Notes On Stock Market Game

Notes On Stock Market Game
STOCK MARKET GAME
Name: Vy Tran
Period 2
The dates of the stock market game: 10/23/2014
The due date of the assignment: 01/12/2015
The total amount of money you ended with: $4,931.55
Minus any penalties: $1,000.00= $3,931.55
The number of pages: 9 Part 1: Pages 1 and 2: Personal Experience
After playing through the stock market, I have more experience for playing in the future. Over time
I have learned to be patience and intelligence in handling the situation. I have been lost several times
but that's okay because I have learned lessons for the next time. I play the stock through the
guidance of the teacher or through information technology such as watching television, reading
newspapers or magazines. And I also understand this game ... Show more content on
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I understand the feeling of playing the stock market on a large. I feel the tension in the arena, two
factors need quickly and skillfully. It is the second most important factor in this game. If you are
quickly you will have more benefits than when you do it slowly. Ingenious when you are interested
in what you have to know when to buy stocks it will increase your sales and when it dropped you
buy. You also need patience to wait for the appropriate time when buying or selling should not be in
a rush when playing this game. In the last time I have invested in the company Apple, but I did not
succeed because I was not agile, dexterous, and not focus on it. If I play again I will focus more on
the stock, and also to use the above factors. I bought shares of Apple because when I bought the
company Apple is reduced. And wait until it is sold will increase your interest. After searching for
information on your network has learned four basic steps to invest in the stock market: the first step
is you have to monitor the evolution of the shares of stock to choose which they want to buy , the
next step is a simple step is to accept trading means that you only need to contact the broker and the
trader, the third step is the most important step of the investment process is to monitor trading when
you monitor and evaluate their investment decisions, the final step is the
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Ipo And Secondary Stock Market
The stock market provided companies the right to issued and traded stock through exchange or over
the counter market. A stock is a portion of the ownership of a corporation. Some examples of stock
market in the US are: NASDAQ, NYSE, NYMEX. Other stock markets around the world: LSE
(England), MSE (Canada), HKEX (Hong Kong), etc. Every company needs to raise money, so
usually companies borrow it from somebody like other companies and banks, or they can selling
part of the company, which is known as issuing stock. There are two main ways to issue stocks: IPO
and secondary offering. IPO, stands for initial public offering, is the first sale of stock by a private
company to to the public. Through this process, a private company transform into a public company.
This leads us to the secondary offering. Secondary offering is the sale of new stocks to the public
from a company that has already made its IPO. We know the reason companies want to issue stocks,
but why do people want to buy stock? The main reason for people to invest in stocks is for capital
appreciation or to maximize their own wealth. They want to increase their money value over times.
To do that, they will try to buy stocks at a low price and sell it at higher price at some point in the
future. The investors determined the value of stocks by the following: P/E ratio and PEG ratio. P/E
ratio stands for Price/Earning ratio , the higher the P/E ratio, the more earning investors will be
expected to get from stocks , the

Bea Associates
Harvard Business School
9–293–024
Rev. December 16, 1994
BEAAssociates: Enhanced Equity Index Funds
On the afternoon of July 13, 1992, Messrs. Jeffrey Geller and David DeRosa, derivatives portfolio
managers at BEAAssociates, were considering alternative ways of investing the assets of a new
$100 million enhanced index account. They wanted to find the most attractive combination of
derivative and cash market positions to achieve the client's objective which was to outperform the
S&P 500 stock index by 50 basis points in a low risk manner. The alternatives included the use of
over–the–counter equity swaps, a relatively new financial instrument that had proliferated in recent
years.
BEAAssociates
BEAAssociates was an ... Show more content on Helpwriting.net ...
The firm also aimed to offer clients a high degree of product customization. In pursuit of these aims,
BEA made extensive use of derivative instruments such as options, futures, and swaps.
This case was written by Professor André F. Perold as the basis for class discussion rather than to
illustrate either effective or ineffective handling of an administrative situation. Copyright © 1992 by
the President and Fellows of Harvard College. To order copies or request permission to reproduce
materials, call 1–800–545–7685, write Harvard Business School Publishing, Boston, MA 02163, or
go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a
retrieval system, used in a spreadsheet, or transmitted in any form or by any means–electronic,
mechanical, photocopying, recording, or otherwise–without the permission of Harvard Business
School.
1
Purchased by: LEI ZENG LEIZENG2012@GMAIL.COM on November 05, 2013
293–024
BEAAssociates: Enhanced Equity Index Funds

In its more traditional equity and fixed–income portfolios, where outperformance was sought
principally by investing in attractively valued stocks, bonds, and other physical securities,
derivatives were used mainly as a low–cost way of controlling market risk and currency risk. In its
derivativesbased portfolios, derivative instruments were used much more extensively both to
manage desired portfolio risk exposures and, through

The Great East Japan Earthquake's Impact on the Japanese...
The Great East Japan Earthquake's impact on the Japanese financial system
Introduction
Japan is located in an area where several tectonic plates meet. Earthquakes frequently strike the
Japanese archipelago – minor tremors occur almost on a daily basis, while severe disasters –
infrequently, yet they have had harsh consequences in terms of both direct and indirect impact on
the economy, thus, on the financial system. Earthquakes are usually associated with devastation and
losses, and Japan is no exception. However, Japan is still the third largest economy in the world
measured by Gross Domestic Product (Ro, 2013).
The most disastrous earthquakes of the history in Japan of last 100 years took place in 1923, 1995
and 2011– the Great Kanto, ... Show more content on Helpwriting.net ...
Although, assuming that Efficient Market Hypothesis (EMH) holds, the responding stock market
indices should reflect the harm caused by the earthquake, because, as EHM states that market prices
fully reflect all publicly available information (Fama, 1970). Thus, it means that, if investors are
rational and their decisions are not affected by noise traders, one can conclude that the decrease in
stocks' value is explainable by the damage of the catastrophe.
Financial Times reports the performance of global indices – S&P for Americas, FTST Eurofirst 300
for Europe and Nikkei 225 for Asia–Pacific region, plus, the Nikkei 225 is comprised of 225 stocks
that are selected from the Japanese common stocks in the first section ranked by trading volume of
the Tokyo Stock Exchange (Nikkei indexes, 2014). Therefore, the Nikkei 255 is considered to be a
good proxy of the Japanese market capitalization ( Ugbede, Lizam, Kaseri & Idachaba, 2013).
Market capitalization is a way how to determine the value of a company using the stock price, and
to presume the likeliness of it's growth (Amadeo, 2013). Meanwhile the financial system is defined
as a network of markets and institutions that bring savers and borrowers together (Hubbard, 2000).
Hence, detailed analysis of the Nikkei 225 allows to evaluate the impact of the earthquake on

