This document analyzes the long-term and short-term relationships between the Indian stock market and stock markets of other leading South Asian countries from August 2002 to August 2011. It applies cointegration tests and Granger causality tests to daily stock index data from India, China, South Korea, Taiwan, Hong Kong, Indonesia, Japan, Malaysia, and Singapore. The results show both long-run and short-run associations among the selected markets. Specifically, the study finds evidence of both long-term cointegration and short-term Granger causality relationships. However, the document concludes that investors may be able to benefit more in the short-run rather than in the long-run by diversifying across these markets.
Co- Movements of India’s Stock Market with Bond Market and Select Global Stoc...inventionjournals
The study intends to carry out a comparative analysis of performance of stocks and bond market in India, and moreover comparing the Indian stock market with select global stock market. It is found that Indian stock market has a very high correlation with developed stock markets. And it is also found that bond market is negatively correlated with the stock market. The study indicates the existence of linear combination between stock returns of India with U.S, U.K, Japan and Government Bond market. In short, there exist a long term relationship and long run equilibrium between these markets in short run there may be disequilibrium. Comparison of India’s stock and bond market will benefit in creating optimal portfolio possessing minimum risk and maximum return, when the Indian stock or bond index facing a trouble.
EMERGING EQUITY MARKET AND ECONOMIC DEVELOPMENT: BANGLADESH PERSPECTIVERajib Datta
This document summarizes a paper that analyzes the relationship between stock market development and economic growth in Bangladesh. It provides background on Bangladesh's capital markets, noting they are small but growing. It then examines various indicators of the stock market over time, such as market capitalization, liquidity, and foreign investment. While the markets have grown, the growth lacks stability and more work is needed to understand the link between the stock markets and economic growth. The document also reviews the relevant laws and players in Bangladesh's capital markets and their objectives. It describes the scope and methodology of the paper.
This document discusses value creation in Indonesian listed companies. It provides examples of stock price movements of value creator and value destroyer companies before, during, and after the 2008 global financial crisis. The stock prices of value creator companies like Unilever Indonesia increased significantly from their IPO prices over this period, while value destroyer companies like Bakrie Brothers saw major price declines. The document aims to empirically examine the value creation process in Indonesian listed firms and identify factors like corporate complexity, growth opportunities, and governance that influence value creation, as measured by economic value added and market value added.
1. The document discusses foreign direct investment (FDI) in the retail sector in India, debating whether it would be good or bad.
2. It notes that while FDI can play an important role in economic development, it also carries risks, and the experiences of countries that allowed FDI in retail vary.
3. The authors argue that India should allow FDI in retail, but only in a phased manner and after addressing all related issues to minimize potential negative consequences.
This document discusses a study on the capital structure determinants of metal, metal products and mining sector firms in India. It aims to assess the impact of firm-specific factors on the capital structure. The study uses regression and correlation analysis of data from 31 firms over 9 years. The results show negative correlations between financial leverage and factors like return on capital employed, profitability and growth. Regression analysis also indicates a significant relationship between these independent variables and financial leverage. The study aims to contribute to understanding capital structure decisions in these industrial sectors in India.
Jussi Siltanen - Emerging market multinationals internationalization motivatorsJussi Siltanen
This document summarizes recent theories on the internationalization motivators of emerging market multinationals (EMMs). It reviews literature that proposes new perspectives on EMM internationalization drivers related to knowledge seeking. While traditional internationalization theories were developed using data from developed markets, some research suggests they may need adapting to fully explain EMM behavior. The document focuses on theories that provide different views on EMM internationalization motivators, especially regarding knowledge acquisition.
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Co- Movements of India’s Stock Market with Bond Market and Select Global Stoc...inventionjournals
The study intends to carry out a comparative analysis of performance of stocks and bond market in India, and moreover comparing the Indian stock market with select global stock market. It is found that Indian stock market has a very high correlation with developed stock markets. And it is also found that bond market is negatively correlated with the stock market. The study indicates the existence of linear combination between stock returns of India with U.S, U.K, Japan and Government Bond market. In short, there exist a long term relationship and long run equilibrium between these markets in short run there may be disequilibrium. Comparison of India’s stock and bond market will benefit in creating optimal portfolio possessing minimum risk and maximum return, when the Indian stock or bond index facing a trouble.
EMERGING EQUITY MARKET AND ECONOMIC DEVELOPMENT: BANGLADESH PERSPECTIVERajib Datta
This document summarizes a paper that analyzes the relationship between stock market development and economic growth in Bangladesh. It provides background on Bangladesh's capital markets, noting they are small but growing. It then examines various indicators of the stock market over time, such as market capitalization, liquidity, and foreign investment. While the markets have grown, the growth lacks stability and more work is needed to understand the link between the stock markets and economic growth. The document also reviews the relevant laws and players in Bangladesh's capital markets and their objectives. It describes the scope and methodology of the paper.
This document discusses value creation in Indonesian listed companies. It provides examples of stock price movements of value creator and value destroyer companies before, during, and after the 2008 global financial crisis. The stock prices of value creator companies like Unilever Indonesia increased significantly from their IPO prices over this period, while value destroyer companies like Bakrie Brothers saw major price declines. The document aims to empirically examine the value creation process in Indonesian listed firms and identify factors like corporate complexity, growth opportunities, and governance that influence value creation, as measured by economic value added and market value added.
1. The document discusses foreign direct investment (FDI) in the retail sector in India, debating whether it would be good or bad.
2. It notes that while FDI can play an important role in economic development, it also carries risks, and the experiences of countries that allowed FDI in retail vary.
3. The authors argue that India should allow FDI in retail, but only in a phased manner and after addressing all related issues to minimize potential negative consequences.
This document discusses a study on the capital structure determinants of metal, metal products and mining sector firms in India. It aims to assess the impact of firm-specific factors on the capital structure. The study uses regression and correlation analysis of data from 31 firms over 9 years. The results show negative correlations between financial leverage and factors like return on capital employed, profitability and growth. Regression analysis also indicates a significant relationship between these independent variables and financial leverage. The study aims to contribute to understanding capital structure decisions in these industrial sectors in India.
Jussi Siltanen - Emerging market multinationals internationalization motivatorsJussi Siltanen
This document summarizes recent theories on the internationalization motivators of emerging market multinationals (EMMs). It reviews literature that proposes new perspectives on EMM internationalization drivers related to knowledge seeking. While traditional internationalization theories were developed using data from developed markets, some research suggests they may need adapting to fully explain EMM behavior. The document focuses on theories that provide different views on EMM internationalization motivators, especially regarding knowledge acquisition.
The Effect of Capital Structure on Firm Performance: Empirical Evidence from ...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Has economic value added an impact on market price of sharesIAEME Publication
This document examines the impact of economic value added (EVA) on the market price of shares using data from Advanced Chemical Industries Limited (ACIL), a leading pharmaceutical company in Bangladesh, from 2006 to 2011. It calculates EVA for ACIL over this period and finds that EVA was positive, indicating it added value for shareholders. Using statistical analysis techniques including regression and correlation, the study finds a significant positive relationship between EVA and market share price for ACIL. It concludes that EVA has a meaningful impact on share price and should be used by current and prospective investors to predict future share price trends and make investment decisions.
This document summarizes a research study that aimed to predict financial distress in manufacturing sectors in Indonesia using financial ratios. The researchers used logistic regression analysis to analyze the relationship between profitability ratios, leverage ratios, and the likelihood of financial distress. The results showed that both profitability ratios and leverage ratios had a significant positive effect on predicting financial difficulties. Specifically, declining profitability and increasing debt levels were indicators that a manufacturing company may experience financial distress.
Mergers and Acquisitions in Indian Banking Sector A Case of Bharat Overseas B...ijtsrd
Mergers and Acquisitions MandAs continue to be a significant force in the restructuring of the financial services industry. The Indian Commercial Banking Sector, which has played a pivotal role in the country’s economic development, is currently passing through an exciting and challenging phase. The present research papers studies the impact of MandA on the financial performance of Bharat Overseas Bank and Indian Overseas Bank. The study uses key financial ratios to find the impact of MandA on financial performance of selected banks. Dr. Soniya Gambhir "Mergers and Acquisitions in Indian Banking Sector (A Case of Bharat Overseas Bank and Indian Overseas Bank)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38415.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38415/mergers-and-acquisitions-in-indian-banking-sector-a-case-of-bharat-overseas-bank-and-indian-overseas-bank/dr-soniya-gambhir
Has economic value added an impact on market price of share (1)IAEME Publication
This document examines the impact of economic value added (EVA) on the market price of shares using data from Advanced Chemical Industries Limited (ACIL), a leading pharmaceutical company in Bangladesh, from 2006 to 2011. It calculates EVA for ACIL over this period and finds that EVA was positive, indicating the company added value for shareholders. Using statistical analysis techniques including regression and correlation, the study finds a significant positive relationship between EVA and market share price for ACIL. It concludes that EVA has a meaningful impact on share price and can help investors predict future share price trends and make investment decisions.
In an exclusive to LOG.India, Logistics Executive shares its
compilation of Salary Survey Report 2012 that covers the
entire spectrum of salary bands and geographical territories
in India. The analysis has been drawn from the Logistics
Executive Global Survey.
This paper examines whether India is best suited for global macro investment strategies. It provides context on emerging markets finance research over the past 20 years. It discusses the need to consider historical context in international business scholarship. A global macro approach directs capital allocation using macroeconomic principles to identify mispricings in emerging economies. However, emerging markets also involve risks such as information asymmetry and agency problems. The paper will analyze India's economic performance, equity markets, and drivers of domestic consumption as the country develops.
