Said Elfakhani - Academia.edu (original) (raw)

Papers by Said Elfakhani

Research paper thumbnail of IFRS adoption, accounting transparency, and financial performance of common stocks in the MENA region

J. for Global Business Advancement

Research paper thumbnail of Globalization and investment opportunities

The Financial Review, May 20, 2016

Research paper thumbnail of Pictorial Feature : Art as Furniture Julian Mayor Design ( London , Paris )

While all efforts have been made to ensure the accuracy of the information in this journal, opini... more While all efforts have been made to ensure the accuracy of the information in this journal, opinions expressed are those of the authors and do not necessarily reflect the views of The Publishers, Editor or the Editorial Board. The publishers, Editor and Editorial Board cannot be held responsible for errors or any consequences arising from the use of information contained in this journal; or the views and opinions expressed. Publication of any advertisements does not constitute any endorsement by the Publishers and Editors of the product advertised.

Research paper thumbnail of The Effect of Earnings Management Through Assets Sales on Canadian Stocks

Corporate Ownership and Control, 2009

This paper tests the earnings-smoothing and the debt-equity hypotheses using a sample of Canadian... more This paper tests the earnings-smoothing and the debt-equity hypotheses using a sample of Canadian firms engaging in sales of long-lived assets and investments assets. findings show there is a negative relationship between income from asset sales and change in earnings per share exclusive of income from asset sales, as well as a positive relationship between leverage (proxied by debt-equity ratio) and income from asset sales. Yet, Canadian firms also report zero income or losses more often than gains as opposed to mostly gains from such sales reported by US firms, suggesting that they may be using asset sales proceeds for other corporate governance-related reasons than earnings smoothing, including Canadian tax policies (when selling fixed-assets), liquidity needs, avoidance of debt covenants violation, and level of management bonus plans. We also notice some differences between Canadian firms and their US counterparts that may explain some differences in their results.

Research paper thumbnail of The Asymmetric Information and Dividend Policy: A Micro Study of Dividend Signals

Research paper thumbnail of Dividend Signals in the Canadian Markets

Research paper thumbnail of ISO Quality Management Certification: Implications for the Financial Performance of US Firms

Journal of Business and Economic Perspectives

Research paper thumbnail of The consequences of adopting ISO certification for the financial performance of US firms

