scholarly journals Which Stock Exchange Leads the Other: Comparison Between US, Australia, Euro Zone and UK

2019 ◽  
Vol 10 (5) ◽  
pp. 250
Author(s):  
Gholamreza Zandi ◽  
Muhammad Usman Javaid ◽  
Urooj Anwar ◽  
Muhammad Umar Islam
Keyword(s):  
Stock Markets ◽  
Stock Exchange ◽  
The United States ◽  
The Other ◽  
Structural Modelling ◽  
Euro Zone ◽  
Long Run ◽  
The Us ◽  
Variance Decompositions ◽  
Direction Of Causation

Recently, Financial linkages among the most advanced countries are being explored. It is very crucial matter for investors, regulators and government alike. For investor so that they can effectively manage their portfolio and for regulators to implement right policies. However, there is lack of study on identifying existence of the financial linkages and measuring direction and strength of causality among the most advanced countries based on the most updated .Hence, this paper examines linkages between stock markets of four advanced stock markets (the United States, Australia , Euro zone and UK) during the period of January 2004 to December 2013. The method applied are the error correction and variance decompositions technique including recently improved “long run structural modelling (LRSM)”. Our findings, based on the above mentioned rigorous techniques, tend to suggest that there is direction of causation largely from U.K, and Euro Area and lowly from Australia to the US.

Forecasting the value effect of Seasoned Equity Offering announcements: Evidence from BRICS and comparative analysis to USA and European Markets

2017 ◽  
Vol 10 (2) ◽  
pp. 22-46
Author(s):  
Zhuqing Huang ◽  
Kostantinos Nikolopoulos
Keyword(s):  
Emerging Markets ◽  
Stock Markets ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Market Reactions ◽  
Developed Markets ◽  
Long Run ◽  
The Us ◽  
Value Effect ◽  
European Markets

Purpose –The purpose of this paper is to forecast the value effect of the SEO announcements based on the BRICS stock markets, and to make comparisons with the US and European markets.Design/methodology/approach –China and Russia are picked as representations of the BRICS based on the analysis of the economic growth of the five countries. Historical data from Shanghai Stock Exchange (SSE) and Moscow Stock Exchange (MSE) between 2010 and 2014 were involved. The authors use the abnormal return to quantify the value effect of SEOs and different models were built with the chosen factors. Modelling tools include EViews and SAS, and comparisons were made among the models.Findings –Positive market reactions were observed within two and three days after the SEOs in SSE and MSE respectively, negative market reactions exist in a long-run period after the announcements. The best model for the prediction is the auto-neural model.Research limitations/implications – The sample size could be larger in order to raise the precision of the prediction.Originality/value – Many empirical studies of the SEOs are based on developed markets. However the emerging markets may react differently. This research focuses on the stock markets in BRICS, which could be seen as representations of the emerging markets, thus could provide ideas and clues for relevant stakeholders in emerging markets before the SEO announcements.Keywords SEO, BRICS, Value effect, Neural Networks, SSE, MSEPaper type Research paper

ECONOMIC GROWTH OF SELECTED EAST ASIAN COUNTRIES: A MACROECONOMIC VIEW OF THEIR DEPENDENCE ON THE US AND EUROPE

2016 ◽  
Vol 61 (05) ◽  
pp. 1550066
Author(s):  
EU CHYE TAN ◽  
CHOR FOON TANG
Keyword(s):  
East Asian ◽  
The United States ◽  
The Other ◽  
Asian Countries ◽  
Modeling Framework ◽  
Long Run ◽  
The Us ◽  
The World ◽  
Short Run ◽  
The One

This paper aims to ascertain whether direct macroeconomic linkages exist between some East Asian (EA) countries on the one hand and the United States (US) and Europe on the other, based upon quarterly real gross domestic product (GDP) series spanning from the early 1990s. Long-run and short-run lead-lag relations are explored within a trivariate modeling framework. Contrary to popular belief, the empirical evidence suggests generally either very nominal or no direct links at all between these EA countries and the US in terms of GDP. Direct links with Europe are completely ruled out. All these would allude to a very limited susceptibility of these EA economies to shocks in the US and Europe, barring a global economic crisis of catastrophic proportions. The growing belief that if China sneezes, the world catches the flu is also not borne out by the empirical results.

