01768cas a2200253 a 4500 AALejournalIMF009456 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867435 1018-5941 BD-DhAAL BD-DhAAL Massa, Isabella. Go Long or Short in Pyramids? : News from the Egyptian Stock Market / Isabella Massa, Andreas Billmeier. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Similar to other emerging economies, the Egyptian stock market has recently experienced a remarkable run-up but also a major downturn. This paper analyzes the stock market from two angles. First, it compares the performance of the major stock price index with its underlying fundamentals. Second, it explores the relationship between the Egyptian and other stock markets. The paper finds that (i) there is some evidence against a stable relationship between the Egyptian index and its fundamental value; and (ii) short-term correlations and long-term cointegrating relations provide conflicting signals on the value of Egyptian stocks as a means of diversification. Mode of access: Internet Billmeier, Andreas. IMF Working Papers; Working Paper ; No. 2007/179 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/179/001.2007.issue-179-en.xml IMF e-Library