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Full-Text Articles in Economics

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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The Relationship Between Stock Returns And Inflation In Malaysia, Soke Ling Mau Jan 2002

The Relationship Between Stock Returns And Inflation In Malaysia, Soke Ling Mau

Student Works (2000-2009)

This study starts out with an introductory chapter covering the relationship between nominal and real stock returns with inflation in a general view. Economists are still puzzled on the positive and negative relationship between stock returns and inflation as many empirical results suggest varied conclusions. The second chapter is the literature review, which consists of a few well-known authors with their own theories and hypotheses. The core 3 discussion in this chapter refers to the classical view on stock returns and inflation in 1930 and post -Keynesian view on stock returns and inflation from 1970 till 2001. Chapter Three focuses …

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The Role Of Government In Managing Corporate Distress After The 1997 Financial Crisis : Theories And Case Studies Of Selected Malaysian Corporations, Sook Ching Wong Jan 2002

The Role Of Government In Managing Corporate Distress After The 1997 Financial Crisis : Theories And Case Studies Of Selected Malaysian Corporations, Sook Ching Wong

Student Works (2000-2009)

The 1997 Asian financial crisis reversed over two decades of unprecedented and amazing economic growth in the eight High-Performing Asian Economies (HPAEs) including Malaysia. The interwoven relationship of banks and corporations have created a symbiosis that can be extreme in its effects. Given the circumstances facing these corporations, it may be imperative and therefore justifiable for some appropriate government intervention to check and reverse problems of insolvency, bankruptcy and declining real output. There are numerous means of assisting financially distressed corporations, some more effective than others, often depending on circumstances. "Success" or "failure" depends on the magnitude of assistance, how …

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Bon Islam : Kajian Ke Atas Bon Mudharabah Cagamas, Rohayu Omar Jan 2002

Bon Islam : Kajian Ke Atas Bon Mudharabah Cagamas, Rohayu Omar

Student Works (2000-2009)

The emerging of Islamic bond in the Islamic financial system is arised from the impact of deep understanding and well received among the Islamic society towards the Islamic instrument. The Islamic bond is set up by a group of enthusiatic Islamic economist practice in finding alternative to replace the conventional bond which had been rooted long time in the financial economic system. Beside to fulfil the vital need of Islamic economic. Despite of having some progress which motivate the new era of Islamic financial system, there are some in the community who are not sure and untrustfully about the operation …

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The Relationship Between Ownership Structure And Firm Value In The Financial Sector, Beng Yee Tan Jan 2002

The Relationship Between Ownership Structure And Firm Value In The Financial Sector, Beng Yee Tan

Student Works (2000-2009)

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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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Amanah Saham Kedah (Ask) : Satu Penilaian Dari Perspektif Hukum Muamalat, Azizi Abu Bakar Jan 2002

Amanah Saham Kedah (Ask) : Satu Penilaian Dari Perspektif Hukum Muamalat, Azizi Abu Bakar

Student Works (2000-2009)

Economic harmony is among the main factors that contribute towards peaceful life, worldly and in the hereafter. Even though conventional financing system has dominated and thus inspired the Muslim community for centuries, the emergence of the Islamic economic system, especially Islamic Unit Trust in Islamic equity market has captured public attention. In this regard, the writer will confer more highlight on the Islamic Unit Trust Industry and Amanah Saham Kedah {ASK), which is one of the major funding management institution in the country. The research on the ASK was concluded with intention to have a clear in-sight on the portfolio …

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The Implications Of The Malaysia Bank Merger Exercise, Mersy L. John, Meo Sing Teo Jan 2002

The Implications Of The Malaysia Bank Merger Exercise, Mersy L. John, Meo Sing Teo

Student Works (2000-2009)

The impetus to undertake this research project began about 2 years ago when we commenced our MBA programme. We became aware of the challenges facing the domestic banks in their quest to strengthen the banking sector to be better equipped to respond lo the new and challenging requirements of the local and global economy. The bank merger exercise was inevitable in the face of globalisation and borderless trade. The first step towards enhancing efficiency and alleviating the level of competitiveness was the consolidation of the 54 domestic banking institutions into 10 banking groups. There was significant rationalisation of the wide …

