Pub Date : 2011-12-12DOI: 10.32890/IJBF2011.8.4.8444
Abdullah M. Noman, G. Uddin
The paper investigates the interaction among foreign remittance, banking sector development and GDP in four South Asian nations that export huge pools of labour abroad. Multivariate Granger causality tests, based on error correction models, are employed with data spanning from 1976 to 2005. A key finding of the paper is that remittances and banking sector development influence per capita income in all four South Asian nations. In addition, interactions among the variables are also examined in a panel setting. As in individual country analyses, both remittance and banking sector development have positive and significant influences on the national income of South Asian countries. On the other hand, neither domestic products nor advancement in banking sector have significant impact on the remittance flows. This is new findings of the linkage between remittances and economic development, which may also be evident for countries exporting labour pools.
{"title":"REMITTANCES AND BANKING SECTOR DEVELOPMENT IN SOUTH ASIA","authors":"Abdullah M. Noman, G. Uddin","doi":"10.32890/IJBF2011.8.4.8444","DOIUrl":"https://doi.org/10.32890/IJBF2011.8.4.8444","url":null,"abstract":"The paper investigates the interaction among foreign remittance, banking sector development and GDP in four South Asian nations that export huge pools of labour abroad. Multivariate Granger causality tests, based on error correction models, are employed with data spanning from 1976 to 2005. A key finding of the paper is that remittances and banking sector development influence per capita income in all four South Asian nations. In addition, interactions among the variables are also examined in a panel setting. As in individual country analyses, both remittance and banking sector development have positive and significant influences on the national income of South Asian countries. On the other hand, neither domestic products nor advancement in banking sector have significant impact on the remittance flows. This is new findings of the linkage between remittances and economic development, which may also be evident for countries exporting labour pools.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133303225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2011-10-16DOI: 10.32890/ijbf2011.8.2.8422
A. Mullineux
This conceptual paper considers the corporate governance of shareholder owned deposit taking banks in light of the Global Financial Crisis (GFC). Deposit taking banks present a special corporate governance problem because depositors (and taxpayers) are stakeholders. The GFC revealed significant weaknesses in the regulation and corporate governance of banks.The UK government commissioned the Walker Review of the corporate governance of UK banks in February 2009. Its recommendations are discussed in the context of the wider governance (including regulation) of banks. Regulation and corporate governance systems should focus on the establishment of effective internal risk control mechanisms and the good management of banks.
{"title":"Governing Banks: A British Perspective","authors":"A. Mullineux","doi":"10.32890/ijbf2011.8.2.8422","DOIUrl":"https://doi.org/10.32890/ijbf2011.8.2.8422","url":null,"abstract":"This conceptual paper considers the corporate governance of shareholder owned deposit \u0000taking banks in light of the Global Financial Crisis (GFC). Deposit taking banks present a \u0000special corporate governance problem because depositors (and taxpayers) are stakeholders. \u0000The GFC revealed significant weaknesses in the regulation and corporate governance of banks.The UK government commissioned the Walker Review of the corporate governance of UK banks in February 2009. Its recommendations are discussed in the context of the wider governance (including regulation) of banks. Regulation and corporate governance systems should focus on the establishment of effective internal risk control mechanisms and the good management of banks.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124627197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2011-09-05DOI: 10.32890/IJBF2011.8.3.8428
Henry Leung
Consensus measures on earnings forecasts such as the IBES mean and median are point estimates of sample distributions of analyst earnings forecasts. Often, these consensus measures serve as informational proxies for investors in their decision making process. This study utilises the Australian IBES earnings forecast data from 1988 through 2008 to show that analyst earnings forecast distributions are non-normal across the 20-year period. These results suggest the possibility of a more accurate surrogate consensus than the simple IBES mean and median. This, in turn, may have some bearing on those who generally employ analysts’ consensus earnings forecasts for stock valuation and modelling purposes.
