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How Much Globalization Is There in the World Stock Markets and Where Is It?
How much Globalization is there in the World Stock Markets and where is it? Gianni Nicolini University of Rome “Tor Vergata” Faculty of Economics Researcher in Banking and Finance [email protected] Ekaterina Dorodnyk University of Rome “Tor Vergata” Faculty of Economics PhD in Banking and Finance – PhD Candidate [email protected] ABSTRACT Globalization, as the process of integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration and the spread of technology, has been analyzed by academic literature in different manners. Anyway a comprehensive analysis in a worldwide perspective that compares all the main stock markets' performances in a long term period misses. In this paper, the authors try to fill this gap by a correlation analysis applied to stock exchange market indexes. This methodology is implemented in order to highlight the dynamic trend of financial market globalization. The paper investigates the degree of association of weekly returns for 53 international stock exchanges from 1995 to 2010 in a year-by-year approach, trying to evaluate how the average correlation through national stock indexes changed by the time. Moreover, an analysis of single geographical areas (North America and Canada, Latin America, Asia and Oceania, Northern Europe, Eastern Europe and Western Europe) has been done in order to test the hypothesis that globalization follows a homogenous (or heterogeneous) path. Results suggest an upward globalization trend that is developing at an increasing growth rate. Furthermore, an analysis of single geographical areas supports the hypothesis that globalization is a heterogeneous phenomena where different cluster of countries are engaged in different manners. -
RGB Perspectives July 12, 2021 Written by Rob Bernstein ([email protected]) RGB Capital Group LLC • 858-367-5200 •
RGB Perspectives July 12, 2021 Written by Rob Bernstein ([email protected]) RGB Capital Group LLC • 858-367-5200 • www.rgbcapitalgroup.com Not much has changed in the market over the last week with a divided stock market environment. The S&P 500 Index continues to trend up and closed at an all-time high on Friday. Many of the other major stock market indices, including the S&P 500 Index Dow Jones, Nasdaq Composite Index and the Nasdaq 100 have Six-Month Chart similar chart patterns and closed at all-time highs at the end of last week. Other segments of the market are stuck in intermediate-term trading ranges. These include the Russell 2000 Index, S&P 400 Index, NYSE Composite Index, and the Value Line Arithmetic Index. The Russell 2000 Index is at the same level it was at back in February. Russell 200 Index Six-Month Chart BAML High-Yield Master II Index Six-Month Chart In this type of environment where stocks are giving mixed signals, I use junk bonds to provide additional clues to the overall direction of the market as they are generally a good barometer of the overall health of the market. The BAML 50-Day Moving Average High-Yield Master II Index continues to trend up above its 50- day moving average on low volatility. While risk management is always important, it is more important in less certain market environments such as the stock market environment we are experiencing now. I continue to focus on risk management to different degrees in the RGB Capital Group investment strategies. -
Gauging Your Investments with Performance Benchmarks
Gauging Your Investments with Performance Benchmarks One way to evaluate your investments objectively is to use industry-standard performance benchmarks. A benchmark is a market index or average that allows you to compare the performance of your stocks, bonds, or mutual funds against similar investments. Here are some of the most well-known and widely used investment benchmarks: Stock Benchmarks Dow Jones Industrial Average (DJIA). The oldest and most widely quoted market indicator. It reflects the price-weighted average of 30 actively traded blue chip stocks, mostly industrials, that generally represent 15% to 20% of the New York Stock Exchange (NYSE) total market value. (In a price- weighted index, higher priced stocks carry more weight than lower priced issues.) The mix of individual stocks changes occasionally. Standard and Poor’s 500 Index (S&P 500). A market value-weighted index that reflects changes in the aggregate market value of 500 stocks compared to the base period of 19411943. The S&P 500 consists mainly of New York Stock Exchange industrials, although it also includes transportation, utility, and financial stocks traded on the American Stock Exchange (AMEX), as well as over-the-counter (OTC). National Association of Securities Dealers Automated Quotation (NASDAQ) Composite Index. A broader measure of market activity than the DJIA or the S&P 500, this market value-weighted index tracks the prices of all securities traded on the NASDAQ Stock Market. The NASDAQ specializes in emerging companies, such as technology, telecommunications, and even electronic commerce. Market values are computed by multiplying the most recent sale price of the stock with the total number of outstanding shares. -
