Browsing by Author Ariff, Mohamed

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Showing results 1 to 20 of 31
  • banking_liquidity_and_stock_market_prices_three_countries_in_ASEAN_tin_ariff_shamsher.pdf.jpg
  • Journal Article


  • Authors: Tin-fah, Chung; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper reports evidence of a banking liquidity impact on stock prices in the three Asean countries. Banking liquidity impacts suggested by Friedman is yet to be fully investigated nor verified despite several attempts. If improved liquidity of banks leads to credit expansion, which in turn leads to more positive net present value projects undertaken by firms, earnings of the latter must go up, and hence the share prices should rise. This link is worth an investigation. According to an influential of the US stock market, up to 52% of share returns are due to changes in the macro economy. Using a 3-equation structural model as well as employing corrections for cross-section dependen...

  • determinants_driving_bank_performance_poi_shamsher_ariff.pdf.jpg
  • Journal Article


  • Authors: Poi, Hun Sun; Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2017)

  • This paper extracts key variables from documented findings on bank intermediation margins of two types of banks in the Organisation of Islamic Countries. The intermediation margins used as the dependent variable are: net interest margins of conventional banks and the net profit margins of Islamic banks. To overcome the endogeneity issue of variables, an appropriate econometric procedure namely the dynamic GeneralizedMethod ofMoments is applied using data from 105 commercial banks over 14 years. The results are interesting: there is a significant difference in the margins across the two types of banks, 2.17% and 1.61% respectively. Capital adequacy, management quality, and diversificat...

  • development_needs_of_the_islamic_banking_industry.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Lewis, Mervyn K.; Ramadili Mohd, Shamsher Mohamad (2014)

  • In this concluding chapter, we summarize of the main themes and ideas in the preceding chapters before considering the challenges the Islamic financial services industry is facing in the second decade of the twenty-first century. The first contribution of this book is that we have sought to connect the Islamic banking theories to the rich conceptual framework already developed over some five decades that form the basis of research (and graduate courses) on conventional banking and financial intermediation, in particular, information asymmetries, adverse selection, moral hazard, agency theory, optimal contract design and incentive structures.

  • dividend_tax_cuts_United_States_single-tier_tax_regime_Malaysia_share_price_reactions_tax_policy_changes_shamser.pdf.jpg
  • Journal Article


  • Authors: Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2012)

  • There is a body of received theories which suggest that tax policy changes actually influence the value of corporations, and affect capital market values. There is strong evidence of share price being changed whenever good or bad news from tax changes occur. This paper provides a very short review of well-known theories, with the aim of showing how tax changes relating to dividends in Malaysia and in the USA do actually affect the values of shares in one mid-income and one high-income economy. Malaysia’s policy change in 2007 to streamline the dividend credit system into a single-tier tax system led to share price increases in Bursa Malaysia. Tax effect in the USA was tested using the...

  • do_debt_markets_price_sukuk_conventional_bonds_differently_shamser.pdf.jpg
  • Journal Article


  • Authors: Safari, Meysam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • A new type of debt securities called sukuk certificates have grown to US $840 billion in 11 financial markets as of 2011. These Islamic debt instruments share some features similar to conventional bonds, so market operators treat both as bonds. Whether it is appropriate to treat sukuk certificates as conventional bonds is empirically tested in this paper. If the yields of sukuk are the same as those of conventional bonds, Granger causality tests could confirm their equivalence. Practically the tests show otherwise. Also, the yields of sukuk instruments are significantly higher than yields of conventional bonds even after controlling issuers, rating quality and tenure in matched sample...

  • Does a firm's political connection to government have economic value.pdf.jpg
  • Journal Article


  • Authors: Chow-meng Chen; Ariff, Mohamed; Hassan, Taufiq; Ramadili Mohd, Shamsher Mohamad (2013)

  • This paper reports new findings about differential impacts political events have on share prices of firms connected to government in power compared to firms with no political connections. Political connection has been alleged as valuable in popular press in this mid-income economy studied, so it is worth an investigation. Significant share price increases of 4% or more abnormal returns accrue to connected firms relative to unconnected firms when identical political events occur. The impact is very pronounced during a severe economic crisis, when the stakes were high about an incumbent government being re-elected. Our finding of higher value of politically connected firms is due to the...

