Prof. Dr. Shamsher Mohamad Ramadili Mohd
Qualification:Ph.D.in Finance, University of Glasgow, Scotland, U.K. (1990)
Fields/Area of Specialization:AccountingFinance
Prof. Dr. Shamsher holds a PhD in Finance from University of Glasgow in Scotland. Prior to INCEIF, he taught Finance courses at both undergraduate and graduate level at University Putra Malaysia (UPM). He served UPM for 30 years starting as a tutor in the same faculty in 1980. In 2012, he joined INCEIF as a Professor in Finance and Accounting. His areas of interest are accounting and finance. He is currently the Director of BNP-Paribas-INCEIF Centre for Islamic Asset and Wealth Management.

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Top Country : Malaysia

Showing results 1 to 10 of 95
  • PhD_which_creates_more_value_investors_equity_funds_Choudary Wajahat.pdf.jpg
  • PhD


  • Naeem Azmi, Choudhary Wajahat (2016)

  • This thesis is structured into three essays. The first essay provides evidence on the comparative risk-return profile and investment style of SCFs and the SRFs. As the long list of literature claims the superiority of these funds during the crisis period, the validity of this claim is also examined using a larger sample and a longer analysis period. The findings of this research can be summarized as follows; first, both types of funds underperform the market suggesting there is cost attached to ethical and religious based investment but SCFs, to some extent, manage to do better than the SRFs. Second, in terms of investment style, SRFs investments are biased towards small capitalized s...

  • what_happens_islamic_capital_markets_move_away_tax_neutrality_look_oman_saudi arabia_mansur.pdf.jpg
  • Journal Article


  • Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2015)

  • This article evaluates how tax reforms affect stock prices of local and foreign firms in Oman and Saudi Arabia. Both countries introduced corporate tax on foreign firms, exempting local firms from corporate tax, when they moved away from a pre-existing Islamic tax neutrality policy. These reforms were implemented in 2009 in Oman and in 2004 in Saudi Arabia. These tax reform events – applying to foreign firms and not applying to local firms in the same markets – offer ideal experimental situations in two economies to test the taxation theories on how stock prices must react. We find that the results support the Modigliani- Miller and Elton-Gruber tax theories in two ways. Firstly, fore...

  • item.jpg
  • Master


  • Rafsanjani, Alex (2017)

  • A wide expansion of Islamic finance in Middle Eastern and Southeast Asian countries in the last decade has been a popular phenomenon with Sukuk issues as major Islamic financial instrument used by corporate and sovereign to raise financing and attract investors. Classical efficient market theory posits that stock market prices should fully reflect all relevant information such as government debt, as soon as they occur, without any delay, if the market is efficient. Using event study methodology, this paper attempts to investigate the wealth effects of sovereign sukuk announcements in different regions and different underlying structures by analysing the reaction of the corresponding s...

  • PhD_wealth_effects_corporate_sukuk_announcements_Ziyaad_Mahomed.pdf.jpg
  • PhD


  • Mahomed, Ziyaad (2016)

  • This thesis evaluates the wealth effects of corporate Sukuk issuances, based on specific sample traits, for the three largest issuing countries: Malaysia, Indonesia and Saudi Arabia. The sample traits include underlying structure, size of issuance and tenor. Previous studies are inconclusive and relate mainly to Malaysian firms only. This could be attributed to the failure to incorporate the effects of Sukuk types, properly identified crisis period effects and market differences ... Available in physical copy and downloadable format (Call Number: t HG 4651 M216)

  • Wealth_effect_of_sukuk_issuance_announcement_in_two_markets_ziyaad_ariff_shamsher.jpg.jpg
  • Chapter in Book


  • Mahomed, Ziyaad; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017)

  • This chapter is written with a view to explain how stock prices react to the issuance of a new kind of debt instrument (the sukuk debt certificates) in two stock markets in the period 2001-15. The existing classical corporate finance theory considers share prices' response to capital issuances to be crucial to any understanding on how to maximize the firm value and thus the shareholder wealth. How this is achieved has been debated extensively and deliberated elaborately by academics over six decades. It stands to reason, though, that maximizing firm value requires effective investment decisions which in turn necessitates access to a valuable source of capital.

  • Wealth_as_understood_in_economics_and_finance_ariff_shamsher.jpg.jpg
  • Chapter in Book


  • Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017)

  • Contemporary economic thoughts equate capital, as mentioned in the above quote, to be wealth, which, as stated in the quote, is the accumulation of things of value from the continuous efforts of humans. Wealth is owned in different proportions by individuals, entities and the state. Wealth can be defined broadly as an item that has some economic substance, a value such that the wealth can be used for several intended purposes, in modern economics, for consumption as theoretically glorified by the Utility Maximization Theorem (Arrow-Debreu). As the great philosopher - economist Adam Smith said, wealth is from the efforts of humans to better the human condition, which then eventually le...