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The Relationship Between Selected Economic Indicators And The Malaysian Stock Index Futures, Irwaan Iskandar Abrahim Jan 2002

The Relationship Between Selected Economic Indicators And The Malaysian Stock Index Futures, Irwaan Iskandar Abrahim

Student Works (2000-2009)

This research examines the relationship between selected economics indicators and Malaysian Stock Index Futures. It also focusses on the relevancy of the Efficient Market Hypothesis (EMH) in a developing derivatives market in South East Asia, namely the Malaysian Stock Index Futures market. The relationship analysis between selected economic indicators and Malaysian Stock Index Futures may give better understanding the degree our derivatives market grasp economics factors in determining market change and movements. In an efficient market, the relevant signal to be used in trading is the futures price. The relative forecasting power of futures price is applied with the various …

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The Impact Of Bond Ratings On Equity Market : Malaysian Experience, P. Raman Ponnusamy Jan 2002

The Impact Of Bond Ratings On Equity Market : Malaysian Experience, P. Raman Ponnusamy

Student Works (2000-2009)

This research will examine the impact of bond ratings on market efficiency and stock returns. The study covered rating announcements from 1996 to 2001. Four types of rating announcements were covered namely initial announcement, reaffirmation, upgrades and downgrades. Each rating is categorized into investment grade and speculative grade. The mean adjusted model was used to determine the abnormal returns. The findings showed insignificant movement in abnormal returns for all type of ratings and also the sub-category of speculative and investment grades. The result also revealed that the market is efficient in semi-strong form as far as Malaysian market is concerned. …

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Penglibatan Masyarakat Islam Dalam Aktiviti Pelaburan Di Bank Islam Malaysia Berhad (Bimb) : Suatu Kajian Di Banting, Selangor, Kamsuzilawati Kamin Jan 2002

Penglibatan Masyarakat Islam Dalam Aktiviti Pelaburan Di Bank Islam Malaysia Berhad (Bimb) : Suatu Kajian Di Banting, Selangor, Kamsuzilawati Kamin

Student Works (2000-2009)

Investment in Conventional economic has been practiced longer enough better than inventment in Islamic economic. For almost 20 years it has been introduced through the establishment of Bank Islam Malaysia Berhad (81MB), many scholars said that bank were insist on BBA and Murabahah (profit-based financing) modes of operations better than Mudafarabah and Musyarakah (equity-based financing) modes of operations although with the profit and loss sharing (PLS), its leads to better exploitation of labour and capital towards a just, stable and efficient society. This study tries to observe and evaluate the performances and the implementation of PLS in BIMB Holdings Berhad. …

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A Monetary Analysis Of The Indonesian Economy, Elisabet Siahaan Jan 2002

A Monetary Analysis Of The Indonesian Economy, Elisabet Siahaan

Student Works (2000-2009)

This study is about monetary economic in Indonesia. There are three main topics on this study. First topic is about development of monetary economic in Indonesia. Second topic is about monetary policy in Indonesia. The third topic is about money supply in Indonesia. The period of this study is 1980-1999. The first topic provides a brief overview of the Indonesian monetary development, covers the three distinct periods of monetary experiences and financial regimes. The main period are pre-reform (pre-1983 ), post-reform (post 1983) and financial crisis(1997-1999). Second topic is about monetary policy in Indonesia. Indonesia's mam economic concern is development. …

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Performance Of Islamic Banking Scheme At Foreign Banks : A Malaysian Case Study, Luqyan Tamanni Jan 2002

Performance Of Islamic Banking Scheme At Foreign Banks : A Malaysian Case Study, Luqyan Tamanni

Student Works (2000-2009)

