Economics Commons^™

Day Of The Week Effect In The Kuala Lumpur Stock Exchange, 1994-1998, Santhi Arasan

Student Works (2000-2009)

This paper investigates whether the day of the week effect anomaly exists in the Kuala Lumpur Stock Exchange (KLSE) over a period of time from 1994 to 1998 using the Exchange Main Board All-Share Index or the EMAS Index, which incorporates all Main Board Companies. The analysis of the day of the week effect during the study period is further explored in relation to firm size and economic conditions. In relation to firm size, this paper investigates whether the day of the week effect is persistent for both large and small firms by comparing the daily mean returns of the …

Lessons From The Malaysian Financial Crisis And The Tough Road Ahead For Proton, Ming Fong Khoo

Student Works (2000-2009)

The economic crisis contagion from Thailand had imposed a serious impact on Malaysia economic. In Malaysia, the currency and financial crisis became a crisis of a real economy. The Malaysia Government undertook many policies to tum around its economy. The more significant policies are capital control and fixed exchange rate implemented in September 1997. The economic and currency crisis had severe impact on automobile industry in Malaysia. All the automobile companies had implemented various strategies to overcome the economy turmoil. However, most of these strategies are reactive action and the automotive companies implement these activities to resolve immediate problem when …

The Impact Of Interest Rates And Share Market Performance On Klang Valley Property Prices : A Comparative Case Study, Chun Sing Yeo

Student Works (2000-2009)

This study is an attempt to determine the impact of some major aspect of interest (increase I decrease) and stock market (bull/ bear) on property prices at Klang Valley. Firstly, Malaysia has been witnessing an interesting debate over the issue of interest rates. Malaysian borrowers are paying 15 to 18 per cent per annum during the Asian Financial crisis cum stock market collapse. Prior to crisis, they were paying between 9 to 12 percent per annum. Secondly, the collapse of KLSE stock market .The KLSE suffered severe declines, as the composite index plunged from 1271.25 points on 25 February 1997 …

Price, Legislation And Demand For Gasoline In Malaysia, Yan Ne Lim

Student Works (2000-2009)

The study sets out to examine the demand for gasoline in Malaysia using econometric model. The purpose is to establish the relationship between gasoline demand and price, income as well as vehicle stocks. Secondly, it is also to review the role and involvement of the government in this oligopolistic market. The hypothesis of this study is : "demand for gasoline in Malaysia is influenced by price, income level, vehicle stocks as well as legislation". In this paper, the relationship between gasoline demand, national income, price of gasoline and vehicle stocks is empirically examined using linear regression method. The time frame …

A Comparative Study Of The Performance Of Commercial Banks, Finance Companies And Merchant Banks In Malaysia, 1990-1998, Kim Teck Yeap

Student Works (2000-2009)

Banking institutions play a substantial role, especially in a developing country like Malaysia, in mobilizing savings and channeling these resources for economic development. The growth of the banking institutions over the past two decades was achieved through the rapid build-up of an extensive branch network, the widening of banking services and the acceleration of credit activities. The focus of this paper is to evaluate the relative performance of banking institutions in Malaysia during the 1990-1998 period, using the CAMEL rating framework. The banking institutions included in this study are the major groups of banking institutions operating in Malaysia, namely commercial …

A Case Study On Strategies Adopted By A Medium Sized Property Development Company In Response To The Economic Crisis In 1997-1998, Thin Choy Woo

Student Works (2000-2009)

Epic is one way of describing Asia's economic development over the past decades. The once poverty stricken Asian countries metamorphosed into world class producers and dynamic markets. However, equally epic was the fall. In one almighty crash, the once mighty Asian economies toppled over as the next millennium grew closer. The prides, the hopes and the expectations buijt up by all those years of prosperity lay in shambles amid the accusatory pointing by critics who variously attributed the crisis to greed, over expansion, fiscal imprudence, corruption and deteriorating Asian values. It seemed that in the last two years, Asia could …

Pemikiran Ekonomi Al-Imam Al-Ghazali : Kajian Dalam Ihya Ulum Al-Din, Ali Badron Mokhtar

Student Works (2000-2009)

Ali Badron bin Mokhtar: Economic Thought of al-Imam al-Ghazalli in lhya' ulum al-Din.  The Study revolves around the development of Islamic economic thinking. The study specializes in the contribution of al-lmam al-Ghazali. In this matter, the writer tries to study the above thought based on text studies. This is done studying thoroughly the ihya' "Ulum al-Din, a book which is written by al-Imam al-Ghazali . To clarify the above matter, the background of the figure will be firstly reviewed from different angles. This is because, it gives a lot of influences on the pattern of thought and its principles which …

A Study On The Behaviour Of Selected Macroeconomic Indicators For Malaysia Prior To The Currency Crisis In 1997, Sena Herath Vijitha

