• No results found

Stock returns and economically neutral behavioral variables: evidence from the Nepalese stock market

N/A
N/A
Protected

Academic year: 2020

Share "Stock returns and economically neutral behavioral variables: evidence from the Nepalese stock market"

Copied!
16
0
0

Loading.... (view fulltext now)

Full text

(1)

Stock returns and economically neutral

behavioral variables: evidence from the

Nepalese stock market

Joshi, Nayan and Bhattarai, Ram Chandra

(2)

!"#

$%

&'

()#

*(+#

,! ( -.

!*/

/

0#

1%&

'

*/

#

2%3*4.

&'

*/

#

5*'

.

*6/

%)7

#

,4.

+%(!%#

8

'

-#

3%#

1%9*/

%)%#

!"#

:*'

"%

#

;'<#$*-#=3*(+'*#23**'*.>?1*0*(#@'.)3(*#A )3.B

C913771D17E7179292117777123494717FF371

E74F29E19773112732237819728997G07

HI0173J87E1K17L7179247131M32997317197992987

1217117971271E77123497189732237819

7289979797717E7179N328327917791897O

291N72FF73172979OGC7FD317177P17372F

E74MF297FF373179471F29Q17791897RQ72FF7317

2979R8121F2917Q3283279RGC77FD97213217112

1272F9781238717F297727779DD12349471G

S<#S1T$U;V=TSU1

# T3%'%#.)#*#W' X.(W#'%)%*'!3#.(#3%#8.%/+# 8#6%3*4. &'*/#8.(*(!%#3*#%Y*-.(%)#3%# %88%!# 8#- +)#*(+#8%%/.(W)# (#) !"#-*'"%#'%&'()<#T3%)%#)&+.%)#*'W&%#3*# %! ( -.!*//0#(%&'*/#6%3*4. &'*/#4*'.*6/%)#Z- +#9' Y0#4*'.*6/%)[#.(8/&%(!%#3%#- +# 8# .(4%) ')\#X3.!3#.(#&'(#.(8/&%(!%#3%#) !"#'%&'()#ZA*! 6)%(#?#:*']&%'.(W\#^__[<# T3%)%#4*'.*6/%)#*'%#!*%W '.`%+#*)#*#! (.(& &)# '# 8#*#).(W/%#%4%(#Z,+-*()\#a*'!.*#?# 1 '/.\#^__b[<##,Y*-9/%)# 8#3%#! (.(& &)#4*'.*6/%#*'%#X%*3%'#Z!/ &+#! 4%'# '#)&()3.(%# *(+#%-9%'*&'%[\#)%*) (*/#*88%!.4%#+.) '+%'#Z6. '303-)[#*(+#/&(*'#!0!/%#X3./%#3*# 8#*# ).(W/%#%4%(#*'%#+*0/.W3#)*4.(W)#.-%#!3*(W%)#Z6. '303-)[\#( ()%!&/*'#3 /.+*0)#*(+# .(%'(*. (*/#) !!%'#'%)&/)<##

# T3%#)%-.(*/#X '"#.(#3.)#*)9%!#.)#3*# 8#*&(+%')#Zcdd[<#e%#8.(+)#3*#8 '#3%#V\# !/ &+#! 4%'#.)#).W(.8.!*(/0#*(+#(%W*.4%/0#! ''%/*%+#X.3#) !"#'%&'()<#f !&).(W# (#3%# 3'%%#.(+.!%)g3%#;ASh#.(+%Y\#4*/&%iX%.W3%+#.(+%Y#*(+#1j,kh:,l#%]&*/#X%.W3%+# .(+%Yg3%#+ !&-%()#3*#/%))#!/ &+#! 4%'#Z)&()3.(%[#.)#*)) !.*%+#X.3#3.W3%'#'%&'()# *(+#3%#'%&'(#+.88%'%(!%)#6%X%%(#3%#!*%W '.%)#X.3#3%#- )#!/ &+#! 4%'#*(+#3*#X.3#

>#m%!&'%'\#;%9*'-%(# 8#,! ( -.!)\#T'.63&4*(#V(.4%').0\#n**(#:&/.9/%#=*-9&)\#m*/.9&'\#,i-*./7#

'*-6o(!<(%<(9

(3)

!"#!$%&"&

!!'&

"() !*+!(),,-*!"

