Browsing by Topic Conventional finance

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Showing results 82 to 91 of 290
  • does_securitization_government_staff_personal_loan_perform_baharom.pdf.jpg
  • Journal Article


  • Authors: Bakri, Mohammed Hariri; Dabas, Nurayati; Shafinar Ismail, Shafinar; Abdul Hamid, Baharom (2018)

  • Malaysian firms have been reported to involve in Asset-Backed Securities since 1986s where Cagamas is a pioneer. The objective of this study to determine the primary market spread and analyze on firm financial performance. The methodology for this paper using regression analysis for the study period 2007-2012. They are three determinants that contribute and statistically significant for this research paper. The measurement of financial performance does not have any impact during subprime mortgage crisis. The firm results shows increasing profitability, reducing debt, stronger company value and shareholders earning better dividend.

  • does_shadow_economy_matter_tourism_International_evidence_baharom.pdf.jpg
  • Journal Article


  • Authors: Din, Badariah H.; Habibullah, Muzafar Shah; Abdul Hamid, Baharom (2015)

  • Tourism is an important sector that contributes to government revenues, national income, foreign exchange earnings as well as provides job and business opportunities for many nations. In 2013, international tourist arrivals reached a record 1.1 billion worldwide, with USD1.2 billion in international tourism receipts. At the same time, the shadow economy in the tourism sector also flourished. In the European countries, Schneider reported that 20% to 25% of the shadow economy is represented by tourism-related industries, wholesale and retail, automotive and motorcycle sales and maintenance; transportation, storage and communications; and hotels and restaurants. Services given by these 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).

  • Does trust contribute to stock market development_Adam.pdf.jpg
  • Journal Article


  • Authors: Ng, Adam Boon Ka; Ibrahim, Mansor H.; Mirakhor, Abbas (2016)

  • In view of the increasing contributions of social capital in financial development, we examine the relevance of social capital in stock market development by applying Bayesian model averaging on 37 variables across 60 countries from 2000 to 2006. The results demonstrate that trust is a robust and positive determinant of stock market depth and liquidity, and that trust is the most relevant component of social capital in market development. Macroeconomic instability in the form of inflationary changes has a dampening effect on trust in the trading of stock. Further, social capital and its components, particularly trust, are more relevant to stock market development in countries with wea...

  • dynamic_analysis_output_energy_consumption_co2_emissions_Malaysia_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Habibullah, Muzafar Shah (2016)

  • Present paper analyzes the interrelations between output, energy consumption, and carbon emissions in light of Malaysia's development experience from a commodity-based economy to an industrial-based economy by means of a vector autoregression (VAR) framework. The results suggest substantial interactions among the three variables. Moreover, manufacturing output tends to exert persistent influences on carbon emissions, energy consumption, and non-manufacturing output. Meanwhile, the significant causal relations from non-manufacturing output to energy variables are found for first few years. These results are robust to the inclusion of additional variables, namely, trade openness, invest...

  • 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...

  • Dynamic_linkages_and_the_propagation_mechanism_driving_major_international_stock markets_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1997)

  • The stock market crash of October 1987 earmarked fears of a deep-seated financial crisis. In recent years, while there has been a number of empirical studies devoted to examinations of the number of common trends in a system of stock price indexes, only a minority has focused on what effect the crash has had on the characteristics [namely, the amount of co-movements amongst markets, their dynamic linkages, and implications for the transmission or propagation mechanism] of major stock markets. In this paper, we demonstrate how the techniques of unit root testing, cointegration, vector error-correction modelling (VECM) and forecast error variance decomposition (VDC) analysis, may be use...

  • dynamic modeling of stock market interdependencies_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (2001)

  • This article examines the patterns of dynamic linkages among national stock prices of Australia and four Asian NIC stock markets namely, Taiwan, South Korea, Singapore and Hong Kong. By employing recently developed time-series techniques results seem to consistently suggest the relatively leading role of the Hong Kong market in driving fluctuations in the Australian and other NIC stock markets. In other words, given the generality of the techniques employed, Hong Kong showed up consistently as the initial receptor of exogenous shocks to the (long-term) equilibrium relationship whereas the Australian and the other NIC markets, particularly the Singaporean and Taiwanese markets had to b...