  • understanding_malaysia_unique_governance.pdf.jpg
  • Chapter in Book


  • Nahar, Hairul Suhaimi; Muhammad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Hassan, Taufiq (2012)

  • Prior research examining corporate governance issues across jurisdictional boundaries and market specificity (emerging and otherwise) have commonly adopted the functionalist approach of exploring governance implications towards specific economic phenomena covering among others, firm's performance and its reporting behaviour. These studies have utilized common research methods (often archival modeling) and theories (economic and management based) subscribing to the positivist paradigm in understanding specific research phenomena.

  • the_role_of_the_central_bank.pdf.jpg
  • Chapter in Book


  • Ramadili Mohd, Shamsher Mohamad; Promwichit, Veelaiporn (2014)

  • Islamic banks in Malaysia have been growing rapidly since their debut in 1983, and are now an important component in the economy and financial system, which aims to become a major international Islamic finance hub. The policies, regulations and activities proposed and implemented by the Bank Negara Malaysia (BNM, the central bank) have significantly contributed to this development. It has been further enhanced by regulation of the Securities Commission. This chapter provides an overview of the role of BNM in regulating the Islamic banking industry in Malaysia.

  • islamic_debt_market_sukuk_securities_cover.jpg.jpg
  • Book


  • Ariff, Mohamed; Iqbal, Munawar; Ramadili Mohd, Shamsher Mohamad (2012)

  • The relatively new sukuk (or Islamic debt securities) markets have grown to more than US $800 billion over the past decade, and continue to grow at a rate of around 20-30 per cent per year. Arguably the first of its kind, this path-breaking book provides a unique reference tool relating to key issues surrounding sukuk markets, which are found in 12 major financial centres, including Kuala Lumpur, London and Zurich. The internationally renowned contributors present an in-depth study of sukuk securities, beginning with a comprehensive definition and history. They go on to discuss Islamic financial concepts and practices that govern how sukuk securities are issued, how markets are carefu...

  • impact of audit committee existence on the external audit.pdf.jpg
  • Chapter in Book


  • Muhammad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2009)

  • The efforts towards better corporate governance practices of firms in the Malaysian capital market were started by the Securities Commission (SC) as early as 1996 in three-phased shift disclosure-based regulations (DBR). During Phase 1 (1996-1999: Flexible/Hybrid Merit Based Regime), the emphasis was to regulate on disclosure, due diligence and corporate governance. Phase 2 (January 2000: Partial DBR) still focused on corporate disclosure, due diligence and corporate governance, but included focus on promotion of accountability and self-regulation. In Phase 3 (2001 onwards: Full DBR) the SC enforced high standards of disclosure, due diligence and corporate governance as well as exerci...

Prof. Dr. Shamsher Mohamad Ramadili Mohd
author picture
Qualification: Ph.D.in Finance, University of Glasgow, Scotland, U.K. (1990)
Fields/Area of Specialization: AccountingFinance
Prof. Dr. Shamsher holds a PhD in Finance from University of Glasgow in Scotland. Prior to INCEIF, he taught Finance courses at both undergraduate and graduate level at University Putra Malaysia (UPM). He served UPM for 30 years starting as a tutor in the same faculty in 1980. In 2012, he joined INCEIF as a Professor in Finance and Accounting. His areas of interest are accounting and finance. He is currently the Director of BNP-Paribas-INCEIF Centre for Islamic Asset and Wealth Management.
Showing results 1 to 10 of 95
  • PhD_which_creates_more_value_investors_equity_funds_Choudary Wajahat.pdf.jpg
  • PhD


  • Naeem Azmi, Choudhary Wajahat (2016)

  • This thesis is structured into three essays. The first essay provides evidence on the comparative risk-return profile and investment style of SCFs and the SRFs. As the long list of literature claims the superiority of these funds during the crisis period, the validity of this claim is also examined using a larger sample and a longer analysis period. The findings of this research can be summarized as follows; first, both types of funds underperform the market suggesting there is cost attached to ethical and religious based investment but SCFs, to some extent, manage to do better than the SRFs. Second, in terms of investment style, SRFs investments are biased towards small capitalized s...

  • what_happens_islamic_capital_markets_move_away_tax_neutrality_look_oman_saudi arabia_mansur.pdf.jpg
  • Journal Article


  • Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2015)

  • This article evaluates how tax reforms affect stock prices of local and foreign firms in Oman and Saudi Arabia. Both countries introduced corporate tax on foreign firms, exempting local firms from corporate tax, when they moved away from a pre-existing Islamic tax neutrality policy. These reforms were implemented in 2009 in Oman and in 2004 in Saudi Arabia. These tax reform events – applying to foreign firms and not applying to local firms in the same markets – offer ideal experimental situations in two economies to test the taxation theories on how stock prices must react. We find that the results support the Modigliani- Miller and Elton-Gruber tax theories in two ways. Firstly, fore...

  • item.jpg
  • Master


  • Rafsanjani, Alex (2017)

  • A wide expansion of Islamic finance in Middle Eastern and Southeast Asian countries in the last decade has been a popular phenomenon with Sukuk issues as major Islamic financial instrument used by corporate and sovereign to raise financing and attract investors. Classical efficient market theory posits that stock market prices should fully reflect all relevant information such as government debt, as soon as they occur, without any delay, if the market is efficient. Using event study methodology, this paper attempts to investigate the wealth effects of sovereign sukuk announcements in different regions and different underlying structures by analysing the reaction of the corresponding s...

