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To Switch or Not to Switch: Evidence from Multiple U. S. Acquirers
Issue:
Volume 2, Issue 3, June 2016
Pages:
49-62
Received:
21 March 2016
Accepted:
10 April 2016
Published:
10 May 2016
Abstract: With a comprehensive U.S. domestic sample, we study shareholder announcement returns for firms that acquired 5 or more public, private, and/or subsidiary targets, and switched or shifted from in-state to out-of-state acquisition, and vice versa, from a deal conducted in different state to one completed in their own state. Generally, switching has a negative effect on bidder announcement returns (-3.424): switch-deals have significantly lower CARs than non-switch deals: 1.251% against 2.876. Shifting states has a more pronounced negative impact in later deals, and when the switch is from same to different state.
Abstract: With a comprehensive U.S. domestic sample, we study shareholder announcement returns for firms that acquired 5 or more public, private, and/or subsidiary targets, and switched or shifted from in-state to out-of-state acquisition, and vice versa, from a deal conducted in different state to one completed in their own state. Generally, switching has ...
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Monetary and Fiscal Policy, Tools for Economic Growth. (Test of the Keynesian and Monetarist Preposition): Nigerian Experience
Monogbe Tunde Gabriel,
Davies Nkanbia Llewellyn
Issue:
Volume 2, Issue 3, June 2016
Pages:
63-71
Received:
15 March 2016
Accepted:
30 March 2016
Published:
31 May 2016
Abstract: This paper is set out to investigate monetary and fiscal policy has tools for economic growth in Nigeria and to also investigate which of this tools is most appropriate in the Nigerian present state of economy using time series data spanning from 1981 to 2014. The application of the ECM and granger causality test reveals that total government expenditure (TGE) has a positive and a significant influence in promoting economic growth which canvass support for the Keynesian that increase in government expenditure is a key instrument in promoting economic growth and hence crowd in private investors in Nigeria. While on the other hand, increase in total money supply (TMSS) is negatively significant to economic growth which contradict the opinion of the monetarist. sequel to this, it is however glaring that increase in government expenditure play a lead role in stimulating economic growth in the long run In Nigeria. Based on our finding, we recommend that policy makers should ensure that the large quantum of fund flowing from the government pulse should be apportion asymmetrically to the productive sector of the economy like the manufacturing sector, agricultural sector, and SME’s (small and medium enterprises) among others so as to ensure fruitful returns from this investment which will in turn promote economic growth and encourage private investors as earlier stated by the Keynesian school.
Abstract: This paper is set out to investigate monetary and fiscal policy has tools for economic growth in Nigeria and to also investigate which of this tools is most appropriate in the Nigerian present state of economy using time series data spanning from 1981 to 2014. The application of the ECM and granger causality test reveals that total government expen...
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The Trends and Patterns of the Capital Structure and Performance of the Nigerian Banks
Philip Olawale Odewole,
Rafiu Oyesola Salawu
Issue:
Volume 2, Issue 3, June 2016
Pages:
72-83
Received:
29 March 2016
Accepted:
10 May 2016
Published:
7 June 2016
Abstract: This study analyzed the trends and patterns of capital structure and performance of financial firms in the Nigerian banking sectorwith panel data of 14 commercial banks in Nigeria over the periods 2005-2012..Descriptive methods of analysis were employed to analyze the trends and performance. The result showed that the banks exhibit 75.2% short-term financing. It shows that Nigerian banks relied heavily on external finance which is short-term in nature. Also, the result revealed that towards the end of 2008 and early 2009, the collapse of the interbank markets brought about a critical reassessment of the banksby the Central Bank of Nigeria. The study suggests that policy makers should find the means of overhauling the banking sector before its impending doom and a policy measures capable of increasing the fixed asset base of Nigerian banks.
Abstract: This study analyzed the trends and patterns of capital structure and performance of financial firms in the Nigerian banking sectorwith panel data of 14 commercial banks in Nigeria over the periods 2005-2012..Descriptive methods of analysis were employed to analyze the trends and performance. The result showed that the banks exhibit 75.2% short-term...