Individual Investor Perceptions And Behavior During The...
Individual investor perceptions and behaviour during the financial crisis
The main focus of this paper is on the financial crisis and the individual investor perceptions about it
as well as the risk taking behaviour of the people. The paper discusses the aspects of risk
perceptions and risk tolerance in regard to the significant fluctuations of the investor perceptions and
the volatility of the return expectations. To understand these perceptions, a panel–data set has been
used which combines the monthly survey data and the brokerage records. The sample era includes,
on the one hand, the months when universal stock markets were hit toughest, that is, September and
October 2008.
The research undertaken has a very constant effect on the investor psychology about the behaviour
on risk taking and trading. A key discovery from such readings is that individual investors have
trouble learning from their understandings, and if they learn, this is a slow and gradual process
(Gervais and Odean, 2001; Seru et al., 2010). Furthermore, separate investors often fail to update
their behaviour to compete their experiences and are comparatively unaware of their return
performance (Glaser and Weber, 2007). Therefore, it seems that at least for the period of tranquil
times, investors' involvements have little or no effect on their perceptions and behaviours. Thaler
and Johnson (1990) as well as Barberis (2013) discover that undergoing a number of successive
losses decreases investors'

Democratization Of The Market Case Study
In the past, private individuals and large institutions have largely invested in actively managed
mutual funds, such as Fidelity, in which fund managers choose stocks with one goal – to surpass the
market.
But after the financial crisis of 2008, investors switched to index funds, which reproduce stock
indices, such as the S & P 500.
The scale of the changes is striking: from 2007 to 2016. in actively managed funds an outflow of
about $ 1.2 trillion was recorded, while index funds received more than $ 1.4 trillion.
In the first quarter of 2017, index funds raised more than $ 200 billion – and this is the highest
quarterly growth.
Democratization of the market, this shift, the shift, perhaps the largest in the modern history of
investments, ... Show more content on Helpwriting.net ...
According to the S & P 500 – the benchmark index of the largest corporations in America – the
situation is even more extreme. Together, the Big Three is the largest shareholder in almost 90% of
the index companies, including Apple, Microsoft, ExxonMobil, General Electric and Coca–Cola.
This is the index in which most people invest.
The power of passive investors
With corporate property comes the power of the shareholder.
Recently, BlackRock claimed that it had not legally been the "owner" of the shares on its balance
sheet, but rather acts as a kind of custodian for its investors.
This is common practice for lawyers.
What can not be denied is that the "Big Three" still uses the right to vote with these shares.
Therefore, they should be perceived by the owners of de facto corporate leaders.
These companies have publicly stated that they are seeking to exert influence. William McNabb,
chairman and chief executive officer of Vanguard, said in 2015 that "in the past, some mistakenly
believed that our predominantly passive management style implies a passive attitude toward
corporate governance, but that's very far from the truth."
And if you analyze the vote of the Big Three, it turns out that it is coordinated through centralized
departments of corporate governance. This requires considerable effort, because technically

12345678
Heisenberg's Uncertainty Principle and its Implications for Financial Institutions
Submitted in Partial Fulfilment of Master of Business Administration
By
KARTIK CHANDRA CHATURVEDI
Batch (2013–2015) University Roll No: S133F0010 December 2014
Under the guidance of
NIDHI KAICKER
SCHOOL OF BUSINESS, PUBLIC POLICY AND SOCIAL ENTREPRENEURSHIP
AMBEDKAR UNIVERSITY DELH
PAGE 1
CERTIFICATE
This is to certify that I have successfully completed the project titled Heisenberg's Uncertainty
Principle and its Implications for Financial Institutions submitted in partial fulfilment of the
requirements for the Degree of Master of Business Administration at the School of Business, Public
Policy and Social Entrepreneurship, ... Show more content on Helpwriting.net ...
The study draws economic analogies for Heisenberg's Uncertainty principle and concentrates on the
17 largest Investment Banks and the 10 largest Mutual Funds. It tries to quantify the uncertainty and
lists the economic mass of every institution from among the two groups and the average economic
masses of each group as well. The study was restricted to publically listed Investment Banks and
Mutual Funds and the model was not applicable to privately held and boutique banks and also
wasn't applicable to hedge funds and other private funds which did not report their Net Asset Value
Returns. According to the findings, the economic mass was highest for Goldman Sachs while
Toronto Domino Bank shows the least economic mass. When it comes to Mutual Funds, Pimco the
world's largest mutual fund had the lowest economic mass; the exposure to the crisis could be the
reason behind this. The American Funds Growth Fund of America has the highest economic mass.
This study has been able to show that the Heisenberg's Uncertainty Principle has implications for
financial institutions. For future research, one could look into applying the model for privately held

Financial Institutions and those funds which do not report their returns like Hedge Funds.
PAGE 5
LIST OF TABLES
TABLE NUMBER 1). 2). 3). 4). 5). 6). 7). 8). 9). TITLE LIST OF INVESTMENT BANKS LIST
OF MUTUAL FUNDS LIST OF TIME SERIES TESTS CARRIED

Defining The Ftse 250 And The Largest Operating Companies...
1. Defining the FTSE 250
The FTSE is bantered around a lot within financial circles and seems to be a key element within
many news headlines too. While the term FTSE is commonly known, few actually understand the
FTSE 250 and what it entails. In order to educate those who are unfamiliar with what it is, the
following information should be of great use.
Leading Index
Widely considered to be one of the leading indices in the world, the FTSE 250 is an index that
features some of the biggest operating companies on the planet. However, some may be unsure of
what of an index is generally. The purpose of an index is actually pretty self–explanatory on the
surface, it a tool used to summarise the performance of a selection of publically floated ... Show
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The reason why investors have such a heighted interest in the FTSE 250 is because it is often where
the future superstar companies of tomorrow are found. Traders will track this index with invested
interest in the hope of finding a stock that can surge following investment. The FTSE 250 is one of
the more interesting indexes within the world of stock and shares, as it features names from all
sectors.
How to track the FTSE 250?
Taking advantage of the FTSE 250 requires investors to be diligent. What is featured within the
FTSE 250 is affected by in–company, in–market, and general world events. Changing global
economics in general can have a deep impact on the companies that are featured with the FTSE 250.
For example, when the interest rates rise in the UK or the oil supply in the Middle East falls short,
you can be sure that it will have an impact on the performance of the FTSE 250. The key to
mastering the FTSE 250 relates to tracking signals and attempting to stay one step ahead of the
curve.
Worth Watching
When it comes to importance, the FTSE 250 is an index that should be considered a priority in the
eyes of an investor that wishes to trade stocks and shares successfully. Next time you step into the
world of stocks and shares be sure to keep the FTSE 250 in mind.

