Testing the capital asset pricing model in the Damascus Securities Exchange

The research examines the Capital Asset Pricing Model (CAPM) in Damascus Stock Exchange (DSE), by using the monthly excess returns of (8) companies listed in (DSE), for the period of (2010-2013), and the monthly excess return of (DSE) index (DWX) for the same period. The researcher concluded that there is a significant relation between the volatility of the market excess return and the volatility of the excess returns of stocks of the examined companies, But the researcher also concluded that (CAPM) is not valid in (DSE), because of the failure in the statistical test. That the constant of the regression equation is not equal to zero and the slope of the security market line is not equal to the average excess return of the stocks of examined companies. The researcher recommended that this study should be retested when there are a suitable number of listed companies in order to form portfolios that can diversify away the effect of the unsystematic risk of each company, and to retest the CAPM after the crises, because the average excess returns for all of the examined companies were negative. Finally, the researcher recommended trying other models of asset pricing such as Arbitrage Pricing Theory (APT), and (Fama) Multifactor Model.

"The Role Of The Segment Disclosure In Strengthen The RelevanceOf Financial Reports " "An Empirical Study on the banks listed in the Damascus Securities Exchange"

The objective of this research is primarily to indicate the role of the segmentdisclosure instrengthen the relevance of financial reports, through the statement of the role of the segmentinformation in enhance the ability to predict the market price of the shares, and the stockshare of future operating cash flows. To achieve this, the search is divided into two parts: theoretical and practical, the first part, is about the concept of segment disclosure and the nature of the information provided about the facility and ways to divide the property into segments, and indicate theconcept ofrelevance financial reports, and the characteristics that make the financial reports, relevance to the needs of users, and then show the importance informational content segment disclosure in promoting therelevanceof financial reports.