Research paper thumbnail of Islamic Mutual Funds

Handbook of Islamic Banking

Al-Qaradawi Y., 1999, FIQH AZ ZAKAT COMP S; Bauer C. John, 2001, 4 ANN HARV FOR ISL F; Briston R.... more Al-Qaradawi Y., 1999, FIQH AZ ZAKAT COMP S; Bauer C. John, 2001, 4 ANN HARV FOR ISL F; Briston R. J., 1995, J BUSINESS FINANCE A, V22, P483, DOI 10.1111-j.1468-5957.1995.tb00373.x; CARHART MM, 1997, FINANCE, V52, P57; Cooper C, 1993, BUSINESS ETHICS EURO, V2, P213; DeLorenzo Y.T., 2000, SHARIA SUPERVISION I; Elfakhani Said, 2005, 12 EC RES FOR C CAIR; Elfakhani Said, 2004, EUROPEAN J MANAGEMEN, V3, P41; El-Gamal M. A., 2000, BASIC GUIDE CONT ISL; Failaka International, 2002, ISL EQ FUNDS AN OBS; Fama E. F., 1972, J FINANC, V27, P551, DOI 10.2307-2978261; Garrard Curtis Davis, 2000, ISL BANK FIN; Geczym C., 2003, INVESTING SOCIALLY R; Girard E., 2005, FMA ANN M PROGR AC S; Goldreyer E. F., 1999, MANAGE FINANC, V25, P23, DOI [10.1108-03074359910765830, DOI 10.1108-03074359910765830]; Gregory A., 1997, J BUSINESS FINANCE A, V24, P705, DOI 10.1111-1468-5957.00130; Hakim S., 2004, INT SEM NONB FIN I I; Hamilton S., 1993, FINANCIAL ANAL J, V49, P62, DOI 10.2469-faj.v49.n6.62; Hassan M. Kabir, 2005, FAITH BASED INVESTIN; Hassan M. Kabir, 2001, ISLAMIC HORIZONS, V30, P16; Hassan M.K., 2002, P 5 HARV U FOR ISL F; Hussein K., 2005, J INVESTING FAL; Kreander N., 2002, J ACCOUNTING FINANCE, V1, P3; Kurtz L., 1997, J INVESTING, V6, P37, DOI 10.3905-joi.1997.37; Langbein J., 1980, MICH LAW REV, V97, P72; Luther R., 1994, BRIT ACCOUNTING REV, V26, P77, DOI 10.1006-bare.1994.1007; Luther R. G., 1992, ACCOUNTING AUDITING, V5, P57, DOI [10.1108-09513579210019521, DOI 10.1108-09513579210019521]; M'Zali B., 1998, P 7 INT M GREEN IND; Matthews R., 2002, ISLAMIC FINANCE; Melton J., 1995, YOUR MONEY WORLD FIN, P18; Orlitzky M, 2003, ORGAN STUD, V24, P403, DOI 10.1177-0170840603024003910; Otten R., 2002, INT EVIDENCE ETHICAL; Plantinga A., 2001, SOCIALLY RESPONSIBLE; Reyes M. G., 1998, AM BUSINESS REV, V16, P1; Sauer D., 1997, REV FINANCIAL EC, V6, P137, DOI 10.1016-S1058-3300(97)90002-1; Siddiqi M., 2000, MIDDLE E APR, P37; Social Investment Forum, 2003, 2003 REP SOC RESP IN; The International Islamic Finance Forum, 2005, IS GOOD YOU APP IMP; The International Islamic Finance Forum, 2005, COMM NEXT BIG ASS CL; The International Islamic Finance Forum, 2005, SCHOL CANN BE GROWN; Usmani M. T., 2002, INTRO ISLAMIC FINANC; Valpey F.S., 2001, 4 ANN HARV FOR ISL F; Warde I., 2000, ISLAMIC FINANCE GLOB

Research paper thumbnail of Marketing Islamic Financial Products

Handbook of Islamic Banking

Awad Y., 2000, THESIS AM U BEIRUT; Awaida H., 1998, THESIS AM U BEIRUT; Aziz Akhtar Z., 2005, COM... more Awad Y., 2000, THESIS AM U BEIRUT; Awaida H., 1998, THESIS AM U BEIRUT; Aziz Akhtar Z., 2005, COMMUNICATION 0621; Aziz Akhtar Z., 2004, COMMUNICATION 0331; DeLorenzo Y.T., 2000, P 4 HARV FOR ISL FIN; Dudley N., 1998, EUROMONEY, V349, P113; Edwardes Warren, 1995, NEW HORIZON, V39, P4; El-Gamal M. A., 2000, BASIC GUIDE CONT ISL; Hegazy I.A., 1995, INT J CONT MANAGEMEN, V5, P46, DOI 10.1108-eb047313; Iqhat Z., 1997, FINANC DEV, V34, P42; Kahf Monzer, 1999, THUNDERBIRD INT BUSI, V41, P445, DOI 10.1002-tie.4270410409; Lewis M., 2001, ISLAMIC BANKING; MARTIN J, 1997, MANAGE REV, V86, P25; Martin J., 2005, MIDDLE E, V357, P50; Metawa S.A., 1998, INT J BANK MARKETING, V16, P299, DOI 10.1108-02652329810246028; Montagu-Pollock M., 2002, ASIAMONEY, V13, P31; Rice G., 2001, AM FIN HOUS LAR 8 AN

Research paper thumbnail of Journal of Financial and Strategic Decisions Volume 11 Number 2 Fall 1998 29 DIFFERENTIAL INFORMATION HYPOTHESIS , FIRM NEGLECT AND THE SMALL FIRM SIZE EFFECT

