Market efficiency and technical analysis during different market phases: further evidence from Malaysia
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Author(s)Safwan Mohd NorLink to ORCID Index: https://orcid.org/0000-0003-0791-2363
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Guneratne WickremasingheLink to ORCID Index: https://orcid.org/0000-0001-6946-0660
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DOIhttp://dx.doi.org/10.21511/imfi.14(2-2).2017.07
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Article InfoVolume 14 2017, Issue #2 (cont. 2), pp. 359-366
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The profitability of simple technical trading rules remains an interesting topic and has been thoroughly explored in the literature. In this paper, the authors investigate the profitability of two popular moving average (MA) rules in the Bursa Malaysia before, during and after the global financial crisis (GFC) of 2008-2009. Using variable length MA (VMA) and fixed length MA (FMA) technical rules, the authors explore if there were differences in their performance during the different market phases, and if swing traders can gain by trading on the basis of these strategies. When practical trading constraints are considered, the authors find that MA rules performed differently during the three market phases. Over time, the forecasting powers of these rules have diluted and they have performed poorly in the most recent subsample. The findings suggest that the Malaysian stock market is gradually becoming more efficient. This outcome can be attributed to the technological advancements and widespread use of exchange traded funds.
- Keywords
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JEL Classification (Paper profile tab)G11, G14, G17
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References26
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Tables3
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Figures0
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- Table 1. VMA and FMA trading performance before the global financial crisis (2005–2007)
- Table 2. VMA and FMA trading performance during the global financial crisis (2008–2009)
- Table 3. VMA and FMA trading performance after the global financial crisis (2010–2013)
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The impact of foreign ownership on corporate governance: evidence from an emerging market
Rawan Shubita , Moade Fawzi Shubita
doi: http://dx.doi.org/10.21511/imfi.16(2).2019.09
Investment Management and Financial Innovations Volume 16, 2019 Issue #2 pp. 101-115 Views: 2019 Downloads: 300 TO CITE АНОТАЦІЯThis research explores the influence of foreign ownership on non-financial public shareholding firms in the Amman Stock Exchange (ASE). The study involved an investigation into the connection between non-Jordanian ownership and the company growth opportunity, stock liquidity, leverage, dividend policy and business output. The results highlight that foreign ownership can provide improved corporate governance practices by playing a decisive role in increasing the growth opportunity and enhancing the firms’ market valuation, as measured by Tobin’s Q. Moreover, the findings indicate that companies with foreign board membership have better operating performance and higher firm value. The rewards were reaped by foreign investors based on their superior monitoring ability, which affects the decisions made and actions taken by management.
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Fund performance-flow relationship and the role of institutional reform
Jinyu Feng ,
Wenzhao Wang
doi: http://dx.doi.org/10.21511/imfi.15(1).2018.26
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New market reforms and stock exchange liquidity: the case of Kuwait
Amani kh. Bouresli ,
Fayez A. Abdulsalam
doi: http://dx.doi.org/10.21511/imfi.16(1).2019.04
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