  • handbook_asian_sovereign_bond_markets_yield_risk_cover.jpg.jpg
  • Book


  • Authors: Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2013)

  • This book is on the pricing of sovereign debt in 17 bond markets across Asia: from Japan in the Far East and Israel in West Asia. The 17 markets include the very large bond market of Japan, which ranks equal among the largest five markets namely in the UK, the USA, Germany and Switzerland. Sovereign debt overhang is allegedly destabilizing the world economy from October 2011, since when the then Eurozone crisis transformed into government debt overhang crisis. This book is about the economics of how the sovereign debts are rated, priced and sold on the basis of perceived risk by investors buying and selling debt instruments. Developed economies' debt burden as a percentage of national...

  • handbook of investable world bond markets.pdf.jpg
  • Book


  • Authors: Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2016)

  • This book identifies how the major and some minor bond markets reacted to interest rate increases and decreases over the recent few years. As every investor knows excessive borrowings relative to the ability to service loans constitute sovereign debt crisis, and it is not limited only to developing countries as shown by the fall in bond values of profligate borrowers such as the Greece. This book is on the pricing of sovereign debt in 17 bond markets across the developed world, ones that have received most of the investors' money as investments.

  • item.jpg
  • Journal Article


  • Authors: Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper reports evidence of significant abnormal returns in call and put options in the New York Stock Exchange around the disclosure time of two equity funding events. The delta values as risk of options are used to adjust gross returns of calls and puts to obtain adjusted abnormal returns. Theory suggests any stock price increases around private placement announcement dates would make calls to become in-the-money, so call prices should increase: conversely, puts would become out-of-money so put prices should be unaffected. Stock price declines around seasoned equity announcement dates would make put prices to increase since puts become in-the-money: call prices, having become out...

  • introduction_single-tier_corporate_tax_system_effect_share_price_shamser.pdf.jpg
  • Journal Article


  • Authors: Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • Malaysia and Singapore are the first countries to end their 45-year old imputation tax systems by replacing it with the simpler single-tier corporate tax system. Corporations have ceased to keep records of divident tax credits required under the imputation laws with the implementation of thee single-tier tax systems. We find evidence rom Malaysian and Singapore on how the share prices responded to the announcements in 2007 and 2002 respectively. The Singapore market reacted positively to the announcement; the Malaysan results were influenced by th global credit crunch. Also, we measured the ex-dividend days moved according to theory. In both countries, the average price drop ratio mov...

  • introduction to sukuk islamic debt.pdf.jpg
  • Chapter in Book


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

  • This book is the outcome of a joint effort of a number of senior practising professionals as well as leading research scholars and educators in Islamic finance. The result is a reliable book on the subject of sukuk securities. Though this type of security is new ro modern Islamic finance, it has its historical roots some centuries earlier as a novel instrument developed in the Turkish Empire based on earlier practices of government treasuries to raise money. Available in physical copy only (Call Number: HG 4651 I82I)

  • islamic_wealth_management_issues_waqf_management_malaysia_ariff_shamsher.pdf.jpg
  • Industry Article


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • After 250 years of unbridled pursuit of laissez faire, cross-border free trade via open economy theories and unbridled capitalism over the last four decades, a watershed appears to have been reached at the start of the 21-st century. Mercantilism of the 18-19th centuries gave way to an open economy model of freer trade in goods and services.

  • Islamic_wealth_management_theory_and_practice_ariff_shamsher.jpg.jpg
  • Book


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

  • The book begins by defining wealth from both a secular perspective and an Islamic perspective. It describes how wealth needs to be earned in lawful ways, preserved and used to benefit the needs of the community, with a small part of the wealth given away to charity, and the remainder managed in accordance with laws and common practices, as established by a majority consensus of scholars of the religion in historical times. Each section of the book has relevant chapters that discuss the theory, as well as the application and the challenges in Islamic wealth management in real and financial markets.

