Unexpected Liquidity Behavior in Emerging Capital Markets

Student: Glinskaya Anastasiya

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2018

The presence of alphabetism on developed financial markets has been shown in recent studies (Itzkowitz et al. (2016), Jacobs & Hillert (2016). The practice of information demonstration in the alphabetical order is widespread today, that is why it is assumed that the stocks located at the beginning of alphabetical ordered list will show greater turnover and liquidity. This hypothesis is tested on the financial markets of Brazil and India in current research. The results show that on Indian market the first 10% of stocks in alphabetically ordered list have higher liquidity. Similar effect was not obtained for Brazilian market. This result can be explained by the fact that the effect of alphabetism is difficult to be detected for a small number of trading companies.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses