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Student Works (2000-2009)

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Full-Text Articles in Finance and Financial Management

Amalan Kontrak Opsyen Di Malaysia Dari Perspektif Islam, Syarifah Md. Yusof Jan 2003

Amalan Kontrak Opsyen Di Malaysia Dari Perspektif Islam, Syarifah Md. Yusof

Student Works (2000-2009)

Kontrak opsyen adalah satu subjek yang menarik untuk diketengahkan kerana pengunaannya sebagai instrumen lindung nilai sejak kebelakangan ini menjadi semakin popular. Peningkatan penggunaannya ada1ah seiring dengan peningkatan risiko dalam pasaran kewangan akibat daripada ketidaktentuan keadaan pasaran. Kajian ini cuba menyusuri sejarah kelahiran kontrak opsyen dalam dunia kewangan dan memperjelaskan mengenai konsep opsyen serta kegunaannya kepada peserta pasaran. Menyedari kepentingan dan kelebihan instrumen opsyen, MDEX telah memperkenalkan kontrak opsyen lndeks Komposit BSKL bagi menyediakan instrumen lindung nilai khusus bagi pegangan portfolio di pasaran ekwti negara. Kajian ini cuba menjelaskan peranan kontrak tersebut dalam memenuhi keperluan pasaran negara serta aspek pelaksanaannya meliputi …

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Islamic Banking And Takaful : The Development And Future Challenges In Malaysia, Jalaludin Mohd Noor, Khairuddin Hanafiah Jan 2002

Islamic Banking And Takaful : The Development And Future Challenges In Malaysia, Jalaludin Mohd Noor, Khairuddin Hanafiah

Student Works (2000-2009)

The establishment of the Mil Ghamr Local Savings Bank of Egypt in 1963 marked a new milestone in the development of Islamic banking system. The interest-free banking concepts introduced by Mil Ghamr signaled to the Muslim community that Islamic principles were applicable to modern day banking business. The government of Malaysia has been actively promoting Islamic banking with the view to have Islamic financial system operating side-by-side with the conventional interest-based system, Both are geared towards the nation's socio­economic development goals. The establishment of Bank Islam Malaysia Berhad in 1983 was the first step towards this vision. Ten years later, …

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Pemikiran Abu Yusuf Mengenai Kewangan Islam : Kajian Dalam Kitab Al-Kharaj, Hanin Mahamud Azaki Jan 2002

Pemikiran Abu Yusuf Mengenai Kewangan Islam : Kajian Dalam Kitab Al-Kharaj, Hanin Mahamud Azaki

Student Works (2000-2009)

This dissertation explains the contribution of Abu Yusuf in Islamic Finance based on his Kitab al-Kharaj in which he has been regarded as an outstanding Muslim thinker of Hanafi school of thought. In this work, Abu Yusuf highlighted the position of land taxation (al-kharaj) according to Islamic perspective. ln other words, it tries to view Islamic rulings concerning land tax, its procedures as well as its measurement. Hopefully it will assist in the implementation of land tax accordance with the spirit of Islam. Chapter one explains the background of Abu Yusuf, his teachers and writings. Chapter two mentions the theory …

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Akad Al-Bay Bi Thaman Ajil Di Bank Rakyat Mengikut Perspektif Undang-Undang Kontrak Islam, Hamizan Mohd. Nor Jan 2002

Akad Al-Bay Bi Thaman Ajil Di Bank Rakyat Mengikut Perspektif Undang-Undang Kontrak Islam, Hamizan Mohd. Nor

Student Works (2000-2009)

Al-bay bi thaman ajil (BBA) is a financing contract according to Islamic principles. It is a well-known product and is offered by Islamic Banking System in Malaysia including Bank Rakyat itself. The product is an alternativies to the financing scheme of the conventional bank. Therefore, the dissertation studies the practice of SBA contract with attention given to the concept and nature of BBA contract in the Islamic transaction and its practise at Bank Rakyat. The study also discusses certain relevant concept such as debt, buy and selling (transaction), profits and usury in Islam all of which constitute some important aspects …

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Persistence Of Profits : Intra-And Inter-Sector Comparisons, Liew Toh Peng Jan 2002

