Download or read book Behavior and Effects of Foreign Investors on Istanbul Stock Exchange written by Can Adabag and published by . This book was released on 2008 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of foreign investors on the Istanbul Stock Exchange (ISE), as well as their behavior when trading on the Turkish stock market. Using a VAR model with net foreign portfolio inflow and US Dollar returns of ISE as endogenous variables, we show that there is a monthly contemporaneous relationship between these variables, and therefore when foreign investors enter the Turkish market, the ISE index raises contemporaneously, and vice-versa. However, this cannot be considered as a long-run process of base broadening, since net foreign portfolio inflow and the first difference of Foreign Portfolio Holdings are stationary over the period analyzed. Evidence of negative feedback trading was found, suggesting that these investors adopt contrarian strategies when trading in the Turkish market. This behavior is not in line with the results of previous empirical studies, which either found no feedback trading, or evidence of positive feedback trading. Also, we found no price pressure effect created by foreign investors. We give robustness to our results through the use of control variables and different lag-structure specifications. Therefore, on the basis of our findings, foreign investors cannot be blamed for causing instability in Turkey. On the contrary, the negative feedback strategy tends to smooth market movements instead of exacerbating them. In this way, foreign equity investment seems to be beneficial to the Turkish stock market.

Download or read book An Empirical Investigation of the Behaviour of Foreign Investors in Emerging Markets written by Deniz Ikizlerli and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using monthly data of foreign flows on Istanbul Stock Exchange (ISE), the thesis finds that in contrast to most of the available theory and repeated previous findings on other markets, foreign investors act in a contrarian manner with respect to past local returns in ISE, however only in rising markets. The findings do not support the price pressure hypothesis; instead the price impact is permanent supporting the base-broadening and information hypotheses. The analysis on individual stocks suggests no evidence of informed trading, suggesting that, foreigners have no particular advantage in terms of domestic information in the ISE. Employing daily trading data from five emerging stock markets, namely the Jakarta Stock Exchange, Korea Stock Exchange (KOSPI), Stock Exchange of Thailand (SET), Taiwan Stock Exchange, and the Kosdaq Stock Market, this thesis documents that that in four out of five markets global risk appetite affects equity flows to emerging markets. Furthermore, foreigners? trading with respect to local return is found to be different across high and low risk appetite levels in Indonesia, Kosdaq and the Kospi markets. Their trading with respect to local return is also found to be different across high and low states of the economy in KOSPI and SET. Finally, using a daily dataset from the Stock Exchange of Thailand, this thesis investigates whether foreigners react differently on the announcement of macroeconomic news, compared to local investors. It also addresses some serious econometric issues that have affected other papers in this area. Under this improved model, many reactions turn out not to be significant, particularly since the 1997-8 crisis. However, on hearing inflation news, foreigners do react in the opposite way to local individual investors. They will therefore tend to reduce any locally-induced volatility.

Download or read book Behavior and Effects of Equity Foreign Investors on Emerging Markets written by Barbara Alemanni and published by . This book was released on 2008 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes empirically the behavior of foreign investors on emerging equity markets in a cross-country setting, including 14 emerging markets from the year 2000 to 2005. We could find little evidence that these investors have brought problems to local emerging markets. Foreign investors seem to build and unwind their positions on emerging stock markets slowly enough to avoid problems as price pressure or volatility and kurtosis upswings on the stock market. Also, no negative effects on the foreign exchange market could be found. Regarding feedback trading, we support two hypotheses: positive feedback trading by hedged investors and negative feedback trading by unhedged investors. The latter has stronger statistical evidence and is more likely to occur in the real world. We conclude that there is no reason to impose long-term restrictions to foreign flows.

