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4. References AFME (2015). Bridging the growth gap (file:///C:/Users/AdinaS/Downloads/AFME---Bridging-the-growth-gap---February-2015.pdf), accessed in January 2016 Benoît, Coeuré (2015). What is the Goal of the Capital Markets Union? , ILF conference, Frankfurt am Main: European Central Bank Working Paper, 18 March Bossone, Biagio (2010). Banks and capital markets: A two-way nexus , 18 December, working paper Chartered Financial Analyst (CFA) (2015). Capital Markets Union Survey Report , April (

of Financial Economics , 114 (1), 1-19. DOI: 10.1016/j.jfineco.2014.06.008 Barakat, M.R., Elgazzar, S.H., & Hanafy, K. M. (2016). Impact of Macroeconomic Variables on Stock Markets: Evidence from Emerging Markets. International Journal of Economics and Finance , 8(10), 195-207. DOI: 10.5539/ijef.v8n1p195. BVB (2020). BET index. Retrieved from . Boghean, C. (2014). Features of the capital market’s evolution in Romania in the context of the turbulences produced by the financial crisis. The USV Annals of


Buy cheap and sell more expensive is one of the basic ideas of trading the capital markets for hundreds of years. To apply it in practice has become difficult nowadays due to the high price volatility. The uncertainty in the price movements often leads to high-risk allocation. One main question is when the price is low enough for a low-risk entry? Once established an entry point, the second question is how long to keep the open trades in order to optimize the investment efficiency? This article will answer these questions. A general trading algorithm based on the price cyclical behavior will be revealed. The mathematical model is developed using the Price Cyclicality Function combined with other computational techniques in order to establish low-risk intervals. The algorithm will use multiple entry points in order to catch the best price opportunities. A simple empirical exit algorithm will be optimized in order to maximize the profit for a certain capital exposure level. The presented model uses a low number of functional parameters which can be optimized with a reasonable computational effort for any financial market. Trading results obtained for several markets will also be included in this paper in order to reveal the efficiency of the presented methodology. It was found that the Low-Risk Trading Algorithm can be used with good results for algorithmic trading in any financial market. With the right parameters set, this methodology can be wide range applied in the stock markets, currency and cryptocurrency markets, commodities and raw materials markets and even for the real estate investments. The simplicity of the presented model and the good efficiency level obtained will recommend it. This methodology can be used by any investor in order to manage the investment plan with multiple capital markets.

References AGGARWAL, R., (1981), Exchange Rates and Stock Prices: A Study of U.S. Capital Market under Floating Exchange Rates, Akron Business and Economic Review , Vol. 3, No. 9, pp.7–12. AIZENMAN, J., CHINN, M. D., ITO, H., (2016), Monetary policy spillovers and the trilemma in the new normal: Periphery country sensitivity to core country conditions, Journal of International Money and Finance , Vol. 68, pp.298-330. DOI: 10.1016/j.jimonfin.2016.02.008 ALBERTAZZI, U., BECKER, B., BOUCINHA, M., (2018), Portfolio rebalancing and the transmission of large


Regional Trade agreements (RTAs) are increasing worldwide because of associated economic benefits such as increased cross border investment and trade, development and integration markets. This paper investigates how South Asian Free Trade Agreement (SAFTA) impact on the integration of South Asian capital markets. Weekly data of capital market indices of three countries (India, Pakistan and Sri Lanka) have been analyzed for overall (1998-2017) and two sub periods, 1998-2006 (Pre SAFTA) and 2009-2017 (Post SAFTA). Correlation coefficients, Unit root tests and Johansen and Juselius (JJ) Cointegration technique has been applied to access the integration between the markets. The main findings suggest that integration between the South Asian capital markets has been increased in Post-SAFTA period. The evidence that SAFTA pact results in increased integration of regional capital markets has important implications for investors and policymakers.


We identified a notable lack of academic literature on the issue of third-country auditors and the main contribution of our article is to address this gap. This research builds on adjacent audit oversight and capital markets literature and we extend this literature by providing evidence on third-country auditors. Specifically, we test the relationship between market capitalization and number of foreign IPOs of listed companies in representative EU countries (on one hand) and the existence of third-country auditors in those respective countries (on the other hand). Our research was performed in the second half of 2018 and is based on the latest data available. We have found that there are about 200 third-country auditors present in the public registers of audit oversight bodies in 11 EU countries. According to our network analysis, only European countries with a developed capital market have attracted third-country auditors. Most of the relationships of these developed EU capital markets are nurtured with non-EU capital markets that are at the same level of development (e.g. USA, Switzerland, Canada, Israel, and Australia). Our research hypotheses were validated: (1) the higher the market capitalization of a EU country, the higher the likelihood for the registration of third-country auditors; (2) the higher the number of foreign IPOs relative to the total IPOs on the stock exchange market, the higher the likelihood for the registration of third-country auditors.

actions. Th e author sees the new possibilites to bind together claims which arose from false information in capital market as a followor of the US class actions, therefore the article explains with the aim to simplify the intepretation of the new German legal rules the current American legal regulation of class actions. Th is means it analyses mainly the article 23 of the Federal Rules of Civil Prodecure and brings opinions of the author whether its particularities may function in Germany or not. Keywords: Germany, USA, class actions, capital markets

References Anić Antić, P., Ramljak, B. (2010). Korelacija tržišne cijene dionica i uspješnosti poslovanja poduzeća koja kotiraju na tržištu kapitala Republike Hrvatske: Posljedice za proces odlučivanja. Ekonomski pregled. 61 (11), str. 666-682. Benić, V., Franić, I. (2008). Komparativna analiza likvidnosti tržišta kapitala Hrvatske i zemalja regije. Financijska teorija i praksa. 32 (4), str. 481-502. Buljat, M., Ivanović, Z., Baresa, S. (2015). Analysis of the Capital Market in Croatia. UTMS Journal of Economics. 6 (2), pp. 223-232. Čulinović Herc, E. (2009

-593. Brennan, M, Copeland, T.E. (1988). Stock Splits, Stock Prices, and Transaction Costs, Journal of Financial Economics, 22 , 83-101. Christie, W.G, Schultz, P.H. (1994). Why do Nasdaq Market Makers Avoid Odd – Eight Quotes?, The Journal of Finance, 49 (5), 1813 – 1840. Falkowski, A., Tyszka, T. (2006). Psychologia zachowań konsumenckich. Gdańsk: GWP. Fama, E.F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25 (2), 383-417. Fernando, C., Krishnamurthy, S., Spindt, P., (2004). Are Share Price Levels Informative

References Aboudou, T. M. (2009). Causality tests between stock market development and economic growth in West African Monetary Union. Economia. Seria Management , 12(2):14–27. Acquah-Sam, E. and Salami, K. (2014). Effect of capital market development on economic growth in Ghana. European Scientific Journal , 10(7). Adusei, M. (2014). Does stock market development promote economic growth in Ghana? International Journal of Economics and Finance , 6(6):119–126. Alimi, Y. O. and Yinusa, O. G. (2016). SME credit financing, financial development and economic growth