Persistence Of Profits : Intra-And Inter-Sector Comparisons, Liew Toh Peng

Student Works (2000-2009)

The dynamics of the competition in a market economy is expected to function continuously to eliminate the profit differentials among different firms or industries in the· long run. The persistence of profit rates differentials was estimated with an autoregressive model for a sample of firms listed in 9 sectors of the Main Board of Kuala Lumpur Stock Exchange (KLSE). We applied the methodology proposed by lm et al. ( I 997) to test for the persistence of profits in a panel data structure. A few specifications were considered and the autoregressive model without a lagged difference term was the best …

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Linkages Between The Malaysian And Other Selected Stock Markets Before And After The 1997 Financial Crisis : Evidence From Cointegration Tests, Ai Ting Foo Jan 2002

Linkages Between The Malaysian And Other Selected Stock Markets Before And After The 1997 Financial Crisis : Evidence From Cointegration Tests, Ai Ting Foo

Student Works (2000-2009)

A lot of focus has been placed on the interdependence of stock markets over the last two decades in view of the trend towards market deregulation and globalization of economies. Therefore, this paper attempts to examine the linkages among the stock markets pre- and post-1997 financial crisis. This paper analyzes the linkages between the Malaysian stock market with the United States of America (US), Hong Kong, Taiwan, South Korea, Singapore, Thailand, Indonesia and Philippines using pairwise cointegration. The study uses weekly data from January 1994 to Jun 2001. Johansen and Juselius (JJ) ( 1990) co integration approach is used to …

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Niche Market And Customer Analysis For The Introduction Of A Potential New Pharmaceutical Product In Peninsular Malaysia, Jeyalakshmi Rajan Jan 2002

Niche Market And Customer Analysis For The Introduction Of A Potential New Pharmaceutical Product In Peninsular Malaysia, Jeyalakshmi Rajan

Student Works (2000-2009)

Benign Prostatic Hyperplasia (BPH) is a non-cancerous condition in which the number of prostate cells increases, causing the gland to enlarge. Nearly all men develop BPH If they live long enough and about half would develop symptoms of BPH. Company A's product is one of three drugs competing for the BPH market. In view of the slow growth of its product, Company A was considering launching a new formulation. Thus, a customer and market evaluation was essential to understand the market and develop relevant marketing strategies for such a launch. The major objectives of this study were to: (a) determine …

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Evidence Of Short-Run Persistence In Unit Trusts Performance In Malaysia, Chien Hwa Chong, Puay Eng Kho Jan 2002

Evidence Of Short-Run Persistence In Unit Trusts Performance In Malaysia, Chien Hwa Chong, Puay Eng Kho

Student Works (2000-2009)

The objective of this research is to determine whether there is statistical evidence in performance persistence of Malaysia unit trusts. Tests for performance persistence is also tests for weak form market efficiency of unit trusts in Malaysia. The study is also of practical value since performance persistence indicates that past performance is good prediction of future performance. If there was statistical evidence on performance persistence, then Investors should select the unit trusts to invest based on past performance of the unit trusts. Both parametric and non-parametric statistical tests were carried out to test for performance persistence. Parametric tests employed the …

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Cash Flow Statement : An Empirical Study Of Voluntary Disclosure Practices Of Malaysian Companies, K. Ranchethamalar K. Jan 2002

Cash Flow Statement : An Empirical Study Of Voluntary Disclosure Practices Of Malaysian Companies, K. Ranchethamalar K.

Student Works (2000-2009)

Cash flow is a critical business solvency measure. The mandatory disclosures on cash flow statements do not provide all the necessary information to evaluate an entity's performance, liquidity and solvency. No prior studies so far, have thoroughly discussed the merits of providing additional information and relating it to firm specific variables. This study has two purposes. The first purpose is to provide empirical evidence on direct and indirect method of presenting operating cash flows. The second part of the study provides empirical evidence on the voluntary disclosure practices of Malaysian companies as encouraged by MASS 5 and relating it to …

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Better Organization's Performance In Local Commercial Banking Industry Through Strategic Balance Strategy, Seng Wah Ling Jan 2002

Better Organization's Performance In Local Commercial Banking Industry Through Strategic Balance Strategy, Seng Wah Ling