This document summarizes a study that examined the effect of financial performance on the stock price of PT. Unilever Indonesia, Tbk from 2011-2018. Financial performance was measured using current ratio, earnings per share, and return on equity. The study found that these financial performance variables together had a significant influence on stock price. PT. Unilever Indonesia, Tbk should increase current ratio, earnings per share, and return on equity to generate higher stock prices. Further research on other consumer goods companies is also recommended.
Firms’ Financing Behavior A Look into Shariah-Compliant Construction Firms in...surrenderyourthrone
This document summarizes a research article that examines the financing patterns of 30 Malaysian Shariah-compliant construction firms listed on Bursa Malaysia from 2007 to 2014. It aims to identify whether the firms' financing behaviors can be linked to economic cycles. The study finds that firms prefer debt over equity during economic recoveries, and use a mix of financing during unpredictable economic periods. This corresponds with investors generally choosing less risky investments during high uncertainty. The study provides some support for capital structure theories but does not fully explain financing decisions during downturns. It concludes that firms' financing behaviors and economic conditions are related.
1) The document analyzes the financial ratios of three major Indian retail companies (Trent, Shoppers Stop, and Provogue) over a one-year period to evaluate their liquidity, profitability, capital structure, and operational efficiency.
2) It calculates various ratios for each company and ranks them, finding that Provogue has the best liquidity ratios while Trent has the most favorable overall financial position.
3) The analysis concludes that based on financial performance over the year studied, Trent would be the best investment choice for investors and recommends further research on the long-term impacts of foreign investment policy changes on the Indian retail sector.
Equity mutual fund invest in the shares of different companies. The fund manager tries to offer great returns by spreading his investment across companies from different sectors or with varying marketing capitalizations. Typically, equity funds are known to generate better returns. Sake Chaitra | Dr. P. Basaiah "A Study on Selected Equity Mutual Funds" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45175.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45175/a-study-on-selected-equity-mutual-funds/sake-chaitra
factors affecting enterprises' access to formal credit in can tho city, vietnamijtsrd
1. The study identifies factors that affect enterprises' access to formal credit in Can Tho City, Vietnam. A survey of 300 enterprises found that the manager's level of education, management experience, operation time, business size, fixed assets, and social capital influence access to formal credit.
2. Using binary logistic regression, all six factors were found to statistically significantly impact access to formal credit. Business size had the strongest effect, with larger businesses having greater access to formal credit.
3. The study concludes that formal credit accessibility for enterprises in Can Tho City is favorable. Enterprises can access multiple credit institutions and borrow meaningful amounts. The identified factors help explain differences in access.
This document analyzes the performance of 29 open-ended, growth-oriented equity mutual fund schemes in India from April 2005 to March 2011 using various measures. It finds that 14 of the 29 schemes outperformed the benchmark index over this period based on returns. It then evaluates the schemes' performance using the Sharpe ratio, Treynor ratio, and Jensen's alpha measure. The Sharpe ratios were positive for all schemes, indicating returns exceeded the risk-free rate. The Jensen's alpha was positive for 19 of 29 schemes, showing superior performance. Overall, the study aims to help investors evaluate mutual fund scheme performance and identify better investment opportunities.
This document summarizes a research study on logistics service quality in Iskandar Malaysia. The study used the SERVQUAL model to identify gaps between customers' satisfaction and expectations of logistics services. Questionnaires were distributed to customers of logistics service providers in Iskandar Malaysia's key industries. The results are expected to show relationships between customer satisfaction and SERVQUAL dimensions of service quality, as well as positive gaps between customer expectations and perceptions of service quality.
Revisiting mercantilism and keynesian j w-hicks hansen synthesisDr. Vignes Gopal
Vignes Gopal Krishna is a PhD student at the University of Malaya who prepared a presentation for an international conference in China. The presentation analyzed the structure of Malaysia's economy and its competitiveness ranking compared to other Southeast Asian countries. It reviewed literature on the relationship between savings and investment using econometric methods like unit root tests, cointegration tests, and Granger causality tests. Empirical models were developed based on Keynesian income identities and tested for Malaysia, finding a positive long-run relationship between savings, investment, and trade openness.
Human Resource Management in Hospitality Multinational Enterprises: An Empiri...IOSR Journals
This document discusses human resource management practices in hospitality multinational enterprises operating in India. It begins with an introduction on the growth of multinational enterprises globally and their presence in emerging markets like India. It then reviews literature on factors that influence the human resource management practices adopted by foreign multinational subsidiaries operating in a host country, including pressures for standardization versus localization. The study aims to compare the HRM practices of Indian hospitality MNEs to foreign hospitality MNEs operating in India and examine how practices are influenced by firm-specific factors like nationality, size, and industry. It hypothesizes that HRM practices will remain aligned with the local cultural environment and diverge from practices in foreign MNE subsidiaries.
11.relationships between indian and other south east stock marketsAlexander Decker
This document analyzes the relationship between stock markets in South-East Asian countries and India from 1991 to 2011. It finds:
1) There is interdependence between the stock markets of South-East Asian countries, as shown by Granger causality tests. The Indian stock market has significant influence over South-East Asian markets.
2) Using a statistical test, some South-East Asian markets like Indonesia and Singapore diverged from the regional average pre-2008 but converged post-2008. Most markets converged to the Indian market post-2008 after diverging pre-2008.
3) Co-integration tests found the stock market index series for each country contained a unit root, indicating long-run relationships and
Relationships between indian and other south east stock marketsAlexander Decker
- The document examines the relationship between stock markets in selected Southeast Asian countries (Indonesia, Malaysia, South Korea, Singapore, Taiwan) and India from 1991 to 2011.
- Statistical analysis including correlation matrices and econometric tests like Granger causality, converging trend, and cointegration tests were used to analyze the data.
- The results found increasing integration between the Southeast Asian markets after the 2008 global financial crisis, with correlations trending upward over time.
Inter Linkage between Macroeconomic Variables and Stock Indices Using Granger...ijtsrd
As exchange rate and GDP are the important factors which influence the behavior of stock market. In this study we have examined the Co integration between macroeconomic variables and Indian stock market and causality between exchange rate and GDP with stock return. We have applied 42years data on yearly basis for GDP, exchange rate and stock return and applied ADF test for checking Stationarity, Correlogram for serial correlation, Johansen Co integration for association and Granger causality test for examine multiple causal relation by controlling the effects of other variables, then Impulse Response Function used for checking the responsiveness of a time series to unexpected shocks in other time series. The study found that exchange rate significantly granger causes the stock return Indian stock market and long run co integration found to be significant in amongst the selected variables. Dr. Amit Manglani | Mr. Suraj Patel "Inter-Linkage between Macroeconomic Variables and Stock Indices: Using Granger Causality & Co-Integration Approach" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51868.pdf Paper URL: https://www.ijtsrd.com/humanities-and-the-arts/other/51868/interlinkage-between-macroeconomic-variables-and-stock-indices-using-granger-causality-and-cointegration-approach/dr-amit-manglani
Foreign exchange reserve and its impact on stock market capitalizationAlexander Decker
This document summarizes a research paper that examines the relationship between India's foreign exchange reserves and stock market capitalization on the Bombay Stock Exchange (BSE) from 1990-1991 to 2010-2011. Using regression analysis, unit root tests, and Granger causality tests, the research finds that foreign exchange reserves have a positive impact on BSE market capitalization. The Granger causality test also shows there is unidirectional causality running from foreign exchange reserves to stock market capitalization, but not vice versa. A brief literature review discusses several other studies that have examined relationships between macroeconomic variables like exchange rates, foreign reserves, and stock market prices.
11.foreign exchange reserve and its impact on stock market capitalizationAlexander Decker
This document summarizes a research paper that examines the relationship between India's foreign exchange reserves and stock market capitalization on the Bombay Stock Exchange (BSE) from 1990-1991 to 2010-2011. Using regression analysis, unit root tests, and Granger causality tests, the research finds that foreign exchange reserves have a positive impact on BSE market capitalization. The Granger causality test indicates causality runs unidirectionally from foreign exchange reserves to stock market capitalization, not vice versa. The study aims to provide information to help stock brokers, investors, and policymakers understand how trends in foreign exchange reserves may impact India's stock markets, particularly the BSE.
Has economic value added an impact on market price of sharesIAEME Publication
This document examines the impact of economic value added (EVA) on the market price of shares using data from Advanced Chemical Industries Limited (ACIL), a leading pharmaceutical company in Bangladesh, from 2006 to 2011. It calculates EVA for ACIL over this period and finds that EVA was positive, indicating it added value for shareholders. Using statistical analysis techniques including regression and correlation, the study finds a significant positive relationship between EVA and market share price for ACIL. It concludes that EVA has a meaningful impact on share price and should be used by current and prospective investors to predict future share price trends and make investment decisions.
This document summarizes a research study that aimed to predict financial distress in manufacturing sectors in Indonesia using financial ratios. The researchers used logistic regression analysis to analyze the relationship between profitability ratios, leverage ratios, and the likelihood of financial distress. The results showed that both profitability ratios and leverage ratios had a significant positive effect on predicting financial difficulties. Specifically, declining profitability and increasing debt levels were indicators that a manufacturing company may experience financial distress.
Mergers and Acquisitions in Indian Banking Sector A Case of Bharat Overseas B...ijtsrd
Mergers and Acquisitions MandAs continue to be a significant force in the restructuring of the financial services industry. The Indian Commercial Banking Sector, which has played a pivotal role in the country’s economic development, is currently passing through an exciting and challenging phase. The present research papers studies the impact of MandA on the financial performance of Bharat Overseas Bank and Indian Overseas Bank. The study uses key financial ratios to find the impact of MandA on financial performance of selected banks. Dr. Soniya Gambhir "Mergers and Acquisitions in Indian Banking Sector (A Case of Bharat Overseas Bank and Indian Overseas Bank)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38415.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/38415/mergers-and-acquisitions-in-indian-banking-sector-a-case-of-bharat-overseas-bank-and-indian-overseas-bank/dr-soniya-gambhir
Has economic value added an impact on market price of share (1)IAEME Publication
This document examines the impact of economic value added (EVA) on the market price of shares using data from Advanced Chemical Industries Limited (ACIL), a leading pharmaceutical company in Bangladesh, from 2006 to 2011. It calculates EVA for ACIL over this period and finds that EVA was positive, indicating the company added value for shareholders. Using statistical analysis techniques including regression and correlation, the study finds a significant positive relationship between EVA and market share price for ACIL. It concludes that EVA has a meaningful impact on share price and can help investors predict future share price trends and make investment decisions.
