الفهرس 
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Abstract
The increasing importance of studying indices as one of the most important tools for evaluating market performance in both developing and developed countries has become highly noticeable. A market index is a numerical tool that measures the changes occurring in the financial market. A market index is a hypothetical portfolio of investment holdings that represents a segment of the financial market. The calculation of the index value is based on the prices of the underlying holdings.
Some indices have values based on market-cap weighting, revenue-weighting, float-weighting, and fundamental-weighting. Weighting is a method of adjusting the individual impact of items in an index. The main rule that indices play is that they can represent the overall market performance and translate the performance of the economy into a quantitative form. The major leading indices in the Egyptian stock market are EGX30, EGX70, EGX100 and S&P/EGX ESG.
Research Problem
This research tries to shed a light on the impact of joining and existing the EGX30, EGX100 and ESG or becoming cross-listed on the performance of the Egyptian listed companies. This has been conducted by event study methodology considering the impact of joining or leaving EGX 30, EGX 100, ESG indices or becoming cross-listed on the share price and trading volume during the period from 2016 to 2020.
Research Objectives
In brief, this study tries to answer these main questions:
1) Does joining EGX30 impact cumulative abnormal returns and cumulative trading volumes of Egyptian listed companies?
2) Does delisting from EGX30 impact cumulative abnormal returns and cumulative trading volumes of Egyptian listed companies?
3) Does joining EGX100 impact cumulative abnormal returns and cumulative trading volumes of Egyptian listed companies?
4) Does delisting from EG100 impact cumulative abnormal returns and cumulative trading volumes of Egyptian listed companies?
5) Does joining S&P EGX ESG impact cumulative abnormal returns and cumulative trading volumes of Egyptian listed companies?
6) Does delisting from S&P EGX ESG impact cumulative abnormal returns and cumulative trading volumes of Egyptian listed companies?
7) Does cross listing impact cumulative abnormal returns and cumulative trading volumes of Egyptian listed companies?
8) Does delisting from GDRs impact cumulative abnormal returns and cumulative trading volumes of Egyptian listed companies?
Research hypotheses
The research aims at testing the following hypotheses:
1) There’s no significant difference of stocks’ cumulative abnormal returns of Egyptian listed companies before announcement of listing on EGX 30, EGX 100, ESG and cross listing, compared with those of after these events.
2) There’s no significant difference of stocks’ cumulative abnormal trading volume of Egyptian listed companies before announcement of listing on EGX 30, EGX 100, ESG and cross listing, compared with those of after these events.
3) There’s no significant difference of stocks’ cumulative abnormal returns of Egyptian listed companies before announcement of delisting from EGX 30, EGX 100, ESG and cross listing, compared with those of after these events.
4) There’s no significant difference of stocks’ cumulative abnormal trading volume of Egyptian listed companies before announcement of delisting from EGX 30, EGX 100, ESG and cross listing, compared with those of after these events.
Research population includes all events of listing Egyptian companies on EGX 30, EGX 100, ESG and cross listing (387 companies) announced by the Egyptian Exchange during the period from the beginning of 2016 to 2020. The date of the announcement of the event has been identified by the first day, on which the information was made available to the investors, weather by publishing at newspapers or uploading at the web site of the Egyptian Exchange