Abstract: Relevant financial information is a central concern in the daily life of investors. However, despite the deterioration of the role of classical media channels, the written press, the latter remains an undeniable tool influencing the stock market. In this context, we have collected 1720 articles published in the newspaper the press of Tunis, during 6 years going from 2010 until 2015. In addition, we have used two dynamic models, first to test the impact of verbal qualitative information of print media on the stock returns of Tunisian financial companies and second to test the impact of stock returns on qualitative verbal information of print media. The estimation of the model is performed by the generalized method of moments (GMM) in dynamic panels, using the sofware STATA 12. The results of the empirical study show on the one hand, that the stock exchange of Tunis reacts positively following the publication of positive qualitative information and on the other hand the stock exchange reacts negatively following the publication of negative qualitative information. In sum, despite the deterioration of the place of the written press, we noticed following this study that the qualitative information of classic media remains relevant. Bad information published negatively affects the market and more precisely stock returns. However, it is essential to emphasize good qualitative and quantitative financial communication in the traditional media for the smooth running of the Tunisian financial market.Abstract: Relevant financial information is a central concern in the daily life of investors. However, despite the deterioration of the role of classical media channels, the written press, the latter remains an undeniable tool influencing the stock market. In this context, we have collected 1720 articles published in the newspaper the press of Tunis, during ...Show More
Abstract: The purpose of this study was to evaluate the selectivity and timing performance and persistence in active Saudi mutual funds through a comparative work involving 100 Islamic funds against 51 conventional funds trading in Saudi TADAWUL stock Exchange from 2010 to 2015. We have split each group based on 6 regional investment categories: Local, International, Arab, Asian, European and American (US). We employed specific models to assess selectivity and timing performance. Then we investigated their persistence. Findings indicated superior selectivity with Arab Islamic funds compared to conventional peers and similar negative selectivity in both Islamic and conventional International funds. In addition, there was evidence of selectivity with US conventional funds, and none with Islamic peers. Furthermore, results showed significantly higher timing with local and Arab conventional funds compared to their respective Islamic peers. As for the performance persistence, there were signs of selectivity and timing persistence for both Islamic and conventional funds, mostly on local, International and Arab levels. Nevertheless, Islamic funds’ performance persistence in both skills was longer. Finally, both Islamic and conventional selectivity and timing were negatively correlated overall, indicating skills’ mutual exclusiveness and specialization. We recommend studying a larger sample, for a longer period. Different grouping may be applied, based on asset classes, i.e. Equity, Bond, Balanced, Income, etc. The study can even extend to a multi-market or multi-regional investigation i.e. MENA region.Abstract: The purpose of this study was to evaluate the selectivity and timing performance and persistence in active Saudi mutual funds through a comparative work involving 100 Islamic funds against 51 conventional funds trading in Saudi TADAWUL stock Exchange from 2010 to 2015. We have split each group based on 6 regional investment categories: Local, Inter...Show More
