The determinants of stock prices: evidence from the United Kingdom stock market

Tsoukalas, Dimitrios; Sil, Shomir

doi:10.1108/01409179910781652

Cited by 13 publications

(5 citation statements)

References 29 publications

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“…Based on this theory, graphical disclosures can be explained as a means employed by firms to highlight certain aspects of their performance so that firms can differentiate themselves from less desirable alternatives. A substantial number of theoretical and empirical research supports these arguments about the incentives for voluntary (as opposed to mandatory) information disclosure (see Leftwich, Watts, & Zimmerman, 1981;Verrechia, 1990;Gaeremynck, 1997;Tsoukalas & Sil, 1999;Durukan, 2002;Zeng (2003), Raj & Forsyth, 2004;Deumes & Knechel, 2008;Glover, 2012).…”

Section: Literature Review and Theoretical Backgroundmentioning

confidence: 91%

The Use of Graphs in Malaysian Companies’ Corporate Reports: A Longitudinal Study

Rahman

Hamdan

Ibrahim

2014

Procedia - Social and Behavioral Sciences

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The purpose of this paper is to examine the nature and extent of voluntary disclosure of graphical information in the annual reports of 54 non-financial public listed companies in Malaysia using a longitudinal approach. The results show that the disclosure of graphical information in Malaysian companies' annual reports has increased at an 'average level' over the thirtyyear period. The majority of Malaysian companies prefer to use the bar graphs and the most frequently graphed variables are profit, turnover, earnings per share, and shareholders' fund. The implications of this study are that: a) companies should be aware of the usefulness and advantages of providing graphical information for the benefit of various user groups; b) it may timely for the accounting regulatory bodies to propose a minimum/adequate level of graphical information using selected items of high importance to users of annual reports; and to formulate suitable guidelines in order to standardise the presentation of graphical information in annual reports of companies.

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Section: Literature Review and Theoretical Backgroundmentioning

confidence: 91%

The Use of Graphs in Malaysian Companies’ Corporate Reports: A Longitudinal Study

Rahman

Hamdan

Ibrahim

2014

Procedia - Social and Behavioral Sciences

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“…It was concluded that earlier results generated by Feldstein (1996) were misleading and by using an appropriate method of time series investigation, it was found that there is no statistical evidence of negative impact of social security on savings. Tsoukalas and Sil (1999) used vector autoregressive approach to explore the relationship between stock return and fundamental variables. Mohan (2006) established relationship between domestic saving and economic growth for various economies with different income levels using Augmented Dicky Fuller (ADF) test (1981), and Granger casuality test (1974).…”

Section: Review Of Literaturementioning

confidence: 99%

Impact of macroeconomic indicators on Indian capital markets

Pal

Mittal

2011

The Journal of Risk Finance

103

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Purpose -The purpose of this paper is to examine the long-run relationship between the Indian capital markets and key macroeconomic variables such as interest rates, inflation rate, exchange rates and gross domestic savings (GDS) of Indian economy. Design/methodology/approach -Quarterly time series data spanning the period from January 1995 to December 2008 has been used. The unit root test, the co-integration test and error correction mechanism (ECM) have been applied to derive the long run and short-term statistical dynamics. Findings -The findings of the study establish that there is co-integration between macroeconomic variables and Indian stock indices which is indicative of a long-run relationship. The ECM shows that the rate of inflation has a significant impact on both the BSE Sensex and the S&P CNX Nifty. Interest rates on the other hand, have a significant impact on S&P CNX Nifty only. However, in case of foreign exchange rate, significant impact is seen only on BSE Sensex. The changing GDS is observed as insignificantly associated with both the BSE Sensex and the S&P CNX Nifty. The paper, on the whole, conclusively establishes that the capital markets indices are dependent on macroeconomic variables even though the same may not be statistically significant in all the cases. Originality/value -This study emphasises on the impact of macroeconomic variables on the stock market performance of a developing economy, whose performance is measured by these variables.

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“…In the study of (Tsoukalas & Sil, 1999), Stock Price Determinants: A Certificate from the British Financial Market, the researchers aimed to determine the extended ability of the ratio for the dividends distributed to the stock market and the profit growth rate in predicting the market prices of traded shares in the British financial market, to serve the purpose of the study, a sample of companies listed in that market for the period 1995 January, 1996 December was studied. The two researchers concluded that dividend distributions are considered the main determinants of stock market prices and that the announcement of distributions increases the market value of shares.…”

Section: Relevant Scholarshipmentioning

confidence: 99%

The Effect of Accounting and Market Indicators on Predicting the Stock Prices for Jordanian Banks: An Econometric Study for the Period (2010-2015)

Al-Oshaibat¹,

Almanaseer²

2018

IJEF

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This study aims at examine the ability of a group of financial ratios, which is derived from the financial statements of Jordanian commercial banks, to predict the prices of the market shares for the period (2010)(2011)(2012)(2013)(2014)(2015). Besides, it investigates the explanatory power and the nature of the relation between some accounting and market indices, including compound and individual indicators, and the market share price. In order to achieve the objectives of this study, the researcher used the Panel Data and the time series data. While the Hussmann Test is used to choose the appropriate model whether it is a static effect modal or a random effect one based on Chi-Square probability value.Throughout the discussion and the data analysis, the study highlights a set of results. One of the most important results shows that the effects of the independent variables as a single package on predicting the stock market prices were very strong.In addition, the researcher comes up with some recommendations which emphasize the importance of disclosing the financial statements under study to investors and analysts periodically due to the importance of transparency in the financial sector. Moreover, while distributing earnings on participants, investors" preferences should be taken into consideration due to their influence on the share price since it is a futurist result of the investors" evaluations of the earnings distribution policy.

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The determinants of stock prices: evidence from the United Kingdom stock market

Abstract: Bio graphi cal NotesDimit rios Tsou ka las and Shomir Sil are both in the School of Man age ment, Pur due Uni ver sity Calu met, Ham mond, IN 42323, USA.

Cited by 13 publications

References 29 publications

The Use of Graphs in Malaysian Companies’ Corporate Reports: A Longitudinal Study

The Use of Graphs in Malaysian Companies’ Corporate Reports: A Longitudinal Study

Impact of macroeconomic indicators on Indian capital markets

The Effect of Accounting and Market Indicators on Predicting the Stock Prices for Jordanian Banks: An Econometric Study for the Period (2010-2015)

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