Browsing by Topic Conventional finance::Economics

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 26 to 35 of 107
  • do_stock_prices_play_significant_role_formulating_monetary_policy_evidence_Australia_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; De Mello, Lurion (2009)

  • The theory of money demand has been explained using different models. Economic theory says that a basic money demand function depends on variables that reflect the level of transactions in the economy such as real income or real wealth, and opportunity cost variables such as the rate of interest or the rate of inflation. This setting does not take into account investment decision by investors, which are reflected in the stock price movements. The money demand function is one of the key models monetary policy makers’ use, as certain measures of money are reliably linked to objectives of policy. These may include intermediate targets such as long-run economic growth (represented by perc...

  • 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...

  • item.jpg
  • Journal Article


  • Authors: Chowdhury, Mohammad Ashraful Ferdous; Abdul Kareem, Mohamed Ariff; Mohammed Masih, Abul Mansur; Ismail, Izlin (2020)

  • This study examines the impact of foreign aid on the institutional quality (IQ) of the OIC countries. Using the data of OIC countries for the three-year average period from 1991 to 2016, the system GMM finds that aid in general deteriorates the IQ for the aid recipient countries. However, quantile regression suggests that the negative impact of foreign aid on institutional quality (IQ) is relatively greater in the countries where the existing quality of institution is poor. The findings of the study suggest that improving the existing capacity is essential for reaping the optimum benefit of foreign aid on institutional development.

  • does_heterogeneity_investment_horizons_affect_portfolio_diversification_some_insights_M-GARCH-DCC_wavelet_correlation_analysis_mm.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2015)

  • Recent literature draws attention to the issue of whether heterogeneity in investment horizons has an effect on resulting investor exposures. In this article, using Malaysia as a case study, we make the first attempt to examine comovement dynamics of Islamic equity returns to identify international portfolio diversification opportunities for investors having heterogeneous investment horizons. We use three recent and appropriate methodologies: M-GARCH-DCC, Continuous Wavelet Transforms (CWT), and Maximum Overlap Discrete Wavelet Transform (MODWT). The results significantly tend to indicate that effective portfolio diversification opportunities between our sample markets exist mainly fo...

  • Does Paddy Cultivation in Malaysia Contribute to Increased CO2_baharom.pdf.jpg
  • Academic Proceeding


  • Authors: Alias, Emmy Farha; Abdul Hamid, Baharom; Radam, Alias; Yaacob, Mohd. Rusli (2012)

  • This study was conducted to investigate whether paddy cultivation in Malaysia do indeed contribute to increased CO2e. Johansen (1991) co-integration method was used to investigate the relationship between these variables, and the result clearly shows that they are highly co-integrated or literally means that they (both variables) share long term time trending patterns. The long run relationship is further investigated based on granger causality and vector error correction model (VECM), and the result again clearly shows that paddy production indeed granger causes the increased CO2e. Dynamic Ordinary Least Square (DOLS) method was also employed to check the robustness and consistency o...

  • does_environmental_kuznets_curve_exist_application_long-run_structural_modelling_saudi_arabia_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; De Mello, Lurion (2011)

  • There is an increasing move by developing and emerging economies to address their environmental issues. In the last few decades, we have witnessed an unprecedented state of global warming. Many scientists have argued that increasing carbon dioxide (CO2) emissions produce a massive build-up of greenhouse gas, which significantly contributes to warming global temperatures and associated climatic instability (IPCC, 1996). Some countries have signed to the Kyoto protocol in a bid to follow guidelines in reducing their emission levels by investing in infrastructure under the Clean Development Mechanism (CDM).

  • dynamic_capital_structure_financial_crisis_eskandar_2015.pdf.jpg
  • Industry Article


  • Authors: Syed Quadri, Syed Adnan; Mohd Rasid, Mohamed Eskandar Shah (2015-06-26)

  • In presence of the market frictions, firms aim to attain target capital structure by making strategic choices towards re-engineering the leverage. These choices influence not only firm’s investment patterns, capital costs and expected returns but also lead to conflict of interest among the stakeholders. The dynamic market forces make targeting a continuous exercise for the firm, as it strives to make optimal financing decisions to raise its value and reduce the risk of bankruptcy. An occurrence of acute financial crisis disturbs the capital structure and firms may foresee this and try to adjust. If adjustment is seen prior to a crisis in favour of higher leverage and moving away from ...

  • 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...

  • dynamic_heterogeneous_panel_estimation_impact_income_inflation_happiness_stock_returns_baharom.pdf.jpg
  • Journal Article


  • Authors: Abdul Hamid, Baharom; Habibullah, Muzafar Shah; Rasiah, Ratneswary (2016-03)

  • This study examines the long-run relationships and short-run dynamic interactions between stock returns and its determinants comprising of GDP per capita, inflation and happiness, over the period 1973 to 2012. The study applies the dynamic heterogenous panel estimation techniques of Mean Group (MG), Pooled Mean Group (PMG) and Dynamic Fixed Effects (DFE) to analyse a set of macro panel data on selected OECD countries to establish the possible causal relations between these variables. The theoretical framework of this study is based on the stock returns theories of Present Value Model/Discounted Cash Flows and “Risk-as-feelings” Theory. The results of this study show evidence that inco...