{"title":"Analysts Earnings Forecasts Distribution","authors":"Henry Leung","doi":"10.32890/IJBF2011.8.3.8428","DOIUrl":"https://doi.org/10.32890/IJBF2011.8.3.8428","url":null,"abstract":"Consensus measures on earnings forecasts such as the IBES mean and median are point estimates of sample distributions of analyst earnings forecasts. Often, these consensus measures serve as informational proxies for investors in their decision making process. This study utilises the Australian IBES earnings forecast data from 1988 through 2008 to show that analyst earnings forecast distributions are non-normal across the 20-year period. These results suggest the possibility of a more accurate surrogate consensus than the simple IBES mean and median. This, in turn, may have some bearing on those who generally employ analysts’ consensus earnings forecasts for stock valuation and modelling purposes.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115745389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2011-09-01DOI: 10.32890/IJBF2011.8.1.8419
Hamid E. Ali
Governments in developing economies often resort to taxing bank money balances through imposition of high reserve requirements and also by relying on seigniorage to finance their deficits. In the context of those practices, this research reported in this paper attempts to answer the following questions: First, why do developing economies with an informal sector resort to inflationary measures to finance their activities? Second, how does a government induce an agent to choose the formal economy? It is demonstrated, for the first question, that in the trade-off between inflation and reserve requirements, the optimal policy is maximum inflation and minimum reserve requirements that will increase the steady-state utility of an optimizing agent. Regarding the second question, the agents prefer the informal economy if policy relies on a maximum reserve requirement.
{"title":"OPTIMAL INFLATIONARY AND RESERVE REQUIREMENT POLICIES: A STUDY OF AN ECONOMY WITH AN INFORMAL SECTOR","authors":"Hamid E. Ali","doi":"10.32890/IJBF2011.8.1.8419","DOIUrl":"https://doi.org/10.32890/IJBF2011.8.1.8419","url":null,"abstract":"Governments in developing economies often resort to taxing bank money balances through imposition of high reserve requirements and also by relying on seigniorage to finance their deficits. In the context of those practices, this research reported in this paper attempts to answer the following questions: First, why do developing economies with an informal sector resort to inflationary measures to finance their activities? Second, how does a government induce an agent to choose the formal economy? It is demonstrated, for the first question, that in the trade-off between inflation and reserve requirements, the optimal policy is maximum inflation and minimum reserve requirements that will increase the steady-state utility of an optimizing agent. Regarding the second question, the agents prefer the informal economy if policy relies on a maximum reserve requirement.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133735460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2011-03-13DOI: 10.32890/IJBF2011.8.1.8421
H. Huang, Yun-Chia Yan, James M. Fornaro, A. Elshahat
This study investigates whether the appointment of a female to the audit committee of a foreign issuer in the US is positively associated with subsequent market price reaction. We hypothesize that female members on the audit committee can strengthen corporate governance by their conservative and ethical qualities. Accordingly, such appointments deliver a positive message to capital market participants. In order to observe the impact of audit committee gender diversity on foreign fi rms, we include all audit committee appointments for UStraded foreign fi rms from 2002 to 2009. We fi nd that the appointment of female audit committee members has signifi cant positive cumulative abnormal returns compared to the appointment of male audit committee members.
{"title":"Market reactions to audit committee director's gender: Evidence from US-traded foreign firms","authors":"H. Huang, Yun-Chia Yan, James M. Fornaro, A. Elshahat","doi":"10.32890/IJBF2011.8.1.8421","DOIUrl":"https://doi.org/10.32890/IJBF2011.8.1.8421","url":null,"abstract":"This study investigates whether the appointment of a female to the audit committee of a foreign issuer in the US is positively associated with subsequent market price reaction. We hypothesize that female members on the audit committee can strengthen corporate governance by their conservative and ethical qualities. Accordingly, such appointments deliver a positive message to capital market participants. In order to observe the impact of audit committee gender diversity on foreign fi rms, we include all audit committee appointments for UStraded foreign fi rms from 2002 to 2009. We fi nd that the appointment of female audit committee members has signifi cant positive cumulative abnormal returns compared to the appointment of male audit committee members.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128793353","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-08-19DOI: 10.32890/IJBF2010.7.2.8417
A. Chakraborty, R. Mallick
This paper uses non-parametric techniques to examine patterns of debt use by smallrms and how such patterns differ acrossrm categories. The methodological goal is to use the richness of therm level data and allow convincing presentations with minimum of assumptions. The procedures used provide easily comprehendible graphical descriptions of the data. The procedures augment what can be discerned from descriptive statistics by accounting for differential weights and allowing for clustering that is a native feature of cross-sectional data. We also investigate howrms could benet if credit availability improves. Though a model-based analysis would be required to provide a detailed analysis, our analysis suggests that greater credit availability will benet allrms. Firms with low levels of equity will be better off as their credit constraints will be less binding, whilerms with high levels of equity will benet from acquiring more debt.
