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2000

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Articles 91 - 118 of 118

Full-Text Articles in Finance and Financial Management

The Applicability Of The Dividend-Yield Investment Strategy At The Kuala Lumpur Stock Exchange, Allan, Kim Hon. Ngam Jan 2000

The Applicability Of The Dividend-Yield Investment Strategy At The Kuala Lumpur Stock Exchange, Allan, Kim Hon. Ngam

Student Works (2000-2009)

Many theories, techniques and strategies have been developed over the years on how to outperform the stock market. The objective of this research is to apply the "Dividend-Yield" strategy on the Kuala Lumpur Stock Exchange ("KLSE") to ascertain whether using such a strategy would provide superior investment return. Research findings using this strategy on the New York Stock Exchange ("NYSE") have shown favourable results. The data used in this research were sourced primarily from the KLSE, covering a period of 10 years from 1988 to 1997. This research is based on the premise that the investment universe comprises the component …

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The Performance Of Bumiputera-Controlled Companies At The Klse, Before And During The Currency Crisis, Nor Azizan Che Embi Jan 2000

The Performance Of Bumiputera-Controlled Companies At The Klse, Before And During The Currency Crisis, Nor Azizan Che Embi

Student Works (2000-2009)

The National Development Policy has successfully achieved their objectives to increase the number of Bumiputera companies that can play an important role in the economy. The number of Bumiputera-controlled companies has increased during the booming period (1995-1996). During this period, many Bumiputera individuals showed their capabilities to handle mega projects in Malaysia. In order to achieve the NDP objectives, many Bumiputera companies stick together and listed in the KLSE. However the Asian countries were hit by currency crisis in the middle of 1997. For almost two and half years, Malaysia experienced a turbulent economy caused by currency crisis. In order …

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The Effects Of Selective Capital Controls On Malaysia's Sustainable Economic Growth, Seok Foon Ong Jan 2000

The Effects Of Selective Capital Controls On Malaysia's Sustainable Economic Growth, Seok Foon Ong

Student Works (2000-2009)

The adoption of selective capital controls by Malaysia since September 1, 1998 remains a controversial issue. Among the opponents, selective capital controls would retard the economic growth of the country. The proponents argue that this measure is necessary to aid the government in regaining autonomy in monetary policy formulation and stabilizing the economy. The objectives of the study are: (i) to understand the contributory role played by the selective capital controls in coping with the recent currency crisis, (ii) to examine the appropriateness and effectiveness of the selective capital controls in relation to the fixed exchange rate, government fiscal and …

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The Impact Of Macroeconomic Variables On The Performance Of The Kuala Lumpur Stock Exchange (Klse), Muhummud Iqbal Khadaroo Jan 2000

The Impact Of Macroeconomic Variables On The Performance Of The Kuala Lumpur Stock Exchange (Klse), Muhummud Iqbal Khadaroo

Student Works (2000-2009)

Using the Pearson correlation analysis, factor analysis and regression analysis, this paper examines the impact of macroeconomic variables such as money supply, nominal interest rate, inflation, real activity and international reserves flow on the performance of the Kuala Lumpur Stock Exchange (KLSE). Pearson correlation analysis was used to determine the nature of the relationship between the macroeconomic variables and the Kuala Lumpur Composite Index (KLCI). Factor analysis was used to identify the subset of variables accounting for movement in the KLCI while regression analysis was used to determine the amount of the variation in the KLCI explained by the macroeconomic …

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A Comparative Analysis Of Conventional Banking System And Islamic Banking System In Malaysia In Relation To Loan Repayments, Baharin Salim @ Abdullah Jan 2000

A Comparative Analysis Of Conventional Banking System And Islamic Banking System In Malaysia In Relation To Loan Repayments, Baharin Salim @ Abdullah

Student Works (2000-2009)

The birth of Bank Islam Malaysia Berhad (81MB) in 1983 symbolized the Malaysian Government's initiative in establishing an Islamic banking system. After 17 years of operation in a market mainly dominated by conventional banks, BIMB has still unable to achieve its target of capturing a significant portion of this market. In this paper, the writer tries to observe the main differences between the conventional and Islamic banking system Malaysia in relation to loan repayments. Through this observation, strengths and weaknesses of the Islamic banking system can be identified. Recommendations can be made to help enhancing BIMB's performance in achieving the …

