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Full-Text Articles in Finance and Financial Management

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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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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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 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 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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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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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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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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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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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 Structure Of Debt And Active Equity Investors: The Case Of The Buyout Specialist, James F. Cotter, Sarah Peck Jan 2001

The Structure Of Debt And Active Equity Investors: The Case Of The Buyout Specialist, James F. Cotter, Sarah Peck

Finance Faculty Research and Publications

This paper examines the role buyout specialists play in structuring the debt used to finance the LBO and in monitoring management in the post-LBO firm. We find that when buyout specialists control the majority of the post-LBO equity, the LBO transaction is likely to be financed with less short-term and/or senior debt and less likely to experience financial distress. We also find that buyout specialists have greater board representation on smaller boards, suggesting that they actively monitor managers, and that for these transactions, using debt with tighter terms does not significantly increase the firm's performance. In contrast, in all other …

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Empirical Tests Of The Fundamental-Value Hypothesis In Land Markets, Angeline M. Lavin, Thomas S. Zorn Jan 2001

Empirical Tests Of The Fundamental-Value Hypothesis In Land Markets, Angeline M. Lavin, Thomas S. Zorn

Department of Finance: Faculty Publications

The land-price boom of the 1970s followed by the bust of the 1980s generated considerable interest in the determination of land prices and the study of whether those prices reflect fundamental value. In this article, three techniques are used to examine the fundamental- value hypothesis in Iowa and Nebraska agricultural land markets. Duration dependence tests indicate that land markets are not affected by rational expectations bubbles. Conversely, Markov chain and time-reversibility tests suggest that land prices depart from fundamental value due to the existence of nonrandom price changes and asymmetric land price patterns. The results of this research should be …

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Effectiveness And Efficiency Of Investment Strategies: A Simulation Model, Ellen Denise Bruno Ramsey Jan 2001

Effectiveness And Efficiency Of Investment Strategies: A Simulation Model, Ellen Denise Bruno Ramsey

Graduate Student Dissertations, Theses, Capstones, and Portfolios

This dissertation, through an historical study, attempts to give the reader a clear depiction of different types of investment strategies. The four diverse investment strategies, as compared to the Optimal Strategy, were tested from December 1, 1997, through January 30, 2001 Three years of daily closing price data was obtained and utilized within a simulated model. Ten stocks, from ten diverse sectors, listed on the S&P 500 as well as the National Association of Investment Clubs (NAIC) 1999 Individual Investor's Top 100 Index, were analyzed and evaluated for each investment strategy over the duration of the study. By using Standard …

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The Power Of Suggestion: Inertia In 401k Participation And Savings Behavior, Brigitte C. Madrian, Dennis F. Shea Jan 2001

The Power Of Suggestion: Inertia In 401k Participation And Savings Behavior, Brigitte C. Madrian, Dennis F. Shea

Faculty Publications

In this paper, we analyze the 401(k) savings behavior of employees in a large U.S. corporation before and after an interesting change in the company 401(k) plan. Before the plan change, employees were required to affirmatively elect participation in the 401(k) plan. After the plan change, employees were automatically and immediately enrolled in the 401(k) plan unless they made a negative election to opt out of the plan. Although none of the economic features of the plan changed, this switch to automatic enrollment dramatically changed the savings behavior of employees. We have two key findings. First, 401(k) participation is significantly …

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The Bullet Gic As An Example, David F. Babbel, Jeremy Gold, Craig B. Merrill Jan 2001

The Bullet Gic As An Example, David F. Babbel, Jeremy Gold, Craig B. Merrill

Faculty Publications

There has been considerable discussion of a variety of issues related to fair value in the actuarial literature, in conferences, and among individuals interested in this topic. Unfortunately, we seem to be failing to communicate due, in part, to inconsistent use of terminology. The goal of this discussion paper is to present a few concepts that we hope will be of use in the broader discussion of fair value of liabilities.

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Good Day Sunshine: Stock Returns And The Weather, David Hirshleifer, Tyler Shumway Jan 2001

Good Day Sunshine: Stock Returns And The Weather, David Hirshleifer, Tyler Shumway

Faculty Publications

Psychological evidence and casual intuition predict that sunny weather is associated with upbeat mood. This paper examines the relationship between morning sunshine in the city of a country's leading stock exchange and daily market index returns across 26 countries from 1982 to 1997. Sunshine is strongly significantly correlated with stock returns. After controlling for sunshine, rain and snow are unrelated to returns. Substantial use of weatherbased strategies was optimal for a trader with very low transactions costs. However, because these strategies involve frequent trades, fairly modest costs eliminate the gains. These findings are difficult to reconcile with fully rational price …

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Do Behavioral Biases Affect Prices?, Joshua D. Coval, Tyler Shumway Jan 2001

