The Exchange Rate Exposure of UK Nonfinancial Companies: Industry-Level Analysis

In line with the financial theory, any change in an exchange rate should affect the value of a firm or an industry. However, earlier research did not fully support this theory, which is surprising in view of the considerable exchange rate fluctuations over the last three decades. This study extends previous research on the foreign exchange rate exposure by investigating contemporaneous and lagged exchange rate exposure of UK nonfinancial companies at the industry level. The analyses are conducted over the total period from 1981 to 2001 and over three subperiods. Since the UK joined the ERM on October 8, 1990 and remained a member until September 16, 1992, the sample period is split into three subperiods: Pre-ERM, In-ERM and Post-ERM subperiods. Therefore, the study also aims to identify the sensitivity of industries’ stock returns to exchange rate movements over these three subperiods. The current study is different from previous studies as it considers the impact of the actual and unexpected changes in exchange rates on industries’ stock returns. The findings show that a higher percentage of UK industries are exposed to contemporaneous exchange rate changes than those reported in previous studies. There is also evidence of significant lagged exchange rate exposure. This lagged exchange rate exposure goes in line with the findings of previous studies, in that it shows some market inefficiencies in incorporating exchange rate changes into the returns of firms and industries. Generally, the sensitivities of UK industries’ stock returns to exchange rate fluctuations are most evident in the period before joining the ERM and after departure from the ERM (post-ERM). The proportion of industries with a significant exchange rate exposure declined when the pound was in the ERM and increased again after the UK left it. The findings of the study have significant implications for public policy makers, investors and managers. However, there is a need for research that considers the factors or determinants that might affect a firm’s or an industry’s exposure to changes in exchange rates.exchange rate changes, foreign exchange exposure, stock returns, UK industries, subperiod analysis and ERM.

Board composition, ownership structure and dividend policies in an emerging market

PurposeThe purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period.Design/methodology/approachUsing pooled cross‐sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors' composition and ownership structure on dividend policies in Egypt.FindingsIt is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios.Originality/valueThis study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.</jats:sec

Capital structure and performance of Middle East and North Africa (MENA) banks: an assessment of credit rating

The firm’s credit rating is an important communication tool and previous research has shown that many companies consider it important in capital structure decisions. This study examines the determinants of capital structure in MENA banks. In addition, it investigates the determinants of credit rating. Further, the impact of credit rating and capital structure on banks’ performance is examined. Therefore, this study is an attempt to answer the following questions: 1) what are the main determinants of capital structure? 2) how does credit rating affect capital structure? 3) what are the main determinants of credit rating? and 4) what is the effect of capital structure and credit rating on bank performance? The sample covers 169 banks and is divided into two sub-samples: rated (79) and non-rated banks (90). The results indicate that credit rating directly affects the capital structure decisions as rated banks use more debts than non-rated banks. Banks’ performance is positively associated with credit rating and negatively with the capital structure. This study has an implication on investors in their decisions to invest in the banking industry. It also helpful for policy makers to understand how bank’s capital structure behaves so they could take it into consideration when issuing new regulations such as Base

the experiences of caring for someone after stroke : a qualitative study of caregivers and stroke survivors.

The majority of stroke survivors live with a permanent disability, and require some form of caregiver support. Research into the nature of stroke caregiving however, remains limited. Current literature provides evidence that support services and interventions for caregivers, especially in relation to managing affective symptoms, are unsatisfactory (Hackett & Anderson, 2006). The main aim of this study, therefore, was to investigate stroke caregiver experiences and needs, and their evaluation of existing support services. Twenty informal caregivers participated in individual semi-structured qualitative interviews covering all aspects of caregiving. Ten stroke survivors were also interviewed (predominantly for triangulation purposes) to discuss their views on their caregiver’s experiences. Data collection continued until, after at least three consecutive interviews, no new themes were identified. Data analysis and interpretation was primarily thematic, with the generation of an integrative set of themes. Five inter-related master themes with various subcategories emerged from the data: Relationships and Support; Caregiver Factors; Stroke Survivor Factors; External Stressors and Positive Outcomes. Caring for a stroke survivor involves a complex process of several different factors, all of which interact in different ways according to the individual. The study findings increase our understanding of caregiver experiences and needs, which in turn, should encourage healthcare professionals to develop improved and tailored support services and resources

Good governance and integration for sustainable municipal solid waste management: a case study of Egypt