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Economic Value Added : Superior Measurement Of Shareholders' Value, Amalanathan Thomas Jan 2000

Economic Value Added : Superior Measurement Of Shareholders' Value, Amalanathan Thomas

Student Works (2000-2009)

In 1961, Prof. Franco Modigliani and Prof. Merton H. Miller (MM) said in their article Dividend Policy, Growth and The Evaluation of Shares: "To measure corporate performance for market capitalization, companies should consider earnings, cash flows, dividends and investment opportunities as alternatives". Stern Stewart, an advocate of Economic Value Added (EVA) approach to shareholder value understands the issues raised under the MM model which has led him to the view that "free cash flows is cash from operations that is available, attributable to both leaders and shareholders. In other words, it is the cash that is free for distribution to …

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A Psychographics And Demographic Profile Of Individual Investors Of Kuala Lumpur Stock Exchange, Ezlika Mohd. Ghazali Jan 2000

A Psychographics And Demographic Profile Of Individual Investors Of Kuala Lumpur Stock Exchange, Ezlika Mohd. Ghazali

Student Works (2000-2009)

The growing complexity and sophistication of the stock market had made stock broking a specialized profession. The era of globalization will pose a threat to securities industry in Malaysia. Thus, the importance of marketing in stock broking firms should not be taken for granted. In terms of market segmentation, demographic characteristics alone may no longer serve as a basis for segmenting individual investors. This had led to the development of psychographics research to more effectively communicate and market. By analyzing the characteristics of the individual investors, brokers in Malaysia will be in a better position to identify new opportunities. The …

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Impact Of Corporate Performance And Financial Policies On Shareholder Value In Malaysia, Kuan Hua Quah Jan 2000

Impact Of Corporate Performance And Financial Policies On Shareholder Value In Malaysia, Kuan Hua Quah

Student Works (2000-2009)

This study examines the relationships between firms' shareholder value levels and its corporate performance, financial policies and growth opportunities. A five-year period was used ranging from 1995 to 1999. and involved a total of 106 companies that are listed in the Kuala Lumpur Stock Exchange (KLSE). In attempting to increase knowledge regarding shareholder value issues in Malaysia, a better understanding about the various financial variables that affect shareholder value of companies in Malaysia is expected. Findings show that firms with higher growth opportunities tend to have higher shareholder value levels. The results are more mixed with regard to a company's …

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Mergers And Acquistions : A Study On The Performance Of Non-Financial Companies In Malaysia, Maran Marimuthu Jan 2000

Mergers And Acquistions : A Study On The Performance Of Non-Financial Companies In Malaysia, Maran Marimuthu

Student Works (2000-2009)

This study examines the performance of non-financial companies that were involved in merger and acquisition activities between 1990 and 1995. A sample of 60 non-financial companies has been selected which are then split into two main groups; low sales growth companies and high sales growth companies. The objectives of the study are; to examine those companies' performance over the period 1996-1998, to compare their performance with respect to pre-crisis and crisis periods and to assess shareholder value appreciation in comparison between the low sales growth companies and high sales growth companies during their post-acquisition period. Capital gains are used to …

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Performance Of Unit Trusts In Malaysia In The Period Of 1995 To 1999, Khing Wee Ong Jan 2000

Performance Of Unit Trusts In Malaysia In The Period Of 1995 To 1999, Khing Wee Ong

Student Works (2000-2009)

Malaysia has experienced one of the Vv'Orst economic and financial crises in the history, in the second half of 1997. Many people are aware on how the crisis affected the share market, but not many know about the effects to the unit trusts industry. This research provides an insight on how the unit trusts in Malaysia have performed during the financial crisis. To make comparisons, the period of the research has been divided into two sub-periods, the first one being prior to the financial crisis (March-95 to June-97) and the second or.e being during the financial crisis (July-97 to November-99). …

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Performance Comparison Between Bank Islam Malaysia Berhad (Bimb) And Conventional Banks, 1989-1999, Chiu Sian Nee Alison Jan 2000

Performance Comparison Between Bank Islam Malaysia Berhad (Bimb) And Conventional Banks, 1989-1999, Chiu Sian Nee Alison

Student Works (2000-2009)