Student Works (2000-2009)

This paper attempts to develop an early warning system to predict currency crises that will allow managers not to be caught off-guard when a currency crisis hits the country. It is hoped that with an effective early warning system, managers will have adequate time to construct appropriate marketing and business strategies to counter the negative impact of a currency crisis. This research project examines the macroeconomic data generated by Bank Negara and the Ministry of Finance to see if correlations exist between macroeconomic measures and devaluation prospects as cited in the literature and whether these can be used in the …

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 …

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 …

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 …

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 …

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 …

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 …

Identifying Some Key Areas To Alleviate Poverty Among Women, Sun Nie Goh

Student Works (2000-2009)

This study considered alternatives to traditional poverty measures of which have so far not been applied in the Malaysian context, for Malaysian women in suffering poverty. The target sample of women in poverty are identified by the Ministry of Rural Development 21 l female respondents and 180 male respondents from an urban and a rural area were interviewed. Some key areas were identified. They include education, training, health, food security, nutrition, access to assets and credit, participation in household decision-making and support system. lt is found that poor women in the sample are mostly lowly educated, none of them managed …

Internal Competition And The Theory Of Exchange Rates, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A. (2000, December 7). International competition and the theory of exchange rates [Unpublished outline].

• Shaikh, A., PhD. (n.d.). Trade deficit testimony [Unpublished handwritten notes]. Manuscript.

• Shaikh, A., PhD. (n.d.). Questions [Unpublished handwritten notes]. Manuscript.

Benefit Cost Analysis Of Parametric Pricing Model For Procurement Of F-16 Aircraft, Stephen Robert Peck

Masters Culminating Experiences (1993-2011)

This project was conducted in response to an Air Force decision to allow Department of Defense contractors to change the way that they propose efforts which will be produced under Department of Defense contracts at Wright-Patterson Air Force Base F-16 System Procurement Office (SPO).

The project consists of a benefit-cost analysis designed to specifically examine the benefits and the costs of the new system proposed. The future value of the costs and benefits were evaluated to determine the plausibility of the program.

The results were obvious. For a total cost of $30,905, the government could benefit almost $20 million. This …

Trade Theory, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (1998, November 12). Notes on trade and capital mobility [Unpublished notes].

• Shaikh, A., PhD. (1994, April 18). The implicit theory of the XR in my argument [Unpublished notes].

• Shaikh, A., PhD. (n.d.). Alternate measures of world exports [Unpublished document].

• Blecker, R. A. (1999, August 19). The causes of the U.S. trade deficit [Statement before the Trade Deficit Review Commission]. Trade Deficit Review Commission.

• Shaikh, A., PhD. (n.d.). National competitive prices with unequal real wages [Unpublished notes].

• Shaikh, A., PhD. (1998, October 8). Levy presentation outline [Unpublished outline].

• …

A Rejoinder To Abraham Hirsch, Samuel Hollander, Sandra J. Peart

Jepson School of Leadership Studies articles, book chapters and other publications

The dispute between Hollander and Peart, and Hirsch, turns on the nature and role of verification in Mill’s perception of the appropriate method for Political Economy. Professor Hirsch maintains against us that, for Mill, the models constructed by political economists are insulated from verification. His case is based on two counterclaims. First, that when Mill writes of “verification” in Book III of the Logic, he has in mind a procedure differing from that appropriate for Political Economy, which allows only “indirect verification” (outlined in Book VI). Hirsch finds that Hollander and Peart confuse the two. Secondly, since the contexts …

Beyond Efficiency And Procedure: A Welfarist Theory Of Regulation, Matthew D. Adler

Faculty Scholarship

Normative scholarship about regulation has been dominated by two types of theories, which I term "Neoclassical" and "Proceduralist." A Neoclassical theory has the following features: it adopts a simple preference-based view of well-being, and it counts Kaldor-Hicks efficiency as one of the basic normative criteria relevant to the evaluation of regulatory programs. A Proceduralist theory is concerned, not solely with the quality of regulatory outcomes, but also with the governmental procedures that produce these outcomes: it gives intrinsic significance to the procedures that regulatory bodies follow. (One example of a Proceduralist theory is the civic republican theory of regulation advanced …

Introduction, To Cost-Benefit Analysis, Matthew D. Adler, Eric A. Posner

Faculty Scholarship

No abstract provided.

Kentucky Annual Economic Report 2000, Mark C. Berger, Glenn C. Blomquist, Richard W. Furst, Steven N. Allen

Kentucky Annual Economic Report

No abstract provided.