+)."/ !

012)011304! !!+

!

5!

19(),,&),,6*

! "7!&

&!

5/

&

!"7&8!&8!9(),,,*

"!!

:8!&8!9(),,-*

"!"/ &"

!!5"

!+:;(+:;*)5!;

%(),,0*<&==(),,0*

" 7&7+!!(),,0*

4+&%(4+"!" *

! '-4&

7+(%3<*

<!8 (;:!*:0!&>

3(),,.*!! /

5!"4&

!"!! !&

!5 "!

/ 3 "!"5

!/

&?(

! *!(+:;*5

!!@"!"

&!

5 A+55!

/"+555!

! +58!

5

055!

!! ' & /& !

)5!#$+:;!

!;8!BCDEF&),,-

(4)

223567268926556

!"

#$"" $%"

# "&$#%'(&3

)*+,-*./+01/2,345/6*,7.08/

8"#9 :$ $$

:"# #$$#

#%;:<=>?@8:A???@B"C:3:A??1: 3 DA0&3'"%<==E&"$"!"30

# <=AD<=>=%(F2"%(F2&&<=GA

<=>=%HI!'!9%HI'6&J#'!69%K6L&&:

M"%?NA?<??&# "

"3O$"$%?NA?&

$"$%<??&"! 3"#

""$$#HI'6JK6L31'"

" $#!P#Q"F"$:

!:##""$"$B":

"!%A #&3C#5"%<==D&

'"%<==E&"R#"#!"

$""'"#$"$ 23

O'"#$%A??E&#!"$$

$"##!

"AG!9 #<=>A<==D3

# #$"$$

!"36"

:$"$$

#""32"$""S8%A??0:

A??1&9#>!9"# "

3G$ $"$ M

# "!#!""!

!:# "!"

%!N!& $%!N&

"B"# !!

0'""" $

%"":"#$: & "% $&"# "#3"HI!S$"9$"# P Q%## &9

#! $ 3

1T""# %<=>EN<=>=&3

GHI!:::!":'!#:'$$:!$ 3$

(5)

2342678494244234234723682372264267644724

66472482324467264234462342446726423433462346426784 4673474823777784223722364723324746

2344623723424623723423424467264337723

8724764642466426446234472722772 4674724664724 242442446726478264263462346 32372234664262276724672424278472782 647264472462662344673784642664724 22342

!3422346447637468424844472346442234647647

246484434 2446274"76878#76$%&&'()73

2642634367838244778*7672$%&&'(

632642684678+36778)32,$%&&'(6-).-/ 2642684606446142,77823$%&&%(82372472346 44284243767642746672346237887426346 234642)7846$344'(78*6344678)37$%&&'(645662

4723462342344 748727742342678724266234

468777634432446344133646442720&4642227

88764687884246472467842467628)2348

627846442346422644924887748 2872678722467226274223447234678344642887 267846723464472346442:7882234764822227 478872464422647;62234764277482464 32724878442424376774237887)48234

76446737846484887426237223438744

4482347472346456623464642347642746727

2347278872472262223464234472346442;6232343234,4

237222746377244982$8<7647877

4764(784 742348764724244234746746478374782347

456624723463484237264788488778344234

466426234487=

>?@ABCDBEFGHIJGKD@LMGNODPAIF

:74 72344272472346964724886 76746442 64476337764823722346474242446323$7323427

7224672467234278Q62442(78264263

;623437644763746446778!4$%&&0%&&R(77478076946$%&&0

(764237223446447637466472422344 46422446726478374376846 4 264476784 26448244672643342682649424 464442 2642346282446726476446284672424467264:7234628$344%&&' 3&(6146767244262348237223464647234244486426$6426 7486472747864267887(78234746748724467264262346647 472346$348467867(234644 264723222