This is an empirical study which compares the performance of Bank Islam Malaysia Berhad (BIMB) with seven commercial banks for the period 1989-1999 in terms of growth, profitability, liquidity, solvency, credit risk, earnings risk and sectoral contribution to the economy. BIMB's performance during the period of the financial crisis 1997-1999 is also compared with fifteen commercial banks. Ratio analysis is used in these comparisons. This report is divided into five chapters. Chapter 1 discusses the fundamental principles and mode of operations of both conventional and Islamic banks. Chapter 2 reviews the literature pertaining to the performance of Islamic banks in …

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The Role Of The State In Economic Development : A Case Study Of Johor, Malaysia, Wei Lin Tan Jan 2000

The Role Of The State In Economic Development : A Case Study Of Johor, Malaysia, Wei Lin Tan

Student Works (2000-2009)

Johor is one of the fastest growing stales in Malaysia. Its strong economic growth is very much to the credit of the state; in one form or another, the government intervened, systematically and through multiple channel to foster development. In relation to this, the study found that the state has not only created a business-friendly environment where the legal and regulatory structure was generally hospitable to private investment. the state has also established clear performance criteria for selective interventions and to monitor performance. In other words, intervention has taken place in disciplined and performance- based criteria. The State has been …

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Nonperforming Loans In Banking And Financial Sector, Ning Ning Chang Jan 2000

Nonperforming Loans In Banking And Financial Sector, Ning Ning Chang

Student Works (2000-2009)

It is crucially important to understand the connection between banking sector fragility and the nonperforning loans (NPLs) problem. The problem of mounting NPLs gained much prominence during the recession that hit particularly all countries over the world in 1980s. It is again become prominent following the financial crisis that recently hit the Asian countries. This study examines various factors contributing to the NPL problem, where some endogenous as well as exogenous factors are identified. Poor management and poor lending policies, fraud and embezzlement, moral hazard incentives, heavy government intervention and weaknesses in prudential regulation and supervision are among the factors …

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Regulatory Reforms In The Malaysian Telecommunications Sector, Wai Ching Poon Jan 2000

Regulatory Reforms In The Malaysian Telecommunications Sector, Wai Ching Poon

Student Works (2000-2009)

The Malaysian telecommunications sector was privatized in 1987. A crucial ingredient in the success of the privatization of any telecommunications sector is the accompanying regulatory reforms. The main objective of this study is to examine the regulatory reforms that have taken place in the Malaysian telecommunications sector. Shifting the provision of telecommunications services operations away from the government makes it easier for the sector to achieve greater efficiency and possibly freedom from political intervention. This process can be further strengthened by innovative financing and investment strategies. In reality, firms are much better informed than the regulator. The key concept of …

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The Impact Of The Travel Account On The Malaysian Balance Of Payments, Goh Mei Lee Jan 2000

The Impact Of The Travel Account On The Malaysian Balance Of Payments, Goh Mei Lee

Student Works (2000-2009)

The current account deficits in the balance of payments have been a serious concern to policy makers and academicians in their efforts to formulate possible ways to assist the current account deficits . This study looks at the Malaysian services account balances in the current account of the balance of payment with specific focus on the travel account position. The long-standing deficits in the Malaysian current account position due to the services account deficits have been rather prominent in the ear1y I980's due to excessive external debts . The net investment payment ranked the highest in terms of generating outflows …

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Comparison Between The Economic Fundamentals Of Malaysia And Singapore Prior To The 1997 Southeast Asian Currency Crisis, Mun Chow Lai Jan 2000

Comparison Between The Economic Fundamentals Of Malaysia And Singapore Prior To The 1997 Southeast Asian Currency Crisis, Mun Chow Lai

Student Works (2000-2009)

This research paper makes a comparative study on the economic fundamentals of Malaysia and Singapore prior to the 1997 Southeast Asian Currency Crisis (SACC). The overriding objective here is to determine the structural economic characteristics of Malaysia and Singapore prior to the SACC and to explore the possibility that underlying fundamentals might have contributed towards or exacerbated the SACC. The analysis begins with an overview of the economics of Malaysia and Singapore using graphical and tabular analysis of broad indices. This is followed by the formulation of simultaneous equation models, one for Malaysia and another for Singapore. Besides service balance …

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Analysing Random Access Memory Chip Yield Performance, Choy Sar Kam Jan 2000

Analysing Random Access Memory Chip Yield Performance, Choy Sar Kam

Student Works (2000-2009)