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 -
Market Preview Domestic Indices Market
24-AUG-2021 Domestic Indices Market wrap up Domestic indices The domestic equity benchmarks managed to close with decent index Close Prv close %Chg gains after a volatile session on Monday. The Nifty closed just NIFTY 50 16,496.5 16,450.5 0.28 NIFTY SMALLCAP 50 4820.55 4928.35 -2.19 shy of the 16,500 mark. IT stocks climbed while auto and metal NIFTY MIDCAP 50 7,186.8 7,238.4 -0.71 shares tumbled.The barometer index, the S&P BSE Sensex, NIFTY SMALLCAP 250 8350.15 8518.7 -1.98 advanced 226.47 points or 0.41% to 55,555.79. The Nifty 50 NIFTY BANK 35,124.4 35,033.9 0.26 index gained 45.95 points or 0.28% to 16,496.45.Bajaj Finserv , NIFTY NEXT 50 39220.15 39381.85 -0.41 NIFTY METAL 5,291.3 5,336.0 -0.84 Nestle India , Bharti Airtel, Bajaj Finance and Reliance Industries INDIA VIX 13.69 14.02 -2.35 supported the indices.Mahindra & Mahindra , Bajaj Auto , Global indices UltraTech Cement and ITC were major drags. In th broader market, the BSE Mid-Cap index fell 0.90% index Close Prv close %Chg Global Market NASDAQ 13,192.0 13,119.0 0.56% Wall Street rallied on Monday, and the Nasdaq reached an all- DOW 28,323.4 28,391.4 -0.24% time closing high as sentiment was boosted by full FDA approval CAC 40 5,769.0 5,765.0 1.16% DAX 13,884.0 13,786.0 0.71% of a COVID-19 vaccine and market participants looked ahead to NIKKEI 29,452.0 28,966.0 2.41% the Jackson Hole Symposium expected to convene later this HANG SENG 26,016.2 25,709.2 1.18% week.The Dow Jones Industrial Average rose 215.63 points, or NYSE 2,072.2 2,077.2 -0.24% 0.61%, to 35,335.71, the S&P 500 gained 37.86 points, or 0.85%, FTSE 6,553.0 6,483.0 1.07% to 4,479.53 and the Nasdaq Composite added 227.99 points, or As on 8.00 IST 1.55%, to 14,942.65.Shares in Asia-Pacific largely rose in NiftyMarket Watch Snapshot Tuesday morning trade . -
Tracking Errors of Exchange Traded Funds in Bursa Malaysia
Munich Personal RePEc Archive Tracking Errors of Exchange Traded Funds in Bursa Malaysia Ku, Alfred Ing-Soon and Liew, Venus Khim-Sen and Puah, Chin-Hong RHB Investment Bank Berhad, 102, Pusat Pedada, Jalan Pedada, 96000 Sibu, Sarawak, Malaysia., Faculty of Economics and Business, Universiti Malaysia Sarawak, Jalan Datuk Mohammad Musa, 94300 Kota Samarahan, Sarawak., Faculty of Economics and Business, Universiti Malaysia Sarawak, Jalan Datuk Mohammad Musa, 94300 Kota Samarahan, Sarawak. 2019 Online at https://mpra.ub.uni-muenchen.de/107990/ MPRA Paper No. 107990, posted 27 May 2021 07:20 UTC Tracking Errors of Exchange Traded Funds in Bursa Malaysia Alfred Ing-Soon Ku RHB Investment Bank Berhad, 102, Pusat Pedada, Jalan Pedada, 96000 Sibu, Sarawak, Malaysia. Tel: 6-084-329214 E-mail: [email protected] Venus Khim-Sen Liew Faculty of Economics and Business, Universiti Malaysia Sarawak, Jalan Datuk Mohammad Musa, 94300 Kota Samarahan, Sarawak. Tel: 6-082-584291 (Corresponding Author) E-mail: [email protected] Chin-Hong Puah Faculty of Economics and Business, Universiti Malaysia Sarawak, Jalan Datuk Mohammad Musa, 94300 Kota Samarahan, Sarawak. Tel: 6-082-584294 E-mail: [email protected] Citation: Liew, V.K.-S, Ku, A. I.-S., & Puah, C.-H. 2019. Tracking Errors of Exchange Traded Funds in Bursa Malaysia. Asian Journal of Accounting and Finance, 11(2), 96-109. Abstract This study measures the tracking errors of exchange traded funds (ETFs) listed in Bursa Malaysia. Five measures of tracking errors are estimated in this study for the seven ETFs involved. Overall, the best ETF is METFAPA with the least tracking error. -
2017 Contributing Editors Joshua Ford Bonnie and Kevin P Kennedy