Download or read book Impact of Global Shocks and Volatility on Herd Behavior in an Emerging Market written by Mehmet Balcilar and published by . This book was released on 2015 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contributes to the literature on the financial integration in international stock markets by examining the dynamic relationship between global factors and herd behavior in an emerging market. Utilizing a time-varying transition probability Markov Switching model (TVTP-MS), we examine the role of global risk factors on investor behavior in Borsa Istanbul, dominated largely by foreign investors who hold a substantial share of the stocks traded in this market. Our tests yield three distinct market regimes - low, high, and extreme volatility - and evidence consistent with herd behavior during both the high and extreme volatility regimes. U.S. market related factors are found to dominate regime transitions and thus significantly contribute to herd behavior in all market sectors with the exception of industrials, suggesting that industrials are relatively immune from global shocks. Multivariate synchronization tests further suggest that herding regimes are perfectly synchronized across all market sectors, implying that none of the sectors can serve as a leading indicator for switching to (or from) the herding regimes.

Download or read book The Role of Foreign Investors in the stanbul Stock Exchange written by Usta Murat and published by . This book was released on 2003 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Handbook of Investors Behavior during Financial Crises written by Fotini Economou and published by Academic Press. This book was released on 2017-06-24 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Investors' Behavior during Financial Crises provides fundamental information about investor behavior during turbulent periods, such the 2000 dot com crash and the 2008 global financial crisis. Contributors share the same behavioral finance tools and techniques while analyzing behaviors across a variety of market structures and asset classes. The volume provides novel insights about the influence and effects of regional differences in market design. Its distinctive approach to studies of financial crises is of key importance in our contemporary financial landscape, even more so since the accelerated process of globalization has rendered the outbreak of financial crises internationally more commonplace compared to previous decades. - Encompasses empirical, quantitative and regulation-motivated studies - Includes information about retail and institutional investor behavior - Analyzes optimal financial structures for the development and growth of specific regional economies

Download or read book Articles in ITJEMAST 10 17 2019 written by and published by International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies. This book was released on 2019-11-01 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Papers in ITJEMAST 10(17) 2019

Download or read book Contemporary Issues in Behavioral Finance written by Simon Grima and published by Emerald Group Publishing. This book was released on 2019-07-04 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This special edition of Contemporary Studies in Economic and Financial Analysis offers seventeen chapters from invited participants in the International Applied Social Science Congress, held in Turkey between the 19th and 21st April 2018.

Download or read book Fintech As a Disruptive Technology for Financial Institutions written by Abdul Rafay and published by Business Science Reference. This book was released on 2018-12-26 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book provides understanding and lessons learned in regard to all aspects of financial technology utilization and management in individual, organizational, and societal experiences. It examines the emergence of financial technology during the last decade. Including discussion on topics such as regulatory environments, technology infrastructures, public sector initiatives, and financial technology for the social sector"--

Download or read book Stock Market Volatility written by Greg N. Gregoriou and published by CRC Press. This book was released on 2009-04-08 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Up-to-Date Research Sheds New Light on This Area Taking into account the ongoing worldwide financial crisis, Stock Market Volatility provides insight to better understand volatility in various stock markets. This timely volume is one of the first to draw on a range of international authorities who offer their expertise on market volatility in devel

Download or read book Foreign Direct Investment Perspective through Foreign Direct Divestment written by Anita Maček and published by BoD – Books on Demand. This book was released on 2021-03-17 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the turn of the century, the liberalization of capital markets has caused exponential growth of foreign direct investment (FDI). However, developments in recent years have shown that countries have placed limitations on foreign investors. In addition, dynamic economic developments in the surge of financial and economic crisis and later have clearly exposed the possibility that FDI will change course and result in foreign direct divestment. This book looks at specific country experiences related to FDI as well as determinants of FDI that could be connected to the new course of divestment.