Using trend and ratio analysis, this study analyses the performance of Islamic banking operations at three foreign banks in Malaysia i.e. HSBC, OCBC and SCB:MB. Using the data from 1996-2000, it is possible to track progress and evaluate performances of the Islamic Banking Scheme (IBS) versus its conventional counterpart at these banks. It is also possible to examine the impacts of the Asian Crisis in 1997-98 to the Islamic banking operations, especially at the foreign banks. This study concludes that, during 1996-2000, Islamic banking operations at foreign banks have been performing considerably well, during and post the crisis. On average, …

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Dynamic Interactions Among Stock Prices, Interest Rates, Real Activity And Money In Malaysia, Chin Sieng Chong Jan 2002

Dynamic Interactions Among Stock Prices, Interest Rates, Real Activity And Money In Malaysia, Chin Sieng Chong

Student Works (2000-2009)

This study investigates the causal relations and dynamic interactions among stock prices, real interest rate, real money balances and real activity in Malaysia using monthly data from January 1987 to December 2001. This full sample period is also divided into two sub-periods for analysis. The first sub-period covers January 1987 to August 1998 while the second sub-period covers September 1998 to December 2001. The conventional unit root tests suggest that all variables are integrated of order one. This finding is further supported by the results of the unit root test which allows for a structural break in the series. All …

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Bank Consolidation As A Strategic Response To The Banking Crisis : An Analysis Of The Choice Of Anchor Banks, Talagavathi R. Karapayah Jan 2002

Bank Consolidation As A Strategic Response To The Banking Crisis : An Analysis Of The Choice Of Anchor Banks, Talagavathi R. Karapayah

Student Works (2000-2009)

The financial crisis of 1997 and the result1ng effects showed the weaknesses and vulnerability of the Malaysian banking system. In addition, impending globalization and liberalization of the financial sector has increased the urgency to strengthen the banking sector. Strengthening of the banking sector was to be realized by the merger of banking institutions under 10 anchor banks. The decision to consolidate the banking industry under 10 anchor banks was a necessary decision but the reasons for the choice of these 10 banks were not explained. This paper looked at some of the possible reasons for the selection of the particular …

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Krisis Minsky Dan Kerapuhan Sistem Kewangan Di Indonesia, Irfan Sungkar Jan 2002

Krisis Minsky Dan Kerapuhan Sistem Kewangan Di Indonesia, Irfan Sungkar

Student Works (2000-2009)

Berbagai keterangan dan jawapan telah diberikan oleh para pakar ekonomi dalam menjelaskan mengapa krisis kewangan boleh berlaku, termasuk dalam kes yang terjadi di Indonesia. Akan tetapi, secara amnya jawapan yang diberikan tersebut masih belum meyakinkan dan boleh dipertikaikan. Kertas kerja ini membahas apakah hipotesa dan hujah Minsky berkenaan dengan ketak-stabilan kewangan boleh diterapkan dalam memberikan penjelasan yang menyeluruh mengenai terjadinya krisis kewangan di Indonesia. Hujah Minsky berkenaan dengan terdapatnya suatu anjakan yang secara endogenous menyebabkan sistem kewangan menjadi tak stabil akan dikaji kesesuruannya di Indonesia. Hasil analisa dan dapatan kajian adalah membuktikan bahawa sememangnya telah terjadi suatu anjakan menuju ketak­stabilan …

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An Analysis Of The Islamic Unit Trusts In Malaysia, Mohd Nizam Barom Jan 2002

An Analysis Of The Islamic Unit Trusts In Malaysia, Mohd Nizam Barom

Student Works (2000-2009)

The objective of this research is to assess the growth, development and performance of the Islamic unit trust in Malaysia for almost a decade of its operation in the market. The growth and development of the sector is analysed using several indicator and compared with the overall unit trust industry. It is then followed by a risk-adjusted performance analysis of the Islamic funds based on three indices. namely the Adjusted Sharpe Index. Treynor Index and Adjusted Jensen Alpha. The analysis also includes adherence of risk and return characteristics of the funds to that stated objective, the degree of risk diversification …