In an exclusive to LOG.India, Logistics Executive shares its
compilation of Salary Survey Report 2012 that covers the
entire spectrum of salary bands and geographical territories
in India. The analysis has been drawn from the Logistics
Executive Global Survey.
This paper examines whether India is best suited for global macro investment strategies. It provides context on emerging markets finance research over the past 20 years. It discusses the need to consider historical context in international business scholarship. A global macro approach directs capital allocation using macroeconomic principles to identify mispricings in emerging economies. However, emerging markets also involve risks such as information asymmetry and agency problems. The paper will analyze India's economic performance, equity markets, and drivers of domestic consumption as the country develops.
This document summarizes a study that examined the effect of financial performance on the stock price of PT. Unilever Indonesia, Tbk from 2011-2018. Financial performance was measured using current ratio, earnings per share, and return on equity. The study found that these financial performance variables together had a significant influence on stock price. PT. Unilever Indonesia, Tbk should increase current ratio, earnings per share, and return on equity to generate higher stock prices. Further research on other consumer goods companies is also recommended.
Firms’ Financing Behavior A Look into Shariah-Compliant Construction Firms in...surrenderyourthrone
This document summarizes a research article that examines the financing patterns of 30 Malaysian Shariah-compliant construction firms listed on Bursa Malaysia from 2007 to 2014. It aims to identify whether the firms' financing behaviors can be linked to economic cycles. The study finds that firms prefer debt over equity during economic recoveries, and use a mix of financing during unpredictable economic periods. This corresponds with investors generally choosing less risky investments during high uncertainty. The study provides some support for capital structure theories but does not fully explain financing decisions during downturns. It concludes that firms' financing behaviors and economic conditions are related.
1) The document analyzes the financial ratios of three major Indian retail companies (Trent, Shoppers Stop, and Provogue) over a one-year period to evaluate their liquidity, profitability, capital structure, and operational efficiency.
2) It calculates various ratios for each company and ranks them, finding that Provogue has the best liquidity ratios while Trent has the most favorable overall financial position.
3) The analysis concludes that based on financial performance over the year studied, Trent would be the best investment choice for investors and recommends further research on the long-term impacts of foreign investment policy changes on the Indian retail sector.
Equity mutual fund invest in the shares of different companies. The fund manager tries to offer great returns by spreading his investment across companies from different sectors or with varying marketing capitalizations. Typically, equity funds are known to generate better returns. Sake Chaitra | Dr. P. Basaiah "A Study on Selected Equity Mutual Funds" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45175.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45175/a-study-on-selected-equity-mutual-funds/sake-chaitra
factors affecting enterprises' access to formal credit in can tho city, vietnamijtsrd
1. The study identifies factors that affect enterprises' access to formal credit in Can Tho City, Vietnam. A survey of 300 enterprises found that the manager's level of education, management experience, operation time, business size, fixed assets, and social capital influence access to formal credit.
2. Using binary logistic regression, all six factors were found to statistically significantly impact access to formal credit. Business size had the strongest effect, with larger businesses having greater access to formal credit.
3. The study concludes that formal credit accessibility for enterprises in Can Tho City is favorable. Enterprises can access multiple credit institutions and borrow meaningful amounts. The identified factors help explain differences in access.
This document analyzes the performance of 29 open-ended, growth-oriented equity mutual fund schemes in India from April 2005 to March 2011 using various measures. It finds that 14 of the 29 schemes outperformed the benchmark index over this period based on returns. It then evaluates the schemes' performance using the Sharpe ratio, Treynor ratio, and Jensen's alpha measure. The Sharpe ratios were positive for all schemes, indicating returns exceeded the risk-free rate. The Jensen's alpha was positive for 19 of 29 schemes, showing superior performance. Overall, the study aims to help investors evaluate mutual fund scheme performance and identify better investment opportunities.
This document summarizes a research study on logistics service quality in Iskandar Malaysia. The study used the SERVQUAL model to identify gaps between customers' satisfaction and expectations of logistics services. Questionnaires were distributed to customers of logistics service providers in Iskandar Malaysia's key industries. The results are expected to show relationships between customer satisfaction and SERVQUAL dimensions of service quality, as well as positive gaps between customer expectations and perceptions of service quality.
Revisiting mercantilism and keynesian j w-hicks hansen synthesisDr. Vignes Gopal
Vignes Gopal Krishna is a PhD student at the University of Malaya who prepared a presentation for an international conference in China. The presentation analyzed the structure of Malaysia's economy and its competitiveness ranking compared to other Southeast Asian countries. It reviewed literature on the relationship between savings and investment using econometric methods like unit root tests, cointegration tests, and Granger causality tests. Empirical models were developed based on Keynesian income identities and tested for Malaysia, finding a positive long-run relationship between savings, investment, and trade openness.
Human Resource Management in Hospitality Multinational Enterprises: An Empiri...IOSR Journals
This document discusses human resource management practices in hospitality multinational enterprises operating in India. It begins with an introduction on the growth of multinational enterprises globally and their presence in emerging markets like India. It then reviews literature on factors that influence the human resource management practices adopted by foreign multinational subsidiaries operating in a host country, including pressures for standardization versus localization. The study aims to compare the HRM practices of Indian hospitality MNEs to foreign hospitality MNEs operating in India and examine how practices are influenced by firm-specific factors like nationality, size, and industry. It hypothesizes that HRM practices will remain aligned with the local cultural environment and diverge from practices in foreign MNE subsidiaries.
11.relationships between indian and other south east stock marketsAlexander Decker
This document analyzes the relationship between stock markets in South-East Asian countries and India from 1991 to 2011. It finds:
1) There is interdependence between the stock markets of South-East Asian countries, as shown by Granger causality tests. The Indian stock market has significant influence over South-East Asian markets.
2) Using a statistical test, some South-East Asian markets like Indonesia and Singapore diverged from the regional average pre-2008 but converged post-2008. Most markets converged to the Indian market post-2008 after diverging pre-2008.
3) Co-integration tests found the stock market index series for each country contained a unit root, indicating long-run relationships and
Relationships between indian and other south east stock marketsAlexander Decker
- The document examines the relationship between stock markets in selected Southeast Asian countries (Indonesia, Malaysia, South Korea, Singapore, Taiwan) and India from 1991 to 2011.
- Statistical analysis including correlation matrices and econometric tests like Granger causality, converging trend, and cointegration tests were used to analyze the data.
- The results found increasing integration between the Southeast Asian markets after the 2008 global financial crisis, with correlations trending upward over time.
Inter Linkage between Macroeconomic Variables and Stock Indices Using Granger...ijtsrd
As exchange rate and GDP are the important factors which influence the behavior of stock market. In this study we have examined the Co integration between macroeconomic variables and Indian stock market and causality between exchange rate and GDP with stock return. We have applied 42years data on yearly basis for GDP, exchange rate and stock return and applied ADF test for checking Stationarity, Correlogram for serial correlation, Johansen Co integration for association and Granger causality test for examine multiple causal relation by controlling the effects of other variables, then Impulse Response Function used for checking the responsiveness of a time series to unexpected shocks in other time series. The study found that exchange rate significantly granger causes the stock return Indian stock market and long run co integration found to be significant in amongst the selected variables. Dr. Amit Manglani | Mr. Suraj Patel "Inter-Linkage between Macroeconomic Variables and Stock Indices: Using Granger Causality & Co-Integration Approach" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51868.pdf Paper URL: https://www.ijtsrd.com/humanities-and-the-arts/other/51868/interlinkage-between-macroeconomic-variables-and-stock-indices-using-granger-causality-and-cointegration-approach/dr-amit-manglani
Foreign exchange reserve and its impact on stock market capitalizationAlexander Decker
This document summarizes a research paper that examines the relationship between India's foreign exchange reserves and stock market capitalization on the Bombay Stock Exchange (BSE) from 1990-1991 to 2010-2011. Using regression analysis, unit root tests, and Granger causality tests, the research finds that foreign exchange reserves have a positive impact on BSE market capitalization. The Granger causality test also shows there is unidirectional causality running from foreign exchange reserves to stock market capitalization, but not vice versa. A brief literature review discusses several other studies that have examined relationships between macroeconomic variables like exchange rates, foreign reserves, and stock market prices.
11.foreign exchange reserve and its impact on stock market capitalizationAlexander Decker
This document summarizes a research paper that examines the relationship between India's foreign exchange reserves and stock market capitalization on the Bombay Stock Exchange (BSE) from 1990-1991 to 2010-2011. Using regression analysis, unit root tests, and Granger causality tests, the research finds that foreign exchange reserves have a positive impact on BSE market capitalization. The Granger causality test indicates causality runs unidirectionally from foreign exchange reserves to stock market capitalization, not vice versa. The study aims to provide information to help stock brokers, investors, and policymakers understand how trends in foreign exchange reserves may impact India's stock markets, particularly the BSE.
11.relationships between indian and other south east stock marketsAlexander Decker
This study examines the relationship between stock markets in selected South-East Asian countries (Indonesia, Malaysia, South Korea, Singapore, Taiwan) and the Indian stock market from 1991 to 2011. Statistical analysis finds low but increasing correlations between the South-East markets. Granger causality tests show interdependence between the markets that increased after the 2008 financial crisis. Tests for converging trends find some South-East markets diverged from the regional average before 2008 but converged after. Cointegration analysis will determine if the markets share a common long-run trend, indicating financial integration.
