Special Issue "Stock Markets Behavior"

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: 31 March 2021.

Special Issue Editor

Prof. Dr. Andreia Dionísio
Website
Guest Editor
Departamento de Gestão de Empresas, CEFAGE, Universidade de Évora, Portugal
Interests: Econometrics; Econophysics; Financial Markets, Fuzzy Models, Data Analysis
Special Issues and Collections in MDPI journals

Special Issue Information

Dear Colleagues,

Stock markets are currently one of the main drivers of the economy, the financial growth of societies, and technological advancement, and their "ups and downs" influence business cycles.

In this context, it is important to assess the impact of financial crises on stock markets and those that have emerged on the stock markets themselves. Market efficiency remains a current theme, as does speculation and information asymmetry. What influences the behavior of markets, and how they influence economics and societies, are themes that continue to fascinate us. Do these impacts call into question the efficient market hypothesis? Is it possible to predict the behavior of a stock market in the long, medium, or short term, based on existing economic information? Do economic cycles dictate the behavior of markets? In this Issue, we try to get answers to these and other questions. In essence, the aim of this Special Issue is to understand, to explore, and to try to explain stock markets’ behavior.

We invite investigators to contribute original research articles in theory, practice, and applications on stock markets’ behavior. All submissions must contain original unpublished work not being considered for publication elsewhere.

Prof. Dr. Andreia Dionísio
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1000 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Stock markets
  • Efficient market hypothesis
  • Investors’ behavior
  • Financial crisis

Published Papers (3 papers)

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Research

Open AccessArticle
Marketability Discount in Various Economic Environments. Comparison of Developed and Emerging Markets on the Example of the USA and Poland
J. Risk Financial Manag. 2020, 13(6), 132; https://doi.org/10.3390/jrfm13060132 - 20 Jun 2020
Abstract
The aim of the presented article is to compare and evaluate the occurrence and level of marketability discount in developed and emerging markets in the example of the United States of America (USA) and Poland. According to the hypothesis put forward in the [...] Read more.
The aim of the presented article is to compare and evaluate the occurrence and level of marketability discount in developed and emerging markets in the example of the United States of America (USA) and Poland. According to the hypothesis put forward in the article, due to the smaller degree of development and depth of emerging markets, the marketability discount obtained in the context of the initial public offering (IPO) is lesser in its extent, as compared to the case when the IPO takes place in the developed market. The authors have made a statistic and econometric analysis based on a sample of nearly 200 IPOs in Poland and 1200 IPOs in the USA. The study used an analysis of the statistical differences between the groups (t-test), and also a linear modelling of the determinants of liquidity discount volume. The obtained results show that the stated hypothesis was correct, and that there are significant differences between the studied markets in reference to the marketability discount. The authors also concluded that the discount is not related to the condition of the company. Full article
(This article belongs to the Special Issue Stock Markets Behavior)
Open AccessArticle
EU Stock Markets vs. Germany, UK and US: Analysis of Dynamic Comovements Using Time-Varying DCCA Correlation Coefficients
J. Risk Financial Manag. 2020, 13(5), 91; https://doi.org/10.3390/jrfm13050091 - 07 May 2020
Abstract
For this paper, we dynamically analysed the comovements between three major stock markets—Germany, the UK, and the US—and the countries of the European Union, divided into two groups: Eurozone and non-Eurozone. Correlation coefficients based on a detrended cross-correlation analysis (DCCA) were used, and [...] Read more.
For this paper, we dynamically analysed the comovements between three major stock markets—Germany, the UK, and the US—and the countries of the European Union, divided into two groups: Eurozone and non-Eurozone. Correlation coefficients based on a detrended cross-correlation analysis (DCCA) were used, and the respective temporal variation was evaluated. Given the objective of performing a dynamic analysis, sliding windows were used in an attempt to represent short and long-term analyses. Critical moments in financial markets worldwide were also taken into account, namely the subprime debt crisis, the sovereign debt crisis, and Brexit. The results suggest that Germany and other Eurozone countries generally share high levels of comovements, although the Brexit decision reduced those connections. The subprime crisis also increases comovements among markets. Full article
(This article belongs to the Special Issue Stock Markets Behavior)
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Open AccessArticle
The Impact of Tax Preferences on the Investment Attractiveness of Bonds for Retail Investors: The Case of Russia
J. Risk Financial Manag. 2020, 13(4), 72; https://doi.org/10.3390/jrfm13040072 - 13 Apr 2020
Abstract
The impact of tax incentives on the investment attractiveness of bonds for retail investors is assessed in the article. The paper presents a comparative empirical analysis of investment attractiveness of Russian bonds and bank deposits for domestic retail investors. We identify investment preferences [...] Read more.
The impact of tax incentives on the investment attractiveness of bonds for retail investors is assessed in the article. The paper presents a comparative empirical analysis of investment attractiveness of Russian bonds and bank deposits for domestic retail investors. We identify investment preferences of retail investors in Russia, analyze investment characteristics of deposits in Russian banks and a variety of bonds available for retail investors. Given the tax benefits of the recently introduced Individual Investment Account, we show that the real yield of investment in government bonds is over eight times higher than the yield of bank deposits. Despite higher risks of investing in bonds, we conclude that government bonds taking into account the tax benefits of the Individual Investment Account could be a realistic alternative to bank deposits for Russian retail investors. Full article
(This article belongs to the Special Issue Stock Markets Behavior)
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