{"title":"Patterns of debt use in small businesses: a non-parametric analysis","authors":"A. Chakraborty, R. Mallick","doi":"10.32890/IJBF2010.7.2.8417","DOIUrl":"https://doi.org/10.32890/IJBF2010.7.2.8417","url":null,"abstract":"This paper uses non-parametric techniques to examine patterns of debt use by smallrms and how such patterns differ acrossrm categories. The methodological goal is to use the richness of therm level data and allow convincing presentations with minimum of assumptions. The procedures used provide easily comprehendible graphical descriptions of the data. The procedures augment what can be discerned from descriptive statistics by accounting for differential weights and allowing for clustering that is a native feature of cross-sectional data. We also investigate howrms could benet if credit availability improves. Though a model-based analysis would be required to provide a detailed analysis, our analysis suggests that greater credit availability will benet allrms. Firms with low levels of equity will be better off as their credit constraints will be less binding, whilerms with high levels of equity will benet from acquiring more debt.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"215 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114763073","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-03-10DOI: 10.32890/IJBF2010.7.1.8402
Md. Mizanur Rahman
Bangladesh launched a shari’ah based micro-finance programme in 1995 under the Rural Development Scheme to uplift the overall socioeconomic standards of rural poor. It covered 0.52 million group members, 94% of whom are females. This paper presents findings on this experiment using 1,020 responses in a sample survey. Result showed that a significant of clients have improved their religious observations such as prayers and fasting. Results of the econometric models showed that household income, productivity of crops and livestock, expenditure and employment increased significantly due to the influence of changed behaviour and availability of micro-finance. Clients stated that the micro-investment had provided better organisation of their economic activities. Finally, the Islamic micro-investment programme appears to spur more ethical and economically desirable behaviour leading to poverty alleviation.
{"title":"Islamic micro-finance programme and its impact on rural poverty alleviation","authors":"Md. Mizanur Rahman","doi":"10.32890/IJBF2010.7.1.8402","DOIUrl":"https://doi.org/10.32890/IJBF2010.7.1.8402","url":null,"abstract":"Bangladesh launched a shari’ah based micro-finance programme in 1995 under the Rural Development Scheme to uplift the overall socioeconomic standards of rural poor. It covered 0.52 million group members, 94% of whom are females. This paper presents findings on this experiment using 1,020 responses in a sample survey. Result showed that a significant of clients have improved their religious observations such as prayers and fasting. Results of the econometric models showed that household income, productivity of crops and livestock, expenditure and employment increased significantly due to the influence of changed behaviour and availability of micro-finance. Clients stated that the micro-investment had provided better organisation of their economic activities. Finally, the Islamic micro-investment programme appears to spur more ethical and economically desirable behaviour leading to poverty alleviation.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116882105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-02-04DOI: 10.32890/ijbf2010.7.1.8404
A. Ismail, Karmila Hanim Kamil
This paper shows how a risk management mechanism through selling debt can affect the value of Islamic banks. Islamic banks are able to maximize their value from the sale of murabahah on housing debt in order to manage their risk arising fromuctuations in interest rates. A tractable theoretical model is developed to maximize the Islamic banks' values from the sale of housing debt � nancing in order to hedge againstuctuations in interest rates. Ourndings showed that Islamic banks could improve their earnings and rectify the problem in aligning their assets and liabilities through the benets of debt selling. A rise in the market interest rates leads to an increase in the basenancing rate and the mark-up rate in Islamic banks, since market interest rates serve as benchmarks in determining prots or mark-ups. If the Islamic banks engage in debt selling to decrease their risk exposure, their earnings or value may be amplied since they have the opportunity to undertake other positive NPV projects from the payoffs on the murabahah debt selling.
