ERN: Middle East (Topic)最新文献

{"title":"Regional and Global Spillovers and Diversification Opportunities in the GCC-Wide Equity Sectors Across Market Regimes","authors":"M. Balcılar, Rıza Demirer, S. Hammoudeh","doi":"10.2139/ssrn.2442311","DOIUrl":"https://doi.org/10.2139/ssrn.2442311","url":null,"abstract":"This paper examines the international diversification benefits of nine bloc-wide equity sectors/subsectors in the oil-rich Gulf Cooperation Council (GCC) countries by comparing alternative spillover models that encompass local, regional and global factors. Both the return and volatility spillover effects are found to display time variations with regime-specific patterns based on low, high and extreme market volatility states. Some GCC-wide equity sectors/subsectors are found to display segmentation from global markets during periods of high and extreme market volatility, and thus can serve as safe havens for international investors during such periods. The in- and out-of-sample portfolio analyses further suggest that supplementing global portfolios with positions in the GCC markets yield significant international diversification benefits, consistently offering much improved risk-adjusted returns across the alternative spillover models.","PeriodicalId":174745,"journal":{"name":"ERN: Middle East (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128975112","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}

{"title":"Factors Affecting the Adoption of Internet Banking in the Kingdom of Bahrain","authors":"Y. Janahi","doi":"10.2139/ssrn.2279595","DOIUrl":"https://doi.org/10.2139/ssrn.2279595","url":null,"abstract":"The main aim of this study is to examine the factors affecting the adoption of Internet banking in the Kingdom of Bahrain by using the Technology Adoption Model (TAM) and the Hofstede (1980) cultural dimensions. Moreover, this study has also investigated the perceived psychological and technological barriers and the cultural factors that affect bank customers in the adoption of internet banking. Based on the findings from both the empirical and secondary sources, the present study offers a fresh insight on studying the uptake of internet adoption in Bahrain context by adopting Hofstede’s cultural dimensions. The results of the study have supported the four Hofstede’s cultural dimensions, namely: 1) power distance which was reflected on the results of the survey where the respondents strongly agreed that internet banking could \"hinder social relations;\" 2) uncertainty avoidance which was reflected on the results of the survey on which the respondents agreed that \"Internet banking services are more risky than conventional banking\"; 3) low individualism (IDV) wherein high collectivism users care more about regarding how their community is possibly affected by their adoption behaviours which is manifested in a close long-term commitment to the member \"group,\" and 4) Masculinity, although ‘Bahrain is a masculine society as a result of their Arab culture, adoption of technology reveals their feminine side (quality of life and care for others) as reflected by their high mean rating on psychological barriers, which they said \"hinder social relations.\"","PeriodicalId":174745,"journal":{"name":"ERN: Middle East (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127476768","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}

{"title":"المضاربة في الأسواق المالية مع الإشارة لحالة سوق الأسهم السعودية (Speculation in Financial Markets with a Reference to the Case of Saudi Stock Market)","authors":"Mohammad Al-Suhaibani","doi":"10.2139/SSRN.2275972","DOIUrl":"https://doi.org/10.2139/SSRN.2275972","url":null,"abstract":"يهدف البحث إلى تجلية مفهوم المضاربة في الأسواق المالية، وأصنافها، وتقويم منافعها ومضارها. وفي إشارة إلى واقع سوق الأسهم السعودية، أوضح البحث عدم وجود قصور ملحوظ في أنظمة السوق المالية السعودية في التعامل مع أصناف المضاربة الضارة، ولكن تأتي الصعوبة في تطبيقها، وتحديدا إثبات وقوع المخالفات في ساحة القضاء. ومع تسليم البحث بأهمية الحلول الجذرية التي اتخذتها هيئة السوق المالية لتحسين بيئة السوق الأساسية، وتغيير ميزان قوى السوق لصالح المستثمرين والمضاربين المطلعين، إلا أنها تستغرق فترة زمنية طويلة حتى تحقق أثرها الإيجابي. ولهذا، ركزت توصيات البحث على تطبيق آليات جديدة للحد من المضاربة الضارة يمكن تطبيقها في الأجل القصير، وتتمثل في إعادة تصميم خمس قواعد للتداول الإلكتروني في السوق هي: الحد الأدنى للتغير في السعر، والحد الأعلى للتغير في السعر، وهيكل العمولة، وشفافية آلية التداول، وأنواع الأوامر. This paper clarifies the concept of speculation in financial markets and analyzes the costs and benefits of its various types. The paper refers to the case of Saudi Stock Market (SSM), indicating that laws and regulations of the Capital Market Authority (CMA) are fine in dealing with bad types of speculation in general, but lacks the sufficient means to verify violations or breaches of these provisions. The paper supports the deep-rooted solutions initiated by CMA to enhance market environment, and make it more conducive to investors and informed speculators. However, these initiatives take time to attain its full positive impact, and for this reason, the paper recommends implementing short-term actions to deal with speculations in the market by redesigning five trading rules of the SSM, namely: tick size, daily price limit, commission structure, order transparency and types of orders.","PeriodicalId":174745,"journal":{"name":"ERN: Middle East (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124939333","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}