Student Works (2000-2009)

Similarity among firms has received a great deal of attention in strategic management and organization theories. Past researches observed that firms face pressures to be different and to be the same. By differentiating, firms reduce competition. By conforming, firms demonstrate their legitimacy. Both reduced competition and legitimacy improve performance. This study addresses the performance consequences of firm-level strategic similarity with Strategic Balance Strategy, which states that moderately differentiated firms have higher performance than either highly conforming or highly differentiated firms. This study examines the relative performance of local commercial banks in Malaysia from 1995 to 2000. The study investigates whether …

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Faktor Yang Mempengaruhi Pasaran Wang Di Malaysia Serta Kesannya Ke Atas Dasar Kewangan, Azlina Abd. Aziz Jan 2002

Faktor Yang Mempengaruhi Pasaran Wang Di Malaysia Serta Kesannya Ke Atas Dasar Kewangan, Azlina Abd. Aziz

Student Works (2000-2009)

Penyelidikan ini bertujuan untuk mengkaji foktor-faktor yang mempengaruhi pa.saran wang di Malaysia, khususnya bagi permintaan dan penawaran wang serta kesannya ke atas pelaksanaan dasar kewangan di Malaysia. Agregat kewangan M1, M2 clan M3 sebagai pembolehubah bergantung bagi permintaan dan penawaran wang. Bagi melihat apakah faktor yang mempengaruhi permintaan wang, sebanyak lima pembolehubah bebas digunakan yang terdiri daripada pendapatan benar, kadar diskaun purata Bil Perbendaharaan 3 bulan, kadar inflasi, hasil Bil Perbendaharaan Amerika Syarikat 3 bulan dan jangkaan kadar depresiasi. Bagi pen.awaran wang, antara petunjuk yang digunakan sebagai pembolehubah bebas terdiri daripada pendapatan benar, kadar bunga deposit bermasa 6 bulan di …

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A Study Of Benjamin Graham's Stock Selection Criteria In The Kuala Lumpur Stock Exchange, Lee Fah Thong Jan 2002

A Study Of Benjamin Graham's Stock Selection Criteria In The Kuala Lumpur Stock Exchange, Lee Fah Thong

Student Works (2000-2009)

The fundamentalists believe that all securities have an intrinsic value, which can differ from its market price and eventually. the market price of a security will gravitate towards its true value. Graham believed that even though securities market could be overall efficient. any conscientious investor could gain superior returns through pockets of inefficiencies by paying close attention to investment fundamentals and taking advantage of undervaluation and mispricing of individual securities. He also proposed ten selection criteria to identify underpriced securities. The study aims to investigate whether the portfolios formed using Grahams selection criteria could achieve superior performance in the Kuala …

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An Evaluation Of The Financial Sector Master Plan & The Capital Market Master Plan, Soo Yeong Ewe Jan 2002

An Evaluation Of The Financial Sector Master Plan & The Capital Market Master Plan, Soo Yeong Ewe

Student Works (2000-2009)

The financial sector is poised to enter a new era of institutional development and maturity with the unveiling of both the Financial Sector Master Plan (FSMP) by Bank Negara Malaysia and the Capital Market Master Plan (CMP) by the Securities Commission in 2001. FSMP is a blueprint to chart the way forward for the country's banking, insurance and other financial sectors for the next decade from year 2001 to 20 I 0. It aims Lo develop a more resilient. competitive and dynamic financial system that will be able to meet the challenges of further liberalization and globalization. CMP is a …

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Daman Al-Mithl In The Contract Of Al-Ijarah And Al-Rahn : A Comparative Jurisprudential Study, Hossam Eldin Ibrahiem Jan 2002

Daman Al-Mithl In The Contract Of Al-Ijarah And Al-Rahn : A Comparative Jurisprudential Study, Hossam Eldin Ibrahiem

Student Works (2000-2009)

Al-daman (guarantee) is one of the legitimate means used to protect ownership and other financial rights. It is one of the means of security upon which people have been dependent for a long time. As people use it, it develops with the development of their economic and commercial dealings. Al-daman has, as such become an important means which plays a vital and basic role in the development of modem economies. Its role is so vital that it is not an exaggeration to say that al-daman  has become the basic pillar of the modem economies and all commercial dealings for banks, …