The Impact of Monetary and Fiscal Policies on the Stock Market in the United States (U.S); Evidence from Linear ARDL Framework

2020 ◽  
Vol 11 (1) ◽  
pp. 132-132
Author(s):  
Aref Emamian
Keyword(s):  
United States ◽  
Stock Market ◽  
The United States ◽  
Real Effective Exchange Rate ◽  
Annual Data ◽  
Fiscal Policies ◽  
Long Run ◽  
The Us ◽  
Short Run ◽  
The Impact

This study examines the impact of monetary and fiscal policies on the stock market in the United States (US), were used. By employing the method of Autoregressive Distributed Lags (ARDL) developed by Pesaran et al. (2001). Annual data from the Federal Reserve, World Bank, and International Monetary Fund, from 1986 to 2017 pertaining to the American economy, the results show that both policies play a significant role in the stock market. We find a significant positive effect of real Gross Domestic Product and the interest rate on the US stock market in the long run and significant negative relationship effect of Consumer Price Index (CPI) and broad money on the US stock market both in the short run and long run. On the other hand, this study only could support the significant positive impact of tax revenue and significant negative impact of real effective exchange rate on the US stock market in the short run while in the long run are insignificant. Keywords: ARDL, monetary policy, fiscal policy, stock market, United States

The Nexus Between Johannesburg Stock Exchange and the United States Unemployment Rate Announcement: An Impulse Response Analysis

2018 ◽  
Vol 10 (3(J)) ◽  
pp. 160-168
Author(s):  
Misheck Mutize ◽  
Victor Virimai Mugobo
Keyword(s):  
United States ◽  
South African ◽  
Impulse Response ◽  
Unemployment Rate ◽  
Stock Prices ◽  
Stock Exchange ◽  
The United States ◽  
Response Analysis ◽  
Johannesburg Stock Exchange ◽  
The Us

The study explores the relationship between the unemployment rate in the United States and South Africa’s stock prices from the beginning of 2013 to the last day 2017. The objective of this paper is to examine the impact of the US unemployment rate announcement on the South African financial market. Results of Impulse Response analysis show that there is a very minimal impact from the US unemployment announcement to South Africa’s stock prices which disappears within two days of the announcement. In addition, the Johannesburg stock exchange index marginally responds to own shocks, which marginally fades away within two days. These findings imply that the changes in the US employment policies have a direct ripple effect on the South African macroeconomic environment, its investing public sentiments and corporate confidence on the future prospects of businesses.

Can India’s Higher Education Improve Through Better Management of Human Resources: A Comparative Study of India and the United States

2021 ◽  
pp. 006996672110638
Author(s):  
Jai Mohan Pandit ◽  
Bino Paul
Keyword(s):  
Higher Education ◽  
Performance Management ◽  
The United States ◽  
The Other ◽  
Hrm Practices ◽  
Other Hand ◽  
Global Standards ◽  
The Us ◽  
Education In India ◽  
Recruitment And Selection

This study investigates human resource management (HRM) practices in higher education institutions (HEIs) based on a comparative analysis of India and the US. Although higher education in India has grown over the decades, its quality, in general, has not kept up with global standards. On the other hand, many US universities have performed consistently well in international university rankings. Based on qualitative research collected from principal stakeholders of HEIs in India and the US, HRM practices and policies followed by them are presented and discussed. Data collection for the research study was through web interviews during the period August–October 2020. The study reveals that Indian public HEIs do not have professional HRM teams. Also, they are in a formative stage in autonomous and private institutions. On the other hand, many HEIs in the US have developed mature HRM systems. This difference resonates in attributes such as structure of HRM, recruitment and selection processes, training and development programmes, performance management, career progression and talent retention.

United States Strategic Interests in Latin America: An Assessment

1997 ◽  
Vol 39 (1) ◽  
pp. 45-57 ◽  
Author(s):  
Albert R. Coll
Keyword(s):  
United States ◽  
Latin America ◽  
The United States ◽  
Second World War ◽  
Economic Prosperity ◽  
World War ◽  
Long Run ◽  
The Us ◽  
Areas Of Concern ◽  
Second World

As of 1997, the United States faces an unprecedented degree of security, stability, and economic prosperity in its relations with Latin America. Never before have US strategic interests in Latin America been as well-protected or have its prospects seemed, at least on the surface, so promising. Yet while the US strategic interests are in better shape — militarily, politically, and economically — this decade than at any time since the end of the Second World War, some problems remain. Over the long run, there is also the risk that old problems, which today seem to have ebbed away, will return. Thus, the positive tone of any contemporary assessment must be tempered with an awareness of remaining areas of concern as well as of possible future crises.

scholarly journals Interdependence of stock exchange indices from leading capital markets: USA, Germany and Japan Stock Market

Bizinfo Blace ◽  
2021 ◽  
Vol 12 (1) ◽  
pp. 15-28
Author(s):  
Milena Marjanović ◽  
Ivan Mihailović ◽  
Ognjen Dimitrijević
Keyword(s):  
United States ◽  
Financial Markets ◽  
Capital Markets ◽  
Stock Exchange ◽  
Impulse Response Function ◽  
The United States ◽  
Causality Test ◽  
Vector Autoregressive ◽  
Equilibrium Relationship ◽  
The Us