Stock Market Integration of Asean+6 on Indonesia Composite Stock Price Index ...inventionjournals
The impact of economic globalization allow intertwined relationships and interplay between capital markets in the world. Attractive financial instruments and are commonly used as an alternative to investing in the stock market one of them is stock.This research aimed to analyze the relationship of the integration of ASEAN + 6 long term and short term stock market on Indonesia Stock Price Index (JKSE), to test the effect of ASEAN + 6 stock market shock on Indonesia Stock Price Index (JKSE) and provide managerial implications that could be performed by investors. Method that used in this study is VAR/VECM. Result show that PSEi, Kospi and BSESN have positive correlation toward JKSE, while SET, NZX50, and SSE have negative correlation toward JKSE. In short term, PSEi and Kospi show negative correlation toward JKSE. Stock price index KLSE, Nikkei225, STI and AORD show no influence toward JKSE. PSEi, Kospi and BSESN stock price index shock have effect to increasing JKSE in long term, while SET, NZX50, and SSE stock price index shock have effect to decreasing JKSE in long term. For those investors who invest in the BEI shall observe the movement of the stock price index of the Philippines (PSEit), the stock price index of the Republic of Korea (Kospi) and index stock price index of India (BSESN) as a reference or consideration for investment decisions. Investors from Indonesia may invest in Malaysia, Japan, Singapore and Australia where the three countries based on test VECM have no effect on Indonesia Composite Stock Price Index.
This document summarizes a research article that examines the co-movement and integration of 10 stock markets over the period from January 1998 to January 2020. The markets studied are India (BSE Sensex), Germany (DAX), Indonesia (JKSE), Mexico (MXX), US (IXIC), France (FCHI), Eurozone (EURO), Japan (HIS), and South Korea (KOSPI). The researchers used statistical methods like correlation analysis, Granger causality tests, cointegration tests, and variance decomposition to analyze the short-term and long-term relationships between the various stock indices. The results provide insights into how integrated the markets are and how shocks to one market influence others. This has implications
11.[28 38]distribution of risk and return a statistical test of normality on ...Alexander Decker
This document summarizes a research study that examined the normal distribution of risk and return on the Dhaka Stock Exchange in Bangladesh. The study used statistical tests to analyze daily, weekly, and monthly returns calculated from three DSE indices from 2002 to 2010. The results found evidence of skewness and kurtosis in the returns, indicating they were not normally distributed and contradicting the assumption of random walk behavior required for an efficient market. Additionally, inconsistencies were found between daily and weekly risk and return, suggesting higher returns may be possible without higher risk. The study aims to contribute to evaluating market efficiency and the relationship between risk and return in the Bangladesh capital market.
Co integration and causality analysis of dynamic linkagesprj_publication
This document analyzes the relationship between the Indian stock market and equity markets of developed countries like the U.S., U.K., France, Germany, Japan, Hong Kong, and Australia for the period after the global recession from 2010 to 2013. Johansen cointegration analysis found evidence of a long-term relationship between the markets, though some pairwise comparisons did not show cointegration. Granger causality tests also found short-term relationships between some country pairs. Specifically, the analysis indicates funds from Germany, Japan, and the U.S. could benefit from diversifying into India, while India does not qualify as a diversification opportunity for some other countries due to cointegration.
Co movements of u.s. eu and indian equity markets-portfolio diversification ...Alexander Decker
This document discusses research on the co-movements of equity markets in the US, EU, and India and the implications for international portfolio diversification. It provides an extensive literature review on previous research examining correlations and co-integration between developed and emerging stock markets. The literature review covers studies investigating the degree of integration between markets over time and how globalization has impacted opportunities for diversification. The present study aims to focus on the co-integration relationship between the American, European, and Indian equity markets.
Co movements of u.s. eu and indian equity markets-portfolio diversification ...Alexander Decker
This document discusses research on the co-movements of equity markets in the US, EU, and India and the implications for international portfolio diversification. It provides an extensive literature review on previous research examining the integration and correlations between developed and emerging stock markets over time. The literature review covers studies investigating the co-movement and integration patterns between markets in North America, Europe, Asia, and other regions. The present study aims to focus on the co-integration relationship between the American, European and Indian equity markets.
This document examines the relationship between stock market indices and macroeconomic variables in India during the post-globalization period. It provides background on studies that have explored this relationship in other countries and contexts. The study uses secondary data on macroeconomic indicators and the BSE Sensex index from 1992-2011. Growth trends for the Sensex and variables like GDP, capital formation, savings, and others are analyzed using linear, exponential, and quadratic functions. Preliminary results suggest that some variables like GDP, capital formation, and savings exhibited high growth and acceleration over this period, while others like gold prices and interest rates saw slower or decelerating growth. The analysis aims to better understand the direction and nature of the relationship between the Sensex
This document examines the relationship between stock market indices and macroeconomic variables in India during the post-globalization period. It provides background on studies that have explored this relationship in other countries and contexts. The study uses secondary data on macroeconomic indicators and the BSE Sensex index from 1992-2011. Growth trends are analyzed using linear, exponential, and quadratic functions to understand how variables have moved over time. Preliminary results suggest several macro variables like GDP, capital formation, savings, and money supply have grown significantly and accelerated over the period, while others like industrial output and gold prices have had slower or decelerating growth. The analysis aims to better understand the direction and nature of the relationship between the Sensex and macroeconomic factors
1.[1 12]stock prices and microeconomic variablesAlexander Decker
This research examines the long-run relationship and causal direction between stock prices on the Dhaka Stock Exchange and four microeconomic variables: market dividend yield, market price-earnings multiples, monthly average market capitalization, and monthly average trading volume. Using monthly data from 2000 to 2010, the study finds a long-run equilibrium among the variables. However, stock prices do not Granger cause dividend yields. Stock prices have a bi-directional causal relationship with price-earnings multiples and trading volume, and a uni-directional causal relationship from stock prices to market capitalization.
The Granger causality model is used in the current study to analyze the short-run cause–effect relationship between two stock market indices between 2001 and 2021 using time series data of the daily closing prices of the BSE Sensex and S&P 500 indices listed in the Indian and US stock markets, respectively. The Granger causality model and the augmented Dickey–Fuller test for data stationarity were used in the study to examine the short-term causal link between two market indices during the time period. The outcomes demonstrated the connection between the Indian and US stock markets. The findings imply that both markets have a dynamic, bidirectional relationship. This study provides the investor’s essential inputs for investment decision-making and portfolio diversification. In the current era of globalization, the study is crucial because investors and fund managers now place a high priority on stock market integration. Through fund diversification across equity markets, this study subsequently makes it easier to reduce portfolio risk by providing useful insights on diversification strategies across the stock markets.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Economic indicators and stock market performance an empirical case of indiaIAEME Publication
This document summarizes the proceedings from the 2nd International Conference on Current Trends in Engineering and Management held in Mysore, India in July 2014. It examines the relationship between various economic indicators (GDP, inflation, exchange rates, etc.) and stock market performance in India from 1998-2014. Using correlation and regression analysis, it finds that stock market performance as measured by the BSE Sensex is positively correlated with GDP, gross domestic savings, and gross capital formation. The regression model shows that these economic indicators explain about 77% of the variability in stock market performance.
Economic indicators and stock market performance an empirical case of indiaIAEME Publication
This document summarizes a study that examines the relationship between various economic indicators and stock market performance in India from 1998 to 2014. It finds that GDP growth, gross domestic savings, and gross capital formation have a positive influence on the BSE Sensex, while inflation, exchange rates, interest rates, unemployment, and FDI do not. A regression model is developed that explains 77.2% of the variability in stock market performance based on these economic factors. The study thus provides evidence that certain macroeconomic variables influence long-term stock prices in the Indian market.
Similar to 11.financial market integration of south asian countries (20)
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
This document presents a framework for evaluating the usability of B2C e-commerce websites. It involves user testing methods like usability testing and interviews to identify usability problems in areas like navigation, design, purchasing processes, and customer service. The framework specifies goals for the evaluation, determines which website aspects to evaluate, and identifies target users. It then describes collecting data through user testing and analyzing the results to identify usability problems and suggest improvements.
A universal model for managing the marketing executives in nigerian banksAlexander Decker
This document discusses a study that aimed to synthesize motivation theories into a universal model for managing marketing executives in Nigerian banks. The study was guided by Maslow and McGregor's theories. A sample of 303 marketing executives was used. The results showed that managers will be most effective at motivating marketing executives if they consider individual needs and create challenging but attainable goals. The emerged model suggests managers should provide job satisfaction by tailoring assignments to abilities and monitoring performance with feedback. This addresses confusion faced by Nigerian bank managers in determining effective motivation strategies.
A unique common fixed point theorems in generalized dAlexander Decker
This document presents definitions and properties related to generalized D*-metric spaces and establishes some common fixed point theorems for contractive type mappings in these spaces. It begins by introducing D*-metric spaces and generalized D*-metric spaces, defines concepts like convergence and Cauchy sequences. It presents lemmas showing the uniqueness of limits in these spaces and the equivalence of different definitions of convergence. The goal of the paper is then stated as obtaining a unique common fixed point theorem for generalized D*-metric spaces.
A trends of salmonella and antibiotic resistanceAlexander Decker
This document provides a review of trends in Salmonella and antibiotic resistance. It begins with an introduction to Salmonella as a facultative anaerobe that causes nontyphoidal salmonellosis. The emergence of antimicrobial-resistant Salmonella is then discussed. The document proceeds to cover the historical perspective and classification of Salmonella, definitions of antimicrobials and antibiotic resistance, and mechanisms of antibiotic resistance in Salmonella including modification or destruction of antimicrobial agents, efflux pumps, modification of antibiotic targets, and decreased membrane permeability. Specific resistance mechanisms are discussed for several classes of antimicrobials.
