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Firm specific and macroeconomic determinants in stock price : evidence from Nepalese commercial bank / Jyoti Malla
Title : Firm specific and macroeconomic determinants in stock price : evidence from Nepalese commercial bank Material Type: printed text Authors: Jyoti Malla, Author Publication Date: 2015 Pagination: 78p. Size: GRP/Thesis Accompanying material: 5/B General note: Including bibilography Languages : English Descriptors: Banks
Banks and banking
Commercial banks
Firm specific
Macroeconomics
Share-PriceKeywords: 'equality share share price equality share prices return on assets return on equity' Class number: 332.632 Abstract: Share price has received much attention in academic literature. There is far less research on the empirical side. All the empirical work investigating relationship between share price, bank specific and macroeconomic variables has focused developed economy. This study investigates the relationship between share price, bank specific and macroeconomic variables of selected Nepalese commercial banks. The stock price in the market is not static rather it changes every day. The most obvious factors that influence are demand and supply factors. The price of any commodity is affected by both micro-economic and macro-economic factors.
This study basically aimed at examines the empirical relationship between the stock prices, firm specific variables, and macroeconomic factors. The specific objectives of the study are: (a) to explore the effect of firm specific variables such as size measured by total assets, earning per share, and return on assets of the commercial banks on their stock prices, (b) to identify the effect of macroeconomic variables namely gross domestic product (GDP) and inflation on common stock prices of banks, (c) to investigate the most influencing factors to explain the prices of the stock of Nepalese commercial banks, (d) to provide the suggestions based on the research findings. This study is basically based on the analysis of secondary data. The data for firm specific variables including stock market data have been obtained from financial statements of the sample firms recorded in the database of Nepal Stock Exchange (NEPSE) Limited and Securities Board of Nepal (SEBON) provided in their respective websites. NEPSE and SEBON have maintained the record of firm specific financial data from the fiscal year 2002 to 2013 in their respective database in websites. The annual data series on macroeconomic variables such as inflation and interest rate have been obtained from websites of IMF. The data relating to GDP and inflation has been obtained from the fiscal year 2002 to 2013price. For analyzing the relationship, market share price is used as a dependent variable and SIZE, EPS, ROA, GDP, Inflation and MS is used as an independent variable. Besides, the study also used descriptive statistics to analyze the views of the financial executives, which mainly focus on the qualitative part of the major aspect of the market price share.
The result of the study showed that joint ventures have higher market share price than non-joint ventures. The major conclusion of this study is the firm specific variable like Size, EPS, ROA and macroeconomic variable gross domestic product, inflation and money supply has a dominant impact on the stock price determination in Nepalese enterprises. Size had positive and significant relationship in MPS of commercial banks. To sum up, the main implication of this study is that money supply is the predominant factor that determines the market share prices of commercial bank in Nepal. Other extraneous factors also caused market share price to fluctuate. Therefore, investors must look after all factors, which explicitly of implicitly affect market share price so that they can arrive at rational decision. Finally, Nepalese bankers and policy makers should also pay adequate attention to analyze the factors that make variation in the market share price of the commercial bank.Firm specific and macroeconomic determinants in stock price : evidence from Nepalese commercial bank [printed text] / Jyoti Malla, Author . - 2015 . - 78p. ; GRP/Thesis + 5/B.
Including bibilography
Languages : English
Descriptors: Banks
Banks and banking
Commercial banks
Firm specific
Macroeconomics
Share-PriceKeywords: 'equality share share price equality share prices return on assets return on equity' Class number: 332.632 Abstract: Share price has received much attention in academic literature. There is far less research on the empirical side. All the empirical work investigating relationship between share price, bank specific and macroeconomic variables has focused developed economy. This study investigates the relationship between share price, bank specific and macroeconomic variables of selected Nepalese commercial banks. The stock price in the market is not static rather it changes every day. The most obvious factors that influence are demand and supply factors. The price of any commodity is affected by both micro-economic and macro-economic factors.