Despite advances in integrated circuits (IC) equipment and fabrication techniques, there still exist random fluctuations or statistical disturbances in any IC manufacturing facility. which can adversely affect the production yield. Actually devices and circuits are being designed with increasingly tighter parameter and performance margins. As a result, chip performance becomes even more sensitive to the statistical variations, and this may result in low production yield. One of the significant detractors of cost in a manufacturing line is yield loss due to contamination and the time required to increase the yield to profitable levels. Yield loss in a manufacturing line is …

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Long Run Determinants Of Malaysia Trade Balance : A Cointegration Study, Lok Sin Kuar Jan 2000

Long Run Determinants Of Malaysia Trade Balance : A Cointegration Study, Lok Sin Kuar

Student Works (2000-2009)

This paper aims to study the long run determinants of Malaysian trade balance the cointegration method by using quarterly data from 1973 1Q to 1998 4Q. In order to study the long run equilibrium relationship, trade balance is tested against other macroeconomic variables which resembles monetary policy, exchange rate policy and fiscal policy. The final results is that interest rate is the only variable found to be cointegrated with the trade balance. As such, it implies that interest rate may be an effective policy instrument to rectify the problem of trade imbalances in Malaysia. On the other hand, other policies …

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Behaviour Of Trading And Non-Trading Stock Returns In The Malaysian Stock Market, Lay Khong Tan Jan 2000

Behaviour Of Trading And Non-Trading Stock Returns In The Malaysian Stock Market, Lay Khong Tan

Student Works (2000-2009)

This study examines the stock returns and volatilities of trading and non­trading day for seven KLSE indices from January 3, 1994 to November 26, 1999. Six return series are computed. They are the overnight, open to close, morning, afternoon, close to close and open to open series. There is consistently positive overnight return throughout Monday to Friday. The weekend effect or Monday effect is significantly positive. The returns of the morning, open to close, close to close series are negative particularly on Monday, Tuesday and Thursday. Except for Monday, other weekdays have positive afternoon return. Mean and variance return are …

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Relationship Between Risks And Return In The Kuala Lumpur Stock Exchange, Keat Chye Khoo Jan 2000

Relationship Between Risks And Return In The Kuala Lumpur Stock Exchange, Keat Chye Khoo

Student Works (2000-2009)

Results of empirical tests on the relationship between stock returns and arious risk factors of sixty stocks in the Kuala Lumpur Stock Exchange over the eriod 1979-1998 are presented in this study. Overall the applicability of the capital sset pricing model in Kuala Lumpur Stock Exchange using monthly data is absent. 1arket risk alone or with another risk factors are unable to explain the variation in verage returns. However, there is a significant non-linear relationship between verage returns of individual stocks and market risk in two test periods 1983-86 and 995-98. This study also finds that other risk factors are …

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Seasonality Effects Of Finance Stocks On The Kuala Lumpur Exchange, Foon Lee Ng Jan 2000

Seasonality Effects Of Finance Stocks On The Kuala Lumpur Exchange, Foon Lee Ng

Student Works (2000-2009)

The primary objective of this study is to investigate the seasonality effect or calendar anomalies of Finance stocks on the Kuala Lumpur Stock Exchange (KLSE) over the period of January 1992 to June 1999. Among the calendar anomalies investigated in this study are the day-of-the-week effect, the pre-holiday effect, the end-of-the-month effect and the firm size effect. Empirical results reveal that there is an existence of the day-of-the-week effect in the financial stocks for the entire sample period. The results are consistent with those previous studies in which Monday's returns are significantly negative whilst Friday's returns are positive. In particular, …

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A Study Of Stock Market Efficiency In Malaysia, Shook Chern Lee Jan 2000

A Study Of Stock Market Efficiency In Malaysia, Shook Chern Lee

Student Works (2000-2009)

This study examines the behaviour of the stock market in Malaysia and its implication on the weak form efficiency of the Efficient Market Hypothesis. Daily data of the number of stocks advancing, declining or remaining unchanged in price and the closing levels of the stock market indices of the Main Board, seven main sectors of the Main Board and the Second Board of the KLSE were used in this study. The period covered was from January 1994 to December 1998, a total of 1233 trading days. The results using the Theil-Leenders test indicates that there is some dependence in successive …