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Analisis Keuntungan Perbankan Islam Di Malaysia Dengan Tumpuan Kepada Pengurusan Aset Dan Liabiliti, Hadenan Towpek Jan 2002

Analisis Keuntungan Perbankan Islam Di Malaysia Dengan Tumpuan Kepada Pengurusan Aset Dan Liabiliti, Hadenan Towpek

Student Works (2000-2009)

Kajian disertasi ini menyentuh tentang konseptualiti dan signifikasi konsep keuntungan dalam pelbagai perspektif termasuklah perspektif ekonomi tulen, ekonomi Islam, perbankan konvensional dan perbankan Islam. Fungsi dan pengaruhi konsep ini amat signifikan sehinggakan ia ditanggapi sebagai kayu pengukur bagi pencapaian matlamat dalam perti.mbangan berekonomi. Kajian disertasi ini meneliti terperinci kadar keuntungan dalam perbankan dwi-sistem di Malaysia dalarn suasana perubahan kadar faedah pasaran. Pendekatan yang dibuat dengan mengenalpasti fonnulasi strategik segmen-segmen dalam pengurusan aset dan liabiliti dalam perbankan dwi-sistem yang mampu menjanakan margin-margin keuntungan yang optimum dalam apa jua suasana kadar faedah sekalipun. Bagi perbankan konvensional yang mengaplikasikan kadar faedah terapung boleh …

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"Would Bond Market Be A More Viable Investment Alternative To The Stock Market?", Hock Poon Chew Jan 2002

"Would Bond Market Be A More Viable Investment Alternative To The Stock Market?", Hock Poon Chew

Student Works (2000-2009)

"Traditionally, investors have viewed bonds as boring investments that do not give good returns and that burdens portfolios," says Dale Bryant, a portfolio manager. "They couldn't be more misled. Sometimes bonds can do better than equities. Adding bonds can reduce portfolio volatility." Bryant's statement forms the crux of this research project. This paper investigates the co-movement of stocks and bonds on a monthly basis from April 1996 to May 2001. Average returns and standard deviations for the bond and stock market are computed and a comparison is performed to establish which market provides a better return and is less volatile. …

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Risk-Based Audit Approach In The Internal Audit Department Of A Financial Institution : A Qualitative Study, Jans Mei Lin Lim Jan 2002

Risk-Based Audit Approach In The Internal Audit Department Of A Financial Institution : A Qualitative Study, Jans Mei Lin Lim

Student Works (2000-2009)

Traditionally, the internal auditing approach has been very procedures or process driven. Lately, however, there is greater emphasis on the risk-driven approach in an attempt to achieve greater effectiveness and efficiency in internal auditing. This new approach which is risk-driven is called Risk Based Auditing. A risk­based audit focuses on the organization's business risks, that is, risks which can affect a company's profitability and which hold the key to its survival. To analyze this risk, the internal auditor has to look into the working of the company to understand how it operates, and the short and long term business risks …

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An Analysis Of The Performance Of The Japanese Candlestick Method In The Kuala Lumpur Stock Exchange, Yeok Kuan Leong Jan 2001

An Analysis Of The Performance Of The Japanese Candlestick Method In The Kuala Lumpur Stock Exchange, Yeok Kuan Leong

Student Works (2000-2009)

Japanese candlestick chart is a technical system older than bar chart and point and figure chart, and it has been used by Japanese traders few hundred years ago to analyze the price of rice contracts in Japan. However, it is unknown and unpopular for the investors out of Japan until recently. It has started to gain popularity nowadays among investors for its flexibility and effectiveness. Japanese candlestick chart is a technique that can be used as a stand-alone charting technique or as a combination with other technical techniques. This project aims to study the performance of Japanese candlestick chart in …

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The Response Of Bank Lending To Interest Rate Changes : The Case Of Malaysia, Cheong Guan Tee Jan 2001

The Response Of Bank Lending To Interest Rate Changes : The Case Of Malaysia, Cheong Guan Tee

Student Works (2000-2009)

