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Register a new userThe Impact of Expanding Price Limits on The Volatility of Damascus Securities Exchange
أثر توسيع الحدود السعرية على تقلبات سوق دمشق للأوراق المالية
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Aِl-Baath University ورقة بحثية
Publication date
2016
fields
Financial
and research's language is
العربية
Created by
Shamra Editor
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تهدف هذه الدراسة إلى معرفة أثر توسيع الحدود السعرية على تقلبات سوق دمشق للأوراق المالية و ذلك من خلال المقارنة بين تقلبات السوق في ظل ثلاثة أنظمة حدود سعرية مختلفة منذ افتتاح السوق و حتى نهاية 2014. أظهرت نتائج الدراسة أن توسيع الحدود السعرية في سوق دمشق للأوراق المالية يؤدي إلى زيادة تقلب عوائد الأسهم و بالتالي تطبيق حدود أضيق سوف يخفف من التقلبات و هذا ما يؤكد فعالية نظام الحدود السعرية في تخفيف تقلبات سوق دمشق للأوراق المالية.
This study aims at investigating the impact of the expansion of price limits on the volatility of Damascus Securities Exchange, by comparing the fluctuations of the market under three different price limits systems, since the opening of the market until the end of 2014. Results of the study showed that the price limits expanding in the Damascus Securities Exchange leads to an increase in the volatility of stock returns. Consequently, setting narrower price limits will reduce the volatility, and this confirms the effectiveness of the system of price limits in reducing the volatility of Damascus Securities Exchange.
References used
BILDIK, R; ELEKDAG, S. 2004 Effects of Price Limits on Volatility: Evidence from the Istanbul Stock Exchange. Emerging Markets Finance and Trade, Vol. 40. 5-34
CHRISTOPHER, N. 2002 Effect of price limits on volatility and stock returns in emerging markets: evidence from the Johannesburg stock exchange. Journal of Comparative International Management. Vol. 5, No. 1
DABBOU, H. 2013 Evaluating The Widening Of Price Limits: Evidence from Tunisian Stock Exchange. Journal of Business Studies Quarterly. Vol. 3, No .3. 140-159
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This study sought to investigate the effect of price limits on the
volatility of stock returns on the Damascus Stock Exchange. Where
the study period divided into two periods the first test period
3/3/2009 and until 23/6/2011, the second test period 13/2/2011 until
30/3/2017. Using the model (1,1) GARCH.
The individuals’ Participation in the Securities Exchange plays an important role in
the development of the financial market. Without the active and continuous participation,
the financial market lacks the financial products and its liquidity, and
also the increased
participation leads to the creation of effective trading dynamics of buying and selling.
This paper examines the impact of financial literacy on the individuals’ Participation
in Damascus Securities Exchange. To achieve the objective of the study, data is collected
based on a questionnaire specially designed for this purpose. And the questionnaire has
been distributed to a sample of (384) individuals from the merchants and industrialists who
are registered in the Damascus Chamber of Commerce and Damascus Chamber of
Industry. The study to analysis data depends on using a software of Statistical Package for
the Social Sciences known as SPSS. It has been used some statistical methods like
repetition and percentages in addition to Chi-Square Test to examine hypotheses
concerning the relationship between demographic variables and financial literacy, and a
model logistic regression to study the impact of financial literacy on the individuals’s
participation in the Damascus Securities Exchange
The research finds that the financial literacy of the members of the respondents is
very far from the desired level to participation in the Damascus Securities Exchange where
only (22%) of respondents have a good level of financial literacy. In addition to that, the
research highlights the presence of a statistically significant effect of financial literacy to
participate in the securities exchange; the increasing financial literacy index from a low
level to a better one leads to increase the likelihood of participation by (24%). The research
also concludes two things that there is a relationship between each of the variables of
gender, income and financial literacy, and on the other hand there is no relationship
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and types, addition to the concept of credit risk and i
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between unproductive debt ratio and share prices. and indicated
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efficiency, On order to reducing credit risk and improve DSE
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