This study basically aimed at examines the empirical relationship between the stock prices, firm specific variables, and macroeconomic factors. The specific objectives of the study are: (a) to explore the effect of firm specific variables such as size measured by total assets, earning per share, and return on assets of the commercial banks on their stock prices, (b) to identify the effect of macroeconomic variables namely gross domestic product (GDP) and inflation on common stock prices of banks, (c) to investigate the most influencing factors to explain the prices of the stock of Nepalese commercial banks, (d) to provide the suggestions based on the research findings. This study is basically based on the analysis of secondary data. The data for firm specific variables including stock market data have been obtained from financial statements of the sample firms recorded in the database of Nepal Stock Exchange (NEPSE) Limited and Securities Board of Nepal (SEBON) provided in their respective websites. NEPSE and SEBON have maintained the record of firm specific financial data from the fiscal year 2002 to 2013 in their respective database in websites. The annual data series on macroeconomic variables such as inflation and interest rate have been obtained from websites of IMF. The data relating to GDP and inflation has been obtained from the fiscal year 2002 to 2013price. For analyzing the relationship, market share price is used as a dependent variable and SIZE, EPS, ROA, GDP, Inflation and MS is used as an independent variable. Besides, the study also used descriptive statistics to analyze the views of the financial executives, which mainly focus on the qualitative part of the major aspect of the market price share.
The result of the study showed that joint ventures have higher market share price than non-joint ventures. The major conclusion of this study is the firm specific variable like Size, EPS, ROA and macroeconomic variable gross domestic product, inflation and money supply has a dominant impact on the stock price determination in Nepalese enterprises. Size had positive and significant relationship in MPS of commercial banks. To sum up, the main implication of this study is that money supply is the predominant factor that determines the market share prices of commercial bank in Nepal. Other extraneous factors also caused market share price to fluctuate. Therefore, investors must look after all factors, which explicitly of implicitly affect market share price so that they can arrive at rational decision. Finally, Nepalese bankers and policy makers should also pay adequate attention to analyze the factors that make variation in the market share price of the commercial bank.Hold
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Barcode Call number Media type Location Section Status 89/B 332.632 MAL Thesis/Dissertation Uniglobe Library Technology Available Impact of fundamentals factors on stock price: case of selected commercial banks of Nepal / Laxmi Paudel
Title : Impact of fundamentals factors on stock price: case of selected commercial banks of Nepal Material Type: printed text Authors: Laxmi Paudel, Author Publication Date: 2016 Pagination: 71p. Size: GRP/Thesis Accompanying material: 5/B General note: Including bibilography Languages : English Descriptors: Banks
Banks and banking
Commercial banks
Nepal
Stocks
Stocks-PricesKeywords: 'equality share share price equality share prices return on assets return on equity' Class number: 332.632 Abstract: Fundamental factor is the ratio of financial and market ratios. Demand and supply forces are associated with changes in fundamental factors that are relevant for share price valuation like earnings per share, dividend per share, payout ratio, size of the firm and its growth. Suresh (2013) explained that fundamental analysis is a study to learn any related factors that can affect the security’s value, including individual specific factors and macroeconomic factors. The market price of a share is a key factor that influences investment decision of stock market investors. The share price is one of the most important indicators available to the investors for their decision to invest in or not a particular share (Gill & Mathur, 2012). Financial market plays a crucial role in mobilization or a constant flow of saving and changing these financial resources for expanding productive capacity in the countries. The key function of the stock market is to provide an exchange in which buyers and sellers interact for the purpose of trading in shares and other securities issued by publicly traded companies (Monther & Kaothar, 2010). Stock market is important in country’s economic development as well as the investor’s point of view. Hence it is necessary to analyze the basic factors of stock market which might influence the investor to invest their amount in the equity share prices. Investment in equity share is one of the most liquid forms of investment.
The main purpose of the study is to examine the impact of fundamental factors on stock price of Nepalese commercial banks. However, the specific objectives of the study are as follows: a) To determine the structure and pattern of earning per share, dividend per share, return on assets, return on equity, net profit margin and stock price, b) To find out the relation of earning per share, dividend per share and return on assets with stock price of Nepalese commercial banks, c) To investigate the impact of return on equity and net profit margin on stock market and d) To identify the most important variable affecting stock price of Nepalese commercial banks.
The study is based on descriptive and causal-comparative research designs. The descriptive research design has been adopted for fact-finding and searching for adequate information about the fundamental issues associated with variables affecting stock price of Nepalese commercial banks. It describes the real and actual condition, situation and facts. Hence, the research design adopted in this study is of descriptive type.
The study also establishes the cause and effect relationship between selected fundamental factor and stock price of commercial banks in Nepalese context. More specifically, the study analyzes the impact of return on assets, return on equity, net profit margin, dividend per share and earning per share on stock price of the Nepalese commercial banks during 2007 to 2014.