2 – The divergence of the FTSE 250
The stats don't lie;

The Beginning Of Stock Market Game
Han Le P2
Stock Market Essay
The due day of the assignment: January 12, 2015
The dates of stock market game: Stated October 24, 2014; ended December 12, 2014
The total amount of money I ended with $4,927.07, minus $750 = $4,177.07
The number of pages therefore that I am required to write to receive full credit for the project: 8
pages
Part 1 – Page 1 and 2: Personal Experience This was the very first time I enter a stock market game.
Stock is a complex and complicated game, which require a great interest in it. Because of this was
my first time I know about stock, it is confusing, and there were many questions in my head which i
need the answers for understanding its concept. Stock like a book, through ... Show more content on
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Another reason is I bought the stock that my friend also bought as well as bought and sold in the
wrong time. My biggest trade that I was successful is at November 07, 2014. At 10:32 am, I sold 35
shares of GDP and got $272,60. That was my first time I got the interest. The first reason I think of
is lucky and I choose the right time to sell them. The day before, when I bought 40 shares of GDP,
their prices were lower than the price at the day I sold them. As the time I bought them, I did predict
they would go up the next day. I waited for the price I believed high enough to get the interest.
Another biggest unsuccessful trade was in December 5, 2014. I only bought 5 shares of the ANF, but
I lost so much money. ANF at that time seemed like never go up, it kept going down. I have wrong
prediction on ANF. When I bought ASK and GDP, I looked at their prices first, and they are cheap.
With ASK, the time I bought its shares, I bought them with my friend because I think they can watch
ASK for me while I did not have time. But it kept going down. GDP, I bought it when I first saw its
graph, it went up and down frequently, and I want my money back, so I decided to buy it. At the
end, GDP made me so happy. The last stock I bought ANF, it was really terrible, I lose money. In my
stocks, there were no fast moves either up or down. And also they did not report

Should The Fed Raise Interest Rates Now?
Finally, the process of normalization has begun, and seven years of zero interest rate cycle came to
an end in December 2015 with a hike of 25 basis point by the Federal Open Market Committee. It
was a much anticipated move for a while, and now the debate is on the roadmap of future interest
rate hikes. Several economist, analyst, and media personalities have expressed a variety of opinion
on both ends of the rate hike. Should the Fed continue to raise interest rates now, is the question of
global consideration. In my opinion, Fed should continue to raise interest rate now to help the
economy grow more independently and build up consumer confidence.
Some of my findings that support my opinion to raise interest rates now are below:
Economic Indicator's:
The US economy has recovered considerably from the great financial crisis of 2008. We are
currently in the seventh year of expansion, and the overall performance of the economy has been
satisfactory. Most economic indicators have improved dramatically, and some of them are at the best
level since then. A significant recovery in home prices, GDP, labor market, stock markets, auto
sales, and consumer spending have fostered the economic growth and restored the confidence of
market participants.
Major stock market indices globally are trading near the high levels of 2007–2008. Some countries
like India have surpassed the previous highs of 2008, and are trading comfortably higher (^BSE, Jan
2008: 20,000 approx.; May 2016: 25,000

The Relative International Diversification Benefits Of...
Using data from various countries, subsequent studies continue to investigate the relative
international diversification benefits of ADRs. However, the empirical findings are inconclusive.
For example, ussing weekly data of 113 ADRs from 8 countries (Australia, France, Japan,
Netherlands, South Africa, Spain, Sweden and UK) during the period of January 1980 to September
1994, Jiang (1998) find that US portfolio with investment in ADR portfolios achieves better risk–
adjusted returns than that containing foreign market index portfolios. Differing from Jiang, Bekaert
and Urias (1999) investigate the gains from holding the emerging market closed–end mutual funds,
open–end mutual funds, and ADRs in a global equity portfolio.35 Using mean–variance spanning
tests, they find that 35Their sample of closed–end funds consists of 23 U.S. funds and 19 U.K. funds
investing in emerging markets as 70 diversification benefits from emerging equity markets are
sensitive to the time periods of the tests, and in some cases, to the particular investment vehicle.
There are similar diversification benefits accruing to direct exposure to emerging market indexes,
managed funds and ADR portfolios. Their findings confirm that ADRs are useful for international
diversification purpose. Using monthly data from 17 countries – seven developed economies and 10
emerging economies over the period of 1976 to 1993, Errunza et al. (1999) comprehensively
analyze the gains from investing in three types of US traded

The Client Is A Hedge Fund Based On The United States Of...
Client Specification
The client is a hedge fund based in the United States of America. The client has achieved high
degree of success in implementing momentum strategy in the developed equities markets such as in
the US and the UK. Being familiar with the American and European developed markets, the client
would like to further diversify its asset under management by implementing the momentum trading
strategy in the Asian emerging markets where the client has yet to set foot on.
Being unfamiliar with Asian emerging markets, the client would like to start by trading with the
Asian emerging market stock indexes. The client believes that that trading stock indexes is more
advantageous in the emerging market as the constituents of the large ... Show more content on
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Moreover, the client would also like to understand the impact of FX on the portfolio, i.e. if the value
of the portfolio is mainly driven by the stock indexes rather than FX movements. Lastly, if the
impact of FX is significant, the client would like to know the possible methods off hedging the FX
risk. The returns will be evaluated in terms of USD as the client is based in US. This research will
focus in the period of 1999 to 2014, which is the period just after the Asian financial crisis and
during the 2008 financial crisis.
______________________________________
1Although Singapore and Hong Kong markets are mostly classified as developed markets, their
market movement has strong relation with the economies in emerging markets (South East Asia for
Singapore and China for Hong Kong). Therefore, their market movement has close ties with other
Asian emerging markets and will be treated as emerging market in this report (similarly done by The
Economists).
Introduction
The momentum strategy in market trading is widely known as the strategy of short selling past
losers and buying past winners. This strategy relies on the past pricing as trading indicators.
Interestingly, there are several evidences provided in the

Somx Case
Mutual Fund: Eaton Vance Atlanta Capital SMID– Cap I (EISMX) EISMX main objective is to seek
long–term capital growth, it invests mostly in companies with small market capitalization. EISMX
also strives to mirror the Russell 2000 stock index, in other words this is a passively managed fund.
Historically, EISMX has been a very well preforming fund, the citations page show the astronomical
growth it has had over the last 10 years. Ten years ago, EISMX was priced at $11 per share, then
within five years, it grew to almost $17 per share, and then to its current price of $27 per share. The
graphs included in the citation show a consistent upward trend line with no major gaps in
performance over the last 10 years, excluding the 2008–2009 years. Although performance wasn't
the best during those years, EISMX still didn't drop as far as most stocks or competing mutual fund,
another impressive benchmark is to look at how the fund has done since inception. Since inception
the fund has increased by 10.29%. EISMX is a very cost efficient fund, it costs 97 bps while the
industry average cost is 114 bps, it also a no load fund, meaning that deposits can be ... Show more
content on Helpwriting.net ...
It has kept the same goals and a very similar asset allocation. FDSWX is 100% in equities, mostly
because it is a dividend strategy. It can be said that an investor may ever see FDSWX swaying away
from being 100% invested in equities just because that is the style required for a fund like this. The
tracking error is used to compare how closely the fund is following the benchmark. The benchmark
for FDSWX is Russell 1000 Value TR USD and it has kept very closely in tandem. Mostly being
able to capture all of the uptrend and minimal of the down trend. Once again this being a rather
young fund it is very close to the Russell Fund but I believe as time goes on we will see further
separation from the benchmark due to FDSWX being a fund