GETTING THROUGH THE DEAL Initial Public Offerings Initial Public Offerings Public Initial Contributing editors Joshua Ford Bonnie and Kevin P Kennedy 2017 Law Business Research 2017 © Law Business Research 2016 Initial Public Offerings 2017 Contributing editors Joshua Ford Bonnie and Kevin P Kennedy Simpson Thacher & Bartlett LLP Publisher Law The information provided in this publication is Gideon Roberton general and may not apply in a specific situation. [email protected] Business Legal advice should always be sought before taking Research any legal action based on the information provided. Subscriptions This information is not intended to create, nor does Sophie Pallier Published by receipt of it constitute, a lawyer–client relationship. [email protected] Law Business Research Ltd The publishers and authors accept no responsibility 87 Lancaster Road for any acts or omissions contained herein. Although Senior business development managers London, W11 1QQ, UK the information provided is accurate as of July 2016, Alan Lee Tel: +44 20 3708 4199 be advised that this is a developing area. [email protected] Fax: +44 20 7229 6910 Adam Sargent © Law Business Research Ltd 2016 Printed and distributed by [email protected] No photocopying without a CLA licence. Encompass Print Solutions First published 2015 Tel: 0844 2480 112 Dan White Second edition [email protected] ISSN 2059-5484 © Law Business Research 2016 CONTENTS Global overview 5 Japan 51 Joshua Ford -
Monthly Economic Update
122 Winnebago Street, Decorah, IA 52101 309 HWY 150 N, West Union, IA 52175 1-877-566-9468 Text: 563-412-4770 [email protected] Visit us at www.knoxfin.com In this month’s recap: stocks stay in rally mode, helped by hints that the U.S. and China may be closing in on a phase-one trade deal; hiring bounces back; key real estate indicators look stronger. Monthly Economic Update Presented by Jason Knox, AIF®, CRC®, December 2019 THE MONTH IN BRIEF The S&P 500 rose 3.4% in November and attained a series of record closes in the process. Earnings results helped stocks, as did intermittent signals that the first stage of a U.S.-China trade agreement might be near at hand. Job creation improved, and consumer spending lived up to market expectations; consumer confidence and business activity, not so much. Housing indicators communicated good news, and the rally in stocks made the commodity sector look less attractive. DOMESTIC ECONOMIC HEALTH Were the U.S. and China close to signing off on the first phase of a new trade deal? According to officials from both countries, the answer was yes. When would this phase- one deal be finalized? No definite answer emerged. On November 8, President Donald Trump said that such an agreement was near, and six days later, White House economic advisor Larry Kudlow said that negotiators were “getting close” to an accord. On November 26, China’s commerce ministry announced that trade representatives had “reached a consensus” on remaining issues, and President Trump said that negotiators were in the “final throes of a very important deal.” Still, November ended without any announcement that a phase-one pact had been reached.2,3 The Department of Labor’s latest employment report found that the economy generated 128,000 net new jobs in October. -
Does the Glass Ceiling Exist? a Longitudinal Study of Women's
The Journal of Applied Business Research – May/June 2014 Volume 30, Number 3 Does The Glass Ceiling Exist? A Longitudinal Study Of Women’s Progress On French Corporate Boards Rey Dang, La Rochelle Business School, France Duc Khuong Nguyen, IPAG Business School, France Linh-Chi Vo, EM Normandie, France ABSTRACT In this article, we conduct a longitudinal study of women’s progress on French corporate boards of directors. We particularly focus on the extent to which women directors have circumvented the glass ceiling. Using a sample of SBF 120 companies over a 10-year period from 2000 to 2009, our results provide evidence of a significant increase in the number of women on French corporate boards. However, the corporate glass ceiling hypothesis is consistently rejected whatever the considered measure of female directors; i.e., the number of board seats held by women, the number of firms with a critical mass of female directors, and the number of directorships held by each women director. Keywords: Boards of Directors; Gender; Diversity; Corporate Governance 1. INTRODUCTION ver the period 2000-2009, the average participation rate of women in the labor market increased from 60 to 64 percent across the European Union’s 27 Members States. More specifically, in France, it went up from 60.3 to 64.9 percent.1 However, despite this notable progress, women remain under-represented Oin senior or executive positions (ILO, 2009).2 This lack of female representation on corporate boards of directors, which is commonly referred to as glass ceiling in practice and past academic studies, seems to be a global phenomenon because women on corporate boards (WOCB) represents less than 15% of board members in the United States, United Kingdom, Canada, Australia, and many European countries (Dang & Vo, 2012).3 Morrison et al. -
Are Retail Investors Less Aggressive on Small Price Stocks?
