The effect of investment regulatory changes on stock prices and trading volumes: Evidence from Iraq Stock Exchange

This study investigates the effect of investment regulatory changes by examining the difference in stock prices and trading volume before and after the changes in the investment regulations in Iraq stock exchange in August 2007. It also examines the relationship between two economic factors (namely...

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Main Author:	Mohammed, Mohammed Ahmed
Format:	Thesis
Language:	eng eng
Published:	2014
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/4592/1/s811056.pdf https://etd.uum.edu.my/4592/2/s811056_abstract.pdf
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id	my-uum-etd.4592
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Ahmad, Nor Hayati
topic	HG Finance
spellingShingle	HG Finance Mohammed, Mohammed Ahmed The effect of investment regulatory changes on stock prices and trading volumes: Evidence from Iraq Stock Exchange
description	This study investigates the effect of investment regulatory changes by examining the difference in stock prices and trading volume before and after the changes in the investment regulations in Iraq stock exchange in August 2007. It also examines the relationship between two economic factors (namely GDP and Inflation Rate) with stock prices and trading volume. This study utilizes data from 10 financial companies with 30 monthly observations covering the years 2006-2008. The current study employs market model to assess the investors’ reaction to the announcement and implementation of regulatory changes; and SSPS to provide descriptive analysis, Pearson correlation and T-Test for the examined variables. The results indicate that the stock prices moved towards a higher price after the regulation changes were implemented in August 2007 in which allow foreign investors to invest in Iraqi stocks. Their cumulative abnormal return is 5 percent. The increase in the prices of stocks in the Iraqi stock market after the implementation of the regulation indicated investors favour the new regulation. In addition, the trading volume and market capitalization ranking were dominated by the banking stocks among the selected financial companies. GDP and inflation is significantly and negatively correlated to CPI and CAR respectively. The companies were categorized between under-performed group and outperformed group (relative to AAR of 3.43 percent). The t-test indicates that there is a significant difference between the two types of the companies in their response to the regulatory change.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Mohammed, Mohammed Ahmed
author_facet	Mohammed, Mohammed Ahmed
author_sort	Mohammed, Mohammed Ahmed
title	The effect of investment regulatory changes on stock prices and trading volumes: Evidence from Iraq Stock Exchange
title_short	The effect of investment regulatory changes on stock prices and trading volumes: Evidence from Iraq Stock Exchange
title_full	The effect of investment regulatory changes on stock prices and trading volumes: Evidence from Iraq Stock Exchange
title_fullStr	The effect of investment regulatory changes on stock prices and trading volumes: Evidence from Iraq Stock Exchange
title_full_unstemmed	The effect of investment regulatory changes on stock prices and trading volumes: Evidence from Iraq Stock Exchange
title_sort	effect of investment regulatory changes on stock prices and trading volumes: evidence from iraq stock exchange
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2014
url	https://etd.uum.edu.my/4592/1/s811056.pdf https://etd.uum.edu.my/4592/2/s811056_abstract.pdf
_version_	1747827760827465728
spelling	my-uum-etd.45922016-04-17T02:00:14Z The effect of investment regulatory changes on stock prices and trading volumes: Evidence from Iraq Stock Exchange 2014 Mohammed, Mohammed Ahmed Ahmad, Nor Hayati Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance This study investigates the effect of investment regulatory changes by examining the difference in stock prices and trading volume before and after the changes in the investment regulations in Iraq stock exchange in August 2007. It also examines the relationship between two economic factors (namely GDP and Inflation Rate) with stock prices and trading volume. This study utilizes data from 10 financial companies with 30 monthly observations covering the years 2006-2008. The current study employs market model to assess the investors’ reaction to the announcement and implementation of regulatory changes; and SSPS to provide descriptive analysis, Pearson correlation and T-Test for the examined variables. The results indicate that the stock prices moved towards a higher price after the regulation changes were implemented in August 2007 in which allow foreign investors to invest in Iraqi stocks. Their cumulative abnormal return is 5 percent. The increase in the prices of stocks in the Iraqi stock market after the implementation of the regulation indicated investors favour the new regulation. In addition, the trading volume and market capitalization ranking were dominated by the banking stocks among the selected financial companies. GDP and inflation is significantly and negatively correlated to CPI and CAR respectively. The companies were categorized between under-performed group and outperformed group (relative to AAR of 3.43 percent). The t-test indicates that there is a significant difference between the two types of the companies in their response to the regulatory change. 2014 Thesis https://etd.uum.edu.my/4592/ https://etd.uum.edu.my/4592/1/s811056.pdf text eng validuser https://etd.uum.edu.my/4592/2/s811056_abstract.pdf text eng public masters masters Universiti Utara Malaysia Abu-Libdeh, H., & Harasheh, M. (2011). Testing for correlation and causality relationships between stock prices and macroeconomic variables: the case of Palestine Securities Exchange. International Review of Business Research Papers, 7 (5), 141-154. Adam, A.M., & Tweneboah, G. (2008). Macroeconomic factors & stock market movement: evidences from Ghana, MPRA Paper112556, University library of Munich, Germany. Adrangi, B., Chatrath, A., & Sanvicente, A.Z. (2002). Inflation, output, and stock prices: evidence from Brazil. The Journal of Applied Business Research, 18 (1), 61-77. Aktas, N., De Bodt, E., & Roll, R. (2004). 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