Who Is The Best Way For You Grow Our Money More Than Our...
When I'm around 65 years old, I want to have the ability to quit working. I want, like almost all
Americans want, to be able to retire. Well, the trouble with that is that I, and just about everyone
else, probably won't have enough money to be able to retire just from the saved income from our
jobs and from social security. We'll have to take the money we save from our earnings and try to
make it grow. So the problem then lies in finding the best way to invest our savings so that it grows,
like in this image, large enough, and crucially, safe enough, to be able to retire upon. I think, that the
best way to grow our money large and safe enough is called an index fund. So today, I'm going to
explain what index funds are, and why they're better than our other investing options. Owning
stocks in general is really pretty simple. In fact, it's a lot like owning cows. You can spend all of
your money on one cow that looks perfect, but then there's a lot to worry about. For instance, you
have to worry about that cow dying to disease or falling in a ravine or getting struck by lightening or
getting lost. Or you can share an entire herd of cows with a few other investors. Think about how
much safer you are! The likelihood of losing a whole herd to something is pretty small, and
something really terrible would have to happen. How does that relate to stocks? Well individual
stock picking is like owning one cow, while index funds are like owning the herd. And just like your
cow could get

What Are The Weaknesses Of The Hong Kong Crisis
Hong Kong has always been a major international financial and business center in the East Asian
region. It could not avoid being affected by the crisis .Even though It was the only economy with a
fully convertible currency and was known for beating speculations on its monetary and fiscal
structure, it was drastically affected by the crisis. It had the estimated exchange reserves of US$90
billion(in 1997),still .it could not protect the country from the financial and economic turbulence
brought in, due to the crisis.
Causes
Interest rates rose in defense of the Hong–Kong dollar( which is pegged to the US dollars under
currency board ). The People's' Republic of China promised to support to Hong Kong by committing
to not devalue the yuan so as to defend the Hong Kong dollar.
But the floatation of the Taiwan dollar intensified attacks on Hong Kong dollar .
On 23rd ... Show more content on Helpwriting.net ...
Upgraded the financial market :
One of the weaknesses exposed by the crisis was the underdevelopment of capital markets within
the region. The Hong Kong government, to strengthen the operations and supervision of local
securities market , provided the stock exchange's settlement system to enable the settlement of
securities denominated in other major currencies . This encouraged the listing of Japanese and
European bonds.
The Govt set up the Hong Kong exchange and clearing Company in March 2000 and proposed to
merge the stock and future exchange markets, along with three clearing companies in order to
increase efficiency, reduce cost and allow for better supervision. The Growth Enterprise
market(GEM ) was established in November 1999 to create market in which relatively new local
and overseas companies could raise

Statistical Analysis of 5 Microeconomics Variables
Abstract
The important aspect of contemporary financial analysis is the relationship between stock price
movements and variations in macroeconomic aggregates. The paper examines the role of
macroeconomic variables on Dhaka Stock Exchange (DSE) stock returns movement in Bangladesh.
In this paper, the analysis is conducted by using monthly data for the period span from January 2009
to December 2012. All data are collected from Dhaka Stock Exchange, Internet. Five
macroeconomic variables have been selected to assess the influence on stock return of Dhaka Stock
Exchange. These are: effect of DSI with changes in inflation rate, effect of DSI with changes in
foreign reserve, effect of DSI with changes in exchange rate, effect of DSI with ... Show more
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The automated trading was initiated in 10 August 1998 and started on 1 January 2001. Central
Depository System was initiated in 24 January 2004. As of November 16, 2009, the benchmark
index of the Dhaka Stock Exchange (DSE) crossed 4000 points for the first time, setting another
new high at 4148 points. In 2010, the index crossed 8500 points and finally crashed in the first
quarter of 2011. Millions of investors lost their money and came out onto the street blaming the
speculators and regulators for the bubble that finally burst.
MACROECONOMICS
Macroeconomics considers the performance of the economy as a whole. Many macroeconomic
issues appear in the press and on the evening news on a daily basis. When we study
macroeconomics we are looking at topics such as economic growth; inflation; changes in
employment and unemployment, our trade performance with other countries (i.e. the balance of
payments) the relative success or failure of government economic policies and the decisions made
by the Bank of England. * Economic Growth – trends in national output and living standards *
Unemployment – the causes and consequences of unemployment and the reasons for the changing
structure of the work force * Inflation – the economics of price inflation – who loses and who gains
and what can we do about inflation? * International trade – does the UK pay its way in trading with

BSE Sensex Case Study
Capital market is a form part of economy of any country and its behaviour has a significant impact
on the economy of such country. Stock price indices are considered as capital market barometer
which reflects the overall condition of capital market in any country. The flagship Indian stock price
index 'S&P BSE SENSEX', Popularly known as 'BSE 30' or 'BSE SENSEX', is a free–float market–
weighted stock market index which comprises of 30 renowned and financially stable companies
listed in Bombay Stock Exchange. The 30 companies which are listed in Bombay Stock Exchange
under 'BSE 30' are the market leaders in various business sectors and also mostly active traded
stocks in Indian stock market. From the very beginning, BSE SENSEX is considered as the ... Show
BSE Sensex is one of the flagship stock price indices in Indian stock market. In this paper, it has
been tried to estimate how much BSE Sensex, as the form part of Indian capital market, has grown
during the period 1986 to 2016 and after this it has been tried to forecast in which way BSE Sensex
will be going to move in the near future holding period 2017–2020.
Objective:
The current paper has been prepared with two significant objectives:
i. To estimate the growth of BSE Sensex for the study period; ii. To forecast the growth of BSE
Sensex in near future.
In order to pursue the present study, various literatures written by eminent authors and researchers
have been surveyed. Few of them have been mentioned as follows:
Ghosh, Bandyopadhyay and Choudhuri, in the year 2011, conducted a study to forecast BSE Sensex
subject to the effects of various macroeconomic variables like gold price, inflation, foreign exchange
reserve etc. They have found BSE Sensex to be optimized with the mixed influence of various
independent macroeconomic

Relationship Between Chinese Stock Market And Macro Economy
Literature review
Name/student number: Yatian Chen B150132143
The study of the relationship between Chinese stock market and macro economy:" Can Chinese
stock market imply macro economy?"
1.Motivation
Researches concerning on macro economy and stock markets of established markets have been
widely studied in the past. Early studies in this area support the argument that stock market returns
are influenced by economic announcements ( Hardouvelis, 1988 ). Additionally, authors such as
Levine and Zervos ( 1996 ) have produced significant evidence that stock markets ' returns are
influenced by macroeconomic indicators such as Gross Domestic Production ( GDP ), productivity,
employment and interest rates.
However, there has been ... Show more content on Helpwriting.net ...
Therefore, a study for China is essential as it potentially creates a necessary background for studying
similar areas for Brazil, Russia, India and South Africa.
Further, It is interesting that even though China has become one of the most powerful economic unit
in the world and also has been developing steadily and fast during the last three decades, its stock
market is still very volatile overtime. Thus, problems that whether the Chinese stock market really
has the ability to react macro economy or how well the stock market can fit the macro economy still
need some further studies and researches to discover. The conclusion of this dissertation can not
only help the Chinese investors to make better investment decisions but also make some suggestions
to the the ones who regulate Chinese economy and finance.
2.Theories, data, variables and research methods
Before the research, it is meaningful to be well aware of the basic theories related to the topic, which
thus will assist for choosing suitable variables. Following what is mentioned above, it is able to
apply good research methods to conduct the research.
2.1 Theories

