Morningstar Indexes Correlation
Total Page：16
File Type：pdf, Size：1020Kb
Load more
Recommended publications
-
Molnár Melina – a Tőzsde És Ami Mögötte
A Tőzsde és ami mögötte van Molnár Melina Budapesti Értéktőzsde Zrt. Budapesti Corvinus Egyetem, 2015. szeptember 30. Gondolatmenet A tőkepiac A tőzsdék szerepe a gazdaságban A tőkepiac szereplői Mi mozgatja az árakat, és mi a befektetőket? Hozam vs. kockázat 623 milliárd USD (1.) GDP: 134 milliárd USD 16 milliárd USD 73 milliárd USD (3.) 421 milliárd USD (2.) 24 milliárd USD (29.) Mi a tőzsde, és miért alakult ki? 4 | Pénzügyi piacok PÉNZÜGYI KÖZVETÍTŐK MEGTAKARÍTÓK FORRÁSIGÉNYLŐK • Háztartások • Háztartások • Állam • Állam • Vállalatok • Vállalatok Vállalatok növekedési forrásai BELSŐ KÜLSŐ FORRÁSOK FORRÁSOK Stratégiai Nyereség Bankhitel befektető Tulajdonosi tőke Támogatás TŐKEPIAC 6 | Pénzügyi piacok PÉNZÜGYI KÖZVETÍTŐK MEGTAKARÍTÓK FORRÁSIGÉNYLŐK • Háztartások • Háztartások • Állam • Állam • Vállalatok • Vállalatok Pénzügyi piacok PÉNZÜGYI KÖZVETÍTŐK MEGTAKARÍTÓK FORRÁSIGÉNYLŐK • Háztartások • Háztartások • Állam • Állam • Vállalatok • Vállalatok Mi a tőzsde és miért alakult ki? . Nagy földrajzi felfedezések . Első részvénytársaságok Finanszírozás és Kockázatmegosztás 1553 – Oroszország Társ., 1600 – Kelet-Indiai Társ.,1602 – Holland Kelet-Indiai Társaság, Amszterdami Tőzsde . Tőzsdék megalakulása 1566 – London 1602 – Amszterdam 1817 – New York 1864 – Budapesti Áru és Értéktőzsde A tőkepiac felépítése A Másodlagos Elsődleges piac piac VÁLLALAT TŐZSDE OTC Részvények Kötvények Csak Új értékpapír adásvétel Erős gazdaság VS virágzó tőkepiac Source: World Bank , 2012 11 | Erős gazdaság VS virágzó tőkepiac Source: World Bank -
Global Exchange Indices
Global Exchange Indices Country Exchange Index Argentina Buenos MERVAL, BURCAP Aires Stock Exchange Australia Australian S&P/ASX All Ordinaries, S&P/ASX Small Ordinaries, Stock S&P/ASX Small Resources, S&P/ASX Small Exchange Industriials, S&P/ASX 20, S&P/ASX 50, S&P/ASX MIDCAP 50, S&P/ASX MIDCAP 50 Resources, S&P/ASX MIDCAP 50 Industrials, S&P/ASX All Australian 50, S&P/ASX 100, S&P/ASX 100 Resources, S&P/ASX 100 Industrials, S&P/ASX 200, S&P/ASX All Australian 200, S&P/ASX 200 Industrials, S&P/ASX 200 Resources, S&P/ASX 300, S&P/ASX 300 Industrials, S&P/ASX 300 Resources Austria Vienna Stock ATX, ATX Five, ATX Prime, Austrian Traded Index, CECE Exchange Overall Index, CECExt Index, Chinese Traded Index, Czech Traded Index, Hungarian Traded Index, Immobilien ATX, New Europe Blue Chip Index, Polish Traded Index, Romanian Traded Index, Russian Depository Extended Index, Russian Depository Index, Russian Traded Index, SE Europe Traded Index, Serbian Traded Index, Vienna Dynamic Index, Weiner Boerse Index Belgium Euronext Belgium All Share, Belgium BEL20, Belgium Brussels Continuous, Belgium Mid Cap, Belgium Small Cap Brazil Sao Paulo IBOVESPA Stock Exchange Canada Toronto S&P/TSX Capped Equity Index, S&P/TSX Completion Stock Index, S&P/TSX Composite Index, S&P/TSX Equity 60 Exchange Index S&P/TSX 60 Index, S&P/TSX Equity Completion Index, S&P/TSX Equity SmallCap Index, S&P/TSX Global Gold Index, S&P/TSX Global Mining Index, S&P/TSX Income Trust Index, S&P/TSX Preferred Share Index, S&P/TSX SmallCap Index, S&P/TSX Composite GICS Sector Indexes -
Presentation
IMPORTANCE OF CAPITAL MARKETS RICHÁRD VÉGH CEO and Chairman of Budapest Stock Exchange IOSCO ANNUAL CONFERENCE Budapest, May 10, 2018 SUCCESSFUL AND DEVELOPED COUNTRIES HAVE STRONG CAPITAL MARKET 70 CH NOR 60 Reduces the cost of long-term funding. USD) AUT 50 DK FIN SWE Cost-effective way 40 ISR UK of transferring capital thousand KOR between industries. 