Browsing by Author "Oláh, Judit"
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- ItemTHE IMPACT OF INTRADAY MOMENTUM ON STOCK RETURNS: EVIDENCE FROM S&P500 AND CSI300(Technická Univerzita v Liberci, ) Hossain, Saddam; Gavurová, Beáta; Yuan, Xianghui; Hasan, Morshadul; Oláh, Judit; Ekonomická fakultaThis paper analyzes the statistical impact of COVID-19 on the S&P500 and the CSI300 intraday momentum. This study employs an empirical method, that is, the intraday momentum method used in this research. Also, the predictability of timing conditional strategies is also used here to predict the intraday momentum of stock returns. In addition, this study aims to estimate and forecast the coefficients in the stock market pandemic crisis through a robust standard error approach. The empirical findings indicate that the intraday market behavior an unusual balanced; the volatility and trading volume imbalance and the return trends are losing overwhelmingly. The consequence is that the first half-hour return will forecast the last half-hour return of the S&P500, but during the pandemic shock, the last half-hour of both stock markets will not have a significant impact on intraday momentum. Additionally, market timing strategy analysis is a significant factor in the stock market because it shows the perfect trading time, decides investment opportunities and which stocks will perform well on this day. Besides, we also found that when the volatility and volume of the S&P500 are both at a high level, the first half-hour has been a positive impact, while at the low level, the CSI300 has a negative impact on the last half-hour. In addition, this shows that the optimistic effect and positive outlook of the stockholders for the S&P500 is in the first half-hours after weekend on Monday morning because market open during the weekend holiday, and the mentality of every stockholder’s indicate the positive impression of the stock market.
- ItemInstitutional ownership and simultaneity of strategic financial decisions: an empirical analysis in the case of Pakistan Stock Exchange(Technická Univerzita v Liberci, 2019-03-15) Sadaf, Rabeea; Oláh, Judit; Popp, József; Máté, Domicián; Ekonomická fakultaThe traditional interpretation of corporate finance is characterized by ownership rights are widely distributed among individual stockholders, but can be managed by few managers and resulted in an agency problem. The primary objective of this research study is to investigate the relationship between institutional ownership and firms’ strategic decisions. These strategic decisions include i.e. leverage, dividend and investment decisions. The examined data is used from 170 non-financial Pakistani listed firms, characterized by a large percentage of institutional investors, with a multiple equity stake in different firms across a wide field of industries. This study is also able to show two important novelties. Firstly, the fact that previous researchers have already concentrated on the impact of institutional ownership on individual strategic decisions, as dividend or leverage policies and several unanswered questions remain. Consequently, the impact of institutional ownership has explored collectively on various strategic decisions. Secondly, this study also recognizes the determination of strategic decisions by considering the endogeneity problem with a Three-Stage Least Square (3SLS) method. Essentially, the effects of institutional ownership on firms’ leverage becomes more pronounced after including industry specific and time dummies in regression models. Based on the results, the case of increased institutional ownership of firms has a significant negative effect on leverage, and a positive effect on dividend decisions. Hence, institutional investors are seemed to prefer low leveraged and high dividend-paying firms. Moreover, this study has not able to find significant two-way relations between institutional ownership and investment decisions, so institutional investors rather focus on corporate governance and internal control of firms. Indeed, institutional investors should develop the efficiency of firms’ management to support more adequate corporate governance policies, and not only for emerging markets.