A transformational generative approach towards understanding al-istifhamAlexander Decker
This document discusses a transformational-generative approach to understanding Al-Istifham, which refers to interrogative sentences in Arabic. It begins with an introduction to the origin and development of Arabic grammar. The paper then explains the theoretical framework of transformational-generative grammar that is used. Basic linguistic concepts and terms related to Arabic grammar are defined. The document analyzes how interrogative sentences in Arabic can be derived and transformed via tools from transformational-generative grammar, categorizing Al-Istifham into linguistic and literary questions.
A time series analysis of the determinants of savings in namibiaAlexander Decker
This document summarizes a study on the determinants of savings in Namibia from 1991 to 2012. It reviews previous literature on savings determinants in developing countries. The study uses time series analysis including unit root tests, cointegration, and error correction models to analyze the relationship between savings and variables like income, inflation, population growth, deposit rates, and financial deepening in Namibia. The results found inflation and income have a positive impact on savings, while population growth negatively impacts savings. Deposit rates and financial deepening were found to have no significant impact. The study reinforces previous work and emphasizes the importance of improving income levels to achieve higher savings rates in Namibia.
A therapy for physical and mental fitness of school childrenAlexander Decker
This document summarizes a study on the importance of exercise in maintaining physical and mental fitness for school children. It discusses how physical and mental fitness are developed through participation in regular physical exercises and cannot be achieved solely through classroom learning. The document outlines different types and components of fitness and argues that developing fitness should be a key objective of education systems. It recommends that schools ensure pupils engage in graded physical activities and exercises to support their overall development.
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
This document summarizes a study examining efficiency in managing marketing executives in Nigerian banks. The study was examined through the lenses of Kaizen theory (continuous improvement) and efficiency theory. A survey of 303 marketing executives from Nigerian banks found that management plays a key role in identifying and implementing efficiency improvements. The document recommends adopting a "3H grand strategy" to improve the heads, hearts, and hands of management and marketing executives by enhancing their knowledge, attitudes, and tools.
This document discusses evaluating the link budget for effective 900MHz GSM communication. It describes the basic parameters needed for a high-level link budget calculation, including transmitter power, antenna gains, path loss, and propagation models. Common propagation models for 900MHz that are described include Okumura model for urban areas and Hata model for urban, suburban, and open areas. Rain attenuation is also incorporated using the updated ITU model to improve communication during rainfall.
A synthetic review of contraceptive supplies in punjabAlexander Decker
This document discusses contraceptive use in Punjab, Pakistan. It begins by providing background on the benefits of family planning and contraceptive use for maternal and child health. It then analyzes contraceptive commodity data from Punjab, finding that use is still low despite efforts to improve access. The document concludes by emphasizing the need for strategies to bridge gaps and meet the unmet need for effective and affordable contraceptive methods and supplies in Punjab in order to improve health outcomes.
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
1) The document discusses synthesizing Taylor's scientific management approach and Fayol's process management approach to identify an effective way to manage marketing executives in Nigerian banks.
2) It reviews Taylor's emphasis on efficiency and breaking tasks into small parts, and Fayol's focus on developing general management principles.
3) The study administered a survey to 303 marketing executives in Nigerian banks to test if combining elements of Taylor and Fayol's approaches would help manage their performance through clear roles, accountability, and motivation. Statistical analysis supported combining the two approaches.
A survey paper on sequence pattern mining with incrementalAlexander Decker
This document summarizes four algorithms for sequential pattern mining: GSP, ISM, FreeSpan, and PrefixSpan. GSP is an Apriori-based algorithm that incorporates time constraints. ISM extends SPADE to incrementally update patterns after database changes. FreeSpan uses frequent items to recursively project databases and grow subsequences. PrefixSpan also uses projection but claims to not require candidate generation. It recursively projects databases based on short prefix patterns. The document concludes by stating the goal was to find an efficient scheme for extracting sequential patterns from transactional datasets.
A survey on live virtual machine migrations and its techniquesAlexander Decker
This document summarizes several techniques for live virtual machine migration in cloud computing. It discusses works that have proposed affinity-aware migration models to improve resource utilization, energy efficient migration approaches using storage migration and live VM migration, and a dynamic consolidation technique using migration control to avoid unnecessary migrations. The document also summarizes works that have designed methods to minimize migration downtime and network traffic, proposed a resource reservation framework for efficient migration of multiple VMs, and addressed real-time issues in live migration. Finally, it provides a table summarizing the techniques, tools used, and potential future work or gaps identified for each discussed work.
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
This document discusses data mining of big data using Hadoop and MongoDB. It provides an overview of Hadoop and MongoDB and their uses in big data analysis. Specifically, it proposes using Hadoop for distributed processing and MongoDB for data storage and input. The document reviews several related works that discuss big data analysis using these tools, as well as their capabilities for scalable data storage and mining. It aims to improve computational time and fault tolerance for big data analysis by mining data stored in Hadoop using MongoDB and MapReduce.
1. The document discusses several challenges for integrating media with cloud computing including media content convergence, scalability and expandability, finding appropriate applications, and reliability.
2. Media content convergence challenges include dealing with the heterogeneity of media types, services, networks, devices, and quality of service requirements as well as integrating technologies used by media providers and consumers.
3. Scalability and expandability challenges involve adapting to the increasing volume of media content and being able to support new media formats and outlets over time.
This document surveys trust architectures that leverage provenance in wireless sensor networks. It begins with background on provenance, which refers to the documented history or derivation of data. Provenance can be used to assess trust by providing metadata about how data was processed. The document then discusses challenges for using provenance to establish trust in wireless sensor networks, which have constraints on energy and computation. Finally, it provides background on trust, which is the subjective probability that a node will behave dependably. Trust architectures need to be lightweight to account for the constraints of wireless sensor networks.
This document discusses private equity investments in Kenya. It provides background on private equity and discusses trends in various regions. The objectives of the study discussed are to establish the extent of private equity adoption in Kenya, identify common forms of private equity utilized, and determine typical exit strategies. Private equity can involve venture capital, leveraged buyouts, or mezzanine financing. Exits allow recycling of capital into new opportunities. The document provides context on private equity globally and in developing markets like Africa to frame the goals of the study.
This document discusses a study that analyzes the financial health of the Indian logistics industry from 2005-2012 using Altman's Z-score model. The study finds that the average Z-score for selected logistics firms was in the healthy to very healthy range during the study period. The average Z-score increased from 2006 to 2010 when the Indian economy was hit by the global recession, indicating the overall performance of the Indian logistics industry was good. The document reviews previous literature on measuring financial performance and distress using ratios and Z-scores, and outlines the objectives and methodology used in the current study.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
11.financial market integration of south asian countries
1. Developing Country Studies www.iiste.org
ISSN 2224-607X (Paper) ISSN 2225-0565 (Online)
Vol 2, No.1, 2012
Financial Market Integration of South Asian Countries
Malayendu Saha
Professor, Department of Commerce
University of Calcutta
87/1, College Street, Calcutta-700073
West Bengal, India
m_saha2@rediffmail.com
and
Amalendu Bhunia
Reader, Department of Commerce
Fakir Chand College, Diamond Harbour
South 24-Parganas – 743331
West Bengal, India
bhunia.amalendu@gmail.com
Abstract
The present study observes the relationship between Indian stock markets and some leading South Asian
countries based on believed whether Indian equity market is more proficient than the other south Asian markets.
Financial market integration has provoked the challenges to emerging economies to grow at an extraordinary
pace for promoting domestic savings, foreign capital inflows and economic growth. To explore these
relationships we have used the daily stock indices from August, 2002 to August, 2011 by applying bivariate and
multivariate co-integration tests and the Granger causality tests. The result shows both long-run and short-run
association among the selected markets. The investors can reap benefit during short-run rather than in the long-
run.
Keywords: Stock Markets, Stock Prices, Developing Countries, Multivariate Co-integration, Granger Causality
1. Introduction
The developing countries have been transforming themselves into emerging economies by growing at an
extraordinary pace while integrating rapidly to their regional and global markets due to globalization, new
technological innovation and financial integration (Stiglitz, 2006). Integrated financial market is assumed to be
of immense significance as it constitutes an important vehicle for promoting domestic savings, investment and
economic growth (Mohan, 2004, 2005) and fostering the necessary condition for a country’s financial sector to
emerge as an international financial center (Reddy, 2003, 2006). The liberalization of financial markets also
resulted in regional economic integration, greater co-movement in the stock prices and foreign investments. The
recent global financial crisis has focused more attention on the linkages among the stock markets of Asian
countries. India has made tremendous strides in the global economy since opening up of the economy and
subsequent economic and political reforms. The outcome being integration of various segments of capital
market, strengthening competition, financial deepening with innovative instruments, easing of restrictions of
foreign capital flows, lowering transaction costs and enhancing liquidity.
This paper aims to examine the relationship of Indian market with the neighboring Asian markets. For this
research event study methodology is applied and hence, the daily closing prices of both crude oil and equity
indexes of each country’s stock market (which act as a proxy for stock market performance) are considered.
Section two briefly glances at the previous studies on stock market integration among the various equity markets
in the world, the causes behind increasing stock market integration are discussed in section three. In section
four, the data source and the methodology adopted are presented. The empirical results and inferences are
discussed in section five and section six concludes the paper.
2. Review of Literatures
Most of the literatures on integration of Asian stock markets have concentrated on the relationships using co-
integration and vector regression models (Nath and Verma, 2003; Lamba, 2005; Raj and Dhal, 2008; Auzairy
and Ahmed, 2009; Korajazyk, 1995; Chittedi, 2009; Wong, Agarwal and Du, 2005; Abas, 2009; Aktan,
Mandaci, Kopurla and Ersener, 2009 and Chattopadhyay and Behera, 2008). Kumar (2002a, 2002b), in his
study, confirmed that stock index of Indian stock market was not co-integrated with the developed markets.