=3663687427$%&&39248142,7S23%&&%3'(33237223464

(6)

234352676593523353734535239475537323435267

97323594733397335732593232947335495363

42324732772 43974235273973

9273297347323344395454354952362239323449765943 297359293259234499734292432!59449"#$$$

7323593 595959%9324754565234943

4354956759397373272457&3435267474752534

59932399623543753"36543739623543435495

32396349577246629"3 32395234352679467

6394563529'33393234495932324'%5'93752953

25934394"9697435959659523727739'43339 593234495933393234495924'53249"(5425)*+,-#$$.

7734/37543549552599397565939325343549552599

32329401495552993932959546'3 67593473453

32523479343432341$352459472343432342$3524 6535524534529732323399739273297347323

4353559973473297347323373473396349659

33697343549566346'23294346'52'343 323963737734 232942973472"52'549325973342329429739"27 544325974339532692923%'9952'3435495459 73239293955624734549475336423299639 7352'34577325332734273352223436373732 52'34653973927329594732973473234"5777347329 52'34"732373435494523233243"235649747543695973 97533645432696973552532$

73467659'475(5425)*+,-#$$.43475323639339

626/3(359!3467'3#$$77352375467655982365 32523759'43529323449352924'5324975493339 345473577736244%43695235933393234495924'532494 7543393454737354657573243497532344935'454 7396622973529733236332%93252:56439

0;543973963963365339639"7443549523534733975"767

33949435495953"9759<=><?@>)"7673394969344A5223"(5425 B(2532"#$$0

2$C4676532523(5425)*+,-D"#$$.434733234433364597396324'

(7)

234627897309772729727923

4234347427727723

3223222323374

!"#""$!6%#&'!'(')*

#894223+1,72342329$2

-%.23$%/-%34.#34.22904234222342

2732771239272344+!723+33#42227

2347-975274$2#42277973334.27

292493038923

6 7

3 83

9 : :

: @<;<=>? ;<=>?

A BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BCDEF

07A:33999344722332734.;<=>?:

2734.2234;<=>?:832734.2G3

#02742239472347297234272347

)733$2!273&4723467#02723

94#7923 373232"77294,H03I0,2J$2342

747734289422#7932329

327422222234297.

.233

K94K77#2-K7-LK

#-LK27227713423732947M231

39472427223434223947242

3#-LK2729347942974297772342 32320+2$2-234274#$-#03.7232+0+ 210+22343N72322970292272-LK7 2427+0+2+0+$-#347$%/-%72439732443

0942324-LK330&77234-9022#

42794297242-LK2472232

23797332N74232O327294329723

33-00023232422773379334.

3#330-293473442-2934727922027907792

724323727237492347324432727233$227 97224740344922343932037 337243L22349GPG4427ML22349027247.'3 2)O23234Q9

32(9723234-9O20739032722407497

(8)

2346478977242344732347949287248473796

47847423474874748473232346478!7786

2383"4448#97724774874234$$4872982372

782978232346478898$$%6478749762347964776% 7&242'#92472347782978769234234

23234929449729479482378776774729447234 924#2(393924)34847248947%7&242'#

*4487284*+,-#

*+,-7897499484449.2947842(94473767294294

/0071*7720001**347979924487284484

72237229498482477979924487284247724234796

24487284994(923772493440#72347487479799 2448728424234447794*+,-78974623923474(76723728 234789747424926*+,-2'

477)4294"9848)"#

*34)"78974 6785#974234483842(44427

894923477(9248$0*34)"78974 5

678#99467287427 3449#

)"2: 8287976923477(92482348(94

4 $3 ;2 < = > ?