2.1.1 Capital Asset Pricing Model
Even though many articles are conducted to critically study the capital asset pricing model ( CAPM
), it is widely used around financial

Correlation Between Stock Market Returns, Inflation, And...
Abstract There is a significant correlation between stock market returns, inflation, and money
growth. The effects of macroeconomic variable on equity returns are nonlinear and time variant.
This characteristic makes the study of these effects difficult. I estimate a GARCH model of monthly
returns of S&P500, where realized returns and their volatility depend on 11 macro announcements.
The purpose of this paper is to see which macroeconomic factors affect aggregate stock returns most
during 2008 financial crisis. Also, the effects of these factors before and after the crisis are
compared. I find out ... Introduction Investigating firm's key statistics such as sales, ROIC, and free
cash flow may not be enough to evaluate the company's performance and future. "Macroeconomic
indicators seem like excellent candidates as proxies of latent economic state variables because they
influence both changes in firms' cash flows and the risk–adjusted discount rate" (Gosnell &
Nejadmalayeri, 2010). In fact, various economic indicators can strongly impact equity returns.
However, it has been always difficult to establish this effect. Indeed, Chen, Roll, and Ross (1986)
assessment of asset pricing is relevant today: "A rather embarrassing gap exists between the
theoretically exclusive importance of systematic "state variables" and our complete ignorance of
their identity. The comovements of asset prices suggest the presence of underlying exogenous
influences, but we have not yet determined

Factors that Influenced the Malaysian Stock Market Index
Contents
1. Background of the study 1
2. Problem Statement 1
2.1. Research Objectives: 2
2.2. Research Questions: 2
3. Scope and Limitations of Study 2
4. Contribution to Knowledge/ Significance of the Study 3
5. Review of Literature 3
6. Research Design 6
6.1. Type of Study 6
6.2. Data Description 6
6.3. Methodology & Data Analysis 7
6.3.1. Theoretical Framework 7
7. Hypotheses 8
8. Methodology 9
List of References 10
1. Background of the study
1.1. A study on the factors that influenced Malaysian stock market index is carry out in order to
measure the movement of Malaysian stock market with the concern of macroeconomic variables
which include the money supply (M2), exchange rate (EXR), inflation rate (CPI) and also industrial
production index (IPI).
2. Problem Statement
2.1 The demand for investing in Malaysia stock market rise up recently. It shows that, investors are
more attracted to invest with the purpose of maximizing the profit and minimizing the risk of
investment through a portfolio. Furthermore, Malaysia is assumed to have more capital control since
it does not support the freely exchange rate system (Pan et al., 2007). In common, capital control
can be defined as the prohibition of a nation can be used to regulate the flows from the capital
market into and out of the country's capital account. In order to trigger the economy of Malaysia a
trade–led approach is used to accomplish the objective (Aisyah et al., 2009). Moreover, stock
markets help to

How Exchange Rate and Interest Rate Affect Hong Kong Market
In 1983, Hong Kong implemented Fixed–linkage System to US currency because of the reason that
Hong Kong currency was very unstable. This Fixed–linkage System is a fixed exchange rate system
that fixes the exchange rate of Hong Kong Dollar and United State Dollar to a ratio of 7.8: 1 Hong
Kong Monetary Authority does not need to stable exchange market by controlling the supply and
demand of HKD. It can be stabilized by Fixed–linkage System. In the past 15 years, Hong Kong
interest rates and exchange rates fluctuated in the same trend of the US interest rate and exchange
rate. The graphs below show an example of interest rate and exchange rate respectively: [pic] [pic]
We can see that their trends and fluctuations are normally the same. ... Show more content on
Helpwriting.net ...
This in turn lowers the exchange | | |rate of Hong Kong dollars. In consequence, the low | | |relative
prices of Hong Kong goods help the net exports | | |become more positive and then contribute to
GDP. As a | | |result, lower interest rate helps the Hong Kong economy. | | |In reality, this theory held
from year 1994 to 2002. | | |After that, some other factors exert a larger effect | | |affected the net
exports. | |[pic] |In general, consumption of Hong Kong changed in the same| |Graph 4 |sign but
different in degree as that of U.S. interest | | |rate. The theory behind is that, when interest rate |

A Brief Note On Dow Chemical And Industry
Q7 From Q6, all regression models ran by Single Index Model, a model helps to split a security's
total risk into unique risk and market risk, α is the intercept of the single index model in which
evaluate the expected excess return of the security , and β is the security's sensitivity to the market
index, while e represents the unsystematic risk of the security:
Basic statistics ran from Q6 given with the average industry performance: EBAY INDUSTRY α
0.025 0.162 β/raw β 1.155 1.441
R^2 0.375 0.294 Table1:Comparison between eBay and Industry DOW CHEMICAL INDUSTRY α
–0.026 –0.306 β/rawβ 1.562 1.418
R^2 0.610 0.308 ... Show more content on Helpwriting.net ...
In the analysis, S&P500, an index of 500 stocks chosen for market size, liquidity and industry
grouping, among other factors commonly used benchmarks for overall U.S stock market.
Consequently, the beta coming from Dow Chemical is more sensitive than eBay to the benchmarks,
which implies the security will be expected significantly outperformed market when market is going
up and significantly underperformed when market is going down. Dow Chemical is an American
multinational chemical corporation, services including agricultural science, consumer solution,
infrastructure solutions, performance material & Chemicals, and etc. Being as one of the most
influential commodity company, Dow Chemical is affected by the world price of oil as well as its
competitors and is also plagued by currency fluctuations since products are exported to all regions
of the globe. For example, severe weather on August of 2010, resulting in big power cuts and
dramatic drop in whole market especially for commodity industry such as Dow Chemical. In
contrast, lower beta means less volatile to the market index, also may have lower returns for
investors. eBay is an e–commerce company, which is more rely on the online trading and
transactions in the globe. product turns less fluctuate in the whole market, especially compared with
current retailer companies, internet retailer

Business Plan For Invest $ 10000
I have decided to Invest $10000 in Google Inc. Google is American multinational technology
company specializing in Internet–related services and products. These include online advertising
technologies, search, cloud computing, and software, Most of its profits are derived fromAdWords,
an online advertising service that places advertising near the list of search results. Just days after
Google took investors on a thrilling 20 percent upswing by trouncing analysts ' expectations in its
quarterly earnings report, the tech industry took a collective dip on Tuesday when disappointing
earnings reports from Yahoo, Microsoft and Apple pushed the tech–heavy Nasdaq composite lower,
and IBM 's poor showing helped drop the Dow Jones industrial average below 18,000.
For investors in tech stocks, it can be a stomach–churning roller coaster. Case in point: The
Technology Select Sector SPDR Fund (ticker: XLK), an exchange–traded fund that holds 72
technology stocks, has fluctuated wildly year to date. And while it has managed to earn nearly a 5
percent return so far this year, decisively outperforming the Standard & Poor 's 500 index, it is
trading above its 50–day and 200–day moving averages, indicating that a short–term reversal may
be at hand.
Tech stocks from January to July 2015.
Looking at the individual giants in the space, Google is pushing ever higher, GOOGL is up a
whopping 32 percent year to date, with much of that coming last week when Google stock soared 20
percent by

