This paper provides an empirical assessment of the relationship between stock market development and long-run growth in Côte d’Ivoire over the period 1993-2020. The cointegration results between the variables reveal a long-run relationship between economic growth and its determinants. Furthermore, the results of the quadratic model estimates show a threshold of the level of development that reduces the long-term growth in Côte d’Ivoire. Finally, the results of this study could guide the competent authorities in the elaboration of efficient economic policies to favour the development of the financial market.
{"title":"Threshold Effect Between Stock Market and Long-term Economic Growth in Côte d’Ivoire","authors":"Oyibo Paul Vivien, Anzian Kouamé Marcel, Djeban Koffi Mouroufié Emmanuel, Brou Djandji Emmanuel","doi":"10.5539/ijef.v15n2p62","DOIUrl":"https://doi.org/10.5539/ijef.v15n2p62","url":null,"abstract":"This paper provides an empirical assessment of the relationship between stock market development and long-run growth in Côte d’Ivoire over the period 1993-2020. The cointegration results between the variables reveal a long-run relationship between economic growth and its determinants. Furthermore, the results of the quadratic model estimates show a threshold of the level of development that reduces the long-term growth in Côte d’Ivoire. Finally, the results of this study could guide the competent authorities in the elaboration of efficient economic policies to favour the development of the financial market.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75052162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Information disclosure, inter alia, has a tremendously increasing impact on the stock market. This study aims to investigate the reaction of stock market to the mandatory disclosures in Qatar Stock Exchange (QSE) for the period 2020-2022. To be precise, the paper investigates the market reaction as indicated by the trading volume and stock price change to disclosure of periodic financial reports (quarterly, semi-annual, and annual) and company news and, subordinately, the relationship between trade volume and stock price change of the 47 (±1) traded listed companies on the QSE for the period spans from January 2020 to October 2022. Trading volume, all market share index value and stock price change were descriptively analyzed, then investigated using a one-to-one period approach, pre and post disclosure. In consistency with a priori predictions, the result shows significant market reaction as indicated by the volatility of both trade volume and stock price change. Moderate evidence is given to support the market reaction to the periodic disclosure other than annual financial reports. Additionally, findings show a weak positive relationship between trade volume and stock price change. Interestingly, the investigation provides substantial support to the weak form market efficiency, at least for the widely traded stocks. This indicates that insiders are not being better informed about the company’s true value than outsiders in the QSE. Finally, results support to the widely held belief, but heretofore undocumented evidence from the region, that permanent disclosures provide information benefits to investors and, hence, greater benefit.
{"title":"Mandatory Disclosures and Market Reaction: Evidence from Qatar Stock Exchange","authors":"Fouad Kessasra","doi":"10.5539/ijef.v15n2p44","DOIUrl":"https://doi.org/10.5539/ijef.v15n2p44","url":null,"abstract":"Information disclosure, inter alia, has a tremendously increasing impact on the stock market. This study aims to investigate the reaction of stock market to the mandatory disclosures in Qatar Stock Exchange (QSE) for the period 2020-2022. To be precise, the paper investigates the market reaction as indicated by the trading volume and stock price change to disclosure of periodic financial reports (quarterly, semi-annual, and annual) and company news and, subordinately, the relationship between trade volume and stock price change of the 47 (±1) traded listed companies on the QSE for the period spans from January 2020 to October 2022. Trading volume, all market share index value and stock price change were descriptively analyzed, then investigated using a one-to-one period approach, pre and post disclosure. In consistency with a priori predictions, the result shows significant market reaction as indicated by the volatility of both trade volume and stock price change. Moderate evidence is given to support the market reaction to the periodic disclosure other than annual financial reports. Additionally, findings show a weak positive relationship between trade volume and stock price change. Interestingly, the investigation provides substantial support to the weak form market efficiency, at least for the widely traded stocks. This indicates that insiders are not being better informed about the company’s true value than outsiders in the QSE. Finally, results support to the widely held belief, but heretofore undocumented evidence from the region, that permanent disclosures provide information benefits to investors and, hence, greater benefit.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"07 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86021646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates asset herd behaviour for Dutch pension funds from 1999 to 2014 using quarterly data. We find herd behaviour for investments in 20 asset classes including non-traditional asset classes, and to both purchasing and selling. Pension funds’ herd behaviour is particularly high in alternative investments, which might increase herding in general as pension funds move their portfolio towards these assets in recent years. Herding intensity is higher during stock market crises, such as the Dot.com and the financial crisis, than during non-crisis conditions. However, during real estate or bond market crises, herding behaviour intensity remains virtually unchanged compared to non-crisis periods. The extent to which this behaviour has a stabilising or destabilising impact on financial markets varies per asset class. It is striking that sales of assets by pension funds on the equity and bond markets in times of crisis often have a stabilising impact, whereas this is not the case on the buying side.
