Browsing by Author Ebrahim, Muhammed-Shahid

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 4 of 4
  • dispelling_myth_value_premium_contrary_evidence_Malaysian_crony_capitalism_eskandar.pdf.jpg
  • Journal Article


  • Authors: Ebrahim, Muhammed-Shahid; Hudson, Robert; Iqbal, Abdullah; Mohd Rasid, Mohamed Eskandar Shah (2016)

  • This paper contradicts the existence of a universal value anomaly by studying Malaysia, a country with a unique institutional setting. We investigate this counter-example to attribute the anomaly to: 1) the leverage effect of value firms; 2) the investment pattern of growth firms; 3) the economic environment. We find that the value premium cannot be ascribed solely to risk as it is time varying and dependent on the attributes of the companies. Our results illustrate that small cap value firms perform relatively well during favourable economic conditions. In contrast, large cap growth firms perform better than their counterparts (i.e., large cap value firms) in economic upturns as they...

  • dynamic_capital_structure_political_patronage_case_Malaysia_eskandar.pdf.jpg
  • Journal Article


  • Authors: Ebrahim, Muhammed-Shahid; Girmab, Sourafel; Mohd Rasid, Mohamed Eskandar Shah; William, Jonathan (2014)

  • This paper investigates the effect of political patronage on firms' capital structure. The evidence is from Malaysia, a country characterised by relationship-capitalism, and covers 1988 to 2009. Using a system GMM estimator we find firms set leverage targets and adjust towards them following deviations at the rate of 28% per annum. Next, we construct a natural experiment and use a difference-in-differences model to investigate if the strategic financing decisions of politically patronised firms differ from non-connected firms after an exogenous shock caused by the 1997 Asian crisis. Our results unambiguously demonstrate a significant difference in the capital structure of patronised f...

  • Islamic_banking_finance_beyond_comparison_investment_opportunities_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Ebrahim, Muhammed-Shahid (2018)

  • Islamic finance as a field of research continues to be exciting and has been evolving with coverage that goes beyond mere comparison with conventional finance. With rapid development in Islamic banking to reach the status of being systematically important in many jurisdictions, the following questions seem pertinent: Should Islamic banking diversify to non-intermediation activities such that it can rival and become a truly alternative to conventional banking in the provision of banking services? How should Islamic banks structure their financing? And what are the financial and real impacts of Islamic banking? As for the Islamic stock markets, in light of on-going research and still in...

  • rationalizing_value_premium_emerging_markets_eskandar.pdf.jpg
  • Journal Article


  • Authors: Ebrahim, Muhammed-Shahid; Girmab, Sourafel; Mohd Rasid, Mohamed Eskandar Shah; William, Jonathan (2014)

  • We reconfirm the presence of value premium in emerging markets. Using the Brazil–Turkey–India–China (BTIC) grouping during a period of substantial economic growth and stock market development, we attribute the premium to the investment patterns of glamour firms. We conjecture based on empirical evidence that glamour firms hoard cash, which delays undertaking of growth options, especially in poor economic conditions. Whilst this helps to mitigate business risk, it lowers market valuations and drives down expected returns. Our evidence supports arguments that the value premium is explained by economic fundamentals rather than a risk factor that is common to all firms

Browsing by Author Ebrahim, Muhammed-Shahid

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 4 of 4
  • dispelling_myth_value_premium_contrary_evidence_Malaysian_crony_capitalism_eskandar.pdf.jpg
  • Journal Article


  • Authors: Ebrahim, Muhammed-Shahid; Hudson, Robert; Iqbal, Abdullah; Mohd Rasid, Mohamed Eskandar Shah (2016)

  • This paper contradicts the existence of a universal value anomaly by studying Malaysia, a country with a unique institutional setting. We investigate this counter-example to attribute the anomaly to: 1) the leverage effect of value firms; 2) the investment pattern of growth firms; 3) the economic environment. We find that the value premium cannot be ascribed solely to risk as it is time varying and dependent on the attributes of the companies. Our results illustrate that small cap value firms perform relatively well during favourable economic conditions. In contrast, large cap growth firms perform better than their counterparts (i.e., large cap value firms) in economic upturns as they...

  • dynamic_capital_structure_political_patronage_case_Malaysia_eskandar.pdf.jpg
  • Journal Article


  • Authors: Ebrahim, Muhammed-Shahid; Girmab, Sourafel; Mohd Rasid, Mohamed Eskandar Shah; William, Jonathan (2014)

  • This paper investigates the effect of political patronage on firms' capital structure. The evidence is from Malaysia, a country characterised by relationship-capitalism, and covers 1988 to 2009. Using a system GMM estimator we find firms set leverage targets and adjust towards them following deviations at the rate of 28% per annum. Next, we construct a natural experiment and use a difference-in-differences model to investigate if the strategic financing decisions of politically patronised firms differ from non-connected firms after an exogenous shock caused by the 1997 Asian crisis. Our results unambiguously demonstrate a significant difference in the capital structure of patronised f...

  • Islamic_banking_finance_beyond_comparison_investment_opportunities_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Ebrahim, Muhammed-Shahid (2018)

  • Islamic finance as a field of research continues to be exciting and has been evolving with coverage that goes beyond mere comparison with conventional finance. With rapid development in Islamic banking to reach the status of being systematically important in many jurisdictions, the following questions seem pertinent: Should Islamic banking diversify to non-intermediation activities such that it can rival and become a truly alternative to conventional banking in the provision of banking services? How should Islamic banks structure their financing? And what are the financial and real impacts of Islamic banking? As for the Islamic stock markets, in light of on-going research and still in...

  • rationalizing_value_premium_emerging_markets_eskandar.pdf.jpg
  • Journal Article


  • Authors: Ebrahim, Muhammed-Shahid; Girmab, Sourafel; Mohd Rasid, Mohamed Eskandar Shah; William, Jonathan (2014)

  • We reconfirm the presence of value premium in emerging markets. Using the Brazil–Turkey–India–China (BTIC) grouping during a period of substantial economic growth and stock market development, we attribute the premium to the investment patterns of glamour firms. We conjecture based on empirical evidence that glamour firms hoard cash, which delays undertaking of growth options, especially in poor economic conditions. Whilst this helps to mitigate business risk, it lowers market valuations and drives down expected returns. Our evidence supports arguments that the value premium is explained by economic fundamentals rather than a risk factor that is common to all firms