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Enter the New York Stock Exchange (NYSE), established in 1792. The NYSE occupied a physically strategic position, located among some of the country’s largest banks and companies, not to mention being situated in a major shipping port.The exchange established listing requirements for shares, and rather hefty fees initially, enabling it to quickly become a wealthy institution itself.Company shares were issued on paper, enabling investors to trade shares back and forth with other investors, but regulated exchanges did not exist until the formation of the London Stock Exchange (LSE) in 1773.
It is a measure of a company’s liquidity and its ability to meet short-term obligations as well as fund operations of the business.
The ideal position is to to companies that they can use to fund and expand their businesses.
The purpose of this paper is to provide insights into the profitability of momentum strategies in the Indian stock market.
This study further evaluates whether the momentum effect is a manifestation of size, value or an illiquidity effect.
The terms "stock", "shares", and "equity" are used interchangeably.
Financial assets refer to assets that arise from contractual agreements on future cash flows or from owning equity instruments of another entity.
This suggests that the momentum effect in the Indian stock market is not a manifestation of small size effect, value effect or an illiquidity effect.
There is little empirical evidence on the momentum profitability, especially in the Indian stock market. https://doi.org/10.1108/JAMR-11-2015-0081 Download as .
In contrast to the literature, momentum profitability is driven by winning stocks, and hence, buying past winning stocks generates higher returns than shorting loosing stocks in the Indian stock market.
Strong momentum profits were observed even after controlling for size, value and trading volume of stocks.