Volatility spillover between New Zealand stock market returns and exchange rate changes before and after the 1997 Asian financial crisis

Researchers in the last decade have been investigating the interdependence of stock returns and exchange rate changes within the same economy. Kanas (2000) and Yang and Doong (2004) find that for the G-7 countries, in general, the volatility of the stock market spills over to the exchange rate market but that volatility spillovers from the exchange rate market to the stock market are insignificant. Chen, Naylor, and Lu (2004) find that NZ individual firm returns are significantly exposed to exchange rate changes. This study complements their work by investigating the volatility spillover between the stock market and the foreign exchange market within the NZ economy.

Voluntary disclosure in a changing regulatory environment : evidence from Chinese stock market

This paper investigates the voluntary disclosure made by 297 Chinese listed firms in their 1995-2006 annual reports. It aims to determine how firms in the Chinese stock market have responded to the coercive pressure exerted upon them by the market regulatory body, the Chinese Security Regulatory Commission (CSRC) in terms of providing transparent information to the stock market. The findings show that over the study period, listed firms have gradually increased their voluntary disclosure. This paper also explores the main characteristics of voluntary disclosure made by listed firms in the Chinese stock market. It is concluded that voluntary disclosure has been adopted by firms to achieve institutional legitimacy in the stock market.

Has political instability contributed to price clustering on Fiji's stock market?

The goal of this article is to examine evidence of stock price clustering on the South Pacific Stock Exchange, located in Fiji, and explore its determinants. We find that stock prices cluster at the decimal of 0 and 5, with almost half of prices settling on these two decimals. Upon investigating the determinants of price clustering on the South Pacific Stock Exchange we find that price level and volume of trade have a statistically significant positive effect on price clustering. We also propose and test a ‘panic trading’ hypothesis which states political instability induces price clustering. We find evidence that political instability in Fiji induces price clustering behaviour.

Developing economies and the emergence of new stakeholder group: an examination of stakeholders in the Chinese stock market

As a consequence of the development of the Chinese economy, there has been an emergence of “new” stakeholder groups for the Chinese listed firms. New stakeholder groups include creditors, regulatory agencies, private investors, professional associations and environmentalists. With the use of secondary data, a review was undertaken to explore the emergence of these new stakeholder groups and discuss their influence over listed firms in China. The stakeholder typology developed by Mitchell et al (1997) is used to identify stakeholder attributes of each stakeholder group and assess their stakeholder power. The changes of stakeholder power over the years mirror China’s transition from a centrally planned economy to a more market oriented one.

Predicting brand preferences: an examination of the predictive power of consumer personality and values in the Australian fashion market

Purpose –
This paper aims to examine and compare the strength of personality and values in predicting brand preferences. It seeks to accomplish three main objectives. First, it will evaluate the strength of personality and values in predicting consumers' brand preferences. Second, it will examine whether values exercise a mediating role between personality and brand preferences. Finally, it will examine the mediating role of prestige sensitivity in influencing brand preferences.

Design/methodology/approach – 

A hybrid approach to fuzzy risk analysis in stock market

The analysis and prediction of stock market has always been well recognized as a difficult problem due to the level of uncertainty and the factors that affect the price. To tackle this challenge problem, this paper proposed a hybrid approach which mines the useful information utilizing grey system and fuzzy risk analysis in stock prices prediction. In this approach, we firstly provide a model which contains the fuzzy function, k-mean algorithm and grey system (shorted for FKG), then provide the model of fuzzy risk analysis (FRA). A practical example to describe the development of FKG and FRA in stock market is given, and the analytical results provide an evaluation of the method which shows promote results. © 2013 IEEE.

How profitable is the Indian stock market?

In this paper, using a range of technical trading and momentum trading strategies, we show that the Indian stock market is profitable. We find robust evidence that investing in some sectors is relatively more profitable than investing in others. We show that sectoral heterogeneity with respect to profitability is a result of the gradual diffusion of information from the market to the sectors. Specifically, we show that while the market predicts returns of sectors, the magnitude of predictability varies with sectors. Our results are robust to a range of trading strategies. © 2014 Elsevier B.V.

The ‘great unwatched’ and the ‘lightly touched’: surveillance and stock market fraud

This chapter examines financial corporate crime, specifically the discontinuitiesand asymmetries in power that condition the differential uses of surveillance andsurveillance technologies in the governance of stock market fraud. It studiesstate and non-state control ('rule at a distance') (Rose and Miller 1992), theresistance practiced by the powerful economic actors who make up national andinternational equity trading markets, and the control efforts of regulatory agenciescharged with preventing, regulating and enforcing laws to counter stockmarket crime. At a theoretical level the study critiques the claims of surveillanceliteratures that technologically mediated surveillance, 'the new transparency',renders all social fields visible, and therefore knowable, manageable and governable(Haggerty and Ericson 2000), by documenting and interrogating how codeis used by powerful bankers, lawyers, accountants and stock brokers to construct'visibility covers' (Williams 2008: 1; Snider 2009; Braithwaite 2005).