(3484@5923429484228947277829787297237#94

483893294627787897298348972894286

A B

C

D E F G H I J K L M N OPQ ? R ? S 2

2 27

9T4 3 27 78 U3 U 30 ;

(3484

Q

8484422347292482323472982344V72872379 3UW031823#7

I

592344972974946

A

B

C D E F G H ? J K L M N O P R S

I &97 /430 9T0 3 9 0$43 4 2 2

(3484&972977897423728748$29T09TT9476478#8484429234

482347692346478!9724V7$8!7786$38!778637

$0*3477(924848994947424483$2,783348234182348;493484*347

(9)

234678292222

!"##$%&!"

" $ #! ''# !4

()**+,-.(/+/01/021.

"##$3" 4%&! &!

543"6#14157 %14818

4!''! $!498415: !''! $'4

04;0843"<&'%34 '3"4

!!""'"'"! $6!%' !$ "! '"54

=65>"##$

?+,0+@AB1. CD.F@1GDE.. HB+I. (/JG.KBLG. H0I. H+M. (NBOIB11. P),/D101.

9"QRS T087 141T 1485 98415 04;7 9147T 5U488 !3$% U;;U U480 T4TV 1411 8411 1410 954T8 #"QS U;;7 5;455 041: :471 TV4:0 914:T 9545:

CD/B1>&! !$"##$#! WTU65;;0U56T1104 %&! & " !$'"686 <4'' < & #6=XY44# <$%&! !$!" %'#1 8 !$#" '!"4!"#T!" "#&&% #! !"#U :# %4!"#0 74 ##"# #<#"#%!"%&!4!!"#V 8 &34 3"4

!$!" %6#U480 %T4TV4!'

!4!" %48 1%!$434!Z '

<$##!Q#!S &"4!3"!'4

!!"!" %'"'"! $6!%' !$!" %! '"T4

!$#"#%" 5;[4! %!

0[4!4#"4:471[ '#"4TV4:0[4

#"!'%346 '###

%<#!$! $<#!$ $4!!"#"

'"'"! $6!%' !$#"

! '"U4'":4%!" !$#"4

(10)

2345648983668333318384536343688346 488362344 34648!3883624 63"10

# $# %# &# #'# #(# #)# '## '*# '+# $,# $$# $%#

-#.(

-#

-,.(

,

,.(

#

#.(

/0

12

34

56

07

58

498

4:

;<=41>40?644=6<5

@9A7564BC4;<9D=4/01234560758

# $# %# &# #'# #(# #)# '## '*# '+# $,# $$# $%# -'

-# , # ' $ * ( % + )

E

F

G

4<

8H

4E

F

G

I

;<=41>40?64=6<5

@9A7564JC4;<9D=4GD17H4G1K65

LMNO LMN

10P3338383668364663 88453243333133466366838

(11)

2 32 42 52 262 272 282 622 692 62 32 332 342 7

7 2 27 6 67 3

!"#$

%&'() %&'(

*+, -./ 37 337 347 65 75 85 225 295 25 65 635 0

07 20 207 60

1

2

3 14

(12)

23453667899676

86636635378967333933898793537855736

96853596359388794534536678967758653 !!1"9 #89$37 !!%"&53596('"5353453663898969

)

!"&44353596353

93366589347653*75385+,-,793./0"938338987935

573686835&33553&31"2833538988958853 3893393.486633/5

# / / !

5 #6

5:)89;8) 87 "

/ / !

5 ,3-6

5:)89;8) 87 1"

/ / !

5 1

5:)89;8) 87 %"

353573653637937963789<<<3.3(';/76344333939

573

3538563536658599794353453667893*7896 &19%853 3975363357835366797388358377397686773'4 6767=/0>"96749779/!353933867497793&6443679453596 795363579438677588835368839386773 8377398335533'37698674977938939789338 67497793$753458383773981&7769347396767 796749779338?63@5385379368983686

3838858.57363.79853937435398577897968

53596A35353667973393793338987935

3785573679353453667897977&379367497795378967 86773"85388358998853355391

/034394763357936794B?944C8.