Do Behavioral Biases Affect Prices?, Joshua D. Coval, Tyler Shumway

Faculty Publications

This paper documents strong evidence of behavioral biases among Chicago Board of Trade proprietary traders and investigates the effect these biases have on prices. Our traders appear highly loss-averse. Traders who experience morning losses are about 16 percent more likely to assume above-average afternoon risk than traders with morning gains. This behavior has important short-term consequences for afternoon prices, as losing traders are prepared to purchase contracts at higher prices and sell contracts at lower prices than those that prevailed previously. However, during the ten minutes that follow these trades, prices revert strongly to their earlier levels. Consistent with these …

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Lembaga Tabung Haji : Suatu Kajian Sumbangan Terhadap Ekonomi Umat Islam Di Wilayah Persekutuan Kuala Lumpur, Tengku Aziz Raja Abdullah Jan 2001

Lembaga Tabung Haji : Suatu Kajian Sumbangan Terhadap Ekonomi Umat Islam Di Wilayah Persekutuan Kuala Lumpur, Tengku Aziz Raja Abdullah

Student Works (2000-2009)

TENGKU AZIZ BIN RAJA ABDULLAH - Pilgrimage Fund: An analysis on its contribution to Muslim community in Federal Territory, Kuala Lumpur. Dissertation for Usuluddin Faculty, Islamic Academy University Malaya, Kuala Lumpur. Pilgrimage Fund is a statutory body established to provide services among Muslim community in Malaysia especially in the haj management. The fund was set to assist Muslim in saving their money gradually to eventually perform haj or umrah. It was also responsible in expanding the saving through profitable investment for the benefit of depositors. Indirectly it has assisted in improving the economic level of Muslim community. To achieve this, …

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Capital Structure, Financing Patterns And Financial Performances Of Kuala Lumpur Stock Exchange (Klse) Companies, Jin Ken Kam Jan 2001

Capital Structure, Financing Patterns And Financial Performances Of Kuala Lumpur Stock Exchange (Klse) Companies, Jin Ken Kam

Student Works (2000-2009)

This study has three main objectives. Firsttly, It examines how the capital structure or public listed companies in Malaysia differ accross time and industry. The companies are grouped acccording to KLSE's classification of companies. Secondly, the study looks into whether the financing of fixed assets is matched by long-term debt or covered by long-term capital. Thirrdly, it examines lhe effect of leverage on the performance of public listed companies in Mataysia over the past 10 years. The study uses the total debt to total asset ratio ta measure leverage. Financing patterns of companies are examined by using the total capitalization, …

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Pricing Options Using Implied Trees, Kian Guan Lim, Da Zhi Jan 2001

Pricing Options Using Implied Trees, Kian Guan Lim, Da Zhi

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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An Empirical Examination Of Sba Guaranteed Loans: Rates, Collateral, Agency Costs, And The Time To Obtain The Loan, James C. Brau, Jerome S. Osteryoung Jan 2001

An Empirical Examination Of Sba Guaranteed Loans: Rates, Collateral, Agency Costs, And The Time To Obtain The Loan, James C. Brau, Jerome S. Osteryoung

Faculty Publications

We empirically examine a sample of over 350 entrepreneurial firms that successfully receive an SBA guaranteed loan. The first portion of the paper contains descriptive statistics that lend anecdotal evidence concerning the organization type of borrowers, the incidence of collateral, the reasons for choosing the financial institution in which the SBA loan is secured, the main purpose for the SBA loan, and alternative actions that would have been undertaken had the SBA guaranteed loan not been obtained. The second portion of the paper poses theoretical predictions and tests them via multivariate models. Issues that are considered include the number of …

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The Implementation Of Strategic Planning In Irish Hotel Groups., Frances Alexandra Keys Jan 2001

The Implementation Of Strategic Planning In Irish Hotel Groups., Frances Alexandra Keys

Masters

The primary objective of this research was to examine the relative importance and success of forty factors over the past five years (1994-1999) that have facilitated and/or impeded the implementation of strategic plans within Irish hotel groups. This research studied twenty-four hotel groups, which consisted of ninety-five strategic business units. An extensive review of strategic management literature by theorists such as Andrews(1971); Ansoff (1990); Chandler (1962); Cole (1997); Day (1984); Drucker (1969); Greenley (1986, 1989); Gupta (1986); Hayes (1985); Hofer (1973, 1976); Mintzberg (1978, 1987, 1990, 1994); Ohmae (1988); Porter (1980, 1985, 1991); Schaffer (1984); Schendel and Hatten (1972); Thompson …

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International Portfolio Diversification With Special Reference To Emerging Markets, Joseline Chimhini Jan 2001

International Portfolio Diversification With Special Reference To Emerging Markets, Joseline Chimhini

Theses: Doctorates and Masters

This study evaluates the potential benefits that investors obtain from diversifying their portfolios into emerging markets when the time varying behavior of assets is considered. It also tests whether the existing asset-pricing model developed in the context of developed markets, which assumes complete integration, can explain the expected returns in emerging markets and determines the risk of investing in these markets using cross section and time series data. An international capital asset pricing model (ICAPM) with time varying moments developed by Harvey (1991) is adopted. The conditional asset-pricing model, which takes into account prevailing world economic factors, was used. The …