  • Issues_in_the_Malaysian_waqf_system_shamsher_ariff.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2016)

  • After 250 years of unbridled pursuit of laissez faire, cross-border free trade via open economy theories and unbridled capitalism over the last four decades, a watershed appears to have been reached at the start of the 21-st century. Mercantilism of the 18-19-th centuries gave way to an open economy model of freer trade in goods and services. The last 40 years saw the dismantling of barriers to financial trade as well. These moves have led to unbridled private pursuit of wealth creation supposedly meant to lead to greater human welfare. Despite the creation of wealth, the dismantling of laws since the Reagan-Thatcher brand of capitalism took root, the wealth inequality has gone to the...

  • issues_in_the_risk_and_regulation_of_islamic_banking.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Lewis, Mervyn K.; Ramadili Mohd, Shamsher Mohamad (2014)

  • This book is the result of an international collaboration of scholars, all specializing in the field of Islamic finance, publishing symposium findings under the Edward Elgar series on the Foundation of Islamic Finance. Following an initial volume, The Foundations of Islamic Banking. Theory, Practice and Education, 2011, the first volume in the series dealt with a specialized area, namely The Islamic Debt Market for Sukuk Securities (2012). The present book is entitled Risk and Regulation of Islamic Banking, and in comparison with the 2011 volume contains conceptual material, along with new ideas on Islamic banking products, risk, regulation and associated practical issues. Availabl...

  • Issues_in_waqf_and_zakat_management_ariff_shamsher.jpg.jpg
  • Chapter in Book


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

  • An overview of the challenges ahead for the continued growth of the industry is to be found in this chapter. These issues are faced by every new marketplace, where new securities are issued. How these issues are faced with creative resolutions will provide the pathway for this market to prosper in the future.

  • money_supply_interest_rate_liquidity_share_prices_test_their_linkage_ariff.pdf.jpg
  • Journal Article


  • Authors: Ariff, Mohamed; Tin-fah, Chung; Ramadili Mohd, Shamsher Mohamad (2012)

  • The money supply impacts on interest rate and liquidity were first proposed in 1961 by Friedman, the late Nobel laureate. The liquidity effect has yet received unanimous empirical support. Also, research interest on liquidity subsided in the 2000s. Using quarterly data over 1960–2011 and simultaneous solution to a system of equations, this paper reports positive liquidity effect from money supply. By extending the system of equations with a liquidity equation and after controlling the effect of earnings, evidence is found of a significant positive effect from liquidity on share prices. Money supply is found to be endogenous as in post Keynesian theory. These findings, obtained after s...

  • origination_issuance_marketing.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2012)

  • The first Malaysia sukuk as a new Islamic financial debt security was issued as a private sector issue by Shell Company (M) Bhd, and raised RM125 million (US$45 million) in 1990. However, sukuk had been introduced earlier in Saudi Arabia and Pakistan back in the 1980s, but the debut of the 1990 issue was after the institutional development of the market for sukuk in several locations in the Middle East and Southeast Asia, and which is now in major financial centres such as in London and Zurich.

  • performance of islamic banks and conventional banks.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Badar, Mohammad K.; Ramadili Mohd, Shamsher Mohamad; Hassan, Taufiq (2011)

  • In this chapter an attempt is made for the first time to assess the financial performance of Islamic banks and conventional banks by choosing a matched sample of banks to assess their financial performance across the world over a lenghty period. Islamic banking is based on replacing the pre-fixed-interest-based bank deposit-cum-lending activities with risk-sharing and profit-sharing principles advocated by Islam, which in turn appears to be consistent with the social norms of pre-modern societies prior to the rise of interest-based-fractioning banking in the last 200 years, which refers to the fractional-reserve banking from the close of the 18th century.

  • private_placement_share_prices_volume_financial_crisis_emerging_market_study_ariff_shamser.pdf.jpg
  • Journal Article


  • Authors: M., Normazia; Hassan, Taufiq; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • Firms are increasingly resorting to private placements in recent years, yet there is no published study of emerging markets. There is a unique opportunity to study this behavior during a severe financial crisis, when firms resorted to private placements to recover financially distressed firms. Our analysis using data over fifteen years shows (a) a significant 2–3% positive share price reaction, affirming asymmetric information effect, (b) a significant volume activity, and (c) the price impact is different across a period of a major financial crisis. If the proceeds from placement are earmarked for investment, share price is negatively (positively) correlated during the crisis (non-cr...

