2020
DOI: 10.1108/ijoem-11-2017-0477
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Stock market performance and foreign exchange market in Egypt: does 25th January revolution matter?

Abstract: PurposeThis paper examines the causal relationship between stock market performance and foreign exchange market in Egypt over the period 2009–2016. The study period is divided into two sub-periods: pre- and post-January 25th Egyptian revolution (ER). The reason is to examine how this revolution affects the causal relationship between the two markets' performance.Design/methodology/approachIn this study, the daily basis data are used to enable good and effective observation changes in the foreign exchange rate … Show more

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Cited by 12 publications
(3 citation statements)
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“…However, according to other literature, the Egyptian market displays characteristics of weak form efficiency and hence somewhat follows the random walk hypothesis (El-Masry & Badr, 2020).…”
Section: Discussion and Resultsmentioning
confidence: 85%
“…However, according to other literature, the Egyptian market displays characteristics of weak form efficiency and hence somewhat follows the random walk hypothesis (El-Masry & Badr, 2020).…”
Section: Discussion and Resultsmentioning
confidence: 85%
“…Cuestas and Tang (2020) adopt the Markov switching structural vector autoregression (SVAR) model to examine China's financial market and find that the exchange rate market has significant contemporaneous spillover effects on stock returns, although exchange rate changes do not Granger-cause stock returns in the long run. El-Masry and Badr (2020) also use vector autoregression (VAR) estimates and VAR Granger causality tests to examine the foreign exchange market and stock market indices. They find in the pre-January 25th (2011) Egyptian revolution period that there is a significant causal relationship between the two markets, while in the post-January 25th revolution period the study does not find a significant causal relationship between them.…”
Section: Literature Reviewmentioning
confidence: 99%
“…An efficient market is a fair market where all participants receive relevant information about traded securities at the same point of time, thus securities are fairly priced, as a result, investors will not waste their time looking for mispriced securities. Efficient markets are transparent, it provides protection, confidence, and attract investments from inside &outside the economy, as a result, increasing rates of direct investment (El-Masry & Badr, 2021). (Abdelzaher, 2019& Abdalla, 2012 argued that stock markets considered as reflective mirror that reflects modern civilized face of the economy.…”
Section: Introductionmentioning
confidence: 99%