Mishra (2006) investigated the international integration of Indian stock market and found no long-run
relationship between BSE and NASDAQ indices. Kroner and Ng (1998) also found no evidence of relationship
among the Asian stock markets. However, correlation analyses signaled integrations among the markets in near
future. Nath and Verma (2003) analyzed the level of capital market integration by examining the transmission of
45
2. Developing Country Studies www.iiste.org
ISSN 2224-607X (Paper) ISSN 2225-0565 (Online)
Vol 2, No.1, 2012
market movements among three major stock markets in Asian region, viz., India, Singapore and Taiwan. They
suggested that international investors could achieve long term gains by investing in the stock markets because of
the independencies of these stock markets. Working in line with above researches, Narayan et al (2004)
examined the dynamic linkages between the stock markets of Bangladesh, India, Pakistan and Sri Lanka using
Granger causality approach. They observed unidirectional Granger causality running from stock prices in
Pakistan to India, Sri Lanka to India and from Pakistan to Sri Lanka in the short run. Bangladesh was the most
exogenous of the four markets.
Gupta and Agarwal (2011) in their paper observed the correlation of Indian Stock market with five other major
Asian economies: Japan, Hong Kong, Indonesia, Malaysia and Korea. A weak correlation concluded that the
Indian stock markets had offer diversification benefits to institutional and international investors. According to
Raj and Dhal (2008), India’s stock markets were rather scarce despite various stylised facts suggesting, prima
facie, the growing linkage of the Indian market with global and major regional markets in Asia during the
reform period beginning in the early 1990s. The study applied correlation and the vector error correction and co-
integration model (VECM) to gauge such integration of India’s stock market with the United States, the United
Kingdom and Japan, and with major regional markets such as Singapore and Hong Kong, the key financial
centers in Asia. Ismail and Rahman (2009) investigated the relationship between the US and four Asian
emerging stock markets namely Hong Kong, India, South Korea and Malaysia using monthly data between 1996
and 2008. In order to identify the relationships, linear Vector Autoregressive (VAR) model and nonlinear
Markov Switching Vector Autoregressive (MS-VAR) model were used. It was found that the two models had
managed to explore the possibility of relationship between all the stock markets. Mallick (2006) used the
dynamic conditional correlation (DCC) and multivariate GARCH model of Engle (1982) to measure the degree
of co-movement of BSE and NASDAQ. Empirical findings confirmed that there had been a significant increase
in the mean of correlation coefficient between the markets in the crisis periods compared to the pre-crisis period.
This proved the existence of contagion between the US and Indian markets and urged to find the channels of the
contagion effect.
Bose (2005) identified that the Indian stock market did not function in relative isolation from the rest of Asia
and the US as stock returns in India were highly correlated with returns in major Asian markets and was led by
returns in the US, Japan, as well as other Asian markets during the post-Asian crisis and up to mid-2004. The
degree of integration found between the Indian and other markets in the Asian region was, however, not of a
very high order, consequently leaving sufficient room for portfolio diversification and not posing any immediate
threat for capital outflows in case of regional crisis. The paper by Wong, Agarwal and Du (2005) empirically
investigated the long-run equilibrium relationship and short-run dynamic linkage between the Indian stock
market and the stock markets in major developed countries (United States, United Kingdom and Japan) after
1990 by examining the Granger causality relationship and the pair-wise, multiple and fractional co-integrations
between the Indian stock market and the stock markets from these three developed markets. It was concluded
that Indian stock market was integrated with mature markets and was susceptible to the dynamics in these
markets in the long run. In a short run, however, both US and Japan, Granger had caused the Indian stock
market but not vice versa. In addition, it was also observed that the Indian stock index and the mature stock
indices had structured fractionally co-integrated relationship in the long run with a common fractional, non-
stationary component and found that the Johansen method was the best to divulge their co-integration
relationship.
Chen, Lobo and Wong (2006) examined the relation between India-US, US-China and India-China based on
Fractionally Integrated VECM to examine co-integration between them. By supplementing the model with a
multivariate GARCH model, the study also observed the first and second spillover effects. The result showed
that all these pairs are fractionally co-integrated. The US market played a dominant role while there remained an
interactive relationship between US and Chinese stock markets. Iqbal, Khalid and Rafiq (2011) attempted to
find out dynamic relationship using Johansen (1988) and Juselius and Johansen (1990) co-integration procedure
for long run relationship and Granger Causality test based on Toda and Yamamoto (1995). No integration was
found among US, Pakistan and India. However, the Granger Causality test showed the evidence of
unidirectional causality running from NYSE to Bombay and Karachi stock exchange.
A significant number of studies on financial market integration related to the developed markets and its spillover
effects to the developing economies have been undertaken. Only a few studies have examined the co-movement
of Indian stock market with international markets in general and other Asian markets in particular. Based on
some studies, it is found that the price behavior of Indian market is statistically indistinguishable from that of the
US and UK markets and there is no evidence of systematic cyclical component or periodicity for these markets.
Some conclude that the relationship of Indian market with international markets was poor throughout the entire
seventies, but turned around significantly since early 1990s with liberalization measures initiated by the
46
3. Developing Country Studies www.iiste.org
ISSN 2224-607X (Paper) ISSN 2225-0565 (Online)
Vol 2, No.1, 2012
government. Given the newfound interest in the Indian stock markets, an intriguing question is how far India has
gone down the road towards financial integration with its neighbouring countries. To answer this issue, we
would examine the interrelationship between Indian stock markets (both Bombay stock exchange and National
stock exchange) and the leading Asian markets. While China, Japan, Hong Kong and Singapore represent well-
developed economies, Malaysia and Taiwan stand for developing economies and South Korea and Indonesia
belong to less-developed economy.
3. Materials and Methods
3.1 Data Source
The study is based exclusively on secondary data obtained from various websites of Asian stock markets
including yahoo finance and Bloomberg database.
3.2 Research Design
We have considered daily data (five days in a week) comprising the closing indexes of both SENSEX and
NIFTY (India), SSE (China), KOSPI (South Korea), TSEC (Taiwan), HSI (Hong Kong), JSX (Indonesia),
NIKKEI (Japan), FTSE (Malaysia) and STI (Singapore). The sample period spans from August 12, 2002 to
August 19, 2011. After matching daily closing indexes of all the selected equity exchanges, there are 2252
observations.
3.3 Tools Used
To study the long-term relationship among stock indices a common practice in the literature is to employ
Johansen's co-integration method and the maximum Eigen value test. We have considered three specifications of
the co-integrating equation to observe the long-term relationship. They are (a) the co-integrating equation that
assumes no deterministic trend in the data: with intercept only, (b) the co-integrating equation that allows linear
deterministic trend in the data: with intercept only and (c) the co-integrating equation that allows linear
deterministic trend in the data: with both intercept and trend. The short-term relationship between is explored by
using the Granger causality tests or the Error Correction Model (ECM) approach. Furthermore, to observe
whether any diversification benefits are offered by the stock markets, the return correlations among the indices
are taken into consideration.
3.4 Econometric Formula
Assessment of the dynamic relations between Indian stock market indices and the various stock indices of other
selected Asian countries may be undertaken through the model suggested either by Engle (1982) or Granger
(1986, 1988) or Johansen and Juselius (1990) protocols. While Engle and Granger’s (1987) two-step ECM may
be used in a multivariate context, the Johansen’s (1988, 1991) Vector Error Correction Model (VECM) yields
more efficient estimators of co-integrating vector as the model is regarded as full information maximum
likelihood estimation model, which allows to test co-integration in a whole system of equation in one step
without requiring a specific variable to be normalized. This allows researchers to avoid carrying over the errors
from the first to the second step, unlike the case of Engle and Granger methodology. It also allows the avoidance
of a priori of assumptions of endogenity or exogeniety of variables. Now the VECM is in the form of:
∆zt = Γ1Σ ∆zt-1 + ... + Γk-1 ∆zt-k+1 + Πzt-k + µt (1)
Where, ∆ denotes first difference, Γi = - (I-A1-…-Ai), (I = 1, … , k-1), and Π= - (I-A1- … -Ak). The short and
long-run adjustments to z is specified by the estimates of Γi and Π. Π= α βʹ, where α is the speed of adjustment
to disequilibrium and β is the matrix of long-run coefficients that represents up to n-1 co-integration relationship
and ensures that zts converge to their long-run steady state. This is to ensure that the variables are stationary and
that shocks are only temporary and will dissipate and revert to their long-run mean. The tests for stationarity or
unit roots employ the augmented Dickey-Fuller (ADF) and Phillips-Peron (PP) (1988) test performed on the
variables in levels and first differences. Co-integration requires to prove that all the variables be integrated of
the same order. To test the presence of unit roots, we have used the ADF test which considers the null hypothesis
of H0: = 0.
This represents,
p∆yt = a0 + yt-1 + i ∆yt-i+1 + t (2)
The ADF test assumes the asymptotic normality of the idiosyncratic error term, t, in (2).
The choice of lag-lengths may be decided using likelihood ratio test. Determining the appropriate lag length is
important as too many lags reduce the power of the test due to estimation of additional parameters and a loss of
degrees of freedom. In contrast, too few lags may not capture the dynamics of the actual error correction
process, resulting in poor estimate of g and its standard errors. In this paper the multivariate forms of the Akaike
information criterion (AIC) and the Schwartz Bayesian criterion (SBC) are employed to determine lag lengths.