{"title":"Herd Behaviour of Pension Funds by Asset Class","authors":"Ian Koetsier, Jacob A. Bikker","doi":"10.5539/ijef.v15n2p26","DOIUrl":"https://doi.org/10.5539/ijef.v15n2p26","url":null,"abstract":"This study investigates asset herd behaviour for Dutch pension funds from 1999 to 2014 using quarterly data. We find herd behaviour for investments in 20 asset classes including non-traditional asset classes, and to both purchasing and selling. Pension funds’ herd behaviour is particularly high in alternative investments, which might increase herding in general as pension funds move their portfolio towards these assets in recent years. Herding intensity is higher during stock market crises, such as the Dot.com and the financial crisis, than during non-crisis conditions. However, during real estate or bond market crises, herding behaviour intensity remains virtually unchanged compared to non-crisis periods. The extent to which this behaviour has a stabilising or destabilising impact on financial markets varies per asset class. It is striking that sales of assets by pension funds on the equity and bond markets in times of crisis often have a stabilising impact, whereas this is not the case on the buying side.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135201524","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The dividend is a part of the profit that remunerates the shareholder, but in the deeper sense it is a tool that aims to cement at first sight the relationship between the company and its shareholders within the framework of a Shareholder Relationship Management (SRM). Indeed, the dividend is dependent on the choice of the company, its size, its sector of activity but also on the economic situation of the country. Moreover, in times of crisis, some listed companies waive this distribution and others, on the other hand, seem more generous to absorb the fall in the stock market prices of their values in order to appease the losses suffered by their shareholders. In doing so, the objective of this research is to analyze the dividend distribution policy of listed companies who form the MSI 20 in order to verify the existence of the parachute effect of the dividend. For that, we choose a five-year study running from 2017 to 2021.
{"title":"Parachute Effect of Dividends Paid in Times of Health Crisis: Case of Moroccan MSI 20 Companies","authors":"Hajar Benjana","doi":"10.5539/ijef.v15n2p18","DOIUrl":"https://doi.org/10.5539/ijef.v15n2p18","url":null,"abstract":"The dividend is a part of the profit that remunerates the shareholder, but in the deeper sense it is a tool that aims to cement at first sight the relationship between the company and its shareholders within the framework of a Shareholder Relationship Management (SRM). \u0000 \u0000Indeed, the dividend is dependent on the choice of the company, its size, its sector of activity but also on the economic situation of the country. Moreover, in times of crisis, some listed companies waive this distribution and others, on the other hand, seem more generous to absorb the fall in the stock market prices of their values in order to appease the losses suffered by their shareholders. In doing so, the objective of this research is to analyze the dividend distribution policy of listed companies who form the MSI 20 in order to verify the existence of the parachute effect of the dividend. For that, we choose a five-year study running from 2017 to 2021.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88614657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This work aims to understand the determinants of the prices of corn and soybean futures traded on the Brazilian Stock Exchange (B3) based on the influence of international commodity prices on domestic prices. Using a theoretical model developed by Mundlack and Larson (1993) that considers the one-price law hypothesis, we estimate the Autoregressive Distributed Lag (ARDL) bounds test for cointegration (Pesaran et al., 2001), who tested the existence of a long-term relationship between the variables, as well as short-term influences. The database comprises the period from February 2011 to December 2019 and corresponds to the prices of corn and soybean futures contracts traded on the Brazilian Stock Exchange; and corn, soybeans and oil traded on the Chicago Mercantile Exchange, in addition to incorporating in the analysis the Brazilian macroeconomic variables exchange rate, inflation and GDP. The main results showed a long-term relationship between domestic prices, the exchange rate, and international prices negotiated in the United States for both commodities. Soybean prices are mostly affected by international prices in comparison to corn prices. In the short term, we found that soybean prices are affected by trading prices of the same commodity in the United States.