This research paper is to examine the response of aggregate commercial bank lending to money market interest rate changes for the case of Malaysia. The study is based on quarterly data for the period from the first quarter of 1990 to the second quarter of 2000. The results show that the negative one-month and three-month money market interest rate shocks have negative effects on the aggregate commercial bank lending. On the other hand, the positive one-month and three-month money market interest rate shocks have positive effect on the aggregate commercial bank lending. This paper also finds evidence that the response …

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The Effects Of Narrow Money On The Malaysian Economy, Shu Hui Wong Jan 2001

The Effects Of Narrow Money On The Malaysian Economy, Shu Hui Wong

Student Works (2000-2009)

The research of the effects of narrow money in the economy has been often and extensively done over the years. These include using Quantitative Theory of Money model and testing various types of monetary aggregates such as from narrow money to broad money to attest the relationship of money with the economic variables. Money has evolved from the form of barter trade to gold and to fiat money over the centuries. Today, in a modern world and advanced technology, the form of payments that has further enhanced the convenience of household, has transformed the society into a cashless society. Cashless …

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Olg (Overlapping Generations Model) Simulations Of Social Security In Malaysia, Bee Bee Ong Jan 2001

Olg (Overlapping Generations Model) Simulations Of Social Security In Malaysia, Bee Bee Ong

Student Works (2000-2009)

This paper develops and simulates an Overlapping Generations Model (OLG) to investigate the macroeconomic impact of social security. We compare the simulation results of the OLG model with and without social security. Calibrated simulations of both the OLG models with and without social security yield steady states path for macroeconomic variables such as capital stock, productivity output, savings, wages, real interest rates and consumption. When social security contribution rates increase, the path of macroeconomic variables will also change accordingly. Thus, employee social security tax reductions will have an impact on the economy. When the rate of population growth changes continuously, …

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Macroeconomic Responses To Oil Price Changes And Volatility, Fui Kiun Soong Jan 2001

Macroeconomic Responses To Oil Price Changes And Volatility, Fui Kiun Soong

Student Works (2000-2009)

Petroleum is the third factor of production and is expected to remain so as Malaysia targets to achieve full industrialization in twenty years time. It is therefore, crucial to understand the impact of oil price on the macroeconomy. Thus, this paper attempts to examine the short-run dynamics of industrial production, interest rates and, stock market activity, in relation to oil price changes and oil price volatility by using the vector autoregressive (VAR) model. Volatility is modeled using the Generalised Autoregressive Conditional Heteroskedasticity (GARCH) model. Systematic shocks are introduced and the impacts of anticipated and unanticipated oil price changes are analyzed …

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Credit-Lending Channel In The Malaysian Economy, Roza Hazli Zakaria Jan 2001

Credit-Lending Channel In The Malaysian Economy, Roza Hazli Zakaria

Student Works (2000-2009)

Credit-lending channel Is an alternative view on how the shift in monetary policy is translated into the change in loans and output. Nevertheless, this paper finds that the evidence on the existence of a distinctive credit-lending channel In the Malaysian economy is absent. Firstly, the episodes of tight monetary policy In the 1990s are Identified using the "narrative approach". Then, a preliminary analysis Is done to see the impact of tight monetary policy on banks' credit supply. It Is found that bank loans only decline In the most recent monetary tightening, September 1997 to August 1998. Next, an empirical analysis …

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A Study On Customer Relationship Management In The Banking Sector In Malaysia, Donny Yhew Chjuan Lim Jan 2001

A Study On Customer Relationship Management In The Banking Sector In Malaysia, Donny Yhew Chjuan Lim

Student Works (2000-2009)

In this era of marketing, which is known as the relationship era, customers are identified as the main determinant of success for a business. Hence, corporations are tailoring their products and services to suit their customers' need and demand. This leads to the introduction of Customer Relationship Management (CRM). CRM is best defined as a technology based business strategy whereby companies leverage increased customers' knowledge to build profitable relationships, based on optimising value delivered and realised from their customers. With the introduction of the CRM concept to the banking industry, it was perceived that the responses to customers' queries have …

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Reform In The Electricity Supply Industry And Implementation Of A Competitive Electricity Market In Malaysia, William Kim Cheong Leong Jan 2001

Reform In The Electricity Supply Industry And Implementation Of A Competitive Electricity Market In Malaysia, William Kim Cheong Leong

