Osama Abdel-Khalek Mohammed Younis AlAnsari | Cairo University (original) (raw)

Papers by Osama Abdel-Khalek Mohammed Younis AlAnsari

Research paper thumbnail of Predicting Financial Distress for Listed MENA Firms

International Journal of Accounting and Financial Reporting, 2019

Financial distress prediction gives an early warning about defaulting risk for firms; thus, it is... more Financial distress prediction gives an early warning about defaulting risk for firms; thus, it is a real concern of the entire economy.Purpose: To examine the determinants of financial distress across MENA region countries, by using definitions of distress and historical data from active listed firms in the region.Methodology: logistic regression is run on firm-specific variables and a set of macroeconomic variables to develop a prediction model to examine the effect of these predictors on the probability of financial distress.Findings: it has been found that after controlling for country effects, accounting ratios, firm size, and macroeconomic variables provided an acceptable prediction model for listed MENA firms.Originality: a gap exists in the literature of developing countries’ prediction for financial distress. Many studies addressed bankruptcy prediction for a certain country in the region, however, a limited number of researches approached predicting distressed models for li...

Research paper thumbnail of On the Performance of Egyptian Mutual Funds

International Journal of Accounting and Financial Reporting, 2019

Purpose: The purpose of this research is to investigate the financial performance of Islamic and ... more Purpose: The purpose of this research is to investigate the financial performance of Islamic and conventional mutual funds in the Egyptian financial market. Design/methodology/approach: This research is based on analyzing the risk and return of Islamic and conventional mutual funds using financial performance and risk measures. The analysis is based on the weekly returns of a sample of 6 Islamic equity mutual funds and 15 conventional equity mutual funds from April 2008 to May 2015. Both the Egyptian market index and the Morgan Stanley Capital International indices for Egypt are used as market benchmarks for the Egyptian market. Findings: The results show that Islamic mutual funds underperformed both conventional mutual funds and the Egyptian market index. As for risk measures, Islamic funds had the lowest total and systematic risk whether compared to conventional mutual funds or the Egyptian market indices. Thus, Islamic funds do provide hedging opportunities as showed during the p...

Research paper thumbnail of (2014), Asset-Liability Management in Islamic Banks: Evidence from Emerging Markets Using Canonical Correlation Analysis

The 4th Islamic Banking and Finance conference (IBF), 2014

Research paper thumbnail of Factors Affecting Egyptian Consumers' Intentions for Accepting Online Shopping

Research paper thumbnail of Modelling the operations of Egyptian joint venture banks

Research paper thumbnail of Predicting Egyptian Banks Distress

International Journal of Accounting and Financial Reporting, Jul 24, 2018

Purposethe main purpose of the study is to investigate an accurate prediction method for banking ... more Purposethe main purpose of the study is to investigate an accurate prediction method for banking distress applied on a set of Egyptian banks. Methodology-the researchers have compared the prediction accuracy of the discriminant analysis and logistic regression model, to choose the most appropriate one. The data has been collected from the "Bank scope" data base and for the period of 2002-2016. Findingsthe results of the study revealed that the predictive accuracy of discriminant analysis outperformed that of the logistic regression model. Originality-The study adds value to the literature as it is one of the few studies that is concerned with predicating the banking financial distress especially in Egypt.

Research paper thumbnail of Introducing financial inclusion to MENA Islamic-banks profitability determinants

Corporate Ownership and Control, 2020

There is an unquestionable important role of a country‟s banking sector in the overall economic a... more There is an unquestionable important role of a country‟s banking sector in the overall economic activities development where the banking sector is crucial for global economic stability and development. Ultimately, failure in such a growth-supporting sector for the economy can lead to an associated effect for the entire global economy where the global financial crisis is a vivid demonstration of how banks can transmit devastative economic shocks into the economic Abstract

Research paper thumbnail of Proposed Framework for Predicting Stock Return Volatility Using Neural Network "An Applied Study on the Egyptian Stock Exchange

Delta University Scientific Journal

Purpose: the main purpose of the study is to determine the effect of both internal and external f... more Purpose: the main purpose of the study is to determine the effect of both internal and external factors on stock returns volatility using different statistical methods, applied on Egyptian stock exchange. Methodology: the researchers have compared the accuracy of (GLS Model, GARCH Model, and Neural Network) in predicting the stock return volatility to choose the most accurate one. Data was collected from the Egyptian Stock Exchange (EGYX 30) for the period of (2014 to 2017) on monthly basis. Findings: The results of the study revealed that the Neural Network Model has proven be outperform the traditional models in the prediction of stock return volatility. Originality: the study contributes to literature as it used Artificial Neural Network in two functions (Prediction of stock return volatility) and (Classification of the volatility to-high volatility and Low volatility). Also few studies concerned with stock return volatility in developing countries, especially Egypt.