The Effect Of Effect On Emerging Stock Markets Of Four...
Part 3 – Data and Methodology
3.1 Data Description The purpose of this study is to investigate the presence of January effect in
emerging stock markets of four Southeast Asia countries: Malaysia, Thailand, Philippine and
Indonesia, for the period of January 2012 until December 2015, which is the most recent period after
the financial crisis in 2007–2008. The financial crisis would affect the behaviour of the stock
markets and thus the stock price might not reflect its true value. As the most recent economic crisis
is believed to have ended in Fall 2011 (Elliott 2011; Weisenthal 2013), this study will focus on the
most recent 4–year period, from January 2012 until December 2015. The four Southeast Asia
countries are selected because there are limited studies about them. Furthermore, they are the only
Southeast Asia countries being included in MSCI Emerging Markets Index as of 2016. Thus it is
worth examining the efficiency of the stock markets of these high growth emerging markets.
Daily equity market indices for four Southeast Asia countries will be collected from Yahoo Finance
and DataStream. The daily price index is collected instead of monthly price index because this study
attempts to examine if the January effect is stronger on the first five days of January. The indices are
FTSE Bursa Malaysia KLCI Index (KLCI) for Malaysia, SET Index for Thailand, Philippine Stock
Exchange Composite Index (PSEi) for Philippine and IDX Composite Index for Indonesia. Since
these

Investing in Index Funds
Introduction An "index fund" depicting a kind of common fund or unit investment trust (UIT) whose
investment objective ordinarily is to accomplish the equal return as a specific market index, for
example, the S&P 500 Composite Stock Price Index, the Russell 2000 Index or the Wilshire 5000
Total Market Index. An index fund will endeavor to accomplish its investment objective principally
by putting resources into the securities (stocks or bonds) of organizations that are incorporated in a
chose index. Some index funds might additionally utilize derivatives, (for example, options or
futures) to help accomplish their investment objective. Some index funds put resources into the sum
of the organizations included in an index; other index funds put resources into a delegate example of
the organizations included in an index. Several test has been carried out by the author to prove the
benefits of investing in international index instead of domestic index funds towards domestic
individual and figuring the impact of diversification on international index funds. The first test
conducted is Sharpe which the Sharpe ratio lets us know whether a portfolio's returns are because of
brilliant financing decisions or an aftereffect of abundance risk. In spite of the fact that one portfolio
or fund can procure higher returns than its companions, it is just a great financing if those higher
returns don't accompany an excess of extra risk. The more stupendous a portfolio's Sharpe ratio, the

Notes On The Stock Market
Introduction
In this increasingly globalising and volatile financial markets, the import of portfolio diversification
in investment planning cannot be overemphasised. We all know the old adage that says: "do not put
all your eggs in one basket".
In the past 12 months, the world's stock market has experienced a particularly high degree of
volatility that has never been seen in recent years. "On Monday 24 August 2015, about £74billion
was wiped off the value of Wall Street and FTSE 100, and the Down Jones Industrial Average lost
more than 1000 points at one stage on that day" (Allen, 2015).
The graph below shows how volatile the world's stock market has been over the last year using the
volatility index. Koesterich (2015) explains in the graph that higher index indicates that investors
perceive the stock market to be riskier. The graph shows the volatility index between January 2014
and March 2015. Many investors who have a greater proportion of their investment portfolio
exposed to stock market would have seen the value of their portfolio reduced significantly as a
result.
This article will consider the global issues that has led to stock market volatility in the past year. It
will look at how these issues developed, its effect on the equity and global economy and how they
interrelate with each other. It considers how investors can benefit by selecting and allocating assets
alternative to equity in their investment portfolio. This would help counteract the effects of the

Financial Analysis And Research Of Mutual Fund
Financial Analysis and Research of Mutual Fund GCEQX
The purpose analyses is based on the Green Century Funds. In this mutual fund involves with the
environment and has organized with other companies to help the environment. How to support the
environment stablility. This will be the reason the investors would use the funds to help society and
will be on climate change. The overview of this paper us the GCEQX has a long–term total return,
which involves in stocks. The fund uses the environmental, social, government standards to make
earth a better way to live. Above all, it would help so many companies. Last, they use the Fossil
Fuels Index which contributes oil, gas, and coil.
The SRI/BRI mutual fund reviewed is based on the social ... Show more content on Helpwriting.net
...
The Green Century fund involves with going green and they use private companies. Maybe the
companies cannot agree to the measure of the standards.
The screening process will be the environmental positive impact which includes engineered
organisms (GMO), and others. They try to decrease the negative environmental impact for the fossil
fuels companies. The rate of return of the GCEQX for five years at 11.04% and for ten years is
6.18%, since inception rates to June 3, 1991. The S&P 500 Index for the 5–years are 11.58% and
10–years are 7.01%. To compare with GCEQX and the S&P 500 Index are decreasing through those
years, but the S&P 500 Index is higher in percentage than the Green Century Equity Fund. The
Fidelity Spartan 500 Index Fund Class Inv (FUSEX) with the five year return rate of 10.92% and for
the ten years is 6.84% and comparing to the mutual fund the percentage is still higher. It is shown in
Appendix A as a chart for the comparison. Vanguard FTSE Social Index Fund Investor Shares
(VFTSX) has a five year of rate of return are 12.27% and for the ten years are 6.44% and the
comparison to the Green Century Equity Fund will be less than the social index fund. For both the
five and ten years rate of return are in the 1% of total returns. The mutual fund collaborates with
other companies that include in the environment for example Fossil Fuels Index. The mutual fund
makes "about 360 stocks" is greater than the 30 stocks with this

Global Fund Advisor Introduced Webs
Chapter 1 : Introduction: The idea of ETF was first perceived by NATHAN MOST in 1993.
Nathan's first ETF was called SPARD (also referred to as SPIDER) and it was first traded on the
American stock exchange (AMEX) by state street GA. SPARD's only purpose is to track the S&P
500. The number of ETFs that track different indexes all over the world exchange markets have
increased significantly since 1993. SPARD, as a first ETF, dominated the markets in the 1990s,
together with CUBES, which was designed to track NASDAQ–100. The ETF is a financial product,
which has attracted a large number of financial product designers. The ETF as a creative idea has
opened a significant number of empty rooms on the exchange market, which needed to be filled
with new ETF products. This is what attracted the financial product designers to create different
types of ETFs in the last 21 years. Barclays' global fund advisor introduced WEBS (world equity
benchmark shares) in 1996 as a first ETF to provide American investors with easy access to the
forging markets. They created a family of ETFs and each ETF had "ishares" as a first name and the
index it followed as a second name (Ferri, 2002) . The ETF influence could first be seen in Europe,
when the German Deutsche bank presented an ETF linked to commodity in 2006 (Fuchita &
Yasuyuki, 2007). ETF Barclays continued to generate new EFT products by launching the first ETF
linked to the bond price index in 2002. The ETF as a financial product on the