D

363E3363& !!0"F8576&375659

353453667897844353596<B?944C8.

D

3653?363836768985367 885537898583946389335396749779333&37939835495333 583538846

/5C363G8679# !!0"9G867 !!0"5385.86663794339389484

(13)

23456899

3!

6"

#

%

$

'

& ()* 26+,* 3! 3-.8

2 ) $.$.$&$/0& &0.$.812/$1* &.$.3/***$&01 4 4 $.$1$3

2 $.$.$&&303 $.&0.8118$0* 4 $.$.$$3313 4 $.$1$2

3! $.&.$8&1&2 $.&0.8121$1* 4 4 4$.4$.$8$111 $.$1$2

5678992:: ::; 3!<.2=;<:. 274>?4.2 @82&//0!2&8$$0.

* :&$4=4. ** :04=4 *** :&4=4

A=::

=:=B.

2 ) & & $

()* 26+,* 3!

E%D'FD% D% D% DC GHIJ (87KLM.;8$$2<)>;8$$1<;<

;%$<=;B:N6, 6"<

;

3!<.3B=:+::

"4::.

,3:22:B0:

.2,3:22:

28=

.O::;74P&.1$<

:&$::::

7:::: 3!

:.+:-8

:22;,3<=""

:.Q

:;<="

(14)

12345789

2!"

#

$ &% '() 15*+) 2! 2,-9.

/012345

5

#-#-#%6767 9-#-#6))).78% #-%-#%067#) #-#-##9066 :#-:#-#%909; #-#7#7

/01234<

=: #-#7#;

%-.8 8-#-.8)))%%7. :#-:#-###.#. #-#-##%8%9 #-#-##677# #-#%%# : #-##7.

#-%# %0-#-778.#.))) #-.-#.6;#;)) #-%-#%70.; :#-:#-#.;#97 #-%0%. /01234> ? ? ? ? ? ? (

3@A #-%-#;#6%7 #-#-#89%;8 #-%-#87876) #-#-#%%%8. :#-:%-#;#7%6 #-##.9

BCD2E81FF 2!"-1 G"F-1D: HI:-5 J.7%660!7%.##0GFJ.7%660 J7#.###J%.###!7%.##0-

) F%#:G:- )) F0:G: ))) F%:G:-

1FGF:+3F

17-=G:G

F:AK-21

73"FFF 2!G

:-!F:FFF

FGF 2!F-

LG:FFF

#-#.6;"GFD:F.-#;GFFF

2!F-1G

G:F:

:F:-@

2!FFF

MGFF-1AA

%0FF:-

*FFG

AGAGFFA

-=GL5+ 5(3AAA-1

(15)

234568964389595686895945246434889 8584888558858988595884!"#

$953389528968553584982946

435964%3398898859596488&4343384989

534234568965968963896'433584985342 3846 5368399642958(94898859)6389832 38462 48863894962 3846389438%8953935368943446 34538528*353596+,-

./012+$/0+

$986963534992949485935

258435538525964%339649689+5963(!##)'8383596 +5(344)5459658(34463440)59675355(344)258989

054%53%$953853449344634538525

4989484535353852(4643596353)596836498

5284353852(+,-)344364538898859

358498(488)294%33959649485935258435

5385233962464388968988949894534362

+5963(!##)596'8383596+5(344)44236898859958 358498294%3395964643

5834353596+,-538526494423898859

358498353548949894896896493568954596

58(34463440)59675359:;<(344)43436898859958

358498294%339596353596488596898859

358498294%339596+,-5385238$938943

8968953434989432 3846(84988353846) 59643494896385896

89689896855054%53%894889895%43

83449(4643)43446345385259643 53943898494844634538528946453889

!"358588584985894359298342489553483

44689436345486446=25633438983>69596356('8383?

