Capital Market Integration: Palestine and Israeli Experience.

This study is driven by the motivation to examine the existence of probable equilibrium and dynamic relations between Palestine Stock Exchange (PEX) and Tel Aviv Stock Exchange (TASE). Within the framework of international trade theories, this study uses Engle-Granger Co-integration procedure as an estimation model employing monthly time series data during the observed period from January 1998 till February 2012. It was discovered that there is a significant equilibrium relationship between PEX and TASE, but no empirical evidence was found on the presence of dynamic relations between the two stock markets using Granger Causality tests. Meanwhile, analysis of dynamic interactions over post-sample period by Impulse-Response Functions and Variance Decomposition indicate that movements in TASE Index do influence the performance of PEX.DOI: 10.15408/aiq.v7i2.169

Capital Structure Determinants: Evidence From Palestine and Egypt Stock Exchanges

-This study is driven by the motivation to examine the capital structure determinants for Palestine Stock Exchange (PEX) and Egypt Stock Exchange (EGX). Within the framework of capital structure theories, this study uses Generalized Method of Moments (GMM,1982) as an estimation model employing quarterly panel data analysis during the observed period from 2008 till 2012. The test results from GMM indicate that all the examined determinants have significant relationship with leverage. It has a negative value with liquidity, non-debt tax shield, profitability, size and growth. The Egyptian firms have some uniqueness in its trend. Current assets, debt ratio and liquidity behave positively with leverage except for growth. The other tested determinants in Egyptian companies are found to be not significant

Capital Structure and Firm’s Sustainability: Evidence from Malaysian Oil and Gas Companies at Bursa Malaysia

This study looks into how capital structure theories explain capital structure characteristics of oil and gas companies in Malaysi

The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail.

This paper examines the relevance of Capital Structure Management theories to the value of consumer product firms listed at Bursa Malaysia. Within the framework of Modigliani-Miller and Trade-Off theories, this paper uses Generalized Method of Moments (GMM) as an estimation model employing yearly panel data from the year 2010 to 2014. The test results from GMM indicate that earnings per share (EPS) and debt-equity ratio (D/E) have no significant relation with the firm’s value as represented by the closing price per share (CP). Even though the findings are rather alarming, one must admit that the Modigliani-Miller and Trade-Off theories are irrelevant to those consumer product companies at Bursa Malaysia. Perhaps, this is an indication that the efficient market hypothesis applicable to certain sectors at Bursa Malaysia

A comparative study on the level of efficiency between Islamic and conventional banking systems in Malaysia

Purpose: The purpose of this paper is to study the difference (or lack of difference) in the efficiency level of Islamic and conventional banking in Malaysia. Are the Islamic banks performing as good as the conventional banks, even though they are constrained by Islamic tenets? Design/methodology/approach: Data envelopment analysis is used to measure the efficiency levels of banks in both sectors. Findings: It is found that there is no significant difference in the level of efficiency between Islamic banks and conventional banks. Research limitations/implications: The period of study is only three years, with only two banks which have been operating for more than three years, while the other Islamic banks in this study are just beginning their operation in Islamic banking. The inclusion of foreign banks operating in Malaysia in this analysis might distort the findings, as foreign banks have different capital structures and objectives compared to local ones. Practical implications: The paper shows that even though Islamic banks are limited by Islamic tenets in their operations, they are able to maintain a performance that is equivalent to the conventional banks. Originality/value: The paper makes comparisons of the efficiency levels between two different banking systems

Malmquist indices of productivity growth for islamic and conventional banks in Malaysia.