30 HUN POL Supports 20 CHN innovation. IDN 10 GDP/CAPITA ( GDP/CAPITA A more stable and IND resilient monetary 0 0% 50% 100% 150% 200% 250% system. MARKET CAPITALIZATION/GDP Source: OECD (2016), World Bank (2016) 2 STRONG AND IMPROVING ECONOMY 1 YEAR CDS CURVE PERFORMANCE OF INDICES BUMIX 200 300% +203% BUX 260% CETOP BUX 150 BUMIX +133% 220% DJ STOXX 600 100 DAX 180% 140% 50 100% 0 60% 2013 2018 2015 2018 DEBT TO GDP (%) GDP GROWTH (%) CPI (%) UNEMPLOYMENT RATE (%) 76,6 76,7 76,0 4,3 6,2 73,6 4,0 4,1 4,0 2,9 3,0 2,5 5,1 3,2 2,4 4,2 MAIN MAIN 3,6 2,2 3,1 2,8 INDICATORS 0,9 0,5 14 15 16 17 15 16 17 18* 19* 20* 15 16 17 18* 19* 20* 15 16 17 18* 19* 20* 3 *Forecast Source: Bloomberg, MNB, AKK, MND STRONG GROWTH IN HOUSEHOLD WEALTH – BUT CONSERVATIVE SAVING STRUCTURE Institutional side Retail side ASSETS IN HUNGARIAN MUTUAL BREAKDOWN OF HUNGARIAN FUNDS 2018 Q1 HOUSEHOLD’S WEALTH (billion HUF) Other investment 18% (4% domestic, Shares in Stock Exchanges 14% foreign) 1,6% 48 000 Property Bank deposit 45 000 42 000 Stock T-bill 9266 39 000 billion HUF 36 000 Corp. -
Gedeon Richter Annual Report Gedeon Richtergedeon • Annual Report • 2011
GEDEON RICHTER ANNUAL REPORT GEDEON RICHTERGEDEON • ANNUAL REPORT • 2011 1901 2011 00Borito_annual_report_angol_2012_140_old.indd 1 3/25/12 2:29 PM Delivering quality therapy through generations 2011 01_angol_elso_resz_01_66.indd 1 3/26/12 2:23 PM 2 Contents CONTENTS Richter Group – Fact Sheet . 3 Consolidated Financial Highlights . 5 Chairman’s Statement . 7 Directors’ Report . 9 Information for Shareholders . 9 Shareholders’ Highlights . 9 Market Capitalisation . 9 Annual General Meeting . 10 Investor Relations Activities . 10 Dividend . 11 Information Regarding Richter Shares . 12 Shares in Issue . 12 Treasury Shares . 12 Registered Shareholders . 12 Share Ownership by Company Board Members . 13 Risk Management . 14 Corporate Governance . 16 Company’s Boards . 18 Board of Directors . 18 Executive Board . 21 Supervisory Committee . .22 Managing Director’s Review . 25 Operating Review . 29 Consolidated Turnover . 29 Markets – Pharmaceutical Segment . 31 Hungary . 32 International Sales . 34 European Union . 35 CIS . 37 USA . 38 Rest of the World . 38 Wholesale and Retail Activities . 39 Research and Development . 40 Female Healthcare . 42 Products . 46 Manufacturing and Supply . 50 Corporate Social Responsibility . 51 Environmental Policy . 51 Health and Safety at Work . 52 Work Health and Safety Management System . 52 Practical Implementation . 52 Community Involvement . 53 People . 54 Employees . 54 Recruitment and Individual Development . 55 Developing Leaders . 56 Remuneration and Other Employee Programmes . 56 Financial Review . 59 Key Financial Data . 59 Cost of Sales . 59 Gross Profit . 59 Operating Expenses . 60 Profit from Operations . 61 Net Financial Income . 61 Share of Profit of Associates . 62 Income Tax . 62 Profit for the Year . 62 Profit Attributable to Owners of the Parent . 62 Balance Sheet . 63 Cash Flow . -
Equity Note: Zwack Unicum
EQUITY RESEARCH – ZWACK UNICUM EQUITY NOTE: ZWACK UNICUM Recommendation: HOLD (unchanged) Target price (12M): HUF 17,083 (revised up) 15 Dec 2020 We maintain our HOLD recommendation for Zwack Unicum (Zwack HB; ZWCG.BU) with a Equity Analyst: Orsolya Rátkai new 12M target price of 17,083 HUF/share, revised up from previous 15,407 HUF/share. With better-than-expected revenue and profit figures in the July-September period, Phone: +36 1 374 7270 Zwack gave evidence of its ability to swiftly recover once things normalize. However, it is mild comfort regarding the current business year. The second-wave restrictions Email: implemented in November, hitting on-the-site consumption, endanger on-trade sales [email protected] again as half of Zwack's revenues come from the restaurant industry. The present restrictions can also be a drag on retail sales of spirits even in the Christmas season as festivities are expected to be disallowed. However, covid vaccines are within reach, which is expected to totally change the landscape. With mass vaccination starting up next year, business as usual may return by the middle of the year/second half of 2021. Considering this, we updated our free cash- flow valuation and dividend discount models, and shifted the forecast horizon by one year. Uncertainties on short-term forecast are still high and the schedule of vaccination in Hungary is yet to be published, adding considerable downside risks to our forecast. On the other hand, if immunization proceeds as it is hoped, domestic tourism and restaurant industry is expected to recover quickly and Zwack will benefit from this development. -