The model selection criteria are developed considering maximum likelihood estimation techniques, where:
47
4. Developing Country Studies www.iiste.org
ISSN 2224-607X (Paper) ISSN 2225-0565 (Online)
Vol 2, No.1, 2012
AIC = T ln (residual sum of squares) + 2n and
SBC = T ln (residual sum of squares) + n ln (T)
To minimize the AIC and SBC, we have minimized the natural logarithm of the residual sum of squares adjusted
for sample size, n, and the number of parameters included, T. It is observed by testing the null hypothesis that
there are at most r co-integration vectors and thus (n-r) unit roots, i.e.
H0: λi= 0 where i= r+1,..…
The λ test statistics may be represented as,
n λtrace = -T Σ log (1-li ) r=0, 1, 2, …, n-2, n-1 (3)
The choice of the number of maximum co-integrating relationships is based on the λtrace test to examine the
specific hypotheses. We have rejected models where π has full rank, as in such a situation, zt is stationary and
has no unit root and so there is no error correction.
4. Empirical Results and Analysis
To perceive diversification benefits as are offered by the South Asian stock markets including India we have
first computed the correlation coefficients of the stock market indices. The following table shows the correlation
matrix.
Table-1: Correlation Matrix
NIFTY SENSEX SSE KOSPI TSEC HSI JSX NIKKEI FTSE STI
NIFTY 1.00
SENSEX 0.78** 1.00
SSE 0.55** 0.97** 1.00
KOSPI 0.70** 0.86** 0.70** 1.00
TSEC 0.54** 0.95** 0.67** 0.90** 1.00
HIS 0.69** 0.95** 0.82** 0.94** 0.90** 1.00
JSX 0.77** 0.95** 0.65** 0.94** 0.83** 0.87** 1.00
NIKKEI -0.13** 0.22** 0.13** 0.30** 0.46** 0.36** 0.07** 1.00
FTSE 0.70** 0.95** 0.71** 0.97** 0.91** 0.93** 0.96** 0.22** 1.00
STI 0.57** 0.89** 0.72** 0.91** 0.92** 0.95** 0.81** 0.53** 0.91** 1.00
** Correlation is significant at 1% level
Table 1 identifies that the correlation coefficients between the Indian stock markets and the selected South Asian
markets are low and in some cases negative. This means, investment in these selected markets may reap
diversification benefits (with low portfolio risks) to the investors.
Prior to testing co-integration relationship, unit root tests are performed for each of the selected indices in
determining the order of integration among them by applying the Augmented Dickey-Fuller test (1979,1981)
and the Phillips-Perron test, with or without deterministic trend. The Dickey–Fuller test, fitting the regression
model by ordinary least squares (OLS), is represented by:
∆yt = ρyt−1 + (constant, time trend) + ut (4)
It is, however, apprehended that serial correlation may lead to some problems. To defend against such, the
augmented Dickey-Fuller test’s regression includes lags of the first differences of yt. The Phillips-Perron (PP)
test, after acknowledging the augmented Dickey-Fuller test, has evolved the following equation:
yt = πyt−1 + (constant, time trend) + ut (5)
In (4) ut is I(0) and may be heteroskedastic. The PP tests take into account robust to serial correlation and
heteroskedasticity in the errors ut non-parametrically by modifying the Dickey-Fuller test statistics with Newey-
West (1987) heteroskedasticity- and autocorrelation-consistent covariance matrix estimator.
Under the null hypothesis that ρ = 0, the PP Zt and Zπ statistics have the same asymptotic distributions as the
ADF t-statistic and normalized bias statistics. One advantage of the PP tests over the ADF tests is that the former
consider robust to general forms of heteroskedasticity in the error term ut. The other advantage is that the user
does not have to specify a lag length for the test regression.
The study has not dealt with it, but the Dickey Fuller test produces two test statistics: a) the normalized bias T
(π− 1) has a well defined limiting distribution that does not depend on nuisance parameters and b) it can also be
used as a test statistic for the null hypothesis H0: π = 1. This is the second test from DF and relates to Zπ in PP
48
5. Developing Country Studies www.iiste.org
ISSN 2224-607X (Paper) ISSN 2225-0565 (Online)
Vol 2, No.1, 2012
test. Both these tests are performed at both the levels and on the first differences of the stock indices. Table 2
shows the results of these tests. The results of the unit root tests indicate that all the series are integrated of order
one (i.e., they are I (1).
Table-2: Unit Root Test
ADF test P-P test
Series
Constant Constant + Trend Constant Constant + Trend
Level
Nifty -1.45 (0) -0.97 (0) -1.51 -1.34
Sensex -1.37 (1) -1.22 (1) -1.39 -1.27
SSE -1.09 (0) -1.43 (0) -1.14 -1.88
KOSPI -0.89 (1) -1.73 (1) -0.94 -1.98
TSEC 0.81 (3) -1.45 (3) 0.99 -1.15
HIS -1.62 (2) -1.62 (2) -1.84 -1.47
JSX -1.14 (1) -4.03 (0) -1.35 -3.96
Nikkei -1.02 (0) -3.85 (0) -1.21 -3.32
FTSE -1.61 (0) -3.64 (0)** -0.83 -3.72 **
STI -1.07 (0) -1.92 (0) -2.07 -2.19
Difference
Nifty -18.37 (0)* -19.04 (0)* -18.51* -19.34 *
Sensex -11.93 (0)* -11.29 (1)* -12.39 * -12.27*
SSE -14.51 (0)* -14.53 (0)* -14.52* -15.67 (0)*
KOSPI -12.84 (0)* -12.86 (0)* -13.94* -13.84 *
TSEC -7.24 (2)* -7.45 (3)* -7.84* -8.11 *
HIS -6.12 (1)* -8.62 (0)* -13.47* -13.27 *
JSX -19.14 (0)* -19.83 (0)* -18.34* -17.60 *
Nikkei -17.47 (0)* -17.85 (0)* -18.54* -18.97 *
FTSE -15.76 (0)* -15.64 (0)* -16.14 * -17.12 *
STI -15.54 (0)* -15.29 (0)* -15.34 * -15.57 *
Figures in parenthesis are the lag order in the ADF equation that was selected based on the Schwartz Criterion.
* Significant at 1% level of significance.
**Significant at 1% level of significance.
Next we have looked into whether the Indian stock markets are pair-wise co-integrated with each other and also
with the South Asian markets. As mentioned earlier, we have exercised Johansen co-integration approach to test
the interdependence among these markets. Table 3 identifies the results of the pair-wise co-integration tests and
also reveals that both Sensex and Nifty do not have any long-run association with each other and these markets
certainly do not share common stochastic trend with the selected Asian markets. For some markets, the long-run
relationship is found dubious as the results of the co-integration tests are dependent on the specifications of the
co-integrating equation and/or on the method used (trace vs. maximum Eigen value method) and/or on the
number of lags included in the co-integration equation.
Table-3: Pair-wise Co-integration Test
Nifty Sensex SSE KOSPI TSEC HSI JSX Nikkei FTSE STI
Nifty - ? No No No ? No No No No
Sensex - No No ? Yes No ? No No
SSE No No - No No No No No No No
KOSPI No No No - No No No No No No
TSEC No ? No No - No ? ? ? ?
HIS ? Yes No No No - No No No No
JSX No No No No ? No - No No No
Nikkei No ? No No ? No No - ? ?
FTSE No No No No ? No No ? - ?
STI No No No No ? No No ? ? -
* (?) indicates that the results of the co-integration are not robust. The results depend upon the co-integration equation used and/or on the
test method employed and/or on the number of lags included in the co-integration equation
The results of the multivariate co-integration tests are found not robust and are also dependent on the choice of
49
6. Developing Country Studies www.iiste.org
ISSN 2224-607X (Paper) ISSN 2225-0565 (Online)
Vol 2, No.1, 2012
the model or on the method employed or on the number of lags included in the co-integrating equation as well
as on the sample period considered.
Table 4 shows the short-term association among the selected Asian equity markets based on the Granger
causality tests. The result reveals presence of short-run associations among them. However, it is observed that
none of the South Asian markets has any control over each other, i.e, none of the South Asian markets leads the
Indian stock market nor they are being influenced by Indian stock market.
Table-4: Short-run association based on Granger causality tests
Nifty Sensex SSE KOSPI TSEC HSI JSX Nikkei FTSE STI
Nifty - Yes Yes No No Yes No No No No
Sensex No - Yes Yes Yes No No No No No
SSE No No - No No No No No No No
KOSPI No No No - No Yes No No No No
TSEC No No No Yes - Yes No No No No
HIS Yes Yes No No No - No No No No
JSX No No No No No No - No No No
Nikkei No No No No No No No - No No
FTSE No No No No No No No No - No
STI No No No No No No No No No -
These results are obtained at the 5% level of significance and using 4 lags.
5. Conclusion
The study makes an approach to examine whether there is any inter-linking between the Indian stock markets
with the leading stock markets of the South Asian countries. We have employed daily data from 2002 to 2011 to
explore the long-term association among them. We have applied the Johansen co-integration approach to
identify the long-run association and to observe the short-term association the Granger causality tests were taken
into consideration. Our findings suggest that:
• There are ample opportunities for the investors to broaden the horizons of their investments not only in Indian
equity markets and also to the selected South Asian markets to reap the benefits of such diversification with risk
reduction.
• Investors can gain from the short-run association that exists among the Asian stock markets.
• Authorities of South Asian countries may have little worries in respect to the market crash in this region as there
remains a modest long-run association among the countries equity markets.
• International investors can also diversify their portfolio by investing in South Asian countries.
In future we will venture to conduct other co-integration tests (other than Johansen tests) to see whether the
above results show robustness and employ other approaches, e.g., impulse response, variance decomposition,
principal component method etc. to examine both the long-term and short-term associations of the equity
markets.
References
[1] Abas, M. (2009), “Analysis of Stock Market Linkages: Chinese, Indian and Major Markets.”, Unupublished
Dissertation.