The management of solid waste has become a major cause of concern over the past few years in both developed and developing countries. For the sustainable development of any nation, proper management of solid waste is very essential. The effect of waste accumulation can be extremely serious for many communities in developing countries. In Egypt, the issue gets more complicated as the municipal solid waste management system lacks good governance and integration among stakeholders due to unclear law and undefined roles among stakeholders. These aspects impose severe health and environmental threats on Egyptian communities and waste its resources. To solve the MSWM issue in Egypt there are several factors to be considered. At first, good governance must take place in terms of equity and inclusiveness among stakeholders especially the informal sector. Besides, rule of law execution is important as to have clear laws and institutional frameworks that are soundly implemented. Also, laws promoting Extended Producer Responsibility (EPR) have to take place. The EPR shifts responsibility from the government and user to producer to organize and finance the collection system for used products. This will lessen the environmental stress and also benefits the producer and user. Moreover, promoting source reduction by implementing the (4Rs) has to be done in order to minimize the amounts of generated waste; therefore reusing products or making them with the least materials will alleviate waste tremendously; hence, less materials to be recycled or sent to landfills. Also, creating sources of revenue in the system is very crucial and this can happen by having a satisfying collection fee via cross subsidy, private sector investment, polluter pays, SWM tax, waste valorization, etc. In addition, having a solid recycling plan and benefitting from the local recycling systems such as Zabbaleen and private sector will be of added value to the waste management chain and will increase system\u27s efficiency. Having capacity building that can develop the waste management system and aid in engineered landfills design will lead to less ecological and minimum public health problems resulting from mismanagement of waste. Additionally, raising awareness on integrated sustainable waste management will change the attitude and behavior towards dealing with waste. Finally, integration among all stakeholders, waste system elements, and all aspects must take place with regular follow-up and monitoring. By doing such efforts in municipal solid waste management, a road will be paved for a better future for the upcoming generations leading to sustainability in waste management

The Wallet of Digital Citizens: Online Payment Adoption in the Developing Countries’ Public Administration – Case of Egypt

Online payment methods play a crucial role in helping digital citizens interact and receive e-government services. Citizens’ tendency to accept online payments in the public sector is a vital factor in implementing successful e-government services. Therefore, this study aims to investigate the behavioral, institutional, and social aspects that influence citizens’ tendency to accept the usage of digital payments in the Egyptian public sector. To achieve this objective, the study relies on conducting in-depth interviews with citizens who belong to different age, and social and educational backgrounds, in addition to policy experts and public employees. Meanwhile, the study adopts the lens of the UTUAT model to analyze the different dimensions that affect citizens\u27 perceptions and attitudes toward the issue. The findings of the study confirm the assumptions of the UTUAT model and highlight the importance of trust and inclusion as key factors in influencing citizens’ behavioral intentions

International Criminal Trials Creating a Dominate Narration of History and Overlooking Historical Blind Spots

History is key to developing a better understanding of the world, what has happened in the past helps one understand the present. Understanding and studying history helps one understand the identity of his country and other countries as well. History can be the link to understanding and connecting events. You can understand why Israel is hated by Arabs when you study the history of its creation. The definition and the determination of history itself are complicated. Regardless of how major the event you are learning about, history remains the stories which are narrated about this specific event. Historians support these stories with credible sources, transforming them from stories and tales to history. If this history was narrated from a different source, not a historian but a legal entity a criminal court for instance, there comes the entanglement between history writing and international criminal law. Some historical narratives are created by international criminal tribunals prosecuting mass atrocity and the historical function of these tribunals is then undeniable. At this point, one of the functions of international criminal courts would be producing historical records concerning both the accused and the broader mass atrocity to which they are alleged to have contributed1. As Fergal Gaynor stated, Any trial involving top military or political leaders, where the trial record incorporates thousands of documents and the testimony of hundreds of witnesses, can hardly avoid creating a historical record 2. History has several components, features, and characteristics to allow the production of a credible historical narrative, which shall be discussed further in Chapter 1 of this research. Criminal international trials also have several components, features, and characteristics to allow the production of a fair verdict and to ensure the delivery of the rights of the accused. The features and the components of international criminal trials are not constructed to produce a historical narrative about the atrocity. This itself may cause the produced narrative to be flawed and this is argued by many historians and scholars, this produced narrative may be considered bad history. One may then assume that historical narratives produced by international criminal tribunals is a collateral damage and is far from being the objective of these tribunals; accordingly, one would be unjust to criticize these narrations as they are far from being the objective of the tribunals. These narrations are then built on the assumption of the existence of a certain mass atrocity, if we take the ICTR as the discussed example in this research, the mere creation of the tribunal was to trial those accused of the genocide in Rwanda. Accordingly, when the tribunal was created it had already assumed that genocide had occurred, but the trial itself was trialing those accused of the genocide; what would have happened if the tribunal hadn\u27t convicted anyone? Would this mean that the genocide has not occurred? In this research I argue the exact opposite of the assumed bad history, I argue that the produced historical narrative is one of the main objectives of these tribunals because the atrocities that have been committed are too grave that no punishment can be equivalent to the committed genocide, war crimes or crimes against humanity. What can be achieved is producing a historical narrative from the perspective of those controlling the trial, that would be dominant and would uphold the perspective of the victims about the massacre. Even if the produced narration was limited since its produced by a legal tribunal and even if the produced narration and the tribunal limitation were found to be biased, this bias may not be dreadful or unwelcome. The source of this bias, its elements, its effect, and its consequences are what need to be discussed, recognized, and then evaluated

Effect of Ownership Structure on Firm Stock Return Performance: Evidence from the Egyptian Stock Market

We investigate the impact of institutional ownership and ownership concentration on firm stock return performance using panel data model. Our main ownership measures include; percentage of institutional ownership held by different institutions in a firm and percentage of a firm’s outstanding stocks held by the largest three block holders. We find that there is no significant relationship between either institutional ownership or ownership concentration and both ex post and ex ante return. Also, we find that there is negative and significant relationship between institutional ownership represented by some institutions and ex post risk, while the relationship is negative and significant only between institutional ownership by employee associations and ex ante risk. Ownership concentration has no effect on ex post risk but it has a positive and significant effect on ex ante risk. The results are consistent with some past studies from the literature