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Business and Economics > Investments: Stocks

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Egypt, Arab Republic of x
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Cover IMF Working Papers
Pricing Protest: The Response of Financial Markets to Social Unrest
Mr. Philip Barrett
,
Sophia Chen
,
Miss Mali Chivakul
, and
Ms. Deniz O Igan
Using a new daily index of social unrest, we provide systematic evidence on the negative impact of social unrest on stock market performance. An average social unrest episode in an typical country causes a 1.4 percentage point drop in cumulative abnormal returns over a two-week event window. This drop is more pronounced for events that last longer and for events that happen in emerging markets. Stronger institutions, particularly better governance and more democratic systems, mitigate the adverse impact of social unrest on stock market returns.
Keywords:
Social unrest; stock markets; abnormal returns; event study; institutions; cumulative abnormal returns; market model; stock index; income group; market liberalization reform; Stocks; Income; Global; Asia and Pacific
Cover IMF Working Papers
The Egyptian Stock Market: Efficiency Tests and Volatility Effects
Mr. Mauro Mecagni
and
Maged Sawky Sourial
The paper examines the behavior of stock returns in the Egyptian stock exchange, the efficiency of the market in pricing securities, and the relationship between returns and conditional volatility. GARCH(p,q)-M models estimated for the four best known daily indices indicate significant departures from the efficient market hypothesis; the tendency for returns to exhibit volatility clustering; and a significant positive link between risk and returns, which was significantly affected during the market downturn that followed the introduction of circuit breakers in the form of symmetric price limits on individual shares.
Keywords:
WP; stock; trading; value; number; Emerging stock markets; GARCH models; ESE stock; informational efficiency; trading stock; stock return equation; trading environment; price change; nonsynchronous trading; Stocks; Stock markets; Market capitalization; Emerging and frontier financial markets; Capital markets; Middle East; East Asia; Global; South Asia; East Africa
Cover IMF Working Papers
Investment and Growth in the Middle East and North Africa
Amer Bisat
,
Mr. Mohamed A. El-Erian
,
Mr. Mahmoud El-Gamal
, and
Mr. Francesco P Mongelli
The paper considers investment and growth in the Middle East and North Africa (MENA) region. Notwithstanding cross-country differences, investment as a whole has been too low, too heavily tilted toward the public sector, too highly dependent on external influences, and less productive than in many other regions. Improving the region’s investment performance is critical if policymakers are to succeed in increasing the region’s economic growth rate. After discussing the relationship between investment and growth, the paper analyzes the investment responsiveness of various countries in the region and notes the policy priorities for strengthening the basis for rapid and sustained economic growth.
Keywords:
WP; MENA country; investment responsiveness; MENA region; MENA investment; investment performance; GDP ratio; investment challenge; investment decision; Stocks; Private investment; Capital productivity; Foreign direct investment; Public investment spending; Middle East; North Africa; East Africa; Asia and Pacific
Cover IMF Working Papers
Emerging Equity Markets in Middle Eastern Countries
Mr. Mohamed A. El-Erian
and
Mr. Manmohan S. Kumar
Within a broad framework for analyzing portfolio capital flows to developing countries, the paper undertakes a comparative analysis of equity markets in six Middle Eastern countries. The analysis, based primarily on a range of quantitative indicators, identifies the principal characteristics of these markets, including relative to international comparators, and examines associated structural features. This, along with an analysis of the informational efficiency of selected markets in the region, provides a basis for the subsequent review of policies for enhancing the role of equity markets in the macroeconomy of Middle Eastern countries.
Keywords:
WP; secondary market; constant dollars; market capitalization; price change; private sector; intrinsic value; rate of return; bull market; export market opportunity; financial support; reduction operation; market place; opportunity cost; Stock markets; Emerging and frontier financial markets; Stocks; Capital markets; International capital markets; Middle East