{"title":"Small Investment and Large Returns: Terrorism, Media and the Economy","authors":"R. Melnick, Rafael Eldor","doi":"10.2139/ssrn.955623","DOIUrl":"https://doi.org/10.2139/ssrn.955623","url":null,"abstract":"The study investigates the role of the media in the impact of terrorism on the economy. A unique data set of the newspaper articles that reported terrorist attacks during 2002 is used to evaluate their impact on the Tel Aviv Stock Exchange. An econometric analysis is performed in order to understand how a newspaper decides to cover a terrorist attack, i.e. the number of articles, positioning of articles, whether to include photos and the size of headlines. It was found that media coverage is an important channel through which terrorism produces economic damage. The findings also showed that the economic damage caused by terrorist attacks increases monotonically with the amount of media coverage. It was also found that the economic impact of the media coverage diminishes over time.","PeriodicalId":174745,"journal":{"name":"ERN: Middle East (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129414609","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}

{"title":"Stock Liquidity and Real Economic Activities-Evidence from Karachi Stock Exchange","authors":"Hubab Zia, D. Siddiqui","doi":"10.7176/ejbm/11-10-02","DOIUrl":"https://doi.org/10.7176/ejbm/11-10-02","url":null,"abstract":"Stock markets play a significant role for investors and financial institutions and help them to in order to mobilize their finances and provide platform to buy and sell their stock. In any country stock market has a significant effect on the economy as it regulates money and debts. This helps in focusing on the allocation of our investment and resources efficiently. This further enhances the structure of stock market and guide future direction for investment opportunities. Equity market is considered as a source of capital for the investors and financial organizations. The aim of our is to investigate the Karachi stock market liquidity using firm level data describing the real economic activity of the country by controlling equity and non equity factors. For this purpose, alternative liquidity proxies are applied to economic indicators by taking the stock sample from KSE during the tenure of last years (1988-2018). The tools for measuring illiquidity measures Amihud (ILR) and the relative spread (RS) were used whereas Turnover (TUR) and the volume of trading (VTR) are used to measure liquidity. The sample for this study consists of firms’ stocks listed on the Karachi Stock Exchange for calculating the liquidity proxies and real economic activity, daily stocks prices data and returns, total number of shares and trading volume of each company. For measuring real economic activity the macro variables used are: Real GDP (RGDP), Real consumption (RC), Real investment (RI) and the unemployment rate (UnR). Hypotheses were developed according to the objective of the study. Standard linear and nonlinear models for the GDP calculation and regression model for developing the correlation between stock market liquidity and various economic factors. Jarque-Bera test, causality tests were applied to find correlation between stock market liquidity and real economic activity factors. The result of this study suggested that stock market liquidity has a significant effect on real economic activity in Karachi stock exchange market. Keywords: Stock market, liquidity, illiquidity, economic activity, capital, investment, DOI : 10.7176/EJBM/11-10-02 Publication date : April 30 th 2019","PeriodicalId":174745,"journal":{"name":"ERN: Middle East (Topic)","volume":"155 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134161251","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}