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Has political instability contributed to price clustering on Fiji's stock market? Narayan, Paresh and Smyth, Russel 2013, Has political instability contributed to price clustering on Fiji's stock market?, Journal of Asian economics, vol. 28, pp. 125-130. Title Has political instability contributed to price clustering on Fiji's stock market? Author(s) Narayan, Paresh Smyth, Russel Journal name Journal of Asian economics Volume number 28 Start page 125 End page 130 Total pages 6 Publisher Elsevier BV Place of publication Amsterdam, The Netherlands Publication date 2013-10 ISSN 1049-0078 Keyword(s) stock price price clustering political instability Summary The goal of this article is to examine evidence of stock price clustering on the South Pacific Stock Exchange, located in Fiji, and explore its determinants. We find that stock prices cluster at the decimal of 0 and 5, with almost half of prices settling on these two decimals. Upon investigating the determinants of price clustering on the South Pacific Stock Exchange we find that price level and volume of trade have a statistically significant positive effect on price clustering. We also propose and test a ‘panic trading’ hypothesis which states political instability induces price clustering. We find evidence that political instability in Fiji induces price clustering behaviour. Language eng Field of Research 150202 Financial Econometrics Socio Economic Objective 910206 Market-Based Mechanisms HERDC Research category C1 Refereed article in a scholarly journal HERDC collection year 2013 Copyright notice ©2013, Elsevier Persistent URL http://hdl.handle.net/10536/DRO/DU:30057327 Document type: Journal Article Collection: School of Accounting, Economics and Finance Related Links Link Description Connect to published version (restricted access) Go to link with your DU access privileges     Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved. Versions Version Filter Type Mon, 28 Oct 2013, 15:39:19 EST Tue, 29 Oct 2013, 08:12:32 EST Wed, 30 Oct 2013, 13:17:15 EST Wed, 30 Oct 2013, 14:14:20 EST Wed, 30 Oct 2013, 14:16:32 EST Wed, 30 Oct 2013, 14:18:00 EST Wed, 30 Oct 2013, 14:21:46 EST Fri, 01 Nov 2013, 11:01:28 EST Filtered Full Access Statistics: 17 Abstract Views, 3 File Downloads  -  Detailed Statistics Created: Mon, 28 Oct 2013, 15:38:59 EST by Aysun Alpyurek

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