The Effect of Foreign ownership on stock Return Volatility In Egyptian Stock Market "An Empirical Investigation"

يختبر البحث العلاقة بين الملکيات الاجنبية وکيف تؤثر على تذبذبات العائد على الاسهم فى البورصة المصرية تعتمد الدراسة على مجموعة من البيانات عن الملکيات الاجنبية والعائد السوقى بين الفترة 2005 الى 2014 .
لقد اصبح الاستثمار من اهم التخصصات التى يرغب فى دراستها ومعرفة کل جديد عنها اصحاب الاعمال او الراغبين فى المتاجرة عن طريق البورصة واصبحت البورصة المصرية من اهم الاسواق الناشئة فى الشرق الاوسط حيث انها رتبت من اوائل هذه الاسواق فى العديد من المواقع والمجلات العلمية ، حيث بلغ الرأس مال السوقى حوالى 523,270,639,105 جنية مصرى حيث يمثل 24% من الناتج المحلى الاجمالى فى 2014 .
يمثل الاستثمار الاجنبى فى البورصة المصرية 8,1%  کعرب و 2,8% کغير عرب .
لذا اصبح من المهم دراسة تأثير هذه الملکيات على السوق ومعرفة ما اذا کان تأثيرات ايجابية او سلبية وکيفية ربطها بالواقع والظروف الاقتصادية والمالية للدولة .
This research empirically investigates the relationship between foreign ownership and how it affects volatility at the Egyptian stock market based on data collected by researcher on foreign ownership in EGX and Market return for the period from 2005 to 2014. The study contributes to the current discussion on volatility, how it affects stock market efficiency and factors increasing volatility through modeling volatility. Recently, investment has become one of the desirable specifications for business people, especially for the area of stock market. As a result, stock market has become a main source for investing money and a purpose for those who want to make fortunes. Egyptian stock market is an important emerging stock market in the Middle East where Bloomberg has ranked it as one of the best emerging markets. In 2014, its market capitalization reached about 523,270,639,105 L.E according to EGX. In addition, it accounted for 24% of Egyptian GDP according to Oxford Business Group Report on Egypt in 2013. Foreign investing at EGX accounted for 8.1% for Arabs and 12.8% for Non-Arabs based on trading volume in 2014 (EGX.COM). Furthermore, it is necessary to investigate how foreign ownership affects the market positively or negatively, especially after various unstable conditions, which faced Egypt during the last five years from 2010 until now.