Final Report Amending ITS on Main Indices and Recognised Exchanges
Final Report Amendment to Commission Implementing Regulation (EU) 2016/1646 11 December 2019 | ESMA70-156-1535 Table of Contents 1 Executive Summary ....................................................................................................... 4 2 Introduction .................................................................................................................... 5 3 Main indices ................................................................................................................... 6 3.1 General approach ................................................................................................... 6 3.2 Analysis ................................................................................................................... 7 3.3 Conclusions............................................................................................................. 8 4 Recognised exchanges .................................................................................................. 9 4.1 General approach ................................................................................................... 9 4.2 Conclusions............................................................................................................. 9 4.2.1 Treatment of third-country exchanges .............................................................. 9 4.2.2 Impact of Brexit ...............................................................................................10 5 Annexes ........................................................................................................................12 -
The Pricing of Stock Index Futures During the Asian Financial Crisis: Evidence from Four Asian Index Futures Markets”
“The Pricing of Stock Index Futures During the Asian Financial Crisis: Evidence from Four Asian Index Futures Markets” AUTHORS Janchung Wang Janchung Wang (2007). The Pricing of Stock Index Futures During the Asian ARTICLE INFO Financial Crisis: Evidence from Four Asian Index Futures Markets. Investment Management and Financial Innovations, 4(2) RELEASED ON Saturday, 23 June 2007 JOURNAL "Investment Management and Financial Innovations" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org Investment Management and Financial Innovations, Volume 4, Issue 2, 2007 77 THE PRICING OF STOCK INDEX FUTURES DURING THE ASIAN FINANCIAL CRISIS: EVIDENCE FROM FOUR ASIAN INDEX FUTURES MARKETS Janchung Wang* Abstract Market imperfections are traditionally measured individually. Hsu and Wang (2004) and Wang and Hsu (2006) recently proposed the concept of the degree of market imperfections, which reflects the total effects of all market imperfections between the stock index futures market and its underlying index market when implementing arbitrage activities. This study discusses some useful applications of this concept. Furthermore, Hsu and Wang (2004) developed an imperfect market model for pricing stock index futures. This study further compares the relative pricing perform- ance of the cost of carry and the imperfect market models for four Asian index futures markets (particularly for the Asian crisis period). The evidence indicates that market imperfections are im- portant in determining the stock index futures prices for immature markets and turbulent periods with high market imperfections. Nevertheless, market imperfections are excluded from the cost of carry model. -
Enhancing Liquidity in Emerging Market Exchanges