  • PhD_wealth_effects_corporate_sukuk_announcements_Ziyaad_Mahomed.pdf.jpg
  • PhD


  • Mahomed, Ziyaad (2016)

  • This thesis evaluates the wealth effects of corporate Sukuk issuances, based on specific sample traits, for the three largest issuing countries: Malaysia, Indonesia and Saudi Arabia. The sample traits include underlying structure, size of issuance and tenor. Previous studies are inconclusive and relate mainly to Malaysian firms only. This could be attributed to the failure to incorporate the effects of Sukuk types, properly identified crisis period effects and market differences ... Available in physical copy and downloadable format (Call Number: t HG 4651 M216)

  • Wealth_effect_of_sukuk_issuance_announcement_in_two_markets_ziyaad_ariff_shamsher.jpg.jpg
  • Chapter in Book


  • Mahomed, Ziyaad; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017)

  • This chapter is written with a view to explain how stock prices react to the issuance of a new kind of debt instrument (the sukuk debt certificates) in two stock markets in the period 2001-15. The existing classical corporate finance theory considers share prices' response to capital issuances to be crucial to any understanding on how to maximize the firm value and thus the shareholder wealth. How this is achieved has been debated extensively and deliberated elaborately by academics over six decades. It stands to reason, though, that maximizing firm value requires effective investment decisions which in turn necessitates access to a valuable source of capital.

  • Wealth_as_understood_in_economics_and_finance_ariff_shamsher.jpg.jpg
  • Chapter in Book


  • Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017)

  • Contemporary economic thoughts equate capital, as mentioned in the above quote, to be wealth, which, as stated in the quote, is the accumulation of things of value from the continuous efforts of humans. Wealth is owned in different proportions by individuals, entities and the state. Wealth can be defined broadly as an item that has some economic substance, a value such that the wealth can be used for several intended purposes, in modern economics, for consumption as theoretically glorified by the Utility Maximization Theorem (Arrow-Debreu). As the great philosopher - economist Adam Smith said, wealth is from the efforts of humans to better the human condition, which then eventually le...

  • understanding_malaysia_unique_governance.pdf.jpg
  • Chapter in Book


  • Nahar, Hairul Suhaimi; Muhammad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Hassan, Taufiq (2012)

  • Prior research examining corporate governance issues across jurisdictional boundaries and market specificity (emerging and otherwise) have commonly adopted the functionalist approach of exploring governance implications towards specific economic phenomena covering among others, firm's performance and its reporting behaviour. These studies have utilized common research methods (often archival modeling) and theories (economic and management based) subscribing to the positivist paradigm in understanding specific research phenomena.

  • the_role_of_the_central_bank.pdf.jpg
  • Chapter in Book


  • Ramadili Mohd, Shamsher Mohamad; Promwichit, Veelaiporn (2014)

  • Islamic banks in Malaysia have been growing rapidly since their debut in 1983, and are now an important component in the economy and financial system, which aims to become a major international Islamic finance hub. The policies, regulations and activities proposed and implemented by the Bank Negara Malaysia (BNM, the central bank) have significantly contributed to this development. It has been further enhanced by regulation of the Securities Commission. This chapter provides an overview of the role of BNM in regulating the Islamic banking industry in Malaysia.

  • islamic_debt_market_sukuk_securities_cover.jpg.jpg
  • Book


  • Ariff, Mohamed; Iqbal, Munawar; Ramadili Mohd, Shamsher Mohamad (2012)

  • The relatively new sukuk (or Islamic debt securities) markets have grown to more than US $800 billion over the past decade, and continue to grow at a rate of around 20-30 per cent per year. Arguably the first of its kind, this path-breaking book provides a unique reference tool relating to key issues surrounding sukuk markets, which are found in 12 major financial centres, including Kuala Lumpur, London and Zurich. The internationally renowned contributors present an in-depth study of sukuk securities, beginning with a comprehensive definition and history. They go on to discuss Islamic financial concepts and practices that govern how sukuk securities are issued, how markets are carefu...

  • impact of audit committee existence on the external audit.pdf.jpg
  • Chapter in Book


  • Muhammad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2009)

  • The efforts towards better corporate governance practices of firms in the Malaysian capital market were started by the Securities Commission (SC) as early as 1996 in three-phased shift disclosure-based regulations (DBR). During Phase 1 (1996-1999: Flexible/Hybrid Merit Based Regime), the emphasis was to regulate on disclosure, due diligence and corporate governance. Phase 2 (January 2000: Partial DBR) still focused on corporate disclosure, due diligence and corporate governance, but included focus on promotion of accountability and self-regulation. In Phase 3 (2001 onwards: Full DBR) the SC enforced high standards of disclosure, due diligence and corporate governance as well as exerci...