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Financial Intermediation And Economic Performance In Zimbabwe, Gift Chirozva Jan 2001

Financial Intermediation And Economic Performance In Zimbabwe, Gift Chirozva

Theses: Doctorates and Masters

Financial literature is replete with theoretical and empirical evidence suggesting financial development has a causal effect on economic growth. Yet there is no consensus on the finance-growth nexus. The direction of causality is still controversial In fact, classical economists argue that financial factors are neutral and hence cannot have real effects. Critics argue the traditional methods of identifying long run economic relationships fail to address the methodological conflict between equilibrium implied by theory and the disequilibria in the data. The rise of new representation techniques such as the General Methods of Moments (GMM) and vector autoregression [VAR] brought with them …

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Preliminary Assessment Of Client Interest In And Needs Of The New England Environmental Finance Center, New England Environmental Finance Center, University Of Southern Maine Dec 2000

Preliminary Assessment Of Client Interest In And Needs Of The New England Environmental Finance Center, New England Environmental Finance Center, University Of Southern Maine

Planning

The New England Environmental Finance Center (NE/EFC) has been conceived as a knowledge-based clearinghouse, training, and change-agent program aimed at helping EPA's constituencies find financially successful approaches to environmental improvements. The NE/EFC will develop approaches to needs of particular priority in New England and potentially useful throughout the nation; share such approaches through the EFC national network; and help make tools from that network accessible throughout New England. In 1999 we began exploring with potential users how this ninth of the nation's EFCs might best address the region's needs. The assessment continued through the Muskie School's EFC proposal to EPA …

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Preventing Fraudulent Financial Reporting, Mark S. Beasley, Joseph V. Carcello, Dana R. Hermanson Dec 2000

Preventing Fraudulent Financial Reporting, Mark S. Beasley, Joseph V. Carcello, Dana R. Hermanson

Faculty Articles

Provides information on a study conducted by the Committee of Sponsoring Organizations regarding the detection and prevention of financial fraud. Discussion on the nature of financial frauds; Characteristics of unreliable financial reporting; Views on the role of auditing firms in the prevention of fraud.

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Ownership Patterns And Corporate Performance, Jinesh Panchali Dec 2000

Ownership Patterns And Corporate Performance, Jinesh Panchali

IIMB Management Review

Corporates have emerged as vital economic institutions for growth, commanding a large proportion of social resources. Hence, they are, like the State, answerable to society for the efficient use of resources. Corporate governance is the social, legal, and economic process through which companies function and are held accountable1 . The structure of corporate ownership has a major impact on the way companies are managed and controlled. An attempt has been made here to explore ownership structure in India and abroad and to empirically analyse corporate performance in the Indian context, at various levels of ownership across ownership categories.

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Reinventing Indian Hospitality, S Seshadri Dec 2000

Reinventing Indian Hospitality, S Seshadri

IIMB Management Review

The hotel industry is hopefully just emerging from a threeyear period of recession. The heyday of the industry was in the years immediately following the opening up of the economy, from 1993-94 onwards. However, we had a couple of unfortunate events at that time, Babri Masjid and then the plague scare. Despite the economic environment turning positive, these other elements are very good examples of the ‘non economic factors’ that can have a serious impact on the hotel industry. So it was really in 94-97 that the industry reached its peak. Foreign investors came in significantly large numbers compared to …

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Rural Credit And Self-Help Groups: Micro-Finance Needs And Concepts In India By K G Karmakar, New Delhi: Sage Publications,1999., M S Sriram Dec 2000

Rural Credit And Self-Help Groups: Micro-Finance Needs And Concepts In India By K G Karmakar, New Delhi: Sage Publications,1999., M S Sriram

IIMB Management Review

Microfinance is the latest buzzword in developmental circles. Inspired by the success of the Grameen Bank experience of Bangladesh and its extensive documentation, there are several experiments being carried out in India as well. Naturally, literature about these experiments follows. Rural Credit and Savings is one sector which has been damaged almost beyond repair by the excessive intervention of the state and therefore people are trying to look at unconventional solutions. In the light of immense action happening in the microfinance sector, Karmakar’s book is not only timely but also an important addition to the existing literature.

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Optimisation: Maximising Roi Within The Supply Chain, Irvin Lustig Dec 2000

Optimisation: Maximising Roi Within The Supply Chain, Irvin Lustig

IIMB Management Review

Optimisation is the technology employed within a supply chain management system that can have the single greatest impact on reducing costs, improving product margins, lowering inventories, and increasing manufacturing throughput. In short, optimisation is the key to achieving maximum return on investment (ROI). According to John Bermudez of the Boston- based AMR Research, the planning and scheduling modules that depend on optimisation technology have generated 30 to 300% ROI within companies that have already used them1. And the returns should continue to rise. Bermudez called the technology a means to unlock the potential from all of the data residing in …

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