scholarly journals Dynamics of Stock Prices and Market Efficiency

2018 ◽  
Vol 11 (6) ◽  
pp. 29
Author(s):  
Antônio André Cunha Callado ◽  
Carla Renata Silva Leitão
Keyword(s):  
Market Efficiency ◽  
Empirical Evidence ◽  
Stock Prices ◽  
Academic Research ◽  
Econometric Models ◽  
Efficiency Measurement ◽  
Leading Position ◽  
Dynamics Of Stock Prices ◽  
Epistemological Perspectives

Over the last few decades, academic research on market efficiency has taken a leading position in the field of financial theories. The objective of this paper is to present contradictions within the evidence about market efficiency and discuss efficiency measurement as an emerging approach. The paper presents the evolution of research and also the lack of convergence between evidence provided by the literature and the lack of consistent arguments for explaining them. The paper also presents a framework that illustrates intermediate levels of efficiency and the first approach designed to measuring market efficiency. Finally the paper points out that divergences amongst the empirical evidence found in the literature should be considered as a key issue and further efforts should focus on specific conceptual elements inherent to its operationalization. Therefore, econometric models should not be given the exclusive responsibility of explaining market efficiency, nor possibility of incorporating alternative epistemological perspectives into the efficient / inefficient duality should be kept outside.

scholarly journals THE XBRL TECHNOLOGY AND MARKET EFFICIENCY IN BANKING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX)

2020 ◽  
Vol 4 (1) ◽  
pp. 26
Author(s):  
Erni Jayani ◽  
Jumiadi Abdi Winata ◽  
Khairunnisa Harahap
Keyword(s):  
Information Asymmetry ◽  
Market Efficiency ◽  
Financial Reporting ◽  
Stock Prices ◽  
Trading Volume ◽  
Sampling Method ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Accurate Information ◽  
Stock Trading

The problem in this research is the need for fast and accurate information in the format of the presentation of financial statements resulting in the distribution of information, and data management can be problematic. Therefore, a format for financial reporting systems, namely Extensible Business Reporting Language (XBRL), was formed. The purpose of this study was to determine the effect of XBRL technology, stock prices, Return on Assets (ROA), and institutional ownership on market efficiency (information asymmetry and stock trading volume). The population and sample of this study are banking companies listed on the Indonesia Stock Exchange from 2015-2016. The sampling method using a purposive sampling method and obtained a sample of 42 companies. Data collection techniques are carried out by taking data from the Indonesia Stock Exchange website (www.idx.co.id) and the site http://finance.yahoo.com. Data were analyzed with multiple regression tests after being declared normal with the normality test and though using SPSS 20. The results of this study simultaneously stated that XBRL technology, stock prices, ROA, and institutional ownership together have an influence on information asymmetry and stock trading volume. From the results of the study, it can be concluded that XBRL technology, stock prices, ROA, and institutional ownership cause a decrease in the level of information asymmetry and trading volume. This result also states that the company is in excellent condition when the value of information asymmetry decreases, but it is not good when the trading volume of its shares also decreases. Keywords: XBRL Technology; Stock Prices; Market Efficiency; Information Asymmetry; Stock Trading Volume. 

scholarly journals The Relationships between Exchange Rates and Stock Prices: Empirical Investigation from Johannesburg Stock Exchange

2019 ◽  
Author(s):  
Md. Mahmudul Alam ◽  
Gazi Salah Uddin ◽  
Khan Md. Raziuddin Taufique
Keyword(s):  
Exchange Rate ◽  
Market Efficiency ◽  
Stock Prices ◽  
Stock Exchange ◽  
Unit Root Test ◽  
Rate Sensitivity ◽  
Causality Test ◽  
Johannesburg Stock Exchange ◽  
Long Run ◽  
Adf Test

This study seeks evidence supporting the existence of market efficiency and exchange rate sensitivity on stock prices in the Johannesburg stock exchange (JSE). The sample includes the daily price indices of all securities listed on the JSE, and the exchange rate of the USD/Rand for the period since January 2000 to December 2004. The results from the unit root test, the ADF test and the causality test at the Granger sense provide evidence that the Johannesburg stock exchange (JSE) is informationally efficient. It has a long run comovement with exchange rate, and long run equilibrium or steady state. Hence, in JSE there is a strong possibility that foreign direct investors and forex market traders cannot influence and gain abnormal extra benefits by using exchange rate mechanism or by using exchange rate to forecast stock prices in the market. So, JSE is semi-strong form efficient. Through cointegration test, this paper gives more insight on the concept of market efficiency and the reliability of the results. These results are important to security analysts, investors, and security regulatory exchange bodies in policy making decision to improve the market conditions

The Archaeology of Passage: Reading Invisibility in Chinese Tombs

2019 ◽  
Author(s):  
Wu Hung
Keyword(s):  
Visual Culture ◽  
Empirical Evidence ◽  
Visual Analysis ◽  
Academic Research ◽  
Chinese Art ◽  
Philosophical Concept ◽  
Historical Scholarship ◽  
Tao Te Ching ◽  
The Past ◽  
Daode Jing

The eleventh section of Daode jing (Tao Te Ching), the foundational text of Taoism, reads: . . . Thirty spokes share a hub; Because [the wheel] is empty, it can be used in a cart. Knead clay to make a vessel. Because it is empty, it can function as a vessel. Carve out doors and windows to make a room. Because they are empty, they make a room usable. Thus we possess things and benefit from them, But it is their emptiness that makes them useful. . . This section has always been appreciated as a supreme piece of rhetoric on the powers of nothingness, a philosophical concept fiercely articulated in the Daode jing. Whereas that may indeed be the author’s intention, the empirical evidence evoked to demonstrate this concept reveals an alternative way of seeing manufactured objects by focusing on their immaterial aspects. This way of looking at things has important implications for archaeological and art historical scholarship on ancient artifacts and architecture precisely because these two disciplines identify themselves with the study of physical remains of the past so firmly that tangibility has become an undisputed condition of academic research in these fields. Archaeologists routinely classify objects from an excavation into categories based on material and then inventory their sizes, shapes, and decoration. Art historians typically start their interpretation of images, objects, and monuments by identifying their formal attributes. Whereas such trained attention to material and formal evidence will surely persist for good reasons, the Daode jing section cautions us of the danger of ignoring the immaterial aspects of man-made forms, which, though eluding conventional typological classification and visual analysis, are nevertheless indispensible to their existence as objects and buildings. The current chapter incorporates this approach into a study of ancient Chinese art and visual culture by arguing that constructed empty spaces on artifacts and structures—holes, vacuums, doors, and windows—possess vital significance to understanding the minds and hands that created them and thus deserve a serious look into their meaning.

Sign in / Sign up

Export Citation Format

Share Document