (2) ◽  
pp. 14
Author(s):  
Darmawan Darmawan ◽  
Jajang Setiawan
Keyword(s):  
Key Words ◽  
Family Background ◽  
Research Result ◽  
Education Institution ◽  
Education Level ◽  
Study Program ◽  
Economic Level ◽  
The Subject ◽  
Set Up

<p align="center"><strong>ABSTRACT</strong><strong></strong></p><p align="center"><strong> </strong></p><p align="justify"><em>Today, the growth of economic level begins to rise again that is generated by the increase of   different kind of product and different kind of businesses that are offered by both individual businesses that are done easly independently. To deal with all of business trends, the education institution has to prepare the students to be able to set up a business idenpendedntly through the subject of entrepeuneurship.  As it is regulated in Vision and Mision of study program and is also regulated in the curriculum of lectures. </em><em></em></p><p align="justify"><em>This research is aimed at to find out the correlation between the spirit of entrepeunership and motivation , Family background, and education level. Based on the research result, the finding showed that the spirit of entrepeneurship correlated with the motivation and family background. Based on the finding, it was also found that education level did not correlate with that the spirit of entrepeneurship. In regard with the findings, it is important to develop more the motivation of students to touch up the sperit of entrepenuership. </em><em></em></p><p align="justify"> </p><p><em>Key words: Entrepenuer, Students, Entrepeuneurship. </em></p>

APAKAH FAKTOR EKSTERNAL MEMPREDIKSI UNDERPRICING LEBIH BAIK DIBANDINGKAN FAKTOR INTERNAL? STUDI INITIAL PUBLIK OFFERING DI BEI TAHUN 2009-2017

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Saefudin Saefudin ◽  
Tri Gunarsih
Keyword(s):  
Interest Rates ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Secondary Market ◽  
Company Size ◽  
Negative Effect ◽  
Underwriter Reputation ◽  
Public Offering

Underpricing is a phenomenon that still occurs in the Indonesian capital market, where the offering price of shares in the primary market is lower than the opening price or closing price on the first day on the secondary market. This study aims to examine the effect of Return On Assets (ROA), Debt to Equity Ratio (DER), company size, underwriter reputation, age, and interest rates on the underpricing of shares in companies’s Initial Public Offering (IPO) listing on the Indonesia Stock Exchange (BEI) in 2009 to 2017. The population in this study are companies that conduct IPOs on the BEI period 2009 to 2017. The sample selection in this study uses a purposive sampling method, based on certain criteria. The sample in this study were 183 underpricing companies from 205 companies conducting IPO in the period 2009 to 2017. The data used in this study used secondary data. The multiple regression analysis was implemented in this study. The results showed that DER, company size, and underwriter reputation did not significantly influence underpricing. While ROA, age and interest rates have a significant negative effect on underpricing. In this study, investors consider ROA, age, interest rates compared to DER, company size, and the reputation of the underwriter to invest in companies that make an IPO.Keywords: Underpricing, Initial Public Offering, and Indonesian Stock Exchange.

scholarly journals Evaluation of Changes on World Stock Exchanges in Connection with the SARS-CoV-2 Pandemic. Survival Analysis Methods

Risks ◽  
2021 ◽  
Vol 9 (7) ◽  
pp. 121
Author(s):  
Beata Bieszk-Stolorz ◽  
Krzysztof Dmytrów
Keyword(s):  
Survival Analysis ◽  
Proportional Hazards ◽  
Proportional Hazards Model ◽  
Stock Exchange ◽  
Cox Proportional Hazards ◽  
Cox Proportional Hazards Model ◽  
Stock Exchanges ◽  
Analysis Methods ◽  
Hazards Model ◽  
Kaplan Meier

The aim of our research was to compare the intensity of decline and then increase in the value of basic stock indices during the SARS-CoV-2 coronavirus pandemic in 2020. The survival analysis methods used to assess the risk of decline and chance of rise of the indices were: Kaplan–Meier estimator, logit model, and the Cox proportional hazards model. We observed the highest intensity of decline in the European stock exchanges, followed by the American and Asian plus Australian ones (after the fourth and eighth week since the peak). The highest risk of decline was in America, then in Europe, followed by Asia and Australia. The lowest risk was in Africa. The intensity of increase was the highest in the fourth and eleventh week since the minimal value had been reached. The highest odds of increase were in the American stock exchanges, followed by the European and Asian (including Australia and Oceania), and the lowest in the African ones. The odds and intensity of increase in the stock exchange indices varied from continent to continent. The increase was faster than the initial decline.

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