ENHANCING LIQUIDITY IN EMERGING MARKET EXCHANGES ENHANCING LIQUIDITY IN EMERGING MARKET EXCHANGES OLIVER WYMAN | WORLD FEDERATION OF EXCHANGES 1 CONTENTS 1 2 THE IMPORTANCE OF EXECUTIVE SUMMARY GROWING LIQUIDITY page 2 page 5 3 PROMOTING THE DEVELOPMENT OF A DIVERSE INVESTOR BASE page 10 AUTHORS Daniela Peterhoff, Partner Siobhan Cleary Head of Market Infrastructure Practice Head of Research & Public Policy [email protected] [email protected] Paul Calvey, Partner Stefano Alderighi Market Infrastructure Practice Senior Economist-Researcher [email protected] [email protected] Quinton Goddard, Principal Market Infrastructure Practice [email protected] 4 5 INCREASING THE INVESTING IN THE POOL OF SECURITIES CREATION OF AN AND ASSOCIATED ENABLING MARKET FINANCIAL PRODUCTS ENVIRONMENT page 18 page 28 6 SUMMARY page 36 1 EXECUTIVE SUMMARY Trading venue liquidity is the fundamental enabler of the rapid and fair exchange of securities and derivatives contracts between capital market participants. Liquidity enables investors and issuers to meet their requirements in capital markets, be it an investment, financing, or hedging, as well as reducing investment costs and the cost of capital. Through this, liquidity has a lasting and positive impact on economies. While liquidity across many products remains high in developed markets, many emerging markets suffer from significantly low levels of trading venue liquidity, effectively placing a constraint on economic and market development. We believe that exchanges, regulators, and capital market participants can take action to grow liquidity, improve the efficiency of trading, and better service issuers and investors in their markets. The indirect benefits to emerging market economies could be significant. -
Execution Version
Execution Version GUARANTEED SENIOR SECURED NOTES PROGRAMME issued by GOLDMAN SACHS INTERNATIONAL in respect of which the payment and delivery obligations are guaranteed by THE GOLDMAN SACHS GROUP, INC. (the “PROGRAMME”) PRICING SUPPLEMENT DATED 23rd SEPTEMBER 2020 SERIES 2020-12 SENIOR SECURED EXTENDIBLE FIXED RATE NOTES (the “SERIES”) ISIN: XS2233188510 Common Code: 223318851 This document constitutes the Pricing Supplement of the above Series of Secured Notes (the “Secured Notes”) and must be read in conjunction with the Base Listing Particulars dated 25 September 2019, as supplemented from time to time (the “Base Prospectus”), and in particular, the Base Terms and Conditions of the Secured Notes, as set out therein. Full information on the Issuer, The Goldman Sachs Group. Inc. (the “Guarantor”), and the terms and conditions of the Secured Notes, is only available on the basis of the combination of this Pricing Supplement and the Base Listing Particulars as so supplemented. The Base Listing Particulars has been published at www.ise.ie and is available for viewing during normal business hours at the registered office of the Issuer, and copies may be obtained from the specified office of the listing agent in Ireland. The Issuer accepts responsibility for the information contained in this Pricing Supplement. To the best of the knowledge and belief of the Issuer and the Guarantor the information contained in the Base Listing Particulars, as completed by this Pricing Supplement in relation to the Series of Secured Notes referred to above, is true and accurate in all material respects and, in the context of the issue of this Series, there are no other material facts the omission of which would make any statement in such information misleading. -
Monthly Economic Update
In this month’s recap: the Federal Reserve eases, stocks reach historic peaks, and face-to-face U.S.-China trade talks formally resume. Monthly Economic Update THE MONTH IN BRIEF July was a positive month for stocks and a notable month for news impacting the financial markets. The S&P 500 topped the 3,000 level for the first time. The Federal Reserve cut the country’s benchmark interest rate. Consumer confidence remained strong. Trade representatives from China and the U.S. once again sat down at the negotiating table, as new data showed China’s economy lagging. In Europe, Brexit advocate Boris Johnson was elected as the new Prime Minister of the United Kingdom, and the European Central Bank indicated that it was open to using various options to stimulate economic activity.1 DOMESTIC ECONOMIC HEALTH On July 31, the Federal Reserve cut interest rates for the first time in more than a decade. The Federal Open Market Committee approved