Research paper thumbnail of Working capital and financial performance in MENA region

Journal of Humanities and Applied Social Sciences

Purpose This paper aims to investigate the possible non-linear effect of net working capital (NWC... more Purpose This paper aims to investigate the possible non-linear effect of net working capital (NWC) level on profitability for Middle East and North Africa (MENA) region listed companies. Furthermore, the study tests the possible interactive effect of cash levels on the relationship between NWC and profitability. Design/methodology/approach NWC level is the independent variable and profitability is the dependent variable using two proxies, return on assets (ROA) and returns on equity (ROE). Control variables are size, leverage, gross domestic product growth and sales revenue growth. The generalized method of moments was used to analyze the data of 134 consumer-goods listed firms in 12 MENA countries for the period 2013–2019. Findings The results demonstrate that NWC levels had a non-linear effect on profitability using ROA as a profitability proxy while results were insignificant using ROE as a profitability proxy. Furthermore, results show the absence of interactive effects between ...

Research paper thumbnail of The propensity to pay dividends: empirical evidence from the MENA region

International Journal of Banking, Accounting and Finance

Research paper thumbnail of Predicting Egyptian Banks Distress

International Journal of Accounting and Financial Reporting

Purpose – the main purpose of the study is to investigate an accurate prediction method for banki... more Purpose – the main purpose of the study is to investigate an accurate prediction method for banking distress applied on a set of Egyptian banks.Methodology - the researchers have compared the prediction accuracy of the discriminant analysis and logistic regression model, to choose the most appropriate one. The data has been collected from the “Bank scope” data base and for the period of 2002–2016.Findings – the results of the study revealed that the predictive accuracy of discriminant analysis outperformed that of the logistic regression model.Originality - The study adds value to the literature as it is one of the few studies that is concerned with predicating the banking financial distress especially in Egypt.

Research paper thumbnail of Measuring Students’ Perception of E-SERVQUAL at E-learning Institutions: Evidence from Egypt

المجلة العلمیة للإقتصاد و التجارة

The rapid use of E-learning at the higher education institutions directed attention to focus on s... more The rapid use of E-learning at the higher education institutions directed attention to focus on studying and measuring the students' perception of service quality using E-SERVQUAL model. Many challenges are facing E-learning especially in developing countries as it is a new experience for higher education. The research objective is to measure students' perceived E-SERVQUAL at two Egyptian universities. We used and adapted the proposed instrument of Udo et al., 2011 which contains five major dimensions: empathy, responsiveness, assurance, reliability, and website contents. In addition, the measurement used to measure the quality of Elearning, and students' satisfaction and behavioral intentions. Data analysis shows that all the E-SERVQUAL model dimensions are playing an important role in perceived quality and the students' responsiveness dimension is the most important one for student' perceived satisfaction. The proposed model is very significant in explaining the joint impact of E-SERVQUAL and students' satisfaction variables on assessing students' intention to enroll in online education in the future. Important recommendations proposed for managing institutions of higher education to increase the quality and sustainability of the e-learning context especially developing the communication process between students and lecturers to increase the students' perception of responsiveness.

Research paper thumbnail of Determinants of Capital Adequacy Ratio (CAR) in MENA Region: Islamic vs. Conventional Banks

International Journal of Accounting and Financial Reporting

Purpose: The purpose of this research is to conduct a comparative analysis of CAR determinants be... more Purpose: The purpose of this research is to conduct a comparative analysis of CAR determinants between Islamic and conventional banks.Design/methodology/approach: The analysis is conducted using GMM on annual data for 38 Islamic banks (IBs) and 75 conventional banks (CBs) in 10 MENA countries during 2009-2013. CAR is used as a dependent variable and is measured by the Basel framework. The independent variables are: profitability; liquidity risk; credit risk; bank size; deposits to assets; operational efficiency; portfolio risk; and two macro-economic variables (GDP growth rate and average world governance indicators for each country).Findings: The results show that both IBs and CBs have a significant association between CAR and (bank size, operational efficiency, and GDP growth rate) and CAR is affected retroactively on the long-run. In IBs the results show a significant association between CAR and deposits to assets ratio. However, CBs results show an association between CAR and (p...