The finance literature presents the size effect as an anomaly. The same literature also suggests ... more The finance literature presents the size effect as an anomaly. The same literature also suggests that small stocks are generally neglected by financial analysts. This paper extends the previous literature by investigating three issues: (1) whether size effect (January and non-January) persists during the sampling period (1986-1990), (2) whether there is a relationship between the documented size effect and analysts’ neglect of smaller firms (as a proxy of differential information among small and large stocks), and (3) whether individual investors can still benefit from financial analysts neglect of small stocks. Regression analysis on a monthly basis supports the existence of size effect in January, but only for portfolios of large stocks. Interestingly, the size-January effect is often dominated by neglect effect; i.e., large firms that are less popular among financial analysts are found to earn higher return premiums than other more popular large firms. The results also show that ...

Research paper thumbnail of A unique monetary reaction rule: the case of Lebanon

J. for Global Business Advancement

Research paper thumbnail of The Economics of Bounced Checks in Lebanon

International Journal of Economics and Financial Issues, 2017

The purpose of this paper is to identify the variables that determine or explain the supply of bo... more The purpose of this paper is to identify the variables that determine or explain the supply of bounced checks, either issued in Lebanese pounds or issued in US dollars. This is an area that the extant empirical research fails to cover, and hence, this paper is, by itself, quite innovative. Four major explanatory variables are identified. Two of them are structural, and the other two are under the control of a bank on its own, and of the central bank, or at least of the Association of Banks. The high values of the goodness-of-fit, the favorable econometric diagnostics, and the failure to reject stability, all point to the same direction: The models have all the necessary characteristics to predict correctly bounced checks. In case actual bounced checks are consistently and persistently higher than those predicted by the models, corrective action can be taken to avert a financial crisis. The first action is that banks can control the amount of loans they extend to their clientele. And...

Research paper thumbnail of Comparative performance of Islamic versus secular mutual funds

12th Economic Research Forum Conference in Cairo, Egypt, Dec 19, 2005

1. INTRODUCTION Islam is a religion that unites both spiritual and temporal aspects of life. It r... more 1. INTRODUCTION Islam is a religion that unites both spiritual and temporal aspects of life. It regulates not only an individual's relationship with God, but also human relationships in social and financial settings. Thus, the Sharia, or the Islamic Law, is part of every Muslim's cultural, social and behavioral identity.

Research paper thumbnail of Second Draft

This study builds on the MBA project work of one of the authors, Hanin Smahta, and the supervisor... more This study builds on the MBA project work of one of the authors, Hanin Smahta, and the supervisory work of the first two authors. The authors acknowledge the financial support of the American University of Beirut Research Board (URB) for funding data collection. All errors are the authors’. 1 Globalization and Investment Opportunities: a Cointegration Study of Arab, U.S. and Emerging Stock Markets There is a debate in the investment circles on whether international diversification is still possible despite growing globalization and the consequent integration between various stock markets all over the world. This study explores whether Arab markets can offer international investors unique risk and return characteristics to diversify international and regional portfolios. A test of co-integration (measuring long-run relationship) is conducted among Arab stock markets, US and emerging markets general indices for a 65-month period (1997-

Research paper thumbnail of Portfolio Performance and the Interaction Between Systematic Risk, Firm Size and Price-Earnings Ratio: The Canadian Evidence

Review of Financial Economics

Research paper thumbnail of Gold price determinants: empirical analysis and implications

Journal For International Business and Entrepreneurship Development, Mar 20, 2015

This paper explores factors that can explain variation in gold price over time. We employ the Kau... more This paper explores factors that can explain variation in gold price over time. We employ the Kaufmann-Winters (1989) model for an extended period (1971-1998), and modify it by considering factors reflecting gold supply and demand as well as a proxy for stock market. We also use factor analysis for the period 1990-2001, finding that gold price was primarily determined by the level of central banks' sales of gold reserves, stock market activities, the value of the US dollar and gold production-fabrication forces. Our results indicate that the factors that impacted gold price in the 1980s were different in the 1990s. Based on factor analysis results, we recommend, as a partial fix for current turbulence in the world financial crisis and credit crunch, that governments replenish their gold holdings to stabilise their currencies, and that investors consider gold in their portfolios as a store of value and a diversification tool.