Browsing by Author Ariff, Mohamed

Jump to: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
or enter first few letters:  
Showing results 1 to 20 of 31
  • banking_liquidity_and_stock_market_prices_three_countries_in_ASEAN_tin_ariff_shamsher.pdf.jpg
  • Journal Article


  • Authors: Tin-fah, Chung; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper reports evidence of a banking liquidity impact on stock prices in the three Asean countries. Banking liquidity impacts suggested by Friedman is yet to be fully investigated nor verified despite several attempts. If improved liquidity of banks leads to credit expansion, which in turn leads to more positive net present value projects undertaken by firms, earnings of the latter must go up, and hence the share prices should rise. This link is worth an investigation. According to an influential of the US stock market, up to 52% of share returns are due to changes in the macro economy. Using a 3-equation structural model as well as employing corrections for cross-section dependen...

  • determinants_driving_bank_performance_poi_shamsher_ariff.pdf.jpg
  • Journal Article


  • Authors: Poi, Hun Sun; Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2017)

  • This paper extracts key variables from documented findings on bank intermediation margins of two types of banks in the Organisation of Islamic Countries. The intermediation margins used as the dependent variable are: net interest margins of conventional banks and the net profit margins of Islamic banks. To overcome the endogeneity issue of variables, an appropriate econometric procedure namely the dynamic GeneralizedMethod ofMoments is applied using data from 105 commercial banks over 14 years. The results are interesting: there is a significant difference in the margins across the two types of banks, 2.17% and 1.61% respectively. Capital adequacy, management quality, and diversificat...

  • development_needs_of_the_islamic_banking_industry.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Lewis, Mervyn K.; Ramadili Mohd, Shamsher Mohamad (2014)

  • In this concluding chapter, we summarize of the main themes and ideas in the preceding chapters before considering the challenges the Islamic financial services industry is facing in the second decade of the twenty-first century. The first contribution of this book is that we have sought to connect the Islamic banking theories to the rich conceptual framework already developed over some five decades that form the basis of research (and graduate courses) on conventional banking and financial intermediation, in particular, information asymmetries, adverse selection, moral hazard, agency theory, optimal contract design and incentive structures.

  • dividend_tax_cuts_United_States_single-tier_tax_regime_Malaysia_share_price_reactions_tax_policy_changes_shamser.pdf.jpg
  • Journal Article


  • Authors: Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2012)

  • There is a body of received theories which suggest that tax policy changes actually influence the value of corporations, and affect capital market values. There is strong evidence of share price being changed whenever good or bad news from tax changes occur. This paper provides a very short review of well-known theories, with the aim of showing how tax changes relating to dividends in Malaysia and in the USA do actually affect the values of shares in one mid-income and one high-income economy. Malaysia’s policy change in 2007 to streamline the dividend credit system into a single-tier tax system led to share price increases in Bursa Malaysia. Tax effect in the USA was tested using the...

  • do_debt_markets_price_sukuk_conventional_bonds_differently_shamser.pdf.jpg
  • Journal Article


  • Authors: Safari, Meysam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • A new type of debt securities called sukuk certificates have grown to US $840 billion in 11 financial markets as of 2011. These Islamic debt instruments share some features similar to conventional bonds, so market operators treat both as bonds. Whether it is appropriate to treat sukuk certificates as conventional bonds is empirically tested in this paper. If the yields of sukuk are the same as those of conventional bonds, Granger causality tests could confirm their equivalence. Practically the tests show otherwise. Also, the yields of sukuk instruments are significantly higher than yields of conventional bonds even after controlling issuers, rating quality and tenure in matched sample...

  • Does a firm's political connection to government have economic value.pdf.jpg
  • Journal Article


  • Authors: Chow-meng Chen; Ariff, Mohamed; Hassan, Taufiq; Ramadili Mohd, Shamsher Mohamad (2013)

  • This paper reports new findings about differential impacts political events have on share prices of firms connected to government in power compared to firms with no political connections. Political connection has been alleged as valuable in popular press in this mid-income economy studied, so it is worth an investigation. Significant share price increases of 4% or more abnormal returns accrue to connected firms relative to unconnected firms when identical political events occur. The impact is very pronounced during a severe economic crisis, when the stakes were high about an incumbent government being re-elected. Our finding of higher value of politically connected firms is due to the...