Browsing by Topic Conventional finance

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 82 to 91 of 290
  • does_securitization_government_staff_personal_loan_perform_baharom.pdf.jpg
  • Journal Article


  • Authors: Bakri, Mohammed Hariri; Dabas, Nurayati; Shafinar Ismail, Shafinar; Abdul Hamid, Baharom (2018)

  • Malaysian firms have been reported to involve in Asset-Backed Securities since 1986s where Cagamas is a pioneer. The objective of this study to determine the primary market spread and analyze on firm financial performance. The methodology for this paper using regression analysis for the study period 2007-2012. They are three determinants that contribute and statistically significant for this research paper. The measurement of financial performance does not have any impact during subprime mortgage crisis. The firm results shows increasing profitability, reducing debt, stronger company value and shareholders earning better dividend.

  • does_shadow_economy_matter_tourism_International_evidence_baharom.pdf.jpg
  • Journal Article


  • Authors: Din, Badariah H.; Habibullah, Muzafar Shah; Abdul Hamid, Baharom (2015)

  • Tourism is an important sector that contributes to government revenues, national income, foreign exchange earnings as well as provides job and business opportunities for many nations. In 2013, international tourist arrivals reached a record 1.1 billion worldwide, with USD1.2 billion in international tourism receipts. At the same time, the shadow economy in the tourism sector also flourished. In the European countries, Schneider reported that 20% to 25% of the shadow economy is represented by tourism-related industries, wholesale and retail, automotive and motorcycle sales and maintenance; transportation, storage and communications; and hotels and restaurants. Services given by these 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).

  • Does trust contribute to stock market development_Adam.pdf.jpg
  • Journal Article


  • Authors: Ng, Adam Boon Ka; Ibrahim, Mansor H.; Mirakhor, Abbas (2016)

  • In view of the increasing contributions of social capital in financial development, we examine the relevance of social capital in stock market development by applying Bayesian model averaging on 37 variables across 60 countries from 2000 to 2006. The results demonstrate that trust is a robust and positive determinant of stock market depth and liquidity, and that trust is the most relevant component of social capital in market development. Macroeconomic instability in the form of inflationary changes has a dampening effect on trust in the trading of stock. Further, social capital and its components, particularly trust, are more relevant to stock market development in countries with wea...

  • dynamic_analysis_output_energy_consumption_co2_emissions_Malaysia_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Habibullah, Muzafar Shah (2016)

  • Present paper analyzes the interrelations between output, energy consumption, and carbon emissions in light of Malaysia's development experience from a commodity-based economy to an industrial-based economy by means of a vector autoregression (VAR) framework. The results suggest substantial interactions among the three variables. Moreover, manufacturing output tends to exert persistent influences on carbon emissions, energy consumption, and non-manufacturing output. Meanwhile, the significant causal relations from non-manufacturing output to energy variables are found for first few years. These results are robust to the inclusion of additional variables, namely, trade openness, invest...

  • 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...

  • Dynamic_linkages_and_the_propagation_mechanism_driving_major_international_stock markets_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1997)

  • The stock market crash of October 1987 earmarked fears of a deep-seated financial crisis. In recent years, while there has been a number of empirical studies devoted to examinations of the number of common trends in a system of stock price indexes, only a minority has focused on what effect the crash has had on the characteristics [namely, the amount of co-movements amongst markets, their dynamic linkages, and implications for the transmission or propagation mechanism] of major stock markets. In this paper, we demonstrate how the techniques of unit root testing, cointegration, vector error-correction modelling (VECM) and forecast error variance decomposition (VDC) analysis, may be use...

  • dynamic modeling of stock market interdependencies_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (2001)

  • This article examines the patterns of dynamic linkages among national stock prices of Australia and four Asian NIC stock markets namely, Taiwan, South Korea, Singapore and Hong Kong. By employing recently developed time-series techniques results seem to consistently suggest the relatively leading role of the Hong Kong market in driving fluctuations in the Australian and other NIC stock markets. In other words, given the generality of the techniques employed, Hong Kong showed up consistently as the initial receptor of exogenous shocks to the (long-term) equilibrium relationship whereas the Australian and the other NIC markets, particularly the Singaporean and Taiwanese markets had to b...