Research paper thumbnail of Short positions, size effect, and the liquidity hypothesis: implications for stock performance

Applied Financial Economics, 2000

Research paper thumbnail of Mega-mergers in the US banking industry

Http Dx Doi Org 10 1080 0960310032000050669, Oct 7, 2010

Historically, financial markets have witnessed several consolidation trends. The year 1998, howev... more Historically, financial markets have witnessed several consolidation trends. The year 1998, however, surpassed them all in volume and size of individual deals. This paper utilizes the event study approach to analyse the mega-mergers that took place in the banking industry during 1998, namely that of Travelers Group with Citicorp, NationsBank with BankAmerica, and Bank One with First Chicago NBD. A test of daily abnormal returns is conducted to find out the impact of each of the three mergers on shareholders' wealth from both the acquired and acquirer's perspective. The results obtained indicate that the market's reaction was positive during the on-event sub-period (i.e. days 0 and 1) for both the acquired and acquirer in the Travelers-Citicorp merger; only for the acquirer in the NationsBank-BankAmerica deal, and for the acquired firm in the case of Bank One-First Chicago NBD merger.

Research paper thumbnail of Philosophical Basis of Entrepreneurship Principles Within an Islamic Ethical Framework

Http Dx Doi Org 10 1080 15475778 2013 752780, 2013

The attitudes and values of a society play a significant role in entrepreneurship development as ... more The attitudes and values of a society play a significant role in entrepreneurship development as they influence and shape the environment within which entrepreneurial activity takes place. This paper focuses on the philosophical basis of entrepreneurship principles within an Islamic framework. This paper highlights, in particular, the role of Islamic-based moral and ethical values underpinning the entrepreneurial process from a point of view of the behavioral dimensions of entrepreneurship, enterprise management and marketing, capital and fund raising, and resource utilization.

Research paper thumbnail of IFRS adoption, accounting transparency, and financial performance of common stocks in the MENA region

J. for Global Business Advancement

Research paper thumbnail of Globalization and investment opportunities

The Financial Review, May 20, 2016

Research paper thumbnail of Pictorial Feature : Art as Furniture Julian Mayor Design ( London , Paris )

While all efforts have been made to ensure the accuracy of the information in this journal, opini... more While all efforts have been made to ensure the accuracy of the information in this journal, opinions expressed are those of the authors and do not necessarily reflect the views of The Publishers, Editor or the Editorial Board. The publishers, Editor and Editorial Board cannot be held responsible for errors or any consequences arising from the use of information contained in this journal; or the views and opinions expressed. Publication of any advertisements does not constitute any endorsement by the Publishers and Editors of the product advertised.

Research paper thumbnail of The Effect of Earnings Management Through Assets Sales on Canadian Stocks

Corporate Ownership and Control, 2009

This paper tests the earnings-smoothing and the debt-equity hypotheses using a sample of Canadian... more This paper tests the earnings-smoothing and the debt-equity hypotheses using a sample of Canadian firms engaging in sales of long-lived assets and investments assets. findings show there is a negative relationship between income from asset sales and change in earnings per share exclusive of income from asset sales, as well as a positive relationship between leverage (proxied by debt-equity ratio) and income from asset sales. Yet, Canadian firms also report zero income or losses more often than gains as opposed to mostly gains from such sales reported by US firms, suggesting that they may be using asset sales proceeds for other corporate governance-related reasons than earnings smoothing, including Canadian tax policies (when selling fixed-assets), liquidity needs, avoidance of debt covenants violation, and level of management bonus plans. We also notice some differences between Canadian firms and their US counterparts that may explain some differences in their results.