Are retail investors less aggressive on small price stocks? Carole M´etais∗ Tristan Rogery January 13, 2021 Abstract In this paper, we investigate whether number processing impacts the limit orders of retail investors. Building on existing literature in neuropsychology that shows that individuals do not process small numbers and large numbers in the same way, we study the influence of nominal stock price level on order aggressiveness. Using a unique database that allows us to identify order and trade records issued by retail investors on Euronext Paris, we show that retail investors, when posting non-marketable orders, are less aggressive on small price stocks than on large price stocks. This difference in order aggressiveness is not explained by differences in liquidity and other usual drivers of order aggressiveness. We provide additional evidence by showing that no such difference exists for limit orders of high frequency traders (HFTs) over the same period and the same sample of stocks. This finding confirms that our results are driven by a behavioral bias and not by differential market dynamics between small price stocks and large price stocks. ∗LaRGE Research Center, University of Strasbourg { Mailing address: 61 Avenue de la For^etNoire, 67000 Strasbourg FRANCE { Email: [email protected]. I acknowledge support from the French State through the National Agency for Research under the program Investissements d'Avenir ANR-11-EQPX- 006. yDRM Finance, Universit´eParis-Dauphine, PSL Research University { Mailing address: Place du Mar´echal de Lattre de Tassigny, 75775 Paris Cedex 16 FRANCE { Email: [email protected] 1 1 Introduction While conventional finance theory posits that nominal stock prices are irrelevant for firm valuation, a number of papers provide empirical evidence that nominal prices do impact investor behavior. -
Monthly Economic Update
In this month’s recap: Stocks moved higher as investors looked past accelerating inflation and the Fed’s pivot on monetary policy. Monthly Economic Update Presented by Ray Lazcano, July 2021 U.S. Markets Stocks moved higher last month as investors looked past accelerating inflation and the Fed’s pivot on monetary policy. The Dow Jones Industrial Average slipped 0.07 percent, but the Standard & Poor’s 500 Index rose 2.22 percent. The Nasdaq Composite led, gaining 5.49 percent.1 Inflation Report The May Consumer Price Index came in above expectations. Prices increased by 5 percent for the year-over-year period—the fastest rate in nearly 13 years. Despite the surprise, markets rallied on the news, sending the S&P 500 to a new record close and the technology-heavy Nasdaq Composite higher.2 Fed Pivot The Fed indicated that two interest rate hikes in 2023 were likely, despite signals as recently as March 2021 that rates would remain unchanged until 2024. The Fed also raised its inflation expectations to 3.4 percent, up from its March projection of 2.4 percent. This news unsettled 3 the markets, but the shock was short-lived. News-Driven Rally In the final full week of trading, stocks rallied on the news of an agreement regarding the $1 trillion infrastructure bill and reports that banks had passed the latest Federal Reserve stress tests. Sector Scorecard 07072021-WR-3766 Industry sector performance was mixed. Gains were realized in Communication Services (+2.96 percent), Consumer Discretionary (+3.22 percent), Energy (+1.92 percent), Health Care (+1.97 percent), Real Estate (+3.28 percent), and Technology (+6.81 percent). -
Russell 2000® Index Measures the Performance of the Small-Cap US Equity Market Segment of the US Equity Universe
Index factsheet Russell 2000 Index About the index True representation of the The Russell 2000® Index measures the performance of the small-cap US equity market segment of the US equity universe. The Russell 2000® Index is a subset Objective construction methodology of the Russell 3000® Index representing approximately 10% of the total Provides an unbiased, complete view of the US equity market capitalization of that index. It includes approximately 2,000 of the market and underlying market segments smallest securities based on a combination of their market cap and current Modular market segmentation index membership. The Russell 2000® is constructed to provide a Distinct building blocks to provide insight into the comprehensive and unbiased small-cap barometer and is completely current state of the market and inform asset allocation reconstituted annually to ensure larger stocks do not distort the decisions performance and characteristics of the true small-cap opportunity set. Reliable maintenance and governance Disciplined, reliable maintenance process backed by a well-defined, balanced governance system ensures the Index characteristics indexes continue to accurately reflect the market (As of 7/31/2021) Russell 2000® Russell 3000® Tickers Price/Book 2.71 4.46 Russell 2000® Dividend Yield 0.99 1.26 Bloomberg PR RTY P/E Ex-Neg Earnings 19.25 24.71 Bloomberg TR RU20INTR EPS Growth - 5 Years 9.76 17.01 Reuters PR .RUT Number of Holdings 1,975 2,997 Reuters TR .RUTTU Market capitalization (in billions USD) (As of 7/31/2021) For more information, including a list of ETFs based on FTSE Russell Indexes, please call us or visit Russell 2000® Russell 3000® www.ftserussell.com Average Market Cap ($-WTD) $3.274 $478.338 The inception date of the Russell 2000® Index is Median Market Cap $1.193 $2.636 January 1, 1984.