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Money, Credit, And Banking In Colonial And Postcolonial West Africa, Akanmu G. Adebayo Jan 2002

Money, Credit, And Banking In Colonial And Postcolonial West Africa, Akanmu G. Adebayo

Faculty Articles

Scholarship in African economic history has been dominated by a wave of revisionism lately. The degree of African indebtedness, the imperatives of loan repayment, and the long-term implications of ongoing political and economic changes, all make such a revision exigent indeed. Focusing on the Yoruba of southwestern Nigeria, this paper produces new evidence to reinterpret and redefine African precolonial financial institutions. The paper has two main parts. Part 1 focuses on the introduction of cowrie currency into Yorubaland and its impact on social stratification. Part 2 examines ajo, the savings institution, esusu, the rotating savings and credit associations (roscas), and …

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Forecasting Volatility In The New Zealand Stock Market, Jun Yu Jan 2002

Forecasting Volatility In The New Zealand Stock Market, Jun Yu

Research Collection School Of Economics

This study evaluates the performance of nine alternative models for predicting stock price volatility using daily New Zealand data. The competing models contain both simple models such as the random walk and smoothing models and complex models such as ARCH-type models and a stochastic volatility model. Four different measures are used to evaluate the forecasting accuracy. The main results are the following: (1) the stochastic volatility model provides the best performance among all the candidates; (2) ARCH-type models can perform well or badly depending on the form chosen: the performance of the GARCH(3,2) model, the best model within the ARCH …

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Asset Prices, The Real Exchange Rate, And Unemployment In A Small Open Economy: A Medium-Run Structuralist Perspective, Hian Teck Hoon, Edmund S. Phelps Jan 2002

Asset Prices, The Real Exchange Rate, And Unemployment In A Small Open Economy: A Medium-Run Structuralist Perspective, Hian Teck Hoon, Edmund S. Phelps

Research Collection School Of Economics

No abstract provided.

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria Dec 2001

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria

CBN Annual Report

The Report, as in the past, reviews the operations of the Central Bank of Nigeria in its efforts at discharging its mandate for the fiscal year 2001. The major objectives of monetary policy for 2001 were outlined in the Bank's Monetary Policy Circular No. 35, which aimed to maintain internal and external balance, contribute to sustainable output growth and poverty reduction, and focus on the banking system, rate, rate regime, viability, and stability. Key policy targets included growth in broad money, narrow money, aggregate bank credit, growth in bank credit to the government, private sector, inflation rate, and GDP growth. …

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Framework For Internet Banking Security, Jai Ganesh, T R Madanmohan Sep 2001

Framework For Internet Banking Security, Jai Ganesh, T R Madanmohan

IIMB Management Review

The way customers are using financial services is changing rapidly. Today’s financial services are characterised by individuality, mobility, independence of place and time, and flexibility. The Internet, based on client server technology, has facilitated this change. Financial services companies are using the Internet as a new distribution channel, offering complex products at lower transaction costs to more potential customers. This also allows customers to access the service from any part of the world at any time, which they are doing through a range of intelligent information access and processing devices which include PDAs and mobile phones. Financial institutions can use …

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Financing And Promoting Small-Scale Industries. Concept, Issues And Prospects., C. M. Anyanwu Sep 2001

Financing And Promoting Small-Scale Industries. Concept, Issues And Prospects., C. M. Anyanwu

Bullion

The importance of small-scale industries in promoting industrialization and economic growth has been recognized globally. This paper discusses the concepts and issues that are associated with the financing and promoting of small scale industries. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. Small-scale industries development can be used for achieving the objectives of the poverty alleviation programme of the Government, given that they are highly labour intensive. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. She …

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What Accounts For The Variation In Retirement Wealth Among U.S. Households?, B. Douglas Bernheim, Jonathan Skinner, Steven Weinberg Sep 2001

What Accounts For The Variation In Retirement Wealth Among U.S. Households?, B. Douglas Bernheim, Jonathan Skinner, Steven Weinberg