The average market price per share and change in market price per share is highest for SCBL. Average net profit margin is highest for NCC. NBB has highest return on equity and average return on assets. The earning per share is highest for EBL. NABIL has highest average dividend per share. The result shows positive beta coefficient for earning per share, return on assets and dividend per share. This indicates that higher the earning per share, higher would be the market price per share. Likewise, positive beta coefficient for dividend per share postulates that higher the dividend per share, higher would be the market price per share. The study also revealed that the beta coefficient for return on assets is positive with market price per share. This indicates that higher the return on assets higher would be the market price per share. The result shows positive beta coefficients for earning per share, return on assets, dividend per share and return on equity. This indicates that higher the earning per share, higher would be the change in market price per share. Likewise, positive beta coefficient for dividend per share postulates that higher the dividend per share, higher would be the change in market price per share. The study also revealed that the beta coefficient for return on assets is positive with change in market price per share. This indicates that higher the return on assets higher would be the change in market price per share.Impact of fundamentals factors on stock price: case of selected commercial banks of Nepal [printed text] / Laxmi Paudel, Author . - 2016 . - 71p. ; GRP/Thesis + 5/B.
Including bibilography
Languages : English
Descriptors: Banks
Banks and banking
Commercial banks
Nepal
Stocks
Stocks-PricesKeywords: 'equality share share price equality share prices return on assets return on equity' Class number: 332.632 Abstract: Fundamental factor is the ratio of financial and market ratios. Demand and supply forces are associated with changes in fundamental factors that are relevant for share price valuation like earnings per share, dividend per share, payout ratio, size of the firm and its growth. Suresh (2013) explained that fundamental analysis is a study to learn any related factors that can affect the security’s value, including individual specific factors and macroeconomic factors. The market price of a share is a key factor that influences investment decision of stock market investors. The share price is one of the most important indicators available to the investors for their decision to invest in or not a particular share (Gill & Mathur, 2012). Financial market plays a crucial role in mobilization or a constant flow of saving and changing these financial resources for expanding productive capacity in the countries. The key function of the stock market is to provide an exchange in which buyers and sellers interact for the purpose of trading in shares and other securities issued by publicly traded companies (Monther & Kaothar, 2010). Stock market is important in country’s economic development as well as the investor’s point of view. Hence it is necessary to analyze the basic factors of stock market which might influence the investor to invest their amount in the equity share prices. Investment in equity share is one of the most liquid forms of investment.
The main purpose of the study is to examine the impact of fundamental factors on stock price of Nepalese commercial banks. However, the specific objectives of the study are as follows: a) To determine the structure and pattern of earning per share, dividend per share, return on assets, return on equity, net profit margin and stock price, b) To find out the relation of earning per share, dividend per share and return on assets with stock price of Nepalese commercial banks, c) To investigate the impact of return on equity and net profit margin on stock market and d) To identify the most important variable affecting stock price of Nepalese commercial banks.
The study is based on descriptive and causal-comparative research designs. The descriptive research design has been adopted for fact-finding and searching for adequate information about the fundamental issues associated with variables affecting stock price of Nepalese commercial banks. It describes the real and actual condition, situation and facts. Hence, the research design adopted in this study is of descriptive type.
The study also establishes the cause and effect relationship between selected fundamental factor and stock price of commercial banks in Nepalese context. More specifically, the study analyzes the impact of return on assets, return on equity, net profit margin, dividend per share and earning per share on stock price of the Nepalese commercial banks during 2007 to 2014.
The average market price per share and change in market price per share is highest for SCBL. Average net profit margin is highest for NCC. NBB has highest return on equity and average return on assets. The earning per share is highest for EBL. NABIL has highest average dividend per share. The result shows positive beta coefficient for earning per share, return on assets and dividend per share. This indicates that higher the earning per share, higher would be the market price per share. Likewise, positive beta coefficient for dividend per share postulates that higher the dividend per share, higher would be the market price per share. The study also revealed that the beta coefficient for return on assets is positive with market price per share. This indicates that higher the return on assets higher would be the market price per share. The result shows positive beta coefficients for earning per share, return on assets, dividend per share and return on equity. This indicates that higher the earning per share, higher would be the change in market price per share. Likewise, positive beta coefficient for dividend per share postulates that higher the dividend per share, higher would be the change in market price per share. The study also revealed that the beta coefficient for return on assets is positive with change in market price per share. This indicates that higher the return on assets higher would be the change in market price per share.Hold
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Barcode Call number Media type Location Section Status 251/D 332.632 PAU Thesis/Dissertation Uniglobe Library Social Sciences Available