Working Papers in full text
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
All
Other research-related activities and publications of the IMF can be found at IMF Research
|
Free Email Notification
Receive emails when we post new
items of interest to you.
Subscribe or
Modify your profile
|
|
|
|
Go Long or Short in Pyramids? News from the Egyptian Stock Market
|
Author/Editor: |
Billmeier, Andreas | Massa, Isabella |
| Authorized for Distribution: |
July 1, 2007 |
|
Electronic Access: |
Free Full Text (PDF file size is 474KB)
Use the free Adobe Acrobat Reader to view this PDF file.
|
|
|
|
Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
|
|
Summary: Similar to other emerging economies, the Egyptian stock market has recently experienced a remarkable run-up but also a major downturn. This paper analyzes the stock market from two angles. First, it compares the performance of the major stock price index with its underlying fundamentals. Second, it explores the relationship between the Egyptian and other stock markets. The paper finds that (i) there is some evidence against a stable relationship between the Egyptian index and its fundamental value; and (ii) short-term correlations and long-term cointegrating relations provide conflicting signals on the value of Egyptian stocks as a means of diversification.
|
|
|
|
Series: |
Working Paper No. 07/179 |
|
Subject(s): |
Stock markets | Egypt | Financial integration | Stock prices |
|
Author's keyword(s): |
Egypt | stock market | CASE | integration | cointegration | market capitalization |
|
|
|
|
| |
Published: |
|
July 1, 2007 |
|
|
|
|
| |
ISBN/ISSN: |
|
1934-7073 |
|
Format: |
|
Paper |
| |
Stock No: |
|
WPIEA2007179 |
|
Pages: |
|
27 |
| |
Price: |
|
US$18.00
|
|
|
|
|
|
|