This paper studies the total factor productivity (TFP) of banks in Malaysia with the emphasis on comparing the relative productivities of Islamic and Conventional banks. The Malmquist index approach is used to decompose productivity growth into technical efficiency and technological change. The productivity growth is measured and decomposed into technical change and efficiency change. The efficiency change is further decomposed into pure efficiency change and scale efficiency. It is found that Islamic banks’ productivity growth is limited by its lack of technological change compared to its conventional counterparts. Nonetheless, both types of banks are operating at the correct level in terms of scale or size

Bank Soundness and Sustainability-Evidence From Middle East, Indian Sub-Continent and African Banks

ABSTRACTThe study is carried out with the objective of examining the effects of bank’s liquidity (LR), non-performing loans (NPL), capital adequacy ratio (CAR), loan growth (FEXP) and default risk premium (FQL) on bank’s performance as measured by return on assets (ROA) within the framework of Basel Committee on Banking Supervision.The financial intermediation theory of banking is reexamined to see how the current banking supervision safeguards the interest of depositors.  Engaging pooled OLS as an estimation tool on 93 commercial banks in Middle East, Africa and Indian subcontinent over study period from 2009 through 2016, the findings reveal thatthere are significant relationships between bank’s performance and its liquidity plus loan growth.  Both ROA and FEXP are also found to be positively correlated.  Even though NPL and CAR do not have significant relationship with ROA, both are found to be negatively correlated with ROA.  Overall, the study has proven that liquidity and loan growth have pivotal roles in sustaining bank’s profitability over time.   Keywords: Bank’s Liquidity, Return on Assets,Capital Adequacy Ratio, Non-Performing Loans, Loan Growth, Static Panel Data, PooledOLS and Basel Committee on Banking Supervision

The effect of oil price fluctuations on the Malaysian and Indonesian stock markets

This study is pursued with the objective of examining the effect of changes in crude oil price on the share prices of public listed companies on Bursa Malaysia and the Jakarta Stock Exchange as proxied by the Kuala Lumpur Composite Index (KLCI) and Jakarta Composite Index (JCI), respectively. The study employs the Engle-Granger Cointegration test and Error Correction Modelling (ECM). Using time series data from January 1986 through December 2006, this study finds a significant long-term relationship between the movement of crude oil price and the performance of the two stock markets. The two observed variables in both stock markets are also found to be positively correlated. The test results from Impulse Response Function and Variance Decomposition show the presence of a dynamic interaction between the movement in crude oil prices and the two stock market indices

The relevance of capital structure theories to consumer product firms at bursa Malaysia / Abdul Razak Abdul Hadi, Jaafar Pyeman and Ahmad Kasyidi Ismail.

This paper examines the relevance of Capital Structure Management theories to the value of consumer product firms listed at Bursa Malaysia. Within the framework of Modigliani-Miller and Trade-Off theories, this paper uses Generalized Method of Moments (GMM) as an estimation model employing yearly panel data from the year 2010 to 2014. The test results from GMM indicate that earnings per share (EPS) and debt-equity ratio (D/E) have no significant relation with the firm’s value as represented by the closing price per share (CP). Even though the findings are rather alarming, one must admit that the Modigliani-Miller and Trade-Off theories are irrelevant to those consumer product companies at Bursa Malaysia. Perhaps, this is an indication that the efficient market hypothesis applicable to certain sectors at Bursa Malaysia

Enhancing multimedia communication components in instructional consulting service online: Students' perspective and perception

Online consultation - one of the advancement of communication technology in consulting service is conducted electronically in various contexts such as online medical consultation, IT consulting and online financial service consultation. It enables participants communicate in synchronous and asynchronous way [1]. However,implementation of this technology in instructional consultation in higher education is not fully integrated. This may due to lack of investigation, analyzing and proper strategy planning on problem encountered by students and lecturer. This paper discuss about the limitations of typical instructional consultation and students’ perspective and perception on conducting consulting service online.The potential benefits of communication components for students in higher education are determined by investigate their perceptions and perspectives on implementation of communication technology for online instructional consultation.The limitations of typical instructional consultation that elicited from literature review are included in this quantitative research study in order to investigate precisely students’ response pertaining to instructional consulting service in higher education. Data was solicited from a sample of 130 students in College of Arts and Science (CAS), College of Business (COB) and College of Law, Government and International Studies (COLGIS) in Universiti Utara Malaysia (UUM) via simple random sampling method.Student’s response to five point Likert-type scale anchored by the terms Strongly Disagree (1) to Strongly Agree (5), Not Important (1) to Extremely Important (5) and Never (1) to Very Often (5). The finding of the research revealed that students were generally positive about potential of multimedia communication tools for traditional consultation system in higher education organization