[2] Aktan, B., Mandaci, P. V., Kopurla. B. S. and Ersener. B. (2009), “Behaviour of Emerging Stock Markets in
the Global Financial Meltdown: Evidence from BRIC-A”, African Journal of Business Management. Vol. 3 (9),
pp. 34-37.
[3] Auzairy, N. A. and Ahmed. R. (2009), “The Impact of Subsequent Stock Market Liberalization on the
Integration of Stock Market in ASEAN-4+South Korea”, World Academy of Science Engineering and
Technology, p. 58.
[4] Bose, S. (2005), “Securities Market Regulations: Lessons from US and Indian Experience”, The ICRA
Bulletin. Money & Finance, Vol. 2. pp. 20-21.
[5] Chattopadhyay, S. and Behera. S. K. (2008), “Financial Integration for Indian Stock Market”, Working
Paper. 12th Annual Conference on Money and Finance in the Indian Economy, No. 0611.
[6] Chen, H., Lobo, J. B. and Wong, W-K. (2006), “Links between the Indian, US and Chinese Stock Markets”,
Working Paper No. 0602.
50
7. Developing Country Studies www.iiste.org
ISSN 2224-607X (Paper) ISSN 2225-0565 (Online)
Vol 2, No.1, 2012
[7] Chittedi, K.R. (2009), “Global Stock Markets Development and Integration: with Special Reference to BRIC
Countries”, Unpublished Thesis.
[8] Dickey, D. and Fuller, W. (1979), “Distribution of the Estimates for Autoregressive Time Series with a Unit
Root”, Journal of American Statistical Association, P. 74.
[9] Dickey, D. and Fuller, W. (1981), “Likelihood Ratio Statistics for Autoregressive Time Series with a Unit
Root”, Econometrica,. P. 49.
[10] Engle, R. F. (1982), “Autoregressive Conditional Heteroskedasticity with Estimates of the Variance of
United Kingdom Inflation”, Econometrica. Vol. 50, P. 87.
[11] Engle, R. F. and Granger, C. W. J. (1987), “Co-Integration, Error Correction: Representation, Estimation
and Testing, Econometrica,. Vol. 55(2).
[12] Granger, C. W. J. (1986), “Developments in the Study of Cointegrated Economic Variables, Oxford Bulletin
of Economics and Statistics. Vol 48, pp. 74-77.
[13] Granger, C. W. J. (1988), “Some Recent Developments in a Concept of Causality”, Journal of
Econometrics,.Vol 39 (1/2), pp. 36-67.
[14] Gupta, N. and Agarwal,V. (2011), “Comparative Study of Distribution of Indian Stock Market with Other
Asian Markets”, International Journal of Enterprise Computing and Business Systems,. Vol. 1 Issue 2, pp. 13-
34.
[15] Ismail, M. T. and Rahman, R. A. (2009), “Modelling the Relationships between US and Selected Asian
Stock Markets”, World Applied Sciences Journal, Vol. 7 (11), pp. 44-59.
[16] Iqbal, A., Khalid. N. and Rafiq. S. (2011), “Dynamic Interrelationship among the Stock Markets of India,
Pakistan and United States, International Journal of Human and Social Science,. Vol. 6:1, p. 11.
[17] Johansen, S. (1988), “Statistical Analysis of Cointegrating Vectors”, Journal of Economic Dynamic and
Control,. Vol. 12, pp. 41-54.
[18] Johansen, S. (1991), “Estimation and Hypothesis Testing of Cointegrating Vectors in Gaussian Vector
Autoregressive Models”, Econometrica,. Vol. 59, pp. 102-117.
[19] Korajczyk, A. R. (1995), “Stock Market Integration for Developed and Emerging Markets”, The World
Bank Policy Research Department. Policy Research, Working Paper No. 1482.
[20] Kroner, K. and Ng, V. (1998), “Modeling Asymmetric Comovements of Asset Returns”, Review of
Financial Studies,Vol.11, pp. 61-76.
[21] Kumar, N. (2002a), “Towards an Asian Economic Community-Vision of Closer Economic Cooperation in
Asia: An Overview”, Research and Information System for Non-Aligned and other Developing countries (RIS),
Discussion Paper 32. New Delhi.
[22] Kumar, N. (2002b), “Towards an Asian Economic Community: The Relevance of India”, Research and
Information System for Non-Aligned and other Developing countries (RIS), Discussion Paper 34, New Delhi..
[23] Lamba, A.S. (2005), “An Analysis of the Short- and Long-Run Relationships between South Asian and
Developed Equity Markets”, International Journal of Business, Vol. 10(4).
[24] Mallik, G. (2006), “Has the Stock Market Integration between the Asian and OECD Countries Improved
after the Asian Crisis?” Frontiers in Finance and Economics, Vol. 3(2).
[25] Mishra, D. (2006), “Financing India’s Rapid Growth and its Implications for the Global Economy. Mimeo”,
World Bank.
[26] Mohan, R. (2004), “Financial Sector Reforms in India: Policies and Performance Analysis”, RBI Bulletin,
October, pp. 185-197.
[27] Mohan, R. (2005), “Globalisation, Financial Markets and the Operation of Monetary Policy in India.”,BIS
Papers No 23. Basel. May.
[28] Narayan, P., Smyth, R. and Nandha, M. (2004), “Interdependence and Dynamic Linkages between the
Emerging Stock Markets of South Asia.”, Accounting and Finance,. Vol. 44(3).
[29] Nath, G. C and Verma, S. (2003), “Study of Common Stochastic Trend and Co-integration in the Emerging
Markets: A Case Study of India, Singapore and Taiwan”, Research paper. NSE- India.
[30] Phillips, P. C. B. and Perron, P. (1988)., “Testing for a Unit Root in Time Series Regression”, Biometrika.,
51
8. Developing Country Studies www.iiste.org
ISSN 2224-607X (Paper) ISSN 2225-0565 (Online)
Vol 2, No.1, 2012
Vol. 75. No. 2.
[31] Raj, J. and Dhal, S. (2008), “Integration of India’s Stock Market with Global and Major Regional Markets”,
BIS Papers. No. 42.
[32] Reddy, Y. V. (2006), “Reforming India’s Financial Sector: Changing Dimensions and Emerging Issues.”,
RBI Bulletin. June.
[33] Stiglitz, J. (2006), “Making Globalization Work”, W W Norton.
[34] Toda, H.Y. and Yamamoto. (1995), “Statistical Inference in Vector Autoregressions with Possibly Integrated
Processes”, Journal of Econometrics, p. 66.
[35] Wong, W-K., Agarwal, A. and Du, J. (2005), “Financial Integration for Indian Stock Market: A Fractional
Cointegration Approach”, Working Paper No. 0501. Department of Economics, National University of
Singapore.
52
9. International Journals Call for Paper
The IISTE, a U.S. publisher, is currently hosting the academic journals listed below. The peer review process of the following journals
usually takes LESS THAN 14 business days and IISTE usually publishes a qualified article within 30 days. Authors should
send their full paper to the following email address. More information can be found in the IISTE website : www.iiste.org
Business, Economics, Finance and Management PAPER SUBMISSION EMAIL
European Journal of Business and Management EJBM@iiste.org
Research Journal of Finance and Accounting RJFA@iiste.org
Journal of Economics and Sustainable Development JESD@iiste.org
Information and Knowledge Management IKM@iiste.org
Developing Country Studies DCS@iiste.org
Industrial Engineering Letters IEL@iiste.org
Physical Sciences, Mathematics and Chemistry PAPER SUBMISSION EMAIL
Journal of Natural Sciences Research JNSR@iiste.org
Chemistry and Materials Research CMR@iiste.org
Mathematical Theory and Modeling MTM@iiste.org
Advances in Physics Theories and Applications APTA@iiste.org
Chemical and Process Engineering Research CPER@iiste.org
Engineering, Technology and Systems PAPER SUBMISSION EMAIL
Computer Engineering and Intelligent Systems CEIS@iiste.org
Innovative Systems Design and Engineering ISDE@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Information and Knowledge Management IKM@iiste.org
Control Theory and Informatics CTI@iiste.org
Journal of Information Engineering and Applications JIEA@iiste.org
Industrial Engineering Letters IEL@iiste.org
Network and Complex Systems NCS@iiste.org
Environment, Civil, Materials Sciences PAPER SUBMISSION EMAIL
Journal of Environment and Earth Science JEES@iiste.org
Civil and Environmental Research CER@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Civil and Environmental Research CER@iiste.org
Life Science, Food and Medical Sciences PAPER SUBMISSION EMAIL
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Biology, Agriculture and Healthcare JBAH@iiste.org
Food Science and Quality Management FSQM@iiste.org
Chemistry and Materials Research CMR@iiste.org
Education, and other Social Sciences PAPER SUBMISSION EMAIL
Journal of Education and Practice JEP@iiste.org
Journal of Law, Policy and Globalization JLPG@iiste.org Global knowledge sharing:
New Media and Mass Communication NMMC@iiste.org EBSCO, Index Copernicus, Ulrich's
Journal of Energy Technologies and Policy JETP@iiste.org Periodicals Directory, JournalTOCS, PKP
Historical Research Letter HRL@iiste.org Open Archives Harvester, Bielefeld
Academic Search Engine, Elektronische
Public Policy and Administration Research PPAR@iiste.org Zeitschriftenbibliothek EZB, Open J-Gate,
International Affairs and Global Strategy IAGS@iiste.org OCLC WorldCat, Universe Digtial Library ,
Research on Humanities and Social Sciences RHSS@iiste.org NewJour, Google Scholar.
Developing Country Studies DCS@iiste.org IISTE is member of CrossRef. All journals
Arts and Design Studies ADS@iiste.org have high IC Impact Factor Values (ICV).