Stock Price and Investment Measures in Bangladesh
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概要
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Stock price fluctuation is a usual phenomenon throughout the world. But in case of Bangladesh, stock prices fluctuate violently-disregarding all micro and macro economic fundamentals. This paper has attempted to analyze the behavior and structure of stock prices in Bangladesh in terms of some investment measures. This has also examined the patterns of stock prices with a view to discovering the main factors, both economic and non economic, behind it. The potent factors governing the stock price behavior in Bangladesh appear to have been, by and large, economic in nature although psychological and political factors have also caused violent fluctuations in prices. Market manipulation and other market abuses like insider trading, underhand dealing have their worst impact in wild and wide fluctuations sometimes. Dividend decision of the enterprises has a critical role to play in price formation and substantial relationship between stable dividend policy and PER has been observed. The conventional investment measures like stock yield and PER display relatively high volatility in Bangladesh market causing weak relevance to market reality. Thus, investors need to pay attention to other measures such as PBR. Anyway, security markets provide investors a means to trade freely and timely, issuers to raise funds cheaply and smoothly and the economy to allocate resources efficiently. In order to attain the optimum level of efficiency, the concerned authorities should continue their efforts to such areas like broadening the active membership of the exchange, ensuring fairness and transparency, enhancing professionalism, integrity and liquidity of the market
- 長崎大学の論文
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