{"title":"Determinants of Corn and Soybean Futures Prices Traded on the Brazilian Stock Exchange: An ARDL Approach","authors":"M. Tessmann, C. Carrasco-Gutierrez, A. Lima","doi":"10.5539/ijef.v15n1p65","DOIUrl":"https://doi.org/10.5539/ijef.v15n1p65","url":null,"abstract":"This work aims to understand the determinants of the prices of corn and soybean futures traded on the Brazilian Stock Exchange (B3) based on the influence of international commodity prices on domestic prices. Using a theoretical model developed by Mundlack and Larson (1993) that considers the one-price law hypothesis, we estimate the Autoregressive Distributed Lag (ARDL) bounds test for cointegration (Pesaran et al., 2001), who tested the existence of a long-term relationship between the variables, as well as short-term influences. The database comprises the period from February 2011 to December 2019 and corresponds to the prices of corn and soybean futures contracts traded on the Brazilian Stock Exchange; and corn, soybeans and oil traded on the Chicago Mercantile Exchange, in addition to incorporating in the analysis the Brazilian macroeconomic variables exchange rate, inflation and GDP. The main results showed a long-term relationship between domestic prices, the exchange rate, and international prices negotiated in the United States for both commodities. Soybean prices are mostly affected by international prices in comparison to corn prices. In the short term, we found that soybean prices are affected by trading prices of the same commodity in the United States.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87232104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pierre Bilivogui, Karfalla Diakite, Emmanuel Tonguino
Climate change has become a significant threat to global economies in recent years. The idea that governments, banks, and regulators should work together to combat climate change and promote sustainable financing is gaining traction. The world’s central banks and financial regulators must take action on climate change and support sustainable financing. For example, consider the proliferation of regulatory bodies like the Sustainable Banking Network and central banks. The literature review is descriptive and relies on secondary sources. The report covers the first four quarters of 2021 and summarizes the monetary authority’s policy operations (goals and achievements). This study includes all scheduled banks and non-banking financial institutions in China in 2021, both public and private, due to their roles in green and sustainable finance. We spoke with four seasoned market analysts and four active and retired government officials and policymakers from central banks and financial supervisory authorities. While China’s economic development is undoubtedly threatened by climate change, the country has little choice but to continue to rely on its time-tested approaches to creating riches. The country cannot progress otherwise. Good news: The People’s Bank of China is making eco-friendly banking the norm in China’s financial sector.
