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Book part
Publication date: 11 August 2006

Elaine Murakami, Stephen Greaves and Tomás Ruiz

Abstract

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Travel Survey Methods
Type: Book
ISBN: 978-0-08-044662-2

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Article
Publication date: 1 March 1988

D.F. Crowley

This paper focuses on the economic justification for testing unpopulated hybrid substrates. The return on investment (ROI) for substrate testing is based on the high value added…

66

Abstract

This paper focuses on the economic justification for testing unpopulated hybrid substrates. The return on investment (ROI) for substrate testing is based on the high value added in material and labour after substrate fabrication. The data required to calculate the ROI on testing are presented. The factors influencing the selection of the test method are discussed.

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Microelectronics International, vol. 5 no. 3
Type: Research Article
ISSN: 1356-5362

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Article
Publication date: 1 February 1984

D.F. Crowley and K.A. Sullivan

As the demand for hybrid integrated circuits continues to increase, manufacturers' production lines require flexible, cost efficient assembly techniques. Teledyne TAC, a well…

77

Abstract

As the demand for hybrid integrated circuits continues to increase, manufacturers' production lines require flexible, cost efficient assembly techniques. Teledyne TAC, a well known and established supplier of automatic production equipment for the semiconductor marketplace, has developed a low cost computer‐controlled microelectronic assembly system for the hybrid industry.

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Microelectronics International, vol. 2 no. 1
Type: Research Article
ISSN: 1356-5362

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Article
Publication date: 1 January 1997

Yaw A. Badu and Kenneth N. Daniels

The paper investigates the determinants of municipal bond ratings in Virginia using an ordered‐probit analysis. We find that economic factors are the key determinants of municipal…

150

Abstract

The paper investigates the determinants of municipal bond ratings in Virginia using an ordered‐probit analysis. We find that economic factors are the key determinants of municipal bond ratings in the State. Our ordered‐probit model correctly predicts approximately 70% of the actual sample which is not subject to sample selection bias.

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Studies in Economics and Finance, vol. 17 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 29 May 2019

Ghadi Saad and Taoufik Bouraoui

The purpose of this paper is to investigate the question whether democratic transition elections influence currency returns. Also, the paper examines the behavior of the currency…

254

Abstract

Purpose

The purpose of this paper is to investigate the question whether democratic transition elections influence currency returns. Also, the paper examines the behavior of the currency market around these elections in Tunisia.

Design/methodology/approach

Empirical data are collected from the International Monetary Fund, the Central Bank of Tunisia and the Tunisian stock market websites. The paper employs event study analysis using a market model and investigates abnormal currency returns around the four election events that occurred during the period of democratic transition in Tunisia (2011–2015). A robustness test is also conducted to control for monetary policy effects.

Findings

The results indicate that democratic transition does impact currency returns. The authors did not find any significant effect on the events dates (t0). However, event windows around the elections days reacted significantly to the events. The authors notice a significant decrease in cumulative abnormal returns (CARs) at event periods leading up to the elections. Post-event windows perceived negative CARs in the first and second election, and positive CARs in the last two elections. The authors also find that the change in the victors of the elections does not cause major differences to CARs. Further, the authors do not find significant results when controlling for inflation and interest rate.

Originality/value

There is no evidence yet on how democratic transition elections can affect currency returns. Given that currency is a leading indicator of the performance of the financial sector, this paper should provide policymakers with new evidence on the response of currency returns to democratic transition.

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Managerial Finance, vol. 45 no. 7
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 11 June 2020

Ahmed A. El-Masry and Osama M. Badr

This paper examines the causal relationship between stock market performance and foreign exchange market in Egypt over the period 2009–2016. The study period is divided into two…

1490

Abstract

Purpose

This paper examines the causal relationship between stock market performance and foreign exchange market in Egypt over the period 2009–2016. The study period is divided into two sub-periods: pre- and post-January 25th Egyptian revolution (ER). The reason is to examine how this revolution affects the causal relationship between the two markets' performance.

Design/methodology/approach

In this study, the daily basis data are used to enable good and effective observation changes in the foreign exchange rate and stock market performance over time. Stock market indexes and stock market capitalization are used as proxies for stock market performance. Further, the Egyptian pound to US$ exchange rate is used as a measure for foreign exchange market performance. The study analysis is done in stages. The