The Jordanian Stock Market: Should You Invest in it for Risk Diversification or Performance?

Saadi-Sedik, Tahsin; Petri, Martin

doi:10.2139/ssrn.926242

Cited by 9 publications

(7 citation statements)

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“… See Billmeier and Massa (2007) for a case study of the Egyptian stock market Saadi-Sedik and Petri (2006). review developments in Jordan.3 See, e.g.,Billmeier and Ding (2006) for a review of the credit boom in Georgia.4 In the remainder of the paper, we understand "oil economies/exporters" to mean economies that are rich in hydrocarbon resources, be it oil or natural gas.…”

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What Drives Stock Market Development in the Middle East and Central Asia: Institutions, Remittances, or Natural Resources?

Billmeier

Massa²

2007

IMF Working Papers

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This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.In this paper, we assess the macroeconomic determinants of stock market capitalization in a panel of 17 countries in the Middle East and Central Asia, including both hydrocarbon-rich countries and economies without sizeable natural resource wealth. In addition to traditional variables, we include an institutional variable and remittances among the regressors. We find that (i) both institutions and remittances have a positive and significant impact on market capitalization; and (ii) both regressors matter, especially in countries without significant hydrocarbon sectors; whereas (iii) in resource-rich countries, stock market capitalization is mainly driven by the oil price.

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“… See Billmeier and Massa (2007) for evidence on the Egyptian stock market;Saadi-Sedik and Petri (2006) review developments in Jordan.…”

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What Drives Stock Market Development in the Middle East and Central Asia: Institutions, Remittances, or Natural Resources?

Billmeier

Massa²

2007

IMF Working Papers

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“…Saudi Arabia and Kuwait) experiencing sharp increase in oil prices. However, a process of price correction took place when Arab investors from Gulf countries had withdrawn considerable funds from the ASE to cover their financial positions in their domestic markets after the sharp decline in stock prices in Saudi Arabia and other Gulf stock markets 18 (Saadi-Sedik and Petri, 2006).…”

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Evolving and relative efficiency of MENA stock markets: evidence from rolling joint variance ratio tests

Ahmed

2014

Ensayos

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Multiple variance ratio tests, in rolling window procedure, were applied to weekly data (expressed in local and US dollar currencies) for five stock markets in the Middle East and North Africa during 1995-2009. Results indicated that the big and liquid stock markets of Israel and Turkey are ranked as the most efficient. The Egyptian and Moroccan stock markets converged towards efficiency by 2002, due to remarkable improvements in liquidity and information dissemination, whereas the Jordanian stock markets restored its efficiency at the end of the study period. Exchange rates did not matter in determining the dynamics of share returns for equity markets examined.

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“…The ASE has recently revealed strong performance in terms of both price and trading volume (see Saaqdi-Sedik and Petri, 2006). The number of listed companies increased steadily from 163 in 2000 to 201 in 2005.…”

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Developing Essential Financial Markets in Smaller Economies: Stylized Facts and Policy Options

Ferhani¹,

Stone²,

Nordstrom³

et al. 2008

Occasional Papers

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The following conventions are used in this publication:• In tables, a blank cell indicates "not applicable," ellipsis points ( . . .) indicate "not available," and 0 or 0.0 indicates "zero" or "negligible." Minor discrepancies between sums of constituent figures and totals are due to rounding.• An en dash (-) between years or months (for example, 2005-06 or January-June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2005/06) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).• "Billion" means a thousand million; "trillion" means a thousand billion.• "Basis points" refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).As used in this publication, the term "country" does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis. 2.1. Smaller Economies: Number of Banks 2.2. Emerging Market Countries and Smaller Economies with Floating Arrangements: Controlled Transactions A1.1. Emerging Market Countries and Smaller Economies: Selected Foreign Exchange Market Aspects A1.2. Median Daily Exchange Rate Percent Change, Emerging Markets and Smaller Economies with Floating Exchange Rate Arrangements A1.3. Maximum Daily Exchange Rate Percent Change, Emerging Markets and Smaller Economies with Floating Exchange Rate Arrangements A2.1. Market Turnover of Government Securities by Foreign Institutions A2.2. Market Turnover of Government Securities, Emerging Market Countries and Smaller Economies A3.1. Market Capitalization, 2005 A3.2. Smaller Economies and Emerging Market Countries: Number of Listed Companies A3.3. Smaller Economies and Emerging Market Countries: Market Capitalization A3.4. Smaller Economies and Emerging Market Countries: Turnover Boxes 3.1. The Danish Foreign Exchange Market 5.1. Stock Exchange Trading Systems in Smaller Economies A3.1. Implications of the Literature for Secondary Equity Markets in Smaller Economies ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution vii PrefaceThe dictum that country policy advice must always be tailored to the circumstances at hand is nowhere more true than in the area of financial market development. The size and sophistication of financial markets vary enormously across International Monetary Fund (IMF) member countries. Correspondingly, the financial sector policy challenges faced by different countries are quite different, ranging from dealing with the systemic stability implications of complex financial products in a large advanced country, to assessing whether a money market is worth developing in a small developing country. Fiscal, monetary, and many structural policy...

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The Jordanian Stock Market: Should You Invest in it for Risk Diversification or Performance?

Cited by 9 publications

References 19 publications

What Drives Stock Market Development in the Middle East and Central Asia: Institutions, Remittances, or Natural Resources?

What Drives Stock Market Development in the Middle East and Central Asia: Institutions, Remittances, or Natural Resources?

Evolving and relative efficiency of MENA stock markets: evidence from rolling joint variance ratio tests

Developing Essential Financial Markets in Smaller Economies: Stylized Facts and Policy Options

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