Research paper thumbnail of The Asymmetric Information and Dividend Policy: A Micro Study of Dividend Signals

Research paper thumbnail of Dividend Signals in the Canadian Markets

Research paper thumbnail of ISO Quality Management Certification: Implications for the Financial Performance of US Firms

Journal of Business and Economic Perspectives

Research paper thumbnail of The consequences of adopting ISO certification for the financial performance of US firms

Research paper thumbnail of Islamic Mutual Funds

Handbook of Islamic Banking

Al-Qaradawi Y., 1999, FIQH AZ ZAKAT COMP S; Bauer C. John, 2001, 4 ANN HARV FOR ISL F; Briston R.... more Al-Qaradawi Y., 1999, FIQH AZ ZAKAT COMP S; Bauer C. John, 2001, 4 ANN HARV FOR ISL F; Briston R. J., 1995, J BUSINESS FINANCE A, V22, P483, DOI 10.1111-j.1468-5957.1995.tb00373.x; CARHART MM, 1997, FINANCE, V52, P57; Cooper C, 1993, BUSINESS ETHICS EURO, V2, P213; DeLorenzo Y.T., 2000, SHARIA SUPERVISION I; Elfakhani Said, 2005, 12 EC RES FOR C CAIR; Elfakhani Said, 2004, EUROPEAN J MANAGEMEN, V3, P41; El-Gamal M. A., 2000, BASIC GUIDE CONT ISL; Failaka International, 2002, ISL EQ FUNDS AN OBS; Fama E. F., 1972, J FINANC, V27, P551, DOI 10.2307-2978261; Garrard Curtis Davis, 2000, ISL BANK FIN; Geczym C., 2003, INVESTING SOCIALLY R; Girard E., 2005, FMA ANN M PROGR AC S; Goldreyer E. F., 1999, MANAGE FINANC, V25, P23, DOI [10.1108-03074359910765830, DOI 10.1108-03074359910765830]; Gregory A., 1997, J BUSINESS FINANCE A, V24, P705, DOI 10.1111-1468-5957.00130; Hakim S., 2004, INT SEM NONB FIN I I; Hamilton S., 1993, FINANCIAL ANAL J, V49, P62, DOI 10.2469-faj.v49.n6.62; Hassan M. Kabir, 2005, FAITH BASED INVESTIN; Hassan M. Kabir, 2001, ISLAMIC HORIZONS, V30, P16; Hassan M.K., 2002, P 5 HARV U FOR ISL F; Hussein K., 2005, J INVESTING FAL; Kreander N., 2002, J ACCOUNTING FINANCE, V1, P3; Kurtz L., 1997, J INVESTING, V6, P37, DOI 10.3905-joi.1997.37; Langbein J., 1980, MICH LAW REV, V97, P72; Luther R., 1994, BRIT ACCOUNTING REV, V26, P77, DOI 10.1006-bare.1994.1007; Luther R. G., 1992, ACCOUNTING AUDITING, V5, P57, DOI [10.1108-09513579210019521, DOI 10.1108-09513579210019521]; M'Zali B., 1998, P 7 INT M GREEN IND; Matthews R., 2002, ISLAMIC FINANCE; Melton J., 1995, YOUR MONEY WORLD FIN, P18; Orlitzky M, 2003, ORGAN STUD, V24, P403, DOI 10.1177-0170840603024003910; Otten R., 2002, INT EVIDENCE ETHICAL; Plantinga A., 2001, SOCIALLY RESPONSIBLE; Reyes M. G., 1998, AM BUSINESS REV, V16, P1; Sauer D., 1997, REV FINANCIAL EC, V6, P137, DOI 10.1016-S1058-3300(97)90002-1; Siddiqi M., 2000, MIDDLE E APR, P37; Social Investment Forum, 2003, 2003 REP SOC RESP IN; The International Islamic Finance Forum, 2005, IS GOOD YOU APP IMP; The International Islamic Finance Forum, 2005, COMM NEXT BIG ASS CL; The International Islamic Finance Forum, 2005, SCHOL CANN BE GROWN; Usmani M. T., 2002, INTRO ISLAMIC FINANC; Valpey F.S., 2001, 4 ANN HARV FOR ISL F; Warde I., 2000, ISLAMIC FINANCE GLOB