Research paper thumbnail of Proposed Framework for Predicting Stock Return Volatility Using Neural Network: An Applied Study on the Egyptian Stock Exchange

International Journal of Accounting and Financial Reporting

Purpose: the primary purpose of the study is to determine the effect of both internal and externa... more Purpose: the primary purpose of the study is to determine the effect of both internal and external factors on stock returns volatility using different statistical methods, applied on Egyptian stock exchange.Methodology: the researchers have compared the accuracy of (GLS Model, GARCH Model, and Neural Network) in predicting the stock return volatility to choose the most accurate one. Data was collected from the Egyptian Stock Exchange (EGYX 30) for the period (2014 to 2017) on a monthly basis.Findings: The results of the study revealed that the Neural Network Model has proven to outperform the traditional models in the prediction of stock return volatility.Originality: the study contributes to literature as it used Artificial Neural Network in two functions (Prediction of stock return volatility) and (Classification of the volatility to –high volatility and Low volatility). Also few studies concerned with stock return volatility in developing countries, especially Egypt.

Research paper thumbnail of Testing the Predicting Ability of Technical Analysis Classical Patterns in the Egyptian Stock Market

Accounting and Finance Research

As an emerging market, Egyptian stock market is characterized by inefficiency which is confirmed ... more As an emerging market, Egyptian stock market is characterized by inefficiency which is confirmed empirically in this research. This provoked us to test the ability of technical analysis classical patterns in predicting the future returns through calculating the expected price target consequently the expected future return and compare it with the actual return.Statistical techniques and models including Box Pierce (Ljung-Box), Variance ratio test, Runs test, and t-test bootstrapping technique have been applied to test the research proposed hypotheses. The empirical results revealed that the Egyptian stock market is inefficient as returns don’t follow random walk and are dependent, it is found also that the actual returns have significantly exceeded the expected returns of the detected patterns indicating that classical patterns can perfectly predict the direction of the price movements rather than the exact price targets.

Research paper thumbnail of The Impact of Stock Dividends and Stock Splits on Shares’ Prices: Evidence from Egypt

Accounting and Finance Research

This research aims to examine the effect of two types of corporate actions,“Stock Split” and “Sto... more This research aims to examine the effect of two types of corporate actions,“Stock Split” and “Stock Dividends”, on the shares’ prices, liquidity changes, and price volatility; and to investigate the efficiency of the Egyptian stock market in response to the announcement of the corporate actions. The research provides the investors with a scientific tool to predict and explain changes in stock prices in response to announced corporate actions and to improve their investment decision-making process.The objective is to investigate whether the two actions collectively or independently have a positive impact on the prices of the related stocks listed on the Egyptian Stock Exchange (EGX), and assess the similarities and dissimilarities between their individual impacts.We applied the “Event Study” approach to measure the impact of the stock splits and stock dividends announcement on the stock prices through measuring the cumulated average abnormal return (CAAR) resulted from events to asse...

Research paper thumbnail of Asset-liability management in Islamic banks: evidence from emerging markets

Pacific Accounting Review, 2017

Research paper thumbnail of Testing the Effect of Technical Analysis Strategies on Achieving Abnormal Return: Evidence from Egyptian Stock Market

Accounting and Finance Research, 2017

This study examined the effect of using inter and exit signals of three of the most common used t... more This study examined the effect of using inter and exit signals of three of the most common used technical analysis strategies on achieving abnormal return compared with the buy and hold strategy in the Egyptian security market. The tests were done using data for short term, relatively long term, during bull and bear market. Using bootstrap methodology and wilcoxon/mann-whitney test for daily closing prices during the period from 1-1-1998 to 14-1-2016, the results indicated that; First, market timing with technical analysis yields more return and reduces risk in general. Second, short term investing is not recommended at all, as it is less profitable even than bear market period. Third, in long term and during bull market technical analysis is more profitable than short term. Fourth, technical analysis importance have been reduced during the last few years due to the effect of the Egyptian revolution on the security market. As for investors, they should use technical analysis trading...