{"title":"A NOTE: DEBT SELLING AND THEIR IMPACT ON ISLAMIC BANK VALUE","authors":"A. Ismail, Karmila Hanim Kamil","doi":"10.32890/ijbf2010.7.1.8404","DOIUrl":"https://doi.org/10.32890/ijbf2010.7.1.8404","url":null,"abstract":"This paper shows how a risk management mechanism through selling debt can affect the value of Islamic banks. Islamic banks are able to maximize their value from the sale of murabahah on housing debt in order to manage their risk arising fromuctuations in interest rates. A tractable theoretical model is developed to maximize the Islamic banks' values from the sale of housing debt � nancing in order to hedge againstuctuations in interest rates. Ourndings showed that Islamic banks could improve their earnings and rectify the problem in aligning their assets and liabilities through the benets of debt selling. A rise in the market interest rates leads to an increase in the basenancing rate and the mark-up rate in Islamic banks, since market interest rates serve as benchmarks in determining prots or mark-ups. If the Islamic banks engage in debt selling to decrease their risk exposure, their earnings or value may be amplied since they have the opportunity to undertake other positive NPV projects from the payoffs on the murabahah debt selling.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"257 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115795280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-08-20DOI: 10.32890/IJBF2009.6.2.8387
I. Moosa, Larry Li
This paper provides empirical evidence on the role of fundamentalists and technicians in the Chinese stock market. Three econometric models are used to differentiate the stock price effect between the actions of traders who act on the basis of fundamental analysis and those acting on the basis of technical analysis. The models are estimated using randomly selected monthly and daily data on the stock prices of one hundred companies listed on the Shanghai Stock Exchange. The results reveal that both fundamentalists and technicians have roles to play in stock price formation, although technicians appear to play a more important role. This result holds even if the government intervention is allowed for. Some explanations are presented for the dominance of technicians.
{"title":"Modelling the behaviour of technicians and fundamentalists in the Shanghai stock market","authors":"I. Moosa, Larry Li","doi":"10.32890/IJBF2009.6.2.8387","DOIUrl":"https://doi.org/10.32890/IJBF2009.6.2.8387","url":null,"abstract":"This paper provides empirical evidence on the role of fundamentalists and technicians in the Chinese stock market. Three econometric models are used to differentiate the stock price effect between the actions of traders who act on the basis of fundamental analysis and those acting on the basis of technical analysis. The models are estimated using randomly selected monthly and daily data on the stock prices of one hundred companies listed on the Shanghai Stock Exchange. The results reveal that both fundamentalists and technicians have roles to play in stock price formation, although technicians appear to play a more important role. This result holds even if the government intervention is allowed for. Some explanations are presented for the dominance of technicians.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127683872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-08-20DOI: 10.32890/IJBF2009.6.2.8391
Catherine S. F. Ho
Eastern European countries, which are candidates for accord into the Exchange Rate Mechanism (ERM) and the eventual move towards Euro, fi nd exchange rate management a tedious challenge. This paper examines the underlying factors that move exchange rates and helps us to contribute towards streamlining policies and strategies in moving these countries forward. The new fi ndings on exchange rate determinants for this group of transitional economies are based on parity factors as well as non-parity factor effects. The evidence that emerges from this paper is that non-parity factors including economic growth rate, current account and capital fl ows are signifi cantly correlated with exchange rates. The results are robust whichever data set is used, high-frequency and low-frequency data sets.
{"title":"Exchange Rate Behaviour of East European Transitional Economies","authors":"Catherine S. F. Ho","doi":"10.32890/IJBF2009.6.2.8391","DOIUrl":"https://doi.org/10.32890/IJBF2009.6.2.8391","url":null,"abstract":"Eastern European countries, which are candidates for accord into the Exchange Rate Mechanism (ERM) and the eventual move towards Euro, fi nd exchange rate management a tedious challenge. This paper examines the underlying factors that move exchange rates and helps us to contribute towards streamlining policies and strategies in moving these countries forward. The new fi ndings on exchange rate determinants for this group of transitional economies are based on parity factors as well as non-parity factor effects. The evidence that emerges from this paper is that non-parity factors including economic growth rate, current account and capital fl ows are signifi cantly correlated with exchange rates. The results are robust whichever data set is used, high-frequency and low-frequency data sets.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128265644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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