Research paper thumbnail of Marketing Islamic Financial Products

Handbook of Islamic Banking

Awad Y., 2000, THESIS AM U BEIRUT; Awaida H., 1998, THESIS AM U BEIRUT; Aziz Akhtar Z., 2005, COM... more Awad Y., 2000, THESIS AM U BEIRUT; Awaida H., 1998, THESIS AM U BEIRUT; Aziz Akhtar Z., 2005, COMMUNICATION 0621; Aziz Akhtar Z., 2004, COMMUNICATION 0331; DeLorenzo Y.T., 2000, P 4 HARV FOR ISL FIN; Dudley N., 1998, EUROMONEY, V349, P113; Edwardes Warren, 1995, NEW HORIZON, V39, P4; El-Gamal M. A., 2000, BASIC GUIDE CONT ISL; Hegazy I.A., 1995, INT J CONT MANAGEMEN, V5, P46, DOI 10.1108-eb047313; Iqhat Z., 1997, FINANC DEV, V34, P42; Kahf Monzer, 1999, THUNDERBIRD INT BUSI, V41, P445, DOI 10.1002-tie.4270410409; Lewis M., 2001, ISLAMIC BANKING; MARTIN J, 1997, MANAGE REV, V86, P25; Martin J., 2005, MIDDLE E, V357, P50; Metawa S.A., 1998, INT J BANK MARKETING, V16, P299, DOI 10.1108-02652329810246028; Montagu-Pollock M., 2002, ASIAMONEY, V13, P31; Rice G., 2001, AM FIN HOUS LAR 8 AN

Research paper thumbnail of Journal of Financial and Strategic Decisions Volume 11 Number 2 Fall 1998 29 DIFFERENTIAL INFORMATION HYPOTHESIS , FIRM NEGLECT AND THE SMALL FIRM SIZE EFFECT

The finance literature presents the size effect as an anomaly. The same literature also suggests ... more The finance literature presents the size effect as an anomaly. The same literature also suggests that small stocks are generally neglected by financial analysts. This paper extends the previous literature by investigating three issues: (1) whether size effect (January and non-January) persists during the sampling period (1986-1990), (2) whether there is a relationship between the documented size effect and analysts’ neglect of smaller firms (as a proxy of differential information among small and large stocks), and (3) whether individual investors can still benefit from financial analysts neglect of small stocks. Regression analysis on a monthly basis supports the existence of size effect in January, but only for portfolios of large stocks. Interestingly, the size-January effect is often dominated by neglect effect; i.e., large firms that are less popular among financial analysts are found to earn higher return premiums than other more popular large firms. The results also show that ...

Research paper thumbnail of A unique monetary reaction rule: the case of Lebanon

J. for Global Business Advancement

Research paper thumbnail of The Economics of Bounced Checks in Lebanon

International Journal of Economics and Financial Issues, 2017

The purpose of this paper is to identify the variables that determine or explain the supply of bo... more The purpose of this paper is to identify the variables that determine or explain the supply of bounced checks, either issued in Lebanese pounds or issued in US dollars. This is an area that the extant empirical research fails to cover, and hence, this paper is, by itself, quite innovative. Four major explanatory variables are identified. Two of them are structural, and the other two are under the control of a bank on its own, and of the central bank, or at least of the Association of Banks. The high values of the goodness-of-fit, the favorable econometric diagnostics, and the failure to reject stability, all point to the same direction: The models have all the necessary characteristics to predict correctly bounced checks. In case actual bounced checks are consistently and persistently higher than those predicted by the models, corrective action can be taken to avert a financial crisis. The first action is that banks can control the amount of loans they extend to their clientele. And...