Research paper thumbnail of Determinants of Capital Adequacy Ratio: An Empirical Study on Egyptian Banks

Corporate Ownership and Control, 2015

Capital adequacy rules are safety valve for regulators and banks' clients/shareholders to... more Capital adequacy rules are safety valve for regulators and banks' clients/shareholders to reduce expected risks faced by commercial banks especially for cross border transactions as these rules are applied compulsory by all banks internationally. Applying these rules will achieve rational management and governance. This paper examines explanatory victors that influence capital adequacy ratio (CAR) in the Egyptian commercial banks. The study covers 36 banks during the period from 2004-2013. We examined the relationship between CAR as dependent variable and the following independent variables: earning assets ratio, profitability, and liquidity, Loan loss provision as measure of credit risk, net interest margin growth, size, loans assets ratio and deposits assets ratio. Furthermore, we investigate determinants of CAR before and after the 2007-2008 international financial crises. Results vary according to the period understudy. For the whole period 2003 to 2013 results show that liquidity, size and management quality are the most significant variables. Before the period 2008 results show that asset quality, size and profitability are the most significant variables. After the period 2009 results show that asset quality, size, liquidity, management quality and credit risk are the most significant variable that explain the variance of Egyptian banks' CAR.

Research paper thumbnail of Determinants of Egyptian Banks Profitability Before and After Financial Crisis

Corporate Ownership and Control, 2016

One of the most important instruments of the financial system that reveals the future of the econ... more One of the most important instruments of the financial system that reveals the future of the economy in any country is the profitability of the banking sector. Starting from 2008, Egypt was banged by consecutive shocks, both globally and locally, started with global financial crisis in Sep., 2008. The essential objective of the current study is to investigate factors that affect Egyptian banks’ profitability before and after financial crisis using Generalized Method of Moments (GMM) through Eviews. The sample period covers from 2004 to 2013, return on assets and return on equity were used as proxy for banks’ profitability. The explanatory variables which affect profitability are deposits to total assets ratio, operating income to asset ratio, credit quality, capital adequacy, loans rate, equity growth minus loan growth rate, asset share ratio and Egyptian banks’ total assets to Egyptian gross domestic product (GDP).The empirical findings suggested that Egyptian banks with higher cap...

Research paper thumbnail of Predicting Financial Distress for Listed MENA Firms

International Journal of Accounting and Financial Reporting, 2019

Financial distress prediction gives an early warning about defaulting risk for firms; thus, it is... more Financial distress prediction gives an early warning about defaulting risk for firms; thus, it is a real concern of the entire economy.Purpose: To examine the determinants of financial distress across MENA region countries, by using definitions of distress and historical data from active listed firms in the region.Methodology: logistic regression is run on firm-specific variables and a set of macroeconomic variables to develop a prediction model to examine the effect of these predictors on the probability of financial distress.Findings: it has been found that after controlling for country effects, accounting ratios, firm size, and macroeconomic variables provided an acceptable prediction model for listed MENA firms.Originality: a gap exists in the literature of developing countries’ prediction for financial distress. Many studies addressed bankruptcy prediction for a certain country in the region, however, a limited number of researches approached predicting distressed models for li...

Research paper thumbnail of On the Performance of Egyptian Mutual Funds

International Journal of Accounting and Financial Reporting, 2019

Purpose: The purpose of this research is to investigate the financial performance of Islamic and ... more Purpose: The purpose of this research is to investigate the financial performance of Islamic and conventional mutual funds in the Egyptian financial market. Design/methodology/approach: This research is based on analyzing the risk and return of Islamic and conventional mutual funds using financial performance and risk measures. The analysis is based on the weekly returns of a sample of 6 Islamic equity mutual funds and 15 conventional equity mutual funds from April 2008 to May 2015. Both the Egyptian market index and the Morgan Stanley Capital International indices for Egypt are used as market benchmarks for the Egyptian market. Findings: The results show that Islamic mutual funds underperformed both conventional mutual funds and the Egyptian market index. As for risk measures, Islamic funds had the lowest total and systematic risk whether compared to conventional mutual funds or the Egyptian market indices. Thus, Islamic funds do provide hedging opportunities as showed during the p...

