جستجوی مقالات مرتبط با کلیدواژه « توقف موقت معاملات » در نشریات گروه « مالی »

The importance of volatility in financial markets is that sharp price fluctuations in markets lead to a decrease in public confidence and, as a result, reduce the demand for investors in the market, and this will reduce economic growth in the future. Had. The purpose of this study is to investigate the effect of daily price fluctuations, liquidity and the effect of magnetism on the temporary cessation of trading on the Tehran Stock Exchange. In this study, to test the relative effectiveness of the symbol stop and the price fluctuation limit, the changes in the mean from the pre-event period to the post-event period have been investigated. 600 trading interruptions and 1149 price fluctuations of 120 selected companies by elimination sampling method during the period 2010-2020 have been investigated. The statistical test of the research performed using SPSS software. The results show that the factor of daily price fluctuations, liquidity and the effect of magnets on the stoppage of trading and the development of research models with this factor and the formation of corresponding modified models, improves the performance of those models in explaining stock stops.

This research examines the impacts of trading halts on liquidity and price volatility of companies listed in Tehran Stock Exchange. This study examines abnormal changes of trading volumes، bid-ask spreads، market depth at the best-quotes around trading halts and price volatility. Considering limitation sampling، we examined 231 trading suspensions related to 50 companies from 1387 to 1390. Using SPSS 19 and Compare Means Method، results indicated that abnormal period trading volumes with normal period and also pre-halt period with post-halt don’t have a significant difference. Abnormal period bid-ask spreads is more than normal period; likewise، post-halt is more than pre-halt. Abnormal period market depth with normal period and also pre-halt period with post-halt don’t have a significant difference. Abnormal period price volatility is more than normal period and pre-halt period with post-halt don’t have a significant difference.

Although there are many researches about the impacts of trading suspension, its positive and negative effects remain unclear. Supporters of trading suspension claim that this mechanism will result in having more time for data assessment. Thus, no specific group can abuse the situation or utilize it unfairly just for their own benefits. They also claim that trading suspension can lead to a rise in information contents of dividends value and fall in uncertainty. These items can protect the investors from unreasonable volatility of stock value which results in better price discovery. On the other hand, the critics of trading suspension believe that this issue can delay the process of price discovery and impose extra cost on those investors who could not trade the mentioned dividend. This can also reduce the motivation of investors. In this research, like the investigations in other countries, the negative and positive effects of trading suspension on Tehran Stock Exchange have been investigated. Indeed, the purpose of this research is to understand the effects of trading suspension on trading volume and volatility of return and abnormal return. Sample population includes all companies in TSE. The data were collected from 41 companies, selected by Cochrane sampling method, between 1384 and 1388 (2005-2009) and analyzed using SPSS software. The results indicate that trading suspension has resulted in increase of trading volume and return volatility in abnormal period (near the trading suspension). Decrease in abnormal return after the suspension has resulted in price discovery.