Rpc - See Also Competition, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (1985, October 16). Handwritten notes titled Perf Comp & RE (Perfect Competition & Rational Expectations), discussing pseudo-supply curves. Unpublished manuscript.
• Shaikh, A. (1993, September 10). Rational expectations and perfect competition, with handwritten annotations. Unpublished manuscript.
• Shaikh, A. (1993, November 15). Consistent plans, rational expectations, and Walras' law. Unpublished manuscript.
• Shaikh, A. (2000, October 5). Printed guide titled Walras law and macroeconomics from the University of Melbourne website, with handwritten notes. Unpublished manuscript.

Default In A General Equilibrium Model With Incomplete Markets, Pradeep Dubey, John Geanakoplos, Martin Shubik

Cowles Foundation Discussion Papers

We extend the standard model of general equilibrium with incomplete markets (GEI) to allow for default. The equilibrating variables include aggregate default levels, as well as prices of assets and commodities. Default can be either strategic, or due to ill-fortune. It can be caused by events directly affecting the borrower, or indirectly as part of a chain reaction in which a borrower cannot repay because he himself has not been repaid. Each asset is defined by its promises A , the penalties lambda for default, and the limitations Q on its sale. The model is thus named GE ( A …

Information Acquisition And Efficient Mechanism Design, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

We consider a general mechanism design setting where each agent can acquire (covert) information before participating in the mechanism. The central question is whether a mechanism exists which provides the efficient incentives for information acquisition ex-ante and implements the efficient allocation conditional on the private information ex-post. It is shown that in every private value environment the Vickrey-Groves-Clark mechanism guarantees both ex-ante as well as ex-post efficiency. In contract, with common values, ex-ante and ex-post efficiency cannot be reconciled in general. Sufficient conditions in terms of sub- and supermodularity are provided when (all) ex-post efficient mechanisms lead to private under- …

Bargaining And Markets: Complexity And The Walrasian Outcome, Hamid Sabourian

Cowles Foundation Discussion Papers

Rubinstein and Wolinsky (1990b) consider a simple decentralized market in which agents either meet randomly or choose their partners volunatarily and bargain over the terms on which they are willing to trade. Intuition suggests that if there are no transaction costs, the outcome of this matching and bargaining game should be the unique competitive equilibrium. This does not happen. In fact, Rubinstein and Wolinsky show that any price can be sustained as a sequential equilibrium of this game. In this paper, I consider Rubinstein and Wolinsky’s model and show that if the complexity costs of implementing strategies enter players’ preferences …

Rpc 1-2, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Roberts, J. (1987, December). An equilibrium model with involuntary unemployment at flexible, competitive prices and wages. American Economic Review, 77(5), 856–874. American Economic Association.

• Shaikh, A. (1997, November 29). Market demand curves and aggregate demand [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (1997, December 16). Rational competition as a foundation for the theory of eff dd [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (1997, January 3). Government deficits, financing, and open economy exchange rates [Handwritten notes]. Unpublished manuscript.

• Harcourt, G. C. (n.d.). Post-Keynesian economics [Encyclopedia excerpt]. In [Encyclopedia title] (pp. [pp.]). [Publisher].

• …

Determinants Of Share Price Movements In Emerging Equity Markets: Some Evidence From America's Past, Peter Z. Grossman

Scholarship and Professional Work - Business

Emerging equity markets are plagued by poor information, which is a barrier to outside shareholder participation. This paper examines the determinants of share prices of two United States companies over a 14-year period during the late 19th century, when America had an emerging equity market. These two companies withheld all information on profits and assets until the end of the period, yet traded regularly. Overall, the evidence suggests that outside investors received sufficient compensation for their ignorance, and that these outsiders set the market price. An event study shows that when information about company assets was revealed, market returns were …

The Dynamics Of The Hungarian Hyperinflation, 1945-6: A New Perspective, Peter Z. Grossman, János Horváth

Scholarship and Professional Work - Business

From late 1945 through the middle of 1946, Hungary experienced the most gigantic inflation of modern history. But in August 1946, the astronomical price increases stopped, and lasting price stability followed. Indeed, the contrast is so dramatic that it is viewed by some as an economic miracle surpassing even the post-war German Wirschaftswunder.

On the surface, the Hungarian hyperinflation, which witnessed a depreciation of the currency unit, the pengo of about 10-27, seems a kind of madness that raises two interlinked questions: First, how could such a fantastic destruction in the value of a currency take place, and second, what …

Introduction, James Jennings

Trotter Review

We are proud to share with our readers the second annual issue of the Trotter Review. Since the first issue in 1984, the Trotter Review has grown to become a popular journal with a national and international readership. The journal has been particularly praised for its presentation and balance of scholarship informed by activism. We are currently planning future issues along the following themes: the experiences of Black children and the Black community with public schools; the historical and contemporary relationships between the Black and Native-American communities in the United States; and the role of Black educators in community …