Research paper thumbnail of (2014), Asset-Liability Management in Islamic Banks: Evidence from Emerging Markets Using Canonical Correlation Analysis

The 4th Islamic Banking and Finance conference (IBF), 2014

Research paper thumbnail of Factors Affecting Egyptian Consumers' Intentions for Accepting Online Shopping

Research paper thumbnail of Modelling the operations of Egyptian joint venture banks

Research paper thumbnail of Predicting Egyptian Banks Distress

International Journal of Accounting and Financial Reporting, Jul 24, 2018

Purposethe main purpose of the study is to investigate an accurate prediction method for banking ... more Purposethe main purpose of the study is to investigate an accurate prediction method for banking distress applied on a set of Egyptian banks. Methodology-the researchers have compared the prediction accuracy of the discriminant analysis and logistic regression model, to choose the most appropriate one. The data has been collected from the "Bank scope" data base and for the period of 2002-2016. Findingsthe results of the study revealed that the predictive accuracy of discriminant analysis outperformed that of the logistic regression model. Originality-The study adds value to the literature as it is one of the few studies that is concerned with predicating the banking financial distress especially in Egypt.

Research paper thumbnail of Introducing financial inclusion to MENA Islamic-banks profitability determinants

Corporate Ownership and Control, 2020

There is an unquestionable important role of a country‟s banking sector in the overall economic a... more There is an unquestionable important role of a country‟s banking sector in the overall economic activities development where the banking sector is crucial for global economic stability and development. Ultimately, failure in such a growth-supporting sector for the economy can lead to an associated effect for the entire global economy where the global financial crisis is a vivid demonstration of how banks can transmit devastative economic shocks into the economic Abstract

Research paper thumbnail of Proposed Framework for Predicting Stock Return Volatility Using Neural Network "An Applied Study on the Egyptian Stock Exchange

Delta University Scientific Journal

Purpose: the main purpose of the study is to determine the effect of both internal and external f... more Purpose: the main purpose of the study is to determine the effect of both internal and external factors on stock returns volatility using different statistical methods, applied on Egyptian stock exchange. Methodology: the researchers have compared the accuracy of (GLS Model, GARCH Model, and Neural Network) in predicting the stock return volatility to choose the most accurate one. Data was collected from the Egyptian Stock Exchange (EGYX 30) for the period of (2014 to 2017) on monthly basis. Findings: The results of the study revealed that the Neural Network Model has proven be outperform the traditional models in the prediction of stock return volatility. Originality: the study contributes to literature as it used Artificial Neural Network in two functions (Prediction of stock return volatility) and (Classification of the volatility to-high volatility and Low volatility). Also few studies concerned with stock return volatility in developing countries, especially Egypt.

Research paper thumbnail of Working capital and financial performance in MENA region

Journal of Humanities and Applied Social Sciences

Purpose This paper aims to investigate the possible non-linear effect of net working capital (NWC... more Purpose This paper aims to investigate the possible non-linear effect of net working capital (NWC) level on profitability for Middle East and North Africa (MENA) region listed companies. Furthermore, the study tests the possible interactive effect of cash levels on the relationship between NWC and profitability. Design/methodology/approach NWC level is the independent variable and profitability is the dependent variable using two proxies, return on assets (ROA) and returns on equity (ROE). Control variables are size, leverage, gross domestic product growth and sales revenue growth. The generalized method of moments was used to analyze the data of 134 consumer-goods listed firms in 12 MENA countries for the period 2013–2019. Findings The results demonstrate that NWC levels had a non-linear effect on profitability using ROA as a profitability proxy while results were insignificant using ROE as a profitability proxy. Furthermore, results show the absence of interactive effects between ...

Research paper thumbnail of The propensity to pay dividends: empirical evidence from the MENA region

International Journal of Banking, Accounting and Finance

Research paper thumbnail of Predicting Egyptian Banks Distress

International Journal of Accounting and Financial Reporting

Purpose – the main purpose of the study is to investigate an accurate prediction method for banki... more Purpose – the main purpose of the study is to investigate an accurate prediction method for banking distress applied on a set of Egyptian banks.Methodology - the researchers have compared the prediction accuracy of the discriminant analysis and logistic regression model, to choose the most appropriate one. The data has been collected from the “Bank scope” data base and for the period of 2002–2016.Findings – the results of the study revealed that the predictive accuracy of discriminant analysis outperformed that of the logistic regression model.Originality - The study adds value to the literature as it is one of the few studies that is concerned with predicating the banking financial distress especially in Egypt.