In the context of globalization, due to the accelerated process of economic integration of countries and financial markets, the interdependence of the world's leading financial markets is more than obvious. This paper investigates the interdependence of stock exchange indices from leading capital markets in the world: USA, European Union and Asia. Our intention is to determine the direction of causality between the observed capital markets, as well as whether and in what way shocks in one market are transmitted to other markets. Research methodology includes stationarity testing, the existence of cointegration, the application of the Vector Autoregressive Model (VAR) which is complemented by the Granger causality test and the Impulse Response Function (IRF) analysis. The results of the research are as follows. Johansen's cointegration test showed that there is no long-term equilibrium relationship between the observed markets, while Granger's test showed that there is mutual causality between the capital markets of Germany and the United States. As for the Japanese index, previous events in Germany and the United States are statistically significant, but previous events on the Tokyo Stock Exchange cannot explain movements in Germany and the United States. According to the results of the IRF analysis, shocks that may occur in the US market have an almost identical impact on all observed markets. On the other hand, disturbances on the Japanese market are not transmitted to the German and American market, i.e. remain in Japan.

scholarly journals Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX

2020 ◽  
Vol 12 (20) ◽  
pp. 8581
Author(s):  
Wenjing Xie ◽  
João Paulo Vieito ◽  
Ephraim Clark ◽  
Wing-Keung Wong
Keyword(s):  
Sustainable Development ◽  
Stock Market ◽  
Financial Markets ◽  
Stock Markets ◽  
Stock Exchange ◽  
International Treaties ◽  
National Policies ◽  
The Sustainable Development ◽  
Long Run ◽  
Stock Market Investors

This study investigates whether the merger of NASDAQ and OMX could reduce the portfolio diversification possibilities for stock market investors and whether it is necessary to implement national policies and international treaties for the sustainable development of financial markets. Our study is very important because some players in the stock markets have not yet realized that stock exchanges, during the last decades, have moved from government-owned or mutually-owned organizations to private companies, and, with several mergers having occurred, the market is tending gradually to behave like a monopoly. From our analysis, we conclude that increased volatility and reduced diversification opportunities are the results of an increase in the long-run comovement between each pair of indices in Nordic and Baltic stock markets (Denmark, Sweden, Finland, Estonia, Latvia, and Lithuania) and NASDAQ after the merger. We also find that the merger tends to improve the error-correction mechanism for NASDAQ so that it Granger-causes OMX, but OMX loses predictive power on NASDAQ after the merger. We conclude that the merger of NASDAQ and OMX reduces the diversification possibilities for stock market investors and our findings provide evidence to support the argument that it is important to implement national policies and international treaties for the sustainable development of financial markets.

scholarly journals An Act of War? The Interview Affair, the Sony Hack, and the Hollywood–Washington Power Nexus Today

2017 ◽  
Vol 53 (1) ◽  
pp. 1-27
Author(s):  
TONY SHAW ◽  
TRICIA JENKINS
Keyword(s):  
The United States ◽  
Global Market ◽  
Us Foreign Policy ◽  
First Century ◽  
The Other ◽  
State Security ◽  
The Past ◽  
Early Twenty ◽  
The Us ◽  
The One

Film has been an integral part of the propaganda war fought between the United States and North Korea over the past decade. The international controversy surrounding the Hollywood comedy The Interview in 2014 vividly demonstrated this and, in the process, drew attention to hidden dimensions of the US state security–entertainment complex in the early twenty-first century. Using the emails leaked courtesy of the Sony hack of late 2014, this article explores the Interview affair in detail, on the one hand revealing the close links between Sony executives and US foreign-policy advisers and on the other explaining the difficulties studios face when trying to balance commercial and political imperatives in a global market.

Renewable and non-renewable energy consumption and economic growth in the US: A Markov-Switching VAR analysis

2020 ◽  
pp. 0958305X2094403
Author(s):  
Emrah Ismail Cevik ◽  
Durmuş Çağrı Yıldırım ◽  
Sel Dibooglu
Keyword(s):  
Economic Growth ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Energy Demand ◽  
Fossil Fuels ◽  
The United States ◽  
Renewable Energy Consumption ◽  
Causality Test ◽  
Long Run ◽  
The Us

We examine the relationship between renewable and non-renewable energy consumption and economic growth in the United States. While the regime-dependent Granger causality test results for the non-renewable energy consumption and economic growth suggest bi-directional causality in both regimes, we cannot validate any causality between renewable energy consumption and economic growth. The US meets its energy demand from non-renewable sources; as such, renewable energy consumption does not seem to affect economic growth. Given the efficiency and productivity of renewable energy investments, we conclude that it is worthwhile to consider renewable energy inputs to replace fossil fuels given potential benefits in terms of global warming and climate change concerns. In this regard, increasing the R&D investments in the renewable energy sectors, increases in productivity and profitability of renewable energy investments are likely to accrue benefits in the long run.

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