6,507 research outputs found

    Price impact of block trades in the Saudi stock market

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    This paper examines the price impact of block trades for the 124 companies that comprise all listed firms in the Saudi stock market (SSM). We use high frequency intraday data (one minute intervals) for the period 2005-2008 to provide out of sample evidence of the determinants of price impact. We find an asymmetric price impact of 0.5% for block purchases and -0.38% for block sales. We document a price continuation post block trades and a price reversal after block sales. Sellers of block trades in the Saudi market pay higher liquidity premiums than buyers of block trades. However, on average, the price effect of a block trade is small and short-lived suggesting that resiliency is high in the market. Moreover, we find a direct relationship between the size of the trades and the level of information asymmetry in the market. Despite the structural differences of the SSM, the intraday pattern of price impacts is similar to patterns documented in other markets, namely an inverse J-shaped pattern. Finally, sophisticated traders can gain abnormal profits in the SSM through “free riding”, a trader can benefit from the overreaction before the block trade and price reversal after the block trade

    Can market frictions really explain the price impact asymmetry of block trades? Evidence from the Saudi stock market

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    We empirically examine the price impact of block trades, in the Saudi Stock Market over the time period of 2005-2008. Using a unique dataset of intraday data consisting of 2.3 million block buys and 1.9 million block sales, we find an asymmetry in the price impact of block purchases and sales. The asymmetry persists even when we account for the bidask bias in block trades, which is contrary to the previous literature. Overall, our findings suggest that in an emerging market where institutional trading is relatively scarce, market microstructure cannot explain the asymmetry n the price impact of large trades

    An exploration in visibility: some experiences of Indian women accountants

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    Many studies have emerged in the accounting field that explore women’s experiences in developed economies. However, little research has been undertaken to investigate the experiences and realities facing practising women accountants in India. The study offers exploratory insights into this area, (against the backdrop of the internationalisation and globalisation of accounting). The study involved seventeen women accounting practitioners from four major commercial cities in Indian: Mumbai, Chennai, Bangalore and Hyderabad. The results indicate that several practitioners experienced difficulties in certain areas of practice, whereas others reported that they did not experience any barriers to advancement. A discussion concerning limitations and areas for further research are presented in the conclusion
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