Research paper thumbnail of Measuring Students’ Perception of E-SERVQUAL at E-learning Institutions: Evidence from Egypt

المجلة العلمیة للإقتصاد و التجارة

The rapid use of E-learning at the higher education institutions directed attention to focus on s... more The rapid use of E-learning at the higher education institutions directed attention to focus on studying and measuring the students' perception of service quality using E-SERVQUAL model. Many challenges are facing E-learning especially in developing countries as it is a new experience for higher education. The research objective is to measure students' perceived E-SERVQUAL at two Egyptian universities. We used and adapted the proposed instrument of Udo et al., 2011 which contains five major dimensions: empathy, responsiveness, assurance, reliability, and website contents. In addition, the measurement used to measure the quality of Elearning, and students' satisfaction and behavioral intentions. Data analysis shows that all the E-SERVQUAL model dimensions are playing an important role in perceived quality and the students' responsiveness dimension is the most important one for student' perceived satisfaction. The proposed model is very significant in explaining the joint impact of E-SERVQUAL and students' satisfaction variables on assessing students' intention to enroll in online education in the future. Important recommendations proposed for managing institutions of higher education to increase the quality and sustainability of the e-learning context especially developing the communication process between students and lecturers to increase the students' perception of responsiveness.

Research paper thumbnail of Determinants of Capital Adequacy Ratio (CAR) in MENA Region: Islamic vs. Conventional Banks

International Journal of Accounting and Financial Reporting

Purpose: The purpose of this research is to conduct a comparative analysis of CAR determinants be... more Purpose: The purpose of this research is to conduct a comparative analysis of CAR determinants between Islamic and conventional banks.Design/methodology/approach: The analysis is conducted using GMM on annual data for 38 Islamic banks (IBs) and 75 conventional banks (CBs) in 10 MENA countries during 2009-2013. CAR is used as a dependent variable and is measured by the Basel framework. The independent variables are: profitability; liquidity risk; credit risk; bank size; deposits to assets; operational efficiency; portfolio risk; and two macro-economic variables (GDP growth rate and average world governance indicators for each country).Findings: The results show that both IBs and CBs have a significant association between CAR and (bank size, operational efficiency, and GDP growth rate) and CAR is affected retroactively on the long-run. In IBs the results show a significant association between CAR and deposits to assets ratio. However, CBs results show an association between CAR and (p...

Research paper thumbnail of Proposed Framework for Predicting Stock Return Volatility Using Neural Network: An Applied Study on the Egyptian Stock Exchange

International Journal of Accounting and Financial Reporting

Purpose: the primary purpose of the study is to determine the effect of both internal and externa... more Purpose: the primary purpose of the study is to determine the effect of both internal and external factors on stock returns volatility using different statistical methods, applied on Egyptian stock exchange.Methodology: the researchers have compared the accuracy of (GLS Model, GARCH Model, and Neural Network) in predicting the stock return volatility to choose the most accurate one. Data was collected from the Egyptian Stock Exchange (EGYX 30) for the period (2014 to 2017) on a monthly basis.Findings: The results of the study revealed that the Neural Network Model has proven to outperform the traditional models in the prediction of stock return volatility.Originality: the study contributes to literature as it used Artificial Neural Network in two functions (Prediction of stock return volatility) and (Classification of the volatility to –high volatility and Low volatility). Also few studies concerned with stock return volatility in developing countries, especially Egypt.

Research paper thumbnail of Testing the Predicting Ability of Technical Analysis Classical Patterns in the Egyptian Stock Market

Accounting and Finance Research

As an emerging market, Egyptian stock market is characterized by inefficiency which is confirmed ... more As an emerging market, Egyptian stock market is characterized by inefficiency which is confirmed empirically in this research. This provoked us to test the ability of technical analysis classical patterns in predicting the future returns through calculating the expected price target consequently the expected future return and compare it with the actual return.Statistical techniques and models including Box Pierce (Ljung-Box), Variance ratio test, Runs test, and t-test bootstrapping technique have been applied to test the research proposed hypotheses. The empirical results revealed that the Egyptian stock market is inefficient as returns don’t follow random walk and are dependent, it is found also that the actual returns have significantly exceeded the expected returns of the detected patterns indicating that classical patterns can perfectly predict the direction of the price movements rather than the exact price targets.