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Competitive Advantage of Palestinian Economy in Light of Porter Model
Orobah Ali Barghouthi,
Mohammed Bayyoud
Issue:
Volume 2, Issue 3, June 2016
Pages:
84-101
Received:
21 January 2016
Accepted:
17 May 2016
Published:
30 June 2016
Abstract: This paper examines work as guidance in formulating the relationship between Israeli and Palestinian Economy, in the context of fulfilling the requirements of Palestinian state as there are two scenarios related to trade relations between Palestinians & Israeli Economy, if it’s custom union or free trade area, the shape of this relation Consist a framework for Economic Policies for Palestinian state. By reason of the findings of Michael Porter in 1998, this research focused on the determinants of competitive advantage as written by Michael Porter is done. In determining if the Palestinian economy has improved through the years, the parameters used in 1998 were adopted. The researcher adopted the determinants used by Porter in his study of the Palestinian Economy in 1998. Using these as parameters, the programs under the different areas in the PIF was assessed to come up with a paradigm to establish a competitive advantage for the State of Palestine based on the different areas of investment.
Abstract: This paper examines work as guidance in formulating the relationship between Israeli and Palestinian Economy, in the context of fulfilling the requirements of Palestinian state as there are two scenarios related to trade relations between Palestinians & Israeli Economy, if it’s custom union or free trade area, the shape of this relation Consist a f...
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Overview of the Basel Capital Adequacy Framework
Orobah Ali Barghouthi,
Mohammed Bayyoud
Issue:
Volume 2, Issue 3, June 2016
Pages:
102-115
Received:
23 January 2016
Accepted:
17 May 2016
Published:
30 June 2016
Abstract: This paper examines Capital Adequacy Framework that specifies the approaches for quantifying the Risk-Weighted Assets (RWA) for credit risk, market risk and operational risk. The computation of the risk-weighted assets is consistent with Pillar 1 requirements set out by the Basel Committee on Banking Supervision (BCBS) and the Islamic Financial Services Board (IFSB) in their respective documents - “International Convergence of Capital Measurement and Capital Standards: A Revised Framework” issued in June 2006 and the “Capital Adequacy Standard (CAS)” issued in December 2005. While the Bank believes that such customization could be justified, a pragmatic approach is adopted for implementation. Higher prudential requirements and risk management standards would be introduced gradually taking into consideration industry feedback during the consultation process.
Abstract: This paper examines Capital Adequacy Framework that specifies the approaches for quantifying the Risk-Weighted Assets (RWA) for credit risk, market risk and operational risk. The computation of the risk-weighted assets is consistent with Pillar 1 requirements set out by the Basel Committee on Banking Supervision (BCBS) and the Islamic Financial Ser...
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Corporate Governance System and Its Role in Activating Islamic Bank’s Management and Supervision
Orobah Ali Barghouthi,
Mohammed Bayyoud
Issue:
Volume 2, Issue 3, June 2016
Pages:
116-120
Received:
23 January 2016
Accepted:
17 May 2016
Published:
30 June 2016
Abstract: This paper examines corporate governance (CG) characteristics and relates them to earnings management (EM) behaviours in the context of a large emerging sector, Islamic banking industry. Main differences are found with regard to philosophical aspects, including objectives of the bank, natures of contract involved, key players in theCG practice as well as the relationships between the players. We verified that these aspects provide strong justification for an additional layer in the CG of an Islamic bank being the Shari'ah Supervisory Board (SSB). The mechanism and tools for the effective implementation of CG are relatively the same as the conventional system.
Abstract: This paper examines corporate governance (CG) characteristics and relates them to earnings management (EM) behaviours in the context of a large emerging sector, Islamic banking industry. Main differences are found with regard to philosophical aspects, including objectives of the bank, natures of contract involved, key players in theCG practice as w...
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