A Study On Stock Market Return, Volatility And Correlation...
A STUDY ON STOCK MARKET RETURN, VOLATILITY AND CORRELATION ANALYSIS
AMONG INDIAN & ASIAN STOCK MARKETS
Dr.M.Sumathy1
Associate professor,
Department of commerce,
Bharathiar University, Coimbatore–46,
Tamil Nadu,India.
B.Ramya2
M.Phil Research Scholar, Department of Commerce,
Bharathiar University, Coimbatore–641046,
Tamil Nadu, India. bramyaca@gmail.com ABSTRACT The stock market is witnessing keen
activities and is gradually more gaining Importance. Post the1997 East Asian disaster which had
caused significant reduction in asset prices and stock markets in quite a small number of Asian
countries, these economies bang back. These economies maintained high interest rates thereby
creation them attractive to foreign investors. As a result these economies customary a large inflow of
funds and experienced a theatrical run–up in asset prices. As a part of market amalgamation, the
capital market of India is no longer cut off from international economic measures and their stock
index travels. This paper finds the correlation of Indian Stock market with four other major Asian
economies: Japan, Singapore, Hong Kong and Korea. A weak correlation concludes that the Indian
stock markets propose diversification benefits to institutional and international investors. The paper
finds non routine feature in the stock return allotment of the five economies of Asia including India.
The Indian markets showed facial exterior of platykurtic distribution, the volatility of

The Date Of Stock Market Game
Han Le P2
The due day of the assignment: January 12, 2015
The dates of stock market game: Stated October 24, 2014; ended December 12, 2014
The total amount of money I ended with $4,927.07, minus $750 = $4,177.07
The number of pages therefore that I am required to write to receive full credit for the project: 8
pages
Page 1 and 2: Personal Experience This was the very first time I enter a stock market game. Stock is
a complex and complicated game, which require a great interest in it. Because of this was my first
time I know about stock, it is confusing, and there were many questions in my head which i need the
answers for understanding its concept. Stock like a book, through spending time to play it, I ... Show
Forth, do not buy cheap stock because it is constantly changing, not fixed, so the player easy to lose.
Last, choose the right time to sell, if not, the players probably lose everything quickly. As I said,
stock used to an unfamiliar definition, so I lack of experiences. So the result at the end of the stock
market game that I loose. During the game was going, I had too much homework, so I did not spend
much time to study the stock's concepts as well as not pay much time to study the market. Because I
did not know how to play this game professionally, I only used "buy" and "sell", not "cover" or
"short–sell". Another reason is I bought the stock that my friend also bought as well as bought and
sold in the wrong time. My biggest trade that I was successful is at November 07, 2014. At 10:32
am, I sold 35 shares of GDP and got $272,60. That was my first time I got the interest. The first
reason I think of is lucky and I choose the right time to sell them. The day before, when I bought 40
shares of GDP, their prices were lower than the price at the day I sold them. As the time I bought
them, I did predict they would go up the next day. I waited for the price I believed high enough to
get the interest. Another biggest unsuccessful trade was in December 5, 2014. I only bought 5 shares
of the ANF, but I lost so much money. ANF at that time seemed like never go up, it kept going
down. I have wrong prediction on ANF.

Stock Track Report
I.Portfolio Objective: A. Allocation
For our portfolio mix, we invested roughly 81% on stocks, 15% on Bonds and 4% on Cash. Our
target for the portfolio allocation is that we invested 90% on stocks and 10% on Cash for short term
investments. Our goal was investing 80% of our cash for stock market because we know that will
get higher return form stock market instead of bonds which is safer to own but bring lower return,
and we are young, so we love to take more risk. We also wanted to keep 20% of our money in cash
which available for short–term investment. According to the requirements, we ended up spent
around 60% on domestic market stock, 10% on international stock market, 10% for short–term
stock, 15% on bonds and the rest is in ... Show more content on Helpwriting.net ...
As a reason for that, my portfolio returns were poorly comparing to the stock market indexes.
On the other hand, I was mainly investing on Apple stocks (AAPL) throughout this 7 week period
and after the announcement of the new i–phone 5 on September 12, 2012 along with the quantitative
easing 3 announcement, apple was outer performing the stock market indexes. At that time, I had
number of Apple shares and the price was increasing due to the positive announcements. Moreover,
Apple stock hit all time high which was $702.10 per share during September. Nonetheless, after few
weeks later, I have sold all my Apple stocks because there were some minor defects on the i–phone
5 and the announcement of the new mini i–pad did not show any positive effect on the share price of
Apple.
I was very up to date on the Apple news because, I have invested substantial amount of money on
Apple stock. Furthermore, based on the negative news after i–phone 5, I have sold all of my Apple
securities because I predicted the Apple stock is going to go down after these rough news's. Hence,
it worked as I have planned and the current Apple stock is roughly $580 which went down by $120
from the all–time high price.
Furthermore, as you can see it from the graph of the portfolio, I have a boost in my return on
October 22, 2012 and major drop in my return on October

Alternative Beta Funds Are All High Dividend Oriented
1) Alternative beta funds are all high–dividend oriented and therefore strive to provide low variance
on high returns, achieved through a combination of active management and passive tracking of their
corresponding benchmark indices. The differing benchmarks mean that each ETF is invested in
different sectors and firms and these strategies lead to varying performance. RDV RDV matches the
Russell Australia High–Dividend Index; its investments are primarily in large, well established firms
such as financials and property trusts (highest of the four ETFs). RDV's investment consists of 50
large–cap stocks for diversification, and as firmly entrenched companies, these value stocks tend to
lower risk with a more constant stream of dividends ... Show more content on Helpwriting.net ...
IHD IHD's portfolio contains 50 securities from the ASX300, like RDV, and also limits individual
equity weights at 4%, the lowest of the four ETFs. Consequently, VHY VHY diversifies its
securities by limiting sectors to 40% and individual funds at 10% to avoid overinvestment in a
single stock. These limits are the highest of the four funds and therefore VHY sees large investment
in large–cap value stock on the ASX that have a historically strong dividend payout. 2) The proxy
for all ETF analysis is the ASX300 due to ease of information availability. Ideally, individual
benchmarks would also be used to identify the effectiveness of managers in matching their desired
indices. However, using the market portfolio does allow better comparison of performance
individual ETFs against each other relative to the market (Henriksson 1984) and makes analysis
under CAPM, Single–Index Model and related measures more accurate. Furthermore, the R–
Squared is high for all stocks against the ASX300 indicating a robust relationship. Comparing the
four ETFs, the fund with the highest monthly excess–return, on the risk–free rate, is VHY (0.024%).
Clearly this is not risk–adjusted and consequently the reward–to–variability ratio (Sharpe 1964) is
utilised to quantitatively measure return for each ETF relative to the total risk it exposes investors
to. However, the returns for all ETFs are not normally distributed, by analysing Kurtosis and
skewness, and excess–returns are