{"title":"The Role of the People's Bank of China and Financial Supervisory Authorities for Greening China's Financial System","authors":"Pierre Bilivogui, Karfalla Diakite, Emmanuel Tonguino","doi":"10.5539/ijef.v15n1p55","DOIUrl":"https://doi.org/10.5539/ijef.v15n1p55","url":null,"abstract":"Climate change has become a significant threat to global economies in recent years. The idea that governments, banks, and regulators should work together to combat climate change and promote sustainable financing is gaining traction. The world’s central banks and financial regulators must take action on climate change and support sustainable financing. For example, consider the proliferation of regulatory bodies like the Sustainable Banking Network and central banks. The literature review is descriptive and relies on secondary sources. The report covers the first four quarters of 2021 and summarizes the monetary authority’s policy operations (goals and achievements). This study includes all scheduled banks and non-banking financial institutions in China in 2021, both public and private, due to their roles in green and sustainable finance. We spoke with four seasoned market analysts and four active and retired government officials and policymakers from central banks and financial supervisory authorities. While China’s economic development is undoubtedly threatened by climate change, the country has little choice but to continue to rely on its time-tested approaches to creating riches. The country cannot progress otherwise. Good news: The People’s Bank of China is making eco-friendly banking the norm in China’s financial sector.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74100296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper probes the sector-wise presence of volatility persistence, herding behavior and corresponding implications on investors and policymakers in the Oceania region both in Pre-COVID & Post-COVID era. The inspection is based on seven identical sectors from both Australia and New Zealand using GARCH (Generalized autoregressive conditional heteroscedasticity) methods for volatility analysis and CSAD (Cross-Sectional Absolute Deviation) method for herding behavior. This paper finds the existence of herding behavior only in the consumer discretionary sector for both countries which delineates efficient market conditions for other sectors. The market is highly favorable for the investors in Food & Beverages, IT, and Healthcare sectors in both countries due to the potential growth opportunity while Real Estate and Financial sectors should be meticulously assessed in line with the alteration of macroeconomic forces. Fiscal and monetary measures along with the influx of labor forces and technological breakthroughs should be the key concentrations for the policymakers of both countries.
{"title":"How Volatility and Herding of the Stock Markets in the Oceania Region Influence Investors and Policymakers: A Sector-Wise Exploration in Pre and Post-COVID Period","authors":"Swarnil Roy, Sk. Riad Arefin, Avijit Mallik","doi":"10.5539/ijef.v15n1p24","DOIUrl":"https://doi.org/10.5539/ijef.v15n1p24","url":null,"abstract":"The paper probes the sector-wise presence of volatility persistence, herding behavior and corresponding implications on investors and policymakers in the Oceania region both in Pre-COVID & Post-COVID era. The inspection is based on seven identical sectors from both Australia and New Zealand using GARCH (Generalized autoregressive conditional heteroscedasticity) methods for volatility analysis and CSAD (Cross-Sectional Absolute Deviation) method for herding behavior. This paper finds the existence of herding behavior only in the consumer discretionary sector for both countries which delineates efficient market conditions for other sectors. The market is highly favorable for the investors in Food & Beverages, IT, and Healthcare sectors in both countries due to the potential growth opportunity while Real Estate and Financial sectors should be meticulously assessed in line with the alteration of macroeconomic forces. Fiscal and monetary measures along with the influx of labor forces and technological breakthroughs should be the key concentrations for the policymakers of both countries.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82924006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article contributed to the literature on fiscal rules as we found evidence of expected inflationary effects as a result of lower fiscal cyclicality, even after an appropriate treatment for long-memory in the data, thereby in contrast to the most part of the related published studies, which have adopted conventional unit root tests. We used Brazil as our case of study, which represents a relevant example of developing country nowadays. We then found evidence of a pro-cyclical fiscal rule in Brazil, mainly after 2014, so that it diverged from the public debt sustainability principle developed by Bohn (1995; 2005).
{"title":"Public Debt Path and Long-Memory in Fiscal Data: An Analysis for a Developing Country","authors":"R. Moreira, E. Z. Monte","doi":"10.5539/ijef.v15n1p12","DOIUrl":"https://doi.org/10.5539/ijef.v15n1p12","url":null,"abstract":"This article contributed to the literature on fiscal rules as we found evidence of expected inflationary effects as a result of lower fiscal cyclicality, even after an appropriate treatment for long-memory in the data, thereby in contrast to the most part of the related published studies, which have adopted conventional unit root tests. We used Brazil as our case of study, which represents a relevant example of developing country nowadays. We then found evidence of a pro-cyclical fiscal rule in Brazil, mainly after 2014, so that it diverged from the public debt sustainability principle developed by Bohn (1995; 2005).","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"29 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90139094","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper analyzes the short-run and long-run effects of interest rates and Treasury bill rates on stock prices on the Lusaka Securities Exchange (LuSE) using semi-annual data between January 2006 and January 2022. ARDL model is used after we proved that there is no ARCH effect on the dependent variable (LNLASI). The findings show that deposit interest rates had a significant but weak negative impact on stock prices in the short run but had a positive impact on the stock prices in the long run, lending interest rates on the other hand had an insignificant positive impact on stock prices but a negative impact on stock prices in the long run. Treasury bill yields were found to have a negative significant impact on stock prices but had an insignificant negative impact on stock prices in the long run. Moreover, we found co-integration between among the three variables which means that there is a long run equilibrium relationship. As a result, the study concludes that, in the long-run, interest rates and Treasury bill rates have a combined effect on stock prices.