  • handbook_asian_sovereign_bond_markets_yield_risk_cover.jpg.jpg
  • Book


  • Authors: Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2013)

  • This book is on the pricing of sovereign debt in 17 bond markets across Asia: from Japan in the Far East and Israel in West Asia. The 17 markets include the very large bond market of Japan, which ranks equal among the largest five markets namely in the UK, the USA, Germany and Switzerland. Sovereign debt overhang is allegedly destabilizing the world economy from October 2011, since when the then Eurozone crisis transformed into government debt overhang crisis. This book is about the economics of how the sovereign debts are rated, priced and sold on the basis of perceived risk by investors buying and selling debt instruments. Developed economies' debt burden as a percentage of national...

  • handbook of investable world bond markets.pdf.jpg
  • Book


  • Authors: Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2016)

  • This book identifies how the major and some minor bond markets reacted to interest rate increases and decreases over the recent few years. As every investor knows excessive borrowings relative to the ability to service loans constitute sovereign debt crisis, and it is not limited only to developing countries as shown by the fall in bond values of profligate borrowers such as the Greece. This book is on the pricing of sovereign debt in 17 bond markets across the developed world, ones that have received most of the investors' money as investments.

  • item.jpg
  • Journal Article


  • Authors: Ariff, Mohamed; Cheng, Fan Fah; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper reports evidence of significant abnormal returns in call and put options in the New York Stock Exchange around the disclosure time of two equity funding events. The delta values as risk of options are used to adjust gross returns of calls and puts to obtain adjusted abnormal returns. Theory suggests any stock price increases around private placement announcement dates would make calls to become in-the-money, so call prices should increase: conversely, puts would become out-of-money so put prices should be unaffected. Stock price declines around seasoned equity announcement dates would make put prices to increase since puts become in-the-money: call prices, having become out...

  • introduction_single-tier_corporate_tax_system_effect_share_price_shamser.pdf.jpg
  • Journal Article


  • Authors: Selamat, Aslam; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • Malaysia and Singapore are the first countries to end their 45-year old imputation tax systems by replacing it with the simpler single-tier corporate tax system. Corporations have ceased to keep records of divident tax credits required under the imputation laws with the implementation of thee single-tier tax systems. We find evidence rom Malaysian and Singapore on how the share prices responded to the announcements in 2007 and 2002 respectively. The Singapore market reacted positively to the announcement; the Malaysan results were influenced by th global credit crunch. Also, we measured the ex-dividend days moved according to theory. In both countries, the average price drop ratio mov...

  • introduction to sukuk islamic debt.pdf.jpg
  • Chapter in Book


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

  • This book is the outcome of a joint effort of a number of senior practising professionals as well as leading research scholars and educators in Islamic finance. The result is a reliable book on the subject of sukuk securities. Though this type of security is new ro modern Islamic finance, it has its historical roots some centuries earlier as a novel instrument developed in the Turkish Empire based on earlier practices of government treasuries to raise money. Available in physical copy only (Call Number: HG 4651 I82I)

  • islamic_wealth_management_issues_waqf_management_malaysia_ariff_shamsher.pdf.jpg
  • Industry Article


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • After 250 years of unbridled pursuit of laissez faire, cross-border free trade via open economy theories and unbridled capitalism over the last four decades, a watershed appears to have been reached at the start of the 21-st century. Mercantilism of the 18-19th centuries gave way to an open economy model of freer trade in goods and services.

  • Islamic_wealth_management_theory_and_practice_ariff_shamsher.jpg.jpg
  • Book


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

  • The book begins by defining wealth from both a secular perspective and an Islamic perspective. It describes how wealth needs to be earned in lawful ways, preserved and used to benefit the needs of the community, with a small part of the wealth given away to charity, and the remainder managed in accordance with laws and common practices, as established by a majority consensus of scholars of the religion in historical times. Each section of the book has relevant chapters that discuss the theory, as well as the application and the challenges in Islamic wealth management in real and financial markets.