+5344)'435@5429596&53A389(3446)489598953

4335685495968853646889854983894

5895495539894%339343333534629635%9 4498334396&434355925843848945 68384943338953538245894446 4353493568925843(25964668849)5969488943 4533864596483446595%2368849

!"8849434BC889&53%'48D/3896834943596349434

(16)

2343235637

68987982 !"89!8#$%&'()* +,-./01(2--38#84#5"667779!

6898038"87$95798 !"8

9!8#$%&'()*+,-./01(2-38#84#5"667779!

65987485!8$8!825!89 8:3$838"

792%;'<(+/=-'>-?*+/+@*/=-A@'+'B*@C0D

E53FE8 E89G86$#3HH792%&'()*

+,-./01(2I3$9H5:8J7599#38#84#5"667779! 3!8EK888L59#M7"97!8792%

4959!:NO1-;'<(+/=-'>-?*+/+@1238#84#5"667778P9H9:

48!8349D13HH68"8#82379H 59$83!"8#9% NO1-;'<(+/=-'>-?*+/+@10QRSTSU91

48!8349DD93HH68"8#8FF%NO1;'<(+/=-'>-?*+/+@1VQ0R9010U 9V91

4G87485!8$8!959U7#82:#8792 5

F!"89H5W:5W9#$E8$95I73X$8%-&'()*+,-./01(38#84# 5"667779!

K8FY8!88GY8!J#8!Z889

5[9H2%-&'()*+,-./01(38#84#5"667779!

K9\!8585]52897555853HH^%

&'()*+,-./01(38#84#5"667779!

W5#HE8 75!78$SK99E8$7579285

85%NO1-;'<(+/=-'>-?*+/+@1-0TQSR9DU9S

894J88X:F585^%&'()*+,-./01(38#84# 5"667779!

955Y84JY60 55"8#7983HH$868#8 9!8#%A@'+'B*@-_1`*1ab-c@@/C*'+/=-./01(deUT0

955YVE8$U9HU5U3HHF8F$7"H[59!9^%NO1 A@'+'B*@-;'<(+/=-'>-f10/=-DQ9Rb9U9

Y8!8GY8!8EG3G9:7#"858 5

E8$#:5U783:9!8#$%gB1(*@/+-A@'+'B*@-_1`*1ah-ijklR90U999

Y8!8GY8!8EG3SJ#7E798

6$#%gB1(*@/+-A@'+'B*@-_1`*1aimkdnSUSS

Y##6JG49Lo488769Y959#8#0

8!W8886#8W8 569:3HH9H859998

69:9%.Cp@O'=',*@/=-q@*1+@1-9VQDR1U1S9

Y##$[845033U7!8792%

&'()*+,-./01(38#84#5"667779!

G9:588[75#\S8579285F!"89HG98#\ 8:J5839%-&'()*+,-./01(38#84#5"667779!

8:9L3379H3"!9#9:8#797898#HH3

E9%g@r/-.Cp@O*/r(*@/-q@/+s*+/`*@/9991VU9T

References

Related documents

There is anecdotal evidence that some for-profit debt management companies are “cherry picking” debtors who can support a DMP or IVA while encouraging debtors

In our analysis, we combined geocoded conflict information with the 2014 household census data to study the impact of long-lasting internal conflicts at township level on

This is another area that is unexplored from a research standpoint Software Economics Corporate Governance Strategic Management Stakeholder Analysis Risk Management Software

The tests for the moderating effect of organizational structure on the association between employee involvement and organizational citizenship behaviour

The Trumbull Memorial Health Foundation Scholarship April 10, 2016 Must be a health care degree or

PEL Planned energy loss: The energy (MW·h) that was not supplied during the period because of planned shutdowns or load reductions due to causes under plant management

This study involves a non-empirical, theoretical inquiry that establishes a definition of the Development 2.0 concept, and it also includes an empirical inquiry into

Hypothesis 4: There is no significant difference in stakeholders’ perceptions, as measured by the Gresham survey, about factors (administrative, environmental, and cultural)