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Effects of Stock Market Crash on Investors Behavior

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Effects of Stock Market Crash on Investors Behavior Journal of Management Info Vol. 2, No. 2 (2015) 13-21 Journal of Management Info (JMI) ISSN:2313-3376 www.readersinsight.net/jmi Effects of stock market crash on investors behavior Adnan Ali*1, Farzand Ali Jan2, Mughira Jehanzeb2 1Lecturer, Institute of Business and Management Sciences, The University of Agriculture, Peshawar 2Professor Comsats University of Technology, 3MS, Institute of Business and Management Sciences, The University of Agriculture, Peshawar * Corresponding author: [email protected] Abstract ARTICLE INFORMATION Stock exchanges crises have remained the major dilemma for countries for many years. This study Received: 25 March 2015 was conducted to identify the various factors of the effects of stock market crash on investors’ Revised: 25 June 2015 behavior. The crash occurred in March 2005. The data collected was a five-year w.e.f. 2005, which Accepted: 25 June 2015 is the primary data and was collected in Peshawar from brokerage houses. The objective of the study was to investigate the perceptions of investors about the main causes of the crash, to observe DOI: the relationship between money losses and the shares invested in high and low rated companies http://dx.doi.org//10.31580/jmi.v6i1.42 and chi square test was applied to check the difference between before and after crash investment and association among investment in high and low rated companies. During test result it’s been vivid that my alternate hypothesis H1 showed significant result reflecting that sentiments are highly influenced by the fluctuations in stock prices. The results declared that there was significant difference between investment before and after the crash. It is recommended that the Government should provide transparency system to give a good image to the country. Keywords: Investor Behavior; Stock Prices; Market Crash; Brokerage Houses; Cash Investments; © Readers Insight Publication Introduction few days trading March 25 Karachi Stock Exchange has lost more than 2500 point. According to Wehmier (2005), stock market is the business of The highest end day record made by index of 10,303.13 points, the buying and selling shares in companies and the places where this next day with a record 10,509 points March 16, and 2005.The first happen. Stock market transaction started in the 12th century from sign of the outbreak of the index closed 10,077.89 points. The France, and large reforms are made in 13th century in this regard. The collapse of the market started and prevailed throughout the month, trading in stock market is mainly effected by internal factors like resulting in hurting the confidence of the investors. March 31,2005 projected earning per share, timing of the earning stream, riskiness of KSE index fell down to 7770.33 points, with the result that during the the project earning, dividend policy, level of debts and external month of March the KSE 100 index shed 489.73 points from the factors like general economic environment, tax law and stock market previous month ,a month of month change of -5.90%. conditions. Like any other market, stock market runs under the force In the month of March 2005, on an average, 510.24 million shares of demand and supply. The price of shares is determined by the changed hands daily as against an average daily turnover of 698.15 demand and supply force. million shares2 in February 2005. This research is an effort to find out the main causes and forward All these fluctuation were taking pace due to the speculative elements suggestions to avoid such aggravation in future by acquiring affecting the market and the anguish investors trying to achieve new information of major events much time is not required to influence the heights of KSE 100 index as they were not changed during that whole stock prices .the importance of specific events their effect on the stock crash. By buying the high weighted stocks such as Oil Gas market is a subject of the study in the financial economic literature Development Company Limited (OGDCL), Pakistan since a long time. When the prices of shares fall suddenly and Telecommunication Company Limited (PTCL), Pakistan State Oil unexpectedly because of unexpected events, political changes or (PSO), major banks and cement stocks the market participants crises with in or out side the country and people lose money; this is pumped up the index. known as stock market crash. The small and medium investors were badly affected when the market Further stock market crash when basis points of the index drastically crashed, though everything seemed to be right and seemed to be on fall quiet low, due to certain reasons like such as speculative elements rise. There seemed to be no cure and hope for the investors. All this sweeping the market and the frenzy of investors to reach new heights occur due to jealousy, poking by the regulators especially State Bank in the index. In the result of crash their biggest threat for equity of Pakistan and the Security Exchange Commission of Pakistan investors because accident brings heavy losses for investors. (SECP) in the market, due to investors over indulgence. They finally In many different ways the month of March was an astonishing in the eroded the confidence and stability in the market. KSE history whereas the rise shown by KSE 100 index in the first To overcome their own short fall and mistakes the State Bank of half of the month was followed by the biggest crash in the history Pakistan, SECP and Karachi Stock Exchange management look up .Due to these speculative elements the index crossed the magical some measures with the hope that it would bring some life in the figure from 8,260 points to 10,000 points on 14 March 2005.with in Copyright © 2018 Authors. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 13 Journal of Management Info Vol. 2, No. 2 (2015) 13-21 stock market. Yet the doubt lay about the measures taken whether it is done the qualitative methodology and suggested that hoarding and possible to support and return the money of unfortunate investors speculation could be the best determinants of the stock prices, and often caused huge bubbling in prices index. Problem Statement Aharony and Swary, (1980) have studied about the dividend changes The overall economy of a country depends up on its stock market and stakeholder behavior. In which they found a significant positive exchange. Macro economy of a country depends on the stock market relationship between announcement of dividend changes and the .When the foreign countries intend to invest in other countries they stock return, by using the dividend announcement made in isolation of first of all try to find out the trend of Stock Market of that particular other firm news report. They used regression model to check the country. The economic situation of a country is severely affected by relation between the dividend policy and the market stock prices .they the disruption occurred by certain reason. Similarly the behavior of were on the view that the changes in dividend rate has positive effect investors also affected, for most of them lose their money and on stock prices return and stake holder were likely to have invest confidence in the security market. Therefore it is need of time is to more which yielded positive increase in stock prices return. By predict and find out the impact of the collapse of stock market on their applying regression on dividend change and prices index he obtained behavior and how to restore their confidence .5 present that reveals no difference between the variables. So it could be summarized that bond liquidity could cause the big change in Objectives of the study prices index. The present study was conducted to: Chen et al., (1986) examined equity returns relative to a set of 1. Find out the effect of the economic crises on the investors macroeconomic variables and found that all the macroeconomic behavior. variables that may explain a significant yields sock includes growth of 2. Check the relationship between money losses and the shares industrial production, changes the risk premium, the change in the invested by the investors in high and low rated companies yield curve, measures of unexpected inflation and changes in 3. Test the average amount of shares before and after the stock expected inflation during periods of volatility inflation. The co- market crash relation test model between macroeconomic variables i.e. inflation, 4. Suggest recommendations based upon the findings of the study badla and change in bond prices between stock index showed that these variables are highly co-related with each other and change in Hypotheses one factor could affect the other value. Hypothesis In the study gave the following assumptions have Garcia, (1987) proposed that investment in high portfolio companies been considered: is the major obstacle towards the volatility of the stock market prices. (a). H0: There is no significant association between amount of There were concerns that the use of portfolio insurance could lead money lost and number of shares invested in high rated companies; many investors to sell stocks for future” .he present the model by and amount of money lost and investment in low rated companies using index arbitrage in which he took the two value current stock H1: There exist significant association between amount of money lost prices rates and future rates. It is been shown that future speculating and number of shares invested in high rated companies; and amount of shares is the main cause to fluctuate the equilibrium of arbitrage of money lost and investment in low rated companies mode.
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