Research paper thumbnail of The Impact of Stock Dividends and Stock Splits on Shares’ Prices: Evidence from Egypt

Accounting and Finance Research

This research aims to examine the effect of two types of corporate actions,“Stock Split” and “Sto... more This research aims to examine the effect of two types of corporate actions,“Stock Split” and “Stock Dividends”, on the shares’ prices, liquidity changes, and price volatility; and to investigate the efficiency of the Egyptian stock market in response to the announcement of the corporate actions. The research provides the investors with a scientific tool to predict and explain changes in stock prices in response to announced corporate actions and to improve their investment decision-making process.The objective is to investigate whether the two actions collectively or independently have a positive impact on the prices of the related stocks listed on the Egyptian Stock Exchange (EGX), and assess the similarities and dissimilarities between their individual impacts.We applied the “Event Study” approach to measure the impact of the stock splits and stock dividends announcement on the stock prices through measuring the cumulated average abnormal return (CAAR) resulted from events to asse...

Research paper thumbnail of Asset-liability management in Islamic banks: evidence from emerging markets

Pacific Accounting Review, 2017

Research paper thumbnail of Testing the Effect of Technical Analysis Strategies on Achieving Abnormal Return: Evidence from Egyptian Stock Market

Accounting and Finance Research, 2017

This study examined the effect of using inter and exit signals of three of the most common used t... more This study examined the effect of using inter and exit signals of three of the most common used technical analysis strategies on achieving abnormal return compared with the buy and hold strategy in the Egyptian security market. The tests were done using data for short term, relatively long term, during bull and bear market. Using bootstrap methodology and wilcoxon/mann-whitney test for daily closing prices during the period from 1-1-1998 to 14-1-2016, the results indicated that; First, market timing with technical analysis yields more return and reduces risk in general. Second, short term investing is not recommended at all, as it is less profitable even than bear market period. Third, in long term and during bull market technical analysis is more profitable than short term. Fourth, technical analysis importance have been reduced during the last few years due to the effect of the Egyptian revolution on the security market. As for investors, they should use technical analysis trading...

Research paper thumbnail of Determinants of Capital Adequacy Ratio: An Empirical Study on Egyptian Banks

Corporate Ownership and Control, 2015

Capital adequacy rules are safety valve for regulators and banks' clients/shareholders to... more Capital adequacy rules are safety valve for regulators and banks' clients/shareholders to reduce expected risks faced by commercial banks especially for cross border transactions as these rules are applied compulsory by all banks internationally. Applying these rules will achieve rational management and governance. This paper examines explanatory victors that influence capital adequacy ratio (CAR) in the Egyptian commercial banks. The study covers 36 banks during the period from 2004-2013. We examined the relationship between CAR as dependent variable and the following independent variables: earning assets ratio, profitability, and liquidity, Loan loss provision as measure of credit risk, net interest margin growth, size, loans assets ratio and deposits assets ratio. Furthermore, we investigate determinants of CAR before and after the 2007-2008 international financial crises. Results vary according to the period understudy. For the whole period 2003 to 2013 results show that liquidity, size and management quality are the most significant variables. Before the period 2008 results show that asset quality, size and profitability are the most significant variables. After the period 2009 results show that asset quality, size, liquidity, management quality and credit risk are the most significant variable that explain the variance of Egyptian banks' CAR.

Research paper thumbnail of Determinants of Egyptian Banks Profitability Before and After Financial Crisis

Corporate Ownership and Control, 2016

One of the most important instruments of the financial system that reveals the future of the econ... more One of the most important instruments of the financial system that reveals the future of the economy in any country is the profitability of the banking sector. Starting from 2008, Egypt was banged by consecutive shocks, both globally and locally, started with global financial crisis in Sep., 2008. The essential objective of the current study is to investigate factors that affect Egyptian banks’ profitability before and after financial crisis using Generalized Method of Moments (GMM) through Eviews. The sample period covers from 2004 to 2013, return on assets and return on equity were used as proxy for banks’ profitability. The explanatory variables which affect profitability are deposits to total assets ratio, operating income to asset ratio, credit quality, capital adequacy, loans rate, equity growth minus loan growth rate, asset share ratio and Egyptian banks’ total assets to Egyptian gross domestic product (GDP).The empirical findings suggested that Egyptian banks with higher cap...