Download or read book Behavioral Finance written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2010-10-01 with total page 1184 pages. Available in PDF, EPUB and Kindle. Book excerpt: A definitive guide to the growing field of behavioral finance This reliable resource provides a comprehensive view of behavioral finance and its psychological foundations, as well as its applications to finance. Comprising contributed chapters written by distinguished authors from some of the most influential firms and universities in the world, Behavioral Finance provides a synthesis of the most essential elements of this discipline, including psychological concepts and behavioral biases, the behavioral aspects of asset pricing, asset allocation, and market prices, as well as investor behavior, corporate managerial behavior, and social influences. Uses a structured approach to put behavioral finance in perspective Relies on recent research findings to provide guidance through the maze of theories and concepts Discusses the impact of sub-optimal financial decisions on the efficiency of capital markets, personal wealth, and the performance of corporations Behavioral finance has quickly become part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.

Download or read book Indian Journal of Economics written by and published by . This book was released on 2010 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Herd Behavior in Financial Markets written by Sushil Bikhchandani and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Purchasing Power Parity and Real Exchange Rates written by Mark P. Taylor and published by Routledge. This book was released on 2013-09-13 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: The term Purchasing Power Parity may date from the early twentieth century, when it was coined by the Swedish economist Gustav Cassel, but the underlying concept had been enjoying varying degrees of success since its development in sixteenth century Spain. Even towards the end of the twentieth century, and especially since the breakdown of the Bretton Woods system of fixed exchange rates, PPP and the stability of real exchange rates continued to be the subject of academic debate. This volume brings together essays covering aspects of current thinking on Purchasing Power Parity, from the various ways in which to test for its existence, to its appearance in different economies around the world, to examinations of the explanations given when PPP does not appear to hold This book was published as a special issue of Applied Financial Economics. The academic editor of this journal is Mark P. Taylor.

Download or read book Stock Market Liquidity written by François-Serge Lhabitant and published by John Wiley & Sons. This book was released on 2008-01-09 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brings together today's best financial minds across the world to discuss the issue of liquidity in today's markets. It is often proxied by trade-based measures (such as trading volume, frequency of trading, dollar value of shares trade, etc), order based measures and price impact measures.

Download or read book International Journal of Finance and Policy Analysis Volume 3 Number 1 written by and published by Universal-Publishers. This book was released on 2011-06-30 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: CONTENTS: 1. Measuring Changes in Liquidity Using the Bid-offer Price Proxy: Determinants of Liquidity in the United Kingdom Gilt Market by Moorad Choudhry 2. Impact of Electronic Tax Registers on VAT Compliance: A Study of Kenyan Private Business Firms by I. K. Naibei and E. M. Siringi 3. Foreign Direct Investment Inflows, Merchandize Trade and Economic Growth in India: An Analytical Study by Mousumi Bhattacharya 4. Extension of Technology Adoption Model (TAM) Intention to Use Internet Banking: Evidence from India by V.V.Ravi Kumar, S.K. Bose and P.V.Raghavan 5. Assessment of the Impact of Financial Risk and Market Variables on Expert Investment Preferences in Colombo Stock Exchange by M. M. Fonseka, A.M.T.P. Athauda and G. L. Tian 6. Assessing the Impact of Microfinance Institutions on Financial Development within the West African Monetary and Economic Union by Kanfitine Lare-Lantone 7. Growth of Banking Sector in the Sultanate of Oman: An Analysis by Imran Azad, A.H.M. Saifullah Sadi and Mohd. Faiyaz Click here to download full PDF edition of this issue (free limited time open access) Go to Journal Homepage Go to Series editor website About the Journal The International Journal of Finance and Policy Analysis (IJFPA) aims to publish high-quality papers that are of interest to academicians and practitioners. IJFPA is peer-reviewed and publishes both applied and theoretical papers bi-annually. The journal only considers original manuscripts for publication. IJFPA welcomes contributions in the areas of corporate finance, investments, corporate governance, international finance, financial markets & institutions, credit analysis, financial planning, financial risk management, behavioural finance, financial services management, capital structure, international financial market linkages, portfolio management, financial analysis, financial market regulations, and international banking. Other papers that might be of interest to the readership will be considered for publication. The readership of IJFPA includes academics, professionals, scholars, practitioners, and policy analysts.