Student Works (2000-2009)

Over the past decade, a number of nations have restructured their electricity industries. Several nations have also significantly reduced the government's role in the ownership and management of the electricity industries both at the state and national level. The wave of changes is driven by the forces of competition; the need to make the industry more efficient and allowing customers to have choices in deciding their electricity supplier, the package of services and the associated prices that best meet their needs. A crucial element of the deregulation and reform in the electric industry is the creation of a wholesale electricity …

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Insider Trading On The Kuala Lumpur Stock Exchange : An Empirical Study, Jooky Lim Jan 2001

Insider Trading On The Kuala Lumpur Stock Exchange : An Empirical Study, Jooky Lim

Student Works (2000-2009)

In Malaysia there are strict laws that prohibit insider trading. With the presence of such laws, this study explores whether insider trading exists on the Kuala Lumpur Stock Exchange (KLSE). Information on insider trading obtained from filing made to the KLSE by directors and substantial shareholders from 1 March 2000 to 7 March 2000 were analysed for abnormal returns. Based on daily price movements for 150 days before and after a transaction was carried out, it was observed that there are signals of insider trading on the KLSE. Insiders managed to maximise their average market adjusted returns prior to selling …

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The Business Of Part-Time Mba Programmes In Klang Valley With Special Reference To Stamford College, Choy Fong Lee Jan 2001

The Business Of Part-Time Mba Programmes In Klang Valley With Special Reference To Stamford College, Choy Fong Lee

Student Works (2000-2009)

The financial sector is poised to enter a new era of institutional development and maturity with the unveiling of both the Financial Sector Master Plan (FSMP) by Bank Negara Malaysia and the Capital Market Master Plan (CMP) by the Securities Commission in 2001. FSMP is a blueprint to chart the way forward for the country's banking, insurance and other financial sectors for the next decade from year 2001 to 2010. It aims to develop a more resilient. competitive and dynamic financial system that will be able to meet the challenges of further liberalization and globalization. CMP is a financial development …

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The Impact Of Service Charge On The Performance Of Unit Trust Funds In Malaysia, Hwei Juin Tan Jan 2001

The Impact Of Service Charge On The Performance Of Unit Trust Funds In Malaysia, Hwei Juin Tan

Student Works (2000-2009)

In Malaysia, Unit Trust fund investors are subjected to different types of fees and expenses. However, many investors are not aware of such fees. This study concluded that unit trust funds on average would be able to outperform the KLCI during the bear market. Nevertheless, when the front load that funds charged are taken into account, the excess return was completely eliminated and some funs even ended with under-performance. Furthermore, this study also found that the fee an investor pays as front-end load does not constitute all the investment cost as assumed by most investors. It is therefore important that …

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The Impact Of Domestic Political Events On An Emerging Stock Market : The Case Of Indonesia, Herry Suhardjo Jan 2001

The Impact Of Domestic Political Events On An Emerging Stock Market : The Case Of Indonesia, Herry Suhardjo

Student Works (2000-2009)

This paper provides information regarding the effects of domestic political events on the Jakarta Stock Exchange. An event methodology is employed, and the results suggest that the market as a whole and the overall industries do not seem to respond to all political events. The results also indicate that there is no difference between the means of abnormal returns before and after the event. In general, the market as a whole and the overall industries behave in a similar manner. The change in signs (positive-negative) of abnormal returns suggests that the political condition in Indonesia was still unstable. The results …

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The Impact Of Selective Capital Controls On The Malaysian Economy, Tengku Rethwan Tengku Mansor Jan 2001

The Impact Of Selective Capital Controls On The Malaysian Economy, Tengku Rethwan Tengku Mansor

Student Works (2000-2009)

The capital control policy adopted by Malaysia is a radical approach towards restoring its battered economy during the financial crisis of 1997. Such stance was taken by the Malaysian government to combat currency speculators from causing further damage to its economy as the earlier IMF-like prescription had failed. It may be an unpopular approach especially, to the advocates of the free market, nevertheless it provides an alternative solution for other countries to emulate in the event of facing such onslaught on their currency. It is also hoped that this study will serve as a reference on the subject of selective …

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