{"title":"The Impact of Interest Rates and Treasury Bill Yields on Stock Prices in Zambia","authors":"Y. Gebremeskel, Levison Malawo","doi":"10.5539/ijef.v14n12p92","DOIUrl":"https://doi.org/10.5539/ijef.v14n12p92","url":null,"abstract":"The paper analyzes the short-run and long-run effects of interest rates and Treasury bill rates on stock prices on the Lusaka Securities Exchange (LuSE) using semi-annual data between January 2006 and January 2022. ARDL model is used after we proved that there is no ARCH effect on the dependent variable (LNLASI). The findings show that deposit interest rates had a significant but weak negative impact on stock prices in the short run but had a positive impact on the stock prices in the long run, lending interest rates on the other hand had an insignificant positive impact on stock prices but a negative impact on stock prices in the long run. Treasury bill yields were found to have a negative significant impact on stock prices but had an insignificant negative impact on stock prices in the long run. Moreover, we found co-integration between among the three variables which means that there is a long run equilibrium relationship. As a result, the study concludes that, in the long-run, interest rates and Treasury bill rates have a combined effect on stock prices.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84148330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
P. Vartanian, Álvaro Alves de Moura Jr, J. Racy, Roberto Simioni Neto
In May 2014, the animation “Quantum” was the first work to be associated with a non-fungible token (NFT) type certificate. As of 2020, the market has evolved considerably, with the millionaire figures and exponential growth typical of new disruptive technologies. Considering the recent rise of the NFT market, it is important to understand how it works and, above all, the determinants of the prices of NFTs are highlighted. Based on a detailed analysis of this new market, a GARCH multivariate econometric model is applied in order to assess whether it is possible to identify the price determinants of NFTs, based on the behavior of the prices of cryptocurrencies (Bitcoin and Ethereum), the US interest rate and the price of gold. The research is based on the study by Dowling (2022a), which sought to analyze relations between the prices of NFTs and cryptocurrencies. The results found coincide with the prices of NFTs that are similar and independent of cryptocurrencies, the interest rate and the price of gold, some specific differences to identify a determined period.
{"title":"Non-Fungible Token (NFT) Prices, Cryptocurrencies, Interest Rate and Gold: An Econometric Analysis (Jan. 2019-Aug. 2022)","authors":"P. Vartanian, Álvaro Alves de Moura Jr, J. Racy, Roberto Simioni Neto","doi":"10.5539/ijef.v15n1p1","DOIUrl":"https://doi.org/10.5539/ijef.v15n1p1","url":null,"abstract":"In May 2014, the animation “Quantum” was the first work to be associated with a non-fungible token (NFT) type certificate. As of 2020, the market has evolved considerably, with the millionaire figures and exponential growth typical of new disruptive technologies. Considering the recent rise of the NFT market, it is important to understand how it works and, above all, the determinants of the prices of NFTs are highlighted. Based on a detailed analysis of this new market, a GARCH multivariate econometric model is applied in order to assess whether it is possible to identify the price determinants of NFTs, based on the behavior of the prices of cryptocurrencies (Bitcoin and Ethereum), the US interest rate and the price of gold. The research is based on the study by Dowling (2022a), which sought to analyze relations between the prices of NFTs and cryptocurrencies. The results found coincide with the prices of NFTs that are similar and independent of cryptocurrencies, the interest rate and the price of gold, some specific differences to identify a determined period.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"141 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74938375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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