Research paper thumbnail of Comparative performance of Islamic versus secular mutual funds

12th Economic Research Forum Conference in Cairo, Egypt, Dec 19, 2005

1. INTRODUCTION Islam is a religion that unites both spiritual and temporal aspects of life. It r... more 1. INTRODUCTION Islam is a religion that unites both spiritual and temporal aspects of life. It regulates not only an individual's relationship with God, but also human relationships in social and financial settings. Thus, the Sharia, or the Islamic Law, is part of every Muslim's cultural, social and behavioral identity.

Research paper thumbnail of Second Draft

This study builds on the MBA project work of one of the authors, Hanin Smahta, and the supervisor... more This study builds on the MBA project work of one of the authors, Hanin Smahta, and the supervisory work of the first two authors. The authors acknowledge the financial support of the American University of Beirut Research Board (URB) for funding data collection. All errors are the authors’. 1 Globalization and Investment Opportunities: a Cointegration Study of Arab, U.S. and Emerging Stock Markets There is a debate in the investment circles on whether international diversification is still possible despite growing globalization and the consequent integration between various stock markets all over the world. This study explores whether Arab markets can offer international investors unique risk and return characteristics to diversify international and regional portfolios. A test of co-integration (measuring long-run relationship) is conducted among Arab stock markets, US and emerging markets general indices for a 65-month period (1997-

Research paper thumbnail of Portfolio Performance and the Interaction Between Systematic Risk, Firm Size and Price-Earnings Ratio: The Canadian Evidence

Review of Financial Economics

Research paper thumbnail of Gold price determinants: empirical analysis and implications

Journal For International Business and Entrepreneurship Development, Mar 20, 2015

This paper explores factors that can explain variation in gold price over time. We employ the Kau... more This paper explores factors that can explain variation in gold price over time. We employ the Kaufmann-Winters (1989) model for an extended period (1971-1998), and modify it by considering factors reflecting gold supply and demand as well as a proxy for stock market. We also use factor analysis for the period 1990-2001, finding that gold price was primarily determined by the level of central banks' sales of gold reserves, stock market activities, the value of the US dollar and gold production-fabrication forces. Our results indicate that the factors that impacted gold price in the 1980s were different in the 1990s. Based on factor analysis results, we recommend, as a partial fix for current turbulence in the world financial crisis and credit crunch, that governments replenish their gold holdings to stabilise their currencies, and that investors consider gold in their portfolios as a store of value and a diversification tool.

Research paper thumbnail of Short positions, size effect, and the liquidity hypothesis: implications for stock performance

Applied Financial Economics, 2000

Research paper thumbnail of Mega-mergers in the US banking industry

Http Dx Doi Org 10 1080 0960310032000050669, Oct 7, 2010

Historically, financial markets have witnessed several consolidation trends. The year 1998, howev... more Historically, financial markets have witnessed several consolidation trends. The year 1998, however, surpassed them all in volume and size of individual deals. This paper utilizes the event study approach to analyse the mega-mergers that took place in the banking industry during 1998, namely that of Travelers Group with Citicorp, NationsBank with BankAmerica, and Bank One with First Chicago NBD. A test of daily abnormal returns is conducted to find out the impact of each of the three mergers on shareholders' wealth from both the acquired and acquirer's perspective. The results obtained indicate that the market's reaction was positive during the on-event sub-period (i.e. days 0 and 1) for both the acquired and acquirer in the Travelers-Citicorp merger; only for the acquirer in the NationsBank-BankAmerica deal, and for the acquired firm in the case of Bank One-First Chicago NBD merger.

Research paper thumbnail of Philosophical Basis of Entrepreneurship Principles Within an Islamic Ethical Framework

Http Dx Doi Org 10 1080 15475778 2013 752780, 2013

The attitudes and values of a society play a significant role in entrepreneurship development as ... more The attitudes and values of a society play a significant role in entrepreneurship development as they influence and shape the environment within which entrepreneurial activity takes place. This paper focuses on the philosophical basis of entrepreneurship principles within an Islamic framework. This paper highlights, in particular, the role of Islamic-based moral and ethical values underpinning the entrepreneurial process from a point of view of the behavioral dimensions of entrepreneurship, enterprise management and marketing, capital and fund raising, and resource utilization.