Browsing by Topic Conventional finance::Economics

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 26 to 35 of 107
  • do_stock_prices_play_significant_role_formulating_monetary_policy_evidence_Australia_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; De Mello, Lurion (2009)

  • The theory of money demand has been explained using different models. Economic theory says that a basic money demand function depends on variables that reflect the level of transactions in the economy such as real income or real wealth, and opportunity cost variables such as the rate of interest or the rate of inflation. This setting does not take into account investment decision by investors, which are reflected in the stock price movements. The money demand function is one of the key models monetary policy makers’ use, as certain measures of money are reliably linked to objectives of policy. These may include intermediate targets such as long-run economic growth (represented by perc...

  • 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...

  • item.jpg
  • Journal Article


  • Authors: Chowdhury, Mohammad Ashraful Ferdous; Abdul Kareem, Mohamed Ariff; Mohammed Masih, Abul Mansur; Ismail, Izlin (2020)

  • This study examines the impact of foreign aid on the institutional quality (IQ) of the OIC countries. Using the data of OIC countries for the three-year average period from 1991 to 2016, the system GMM finds that aid in general deteriorates the IQ for the aid recipient countries. However, quantile regression suggests that the negative impact of foreign aid on institutional quality (IQ) is relatively greater in the countries where the existing quality of institution is poor. The findings of the study suggest that improving the existing capacity is essential for reaping the optimum benefit of foreign aid on institutional development.

  • does_heterogeneity_investment_horizons_affect_portfolio_diversification_some_insights_M-GARCH-DCC_wavelet_correlation_analysis_mm.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2015)

  • Recent literature draws attention to the issue of whether heterogeneity in investment horizons has an effect on resulting investor exposures. In this article, using Malaysia as a case study, we make the first attempt to examine comovement dynamics of Islamic equity returns to identify international portfolio diversification opportunities for investors having heterogeneous investment horizons. We use three recent and appropriate methodologies: M-GARCH-DCC, Continuous Wavelet Transforms (CWT), and Maximum Overlap Discrete Wavelet Transform (MODWT). The results significantly tend to indicate that effective portfolio diversification opportunities between our sample markets exist mainly fo...

  • Does Paddy Cultivation in Malaysia Contribute to Increased CO2_baharom.pdf.jpg
  • Academic Proceeding


  • Authors: Alias, Emmy Farha; Abdul Hamid, Baharom; Radam, Alias; Yaacob, Mohd. Rusli (2012)

  • This study was conducted to investigate whether paddy cultivation in Malaysia do indeed contribute to increased CO2e. Johansen (1991) co-integration method was used to investigate the relationship between these variables, and the result clearly shows that they are highly co-integrated or literally means that they (both variables) share long term time trending patterns. The long run relationship is further investigated based on granger causality and vector error correction model (VECM), and the result again clearly shows that paddy production indeed granger causes the increased CO2e. Dynamic Ordinary Least Square (DOLS) method was also employed to check the robustness and consistency o...

  • does_environmental_kuznets_curve_exist_application_long-run_structural_modelling_saudi_arabia_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; De Mello, Lurion (2011)

  • There is an increasing move by developing and emerging economies to address their environmental issues. In the last few decades, we have witnessed an unprecedented state of global warming. Many scientists have argued that increasing carbon dioxide (CO2) emissions produce a massive build-up of greenhouse gas, which significantly contributes to warming global temperatures and associated climatic instability (IPCC, 1996). Some countries have signed to the Kyoto protocol in a bid to follow guidelines in reducing their emission levels by investing in infrastructure under the Clean Development Mechanism (CDM).

  • dynamic_capital_structure_financial_crisis_eskandar_2015.pdf.jpg
  • Industry Article


  • Authors: Syed Quadri, Syed Adnan; Mohd Rasid, Mohamed Eskandar Shah (2015-06-26)

  • In presence of the market frictions, firms aim to attain target capital structure by making strategic choices towards re-engineering the leverage. These choices influence not only firm’s investment patterns, capital costs and expected returns but also lead to conflict of interest among the stakeholders. The dynamic market forces make targeting a continuous exercise for the firm, as it strives to make optimal financing decisions to raise its value and reduce the risk of bankruptcy. An occurrence of acute financial crisis disturbs the capital structure and firms may foresee this and try to adjust. If adjustment is seen prior to a crisis in favour of higher leverage and moving away from ...

  • 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...

  • dynamic_heterogeneous_panel_estimation_impact_income_inflation_happiness_stock_returns_baharom.pdf.jpg
  • Journal Article


  • Authors: Abdul Hamid, Baharom; Habibullah, Muzafar Shah; Rasiah, Ratneswary (2016-03)

  • This study examines the long-run relationships and short-run dynamic interactions between stock returns and its determinants comprising of GDP per capita, inflation and happiness, over the period 1973 to 2012. The study applies the dynamic heterogenous panel estimation techniques of Mean Group (MG), Pooled Mean Group (PMG) and Dynamic Fixed Effects (DFE) to analyse a set of macro panel data on selected OECD countries to establish the possible causal relations between these variables. The theoretical framework of this study is based on the stock returns theories of Present Value Model/Discounted Cash Flows and “Risk-as-feelings” Theory. The results of this study show evidence that inco...