International stock market efficiency and integration: a study of eighteen nations

Article Abstract:

The globalization of the securities market is bringing increased attention to stock market throughout the world. A study has been conducted to assess the interrelationship among eighteen national stock markets by using unit root and cointegration test for the period of 1961-1992. In terms of market efficiency, the results from unit root tests suggest that the world equity markets are weak-form efficient. The cointegration test results indicate that there are only a small number of significant cointegrating vectors over the last three decades since 1961.

Market makers (Securities trading)

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A description and market analysis of write-off announcements

Article Abstract:

The reaction of the stock market to write-offs was found to be linked to the expected impact of the events leading to the write-off. In general, there is a slightly negative reaction. However, there is a very negative reaction both when there is a large cash flow and when no cash flow is involved. These findings suggest that write-offs leading to severance payments are viewed negatively by the stock market because of the huge cash payments.

Analysis, Evaluation, Stocks, Cash flow

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