The Modern Islamic Financial Institutions Essay
Introduction:
Conventional finance is Based on the neoclassical economic assumption which assumes that every
individual that are involve in the economy have a profit maximization goal. In order to achieve that,
the neoclassical economy also assumes that this profit maximization is being done by every rational
individual which will weigh risk and return in every opportunity.
Although there is no issue with profit maximization in Islam as long as it does not lead to harm or
exploitation to society (Al–aali 2012), the means of maximizing profit is more than just weighing
the risk and return. Profit maximization in Islam should abide to Shariah.
Abiding to Shariah in an overview is Prohibitions of riba, gharar and maysir, this is what distinguish
Islamic finance from its conventional counterpart (Ayub, 2007). As an alternative, Islamic financial
system have interest free loans, Islamic joint–ventures (musharakah/mudarabah) and trade or lease–
based (murabaha/ijarah/salam) financing structures (Azmat et al. 2015). Contemporary Islamic
financial institutions have developed, and continue developing, products that mirror the classical
Islamic products, and evade from the association with riba, gharar and maysir (Kamla & Alsoufi
2015).
With increasing demand for Shariah compliant stocks, countries like Malaysia have moved to
introduce an Islamic stock market as an alternative to conventional stock market. This stock market
consists of stock that is compliance to the Shariah. To

The Effect Of The August Effect
Introduction The January effect is the phenomena where the average market return is higher in
January when compare with other months. This anomaly has existed in New York Stock Exchange
since 20th century (Rozeff & Kinney, 1976). Previous studies (Malkiel, 2003; Jones, 2007) have
shown that market is at least weak–form efficient and slowly moving toward semi–strong form
efficiency. This indicates that the investors could not earn superior return using past information or
public information. The existence of the January effect has casted a doubt on the efficient market
hypothesis (EMH). Nonetheless, anomalies seems to be declining or disappear in the recent years
(Szakmary & Kiefer, 2004). This might be due to the fact that the market is ... Show more content
on Helpwriting.net ...
Previous studies have given considerably less attention on the Asia countries, notably countries of
Southeast Asia. Southeast Asia is becoming one of the bright spots for investment due to their fast–
growing economy (OECD, 2014). Therefore, finding and understanding the pattern of changes in
anomaly in these emerging markets would provide some ideas on investment strategies. Malaysia,
Indonesia, Thailand and Philippines are the Southeast Asia countries that being included in MSCI
Emerging Markets Index. Hence, this purpose of this study is to investigate the existence of January
effect on these four emerging markets after financial crisis 2007–2008 and the possible causes for
this calendar anomaly. The objectives of this study are: To investigate the presence of January effect
in Southeast Asia emerging markets using parametric and non–parametric approaches. To examine
the possible causes for the presence of January effect in Southeast Asia emerging markets. The first
section of this paper will present a brief literature review describing the efficient market hypothesis
(EMH) and the January effect. The second section discuss the methodology applied in this study and
the following section will discuss the expected result. The conclusion will be included in last
section. Literature Review Efficient market hypothesis (EMH) has been developed by a renowned
economist, Eugene Fama. According to EMH, the market is considered as efficient if

Research Questions On Mutual Fund
Sections 1: Research question Mutual fund has been existing for a long time, but there are still a lot
of details about it are not very clear. Generally, this paper is discussing not only the overall
performance of mutual funds, but also the functions of each subpart and how are they related to each
other. Specifically, there are several questions been answered: how is mutual funds' overall
performance? What is the factor that affects its behaviour the most? How does each composition
affect the overall performance? Will there be any differences between the actively managed funds
and passively managed funds? How are mutual funds' performance compared with other market
index during the past, specifically from 1975 to 1994? How to understand the fund's performance by
looking at the correlations and so on? By studying these questions separately, a better understanding
of mutual funds and their properties will be obtained.
Section 2: Contribution (the main findings of the paper This paper presents a new modelling
method, which enable us to analyse mutual fund industry in great details. By merging two sets of
database together, it will be easier to make comparisons, as well as analysing what is the factor that
causes some certain behaviour. On top of that, it will be easier and more direct to determine the
relationship between the management and performance. Generally speaking, this paper unravels
some properties found in the mutual fund market. Mutual funds held stock

Research Report On Risk Taking Incentives Generated By...
This thesis uses secondary data collected mainly from the European banks' annual reports and
Datastream to test the relation between risk–taking incentives generated by stock option plans in
relation to executives' decision through using CDS. Furthermore, the data is used to examine the
impact of CDS use on bank's risk. The importance of CDS comes from the fact that this financial
instrument represents the largest sector of the credit derivatives market that are intended to mitigate
a firm's risk (Longstaff, Mithal, and Neis, 2005; Minton et al, 2009). The data used in this thesis is
balanced panel data. There are several advantages of using panel data such as, more accurate
inference of model parameters because panel data captures variation across time; controlling the
impact of omitted variables; and avoids the problem that arises from the differences across
individuals in the number of measurements (Kennedy, 2003; Hsiao, 2007). Further, using balanced
panel data reduces the noise introduced by firm heterogeneity because it allows an observation of
the same bank every year (Baltagi, 2001). This study is based on a sample extracted from European
publicly listed banks. The final sample consists of 60 banks and covers a six years time period from
2006 to 2011. The decision to choose European banks and this time span was taken because the
relatively rich data available related to the disclosure of derivatives after introducing the
International Accounting Standard IAS 39

The Correlation Of Indian Stock Market
Abstract
The stock market is witnessing keen activities and is gradually more gaining Importance. Post
the1997 East Asian disaster which had caused significant reduction in asset prices and stock markets
in quite a a small number of Asian countries, these economies bang back. These economies
maintained high interest rates thereby creation them attractive to foreign investors. As a result these
economies customary a large inflow of funds and experienced a theatrical run–up in asset prices. As
a part of market amalgamation, the capital market of India is no longer cut off from international
economic measures and their stock index travels. This paper finds the correlation of Indian Stock
market with five other major Asian economies: Japan, ... Show more content on Helpwriting.net ...
The Bombay Stock Exchange (BSE) is one of the oldest exchanges crossways the world, while the
National Stock Exchange (NSE) is among the best in terms of complexity and advancement of
technology. The Indian stock market scene really picked up after the opening up of the economy in
the early nineties. The whole of nineties were used to experiment and fine tune an efficient and
effective system. The 'badla' system was stopped to control unnecessary volatility while the
derivatives segment started as late as 2000. The corporate governance rules were gradually put in
place which initiated the process of bringing the listed companies at a uniform level. This opening
up of the system led to increased integration with heightened cross–border flow of capital, with
India emerging as an investment 'hot spot' resulting in our stock exchanges being impacted by global
cues like never before. The study pertains to comparative analysis of the Indian Stock Market with
respect to various asian counterparts. Exchanges are now crossing national boundaries to extend
their service areas and this has led to cross–border integration. Also, exchanges have begun to offer
cross–border trading to facilitate overseas investment options for investors. This not only increased
the appeal of the exchange for investors but also attracts more volume. Exchanges regularly solicit
companies outside their home territory and encourage them to list on their

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