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The Impact Of The Recent Currency Crisis On Malaysian Exports, Deivanai Kaliappan Jan 2000

The Impact Of The Recent Currency Crisis On Malaysian Exports, Deivanai Kaliappan

Student Works (2000-2009)

Since the outbreak of East and Southeast Asian financial crisis, a lot has been said and done to explain currency crisis that started with floatation of Thai baht. Economists and policymakers from all over the world gathered to discuss the causes of the main agenda in global economic as well as the action to be taken in bringing the affected countries in the East and Southeast Asian region back to recovery path. However, it is already 17 months since the crisis erupted, still there is no well defined measures that can be adopted by the ailing economies to improve their …

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The Effectiveness Of Monetary Policy In Malaysia In The Light Of Financial Liberalization, Farizah Ahmad Jan 2000

The Effectiveness Of Monetary Policy In Malaysia In The Light Of Financial Liberalization, Farizah Ahmad

Student Works (2000-2009)

Financial liberalization had caused instability in the money demand function as well as in the velocity of money. As a result, money supply is no longer reliable as the main intermediate target and there appeared to be a shift in the technique of monetary control towards greater reliance on interest rates as the main operating instrument. Developing countries that continue to emphasize on quantitative method in their monetary framework while at the same time implement financial refom1s may face the problem of a loss of monetary control and hence, monetary policy may possibly not be effective in influencing income or …

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M-Garch Hedge Ratios And Hedging Effectiveness In Australian Futures Markets, Wenling Yang Jan 2000

M-Garch Hedge Ratios And Hedging Effectiveness In Australian Futures Markets, Wenling Yang

Theses: Doctorates and Masters

This study deals with the estimation of the optimal hedge ratios using various econometric models. Most of the recent papers have demonstrated that the conventional ordinary least squares (OLS) method of estimating constant hedge ratios is inappropriate, other more complicated models however seem to produce no more efficient hedge ratios. Using daily AOIs and SPI futures on the Australian market, optimal hedge ratios are calculated from four different models: the OLS regression model, the bivariate vector autoaggressive model (BVAR), the error-correction model (ECM) and the multivariate diagonal Vcc GARCH Model. The performance of each hedge ratio is then compared. The …

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Resource Allocation And Efficiency In Public Sector Audits, Kar M. Chong Jan 2000

Resource Allocation And Efficiency In Public Sector Audits, Kar M. Chong

Theses: Doctorates and Masters

In recent years, the push for reform in the Australian public sector audit has placed the Office of the Auditor-General (hereafter OAG) in a more contestable or market- like environment, where the OAG is accountable for an efficient and effective provision of public sector audit. The purpose of this study is to compare the cost efficiency of in-house and contract-out arrangements to deliver financial audits in the public sector. It empirically tests whether there are audit cost and audit fee differences between in-house providers (i.e., the OAG) and contractors (i.e., public accounting firms). The secondary aims of this study are …

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Expected Option Returns, Joshua D. Coval, Tyler Shumway Jan 2000

Expected Option Returns, Joshua D. Coval, Tyler Shumway

Faculty Publications

This paper examines expected option returns in the context of mainstream asset pricing theory. Under mild assumptions, expected call returns exceed those of the underlying security and increase with the strike price. Likewise, expected put returns are below the risk-free rate and increase with the strike price. S&P index option returns consistently exhibit these characteristics. Under stronger assumptions, expected option returns vary linearly with option betas. However, zero-beta, at-the-money straddle positions produce average losses of approximately three percent per week. This suggests that some additional factor, such as systematic stochastic volatility, is priced in option returns.

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An Empirical Study Of Sample-Selection Bias In Indices Of Commercial Real Estate, Henry J. Munneke, Barrett A. Slade Jan 2000

An Empirical Study Of Sample-Selection Bias In Indices Of Commercial Real Estate, Henry J. Munneke, Barrett A. Slade

Faculty Publications

Real estate price indices based solely on samples of sold properties may not accurately represent the population of properties due to potential sample-selection bias. This study addresses this potential for sample-selection bias in the construction of commercial price indices within the context of the Phoenix area of®ce market. The empirical analysis con®rms the presence of sample-selection bias in the estimation of the total price equation. However, within this sample, the price indices generated after correcting for sample-selection bias do not appear signi®cantly different from those that do not consider selectivity bias.

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