  • Issues_in_the_Malaysian_waqf_system_shamsher_ariff.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ramadili Mohd, Shamsher Mohamad; Ariff, Mohamed (2016)

  • After 250 years of unbridled pursuit of laissez faire, cross-border free trade via open economy theories and unbridled capitalism over the last four decades, a watershed appears to have been reached at the start of the 21-st century. Mercantilism of the 18-19-th centuries gave way to an open economy model of freer trade in goods and services. The last 40 years saw the dismantling of barriers to financial trade as well. These moves have led to unbridled private pursuit of wealth creation supposedly meant to lead to greater human welfare. Despite the creation of wealth, the dismantling of laws since the Reagan-Thatcher brand of capitalism took root, the wealth inequality has gone to the...

  • issues_in_the_risk_and_regulation_of_islamic_banking.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Lewis, Mervyn K.; Ramadili Mohd, Shamsher Mohamad (2014)

  • This book is the result of an international collaboration of scholars, all specializing in the field of Islamic finance, publishing symposium findings under the Edward Elgar series on the Foundation of Islamic Finance. Following an initial volume, The Foundations of Islamic Banking. Theory, Practice and Education, 2011, the first volume in the series dealt with a specialized area, namely The Islamic Debt Market for Sukuk Securities (2012). The present book is entitled Risk and Regulation of Islamic Banking, and in comparison with the 2011 volume contains conceptual material, along with new ideas on Islamic banking products, risk, regulation and associated practical issues. Availabl...

  • Issues_in_waqf_and_zakat_management_ariff_shamsher.jpg.jpg
  • Chapter in Book


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

  • An overview of the challenges ahead for the continued growth of the industry is to be found in this chapter. These issues are faced by every new marketplace, where new securities are issued. How these issues are faced with creative resolutions will provide the pathway for this market to prosper in the future.

  • money_supply_interest_rate_liquidity_share_prices_test_their_linkage_ariff.pdf.jpg
  • Journal Article


  • Authors: Ariff, Mohamed; Tin-fah, Chung; Ramadili Mohd, Shamsher Mohamad (2012)

  • The money supply impacts on interest rate and liquidity were first proposed in 1961 by Friedman, the late Nobel laureate. The liquidity effect has yet received unanimous empirical support. Also, research interest on liquidity subsided in the 2000s. Using quarterly data over 1960–2011 and simultaneous solution to a system of equations, this paper reports positive liquidity effect from money supply. By extending the system of equations with a liquidity equation and after controlling the effect of earnings, evidence is found of a significant positive effect from liquidity on share prices. Money supply is found to be endogenous as in post Keynesian theory. These findings, obtained after s...

  • origination_issuance_marketing.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2012)

  • The first Malaysia sukuk as a new Islamic financial debt security was issued as a private sector issue by Shell Company (M) Bhd, and raised RM125 million (US$45 million) in 1990. However, sukuk had been introduced earlier in Saudi Arabia and Pakistan back in the 1980s, but the debut of the 1990 issue was after the institutional development of the market for sukuk in several locations in the Middle East and Southeast Asia, and which is now in major financial centres such as in London and Zurich.

  • performance of islamic banks and conventional banks.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Badar, Mohammad K.; Ramadili Mohd, Shamsher Mohamad; Hassan, Taufiq (2011)

  • In this chapter an attempt is made for the first time to assess the financial performance of Islamic banks and conventional banks by choosing a matched sample of banks to assess their financial performance across the world over a lenghty period. Islamic banking is based on replacing the pre-fixed-interest-based bank deposit-cum-lending activities with risk-sharing and profit-sharing principles advocated by Islam, which in turn appears to be consistent with the social norms of pre-modern societies prior to the rise of interest-based-fractioning banking in the last 200 years, which refers to the fractional-reserve banking from the close of the 18th century.

  • private_placement_share_prices_volume_financial_crisis_emerging_market_study_ariff_shamser.pdf.jpg
  • Journal Article


  • Authors: M., Normazia; Hassan, Taufiq; Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2013)

  • Firms are increasingly resorting to private placements in recent years, yet there is no published study of emerging markets. There is a unique opportunity to study this behavior during a severe financial crisis, when firms resorted to private placements to recover financially distressed firms. Our analysis using data over fifteen years shows (a) a significant 2–3% positive share price reaction, affirming asymmetric information effect, (b) a significant volume activity, and (c) the price impact is different across a period of a major financial crisis. If the proceeds from placement are earmarked for investment, share price is negatively (positively) correlated during the crisis (non-cr...