a quarter-point reduction to the federal funds rate by a vote of 8-2. Typically, the central bank eases borrowing costs when it senses the business cycle is slowing. As the country has gone ten years without a recession, some analysts viewed this rate cut as a preventative measure. Speaking to the media, Fed Chairman Jerome Powell characterized the cut as a “mid-cycle adjustment.”2 The latest hiring and consumer spending reports from the federal government suggested an economy in good shape, and the latest data on consumer prices showed no great inflation pressure. Employers had expanded their payrolls with 224,000 net new jobs in June, a rebound from the paltry 72,000 gain in May. -
Thomson One Symbols
THOMSON ONE SYMBOLS QUICK REFERENCE CARD QUOTES FOR LISTED SECURITIES TO GET A QUOTE FOR TYPE EXAMPLE Specific Exchange Hyphen followed by exchange qualifier after the symbol IBM-N (N=NYSE) Warrant ' after the symbol IBM' When Issued 'RA after the symbol IBM'RA Class 'letter representing class IBM'A Preferred .letter representing class IBM.B Currency Rates symbol=-FX GBP=-FX QUOTES FOR ETF TO GET A QUOTE FOR TYPE Net Asset Value .NV after the ticker Indicative Value .IV after the ticker Estimated Cash Amount Per Creation Unit .EU after the ticker Shares Outstanding Value .SO after the ticker Total Cash Amount Per Creation Unit .TC after the ticker To get Net Asset Value for CEF, type XsymbolX. QRG-383 Date of issue: 15 December 2015 © 2015 Thomson Reuters. All rights reserved. Thomson Reuters disclaims any and all liability arising from the use of this document and does not guarantee that any information contained herein is accurate or complete. This document contains information proprietary to Thomson Reuters and may not be reproduced, transmitted, or distributed in whole or part without the express written permission of Thomson Reuters. THOMSON ONE SYMBOLS Quick Reference Card MAJOR INDEXES US INDEXES THE AMERICAS INDEX SYMBOL Dow Jones Industrial Average .DJIA Airline Index XAL Dow Jones Composite .COMP AMEX Computer Tech. Index XCI MSCI ACWI 892400STRD-MS AMEX Institutional Index XII MSCI World 990100STRD-MS AMEX Internet Index IIX MSCI EAFE 990300STRD-MS AMEX Oil Index XOI MSCI Emerging Markets 891800STRD-MS AMEX Pharmaceutical Index -
Stock Market Volatility and Return Analysis: a Systematic Literature Review
entropy Review Stock Market Volatility and Return Analysis: A Systematic Literature Review Roni Bhowmik 1,2,* and Shouyang Wang 3 1 School of Economics and Management, Jiujiang University, Jiujiang 322227, China 2 Department of Business Administration, Daffodil International University, Dhaka 1207, Bangladesh 3 Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100080, China; [email protected] * Correspondence: [email protected] Received: 27 March 2020; Accepted: 29 April 2020; Published: 4 May 2020 Abstract: In the field of business research method, a literature review is more relevant than ever. Even though there has been lack of integrity and inflexibility in traditional literature reviews with questions being raised about the quality and trustworthiness of these types of reviews. This research provides a literature review using a systematic database to examine and cross-reference snowballing. In this paper, previous studies featuring a generalized autoregressive conditional heteroskedastic (GARCH) family-based model stock market return and volatility have also been reviewed. The stock market plays a pivotal role in today’s world economic activities, named a “barometer” and “alarm” for economic and financial activities in a country or region. In order to prevent uncertainty and risk in the stock market, it is particularly important to measure effectively the volatility of stock index returns. However, the main purpose of this review is to examine effective GARCH models recommended for performing market returns and volatilities analysis. The secondary purpose of this review study is to conduct a content analysis of return and volatility literature reviews over a period of 12 years (2008–2019) and in 50 different papers.