Dartmouth Scholarship

Even among households with similar socioeconomic characteristics, saving and wealth vary considerably. Life-cycle models attribute this variation to differences in time preference rates, risk tolerance, exposure to uncertainty, relative tastes for work and leisure at advanced ages, and income replacement rates. These factors have testable implications concerning the relation between accumulated wealth and the shape of the consumption profile. Using the Panel Study of Income Dynamics and the Consumer Expenditure Survey, we find little support for these implications. The data are instead consistent with "rule of thumb," "mental accounting," or hyperbolic discounting theories of wealth accumulation.

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Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna Sep 2001

Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna

Bullion

This examines the prospects of the current drive to ensure efficient and sustainable credit delivery system to the SSls. The rest of the paper is divided into three broad sections. The first section reviews and appraises past financing programmes / schemes, highlighting the major constraints on their performance. The current initiative of the Bankers' Committee is discussed in section two, focusing on its likely impact and underscoring the needed complementary policy measures. Section three summa-rises and concludes the paper.

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The Integration Of The East And South-East Asian Equity Markets, K. B. Tan, Yiu Kuen Tse Sep 2001

The Integration Of The East And South-East Asian Equity Markets, K. B. Tan, Yiu Kuen Tse

Research Collection School Of Economics

This study examines how the degree of capital-market integration of the East and South-East Asian (ESEA) economies varied over the period 1988–2000 following the deregulation of these markets. The deregulation process varied across the countries both in terms of intensity and timing. A greater degree of co-movements in stock prices is a reflection of greater stock-market integration. We employ Geweke’s (1982) measure of feedback for different pairs of markets. For each pair of markets, the Geweke measure shows how co-movements in daily returns of stock prices varied over time. This is followed by the vector autoregression (VAR) analysis to examine …

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Emerging Trends In External Reserve Management, Nnadi C. Ben Jul 2001

Emerging Trends In External Reserve Management, Nnadi C. Ben

Bullion

This paper tries to identify some of the main trends in central Banks reserve management in recent years. lt describes some significant changes, which have taken place, with regard to the objectives and investment policies of central banks, while pointing out some elements that could noticeably slow or even reverse the trends identified. The study reveals reserve management has continued to evolve broadly in the areas of securitisation, return maximization, use of derivates and performance measurement. Secondly, in response to the increasing volatility of financial variables, central banks have at the same time continued to place emphasis on liquidity constraints.

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Gaussian Estimation Of Continuous Time Models Of The Short Term Interest Rate, Jun Yu, Peter C. B. Phillips Jul 2001

Gaussian Estimation Of Continuous Time Models Of The Short Term Interest Rate, Jun Yu, Peter C. B. Phillips

Research Collection School Of Economics

This paper proposes a Gaussian estimator for nonlinear continuous time models of the short term interest rate. The approach is based on a stopping time argument that produces a normalizing transformation facilitating the use of a Gaussian likelihood. A Monte Carlo study shows that the finite sample performance of the proposed procedure offers an improvement over the discrete approximation method proposed by Nowman (1997). An empirical application to U.S. and British interest rates is given.

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Private Sector Banks : Shaping Up, Amol Maheshwari, Shweta Jhajharia Jun 2001

Private Sector Banks : Shaping Up, Amol Maheshwari, Shweta Jhajharia

IIMB Management Review

An important factor influencing the development of private banks was the presence in the early 90s of bothpublic sector banks (PSBs) andforeign banks, with their specificdisadvantages. While thePSBs were often wanting in their quality of service, the activities of foreign banks were (and still are) restricted by the government. Private banks thus cornered the niche where the service-demanding consumer was willing to pay a higher price. By developing a retail focus, they also ensured that their deposit base was firmly established and diversified enough, before they moved on to larger businesses.

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M V Subbiah : Return To Roots, J Ramachandran Jun 2001

M V Subbiah : Return To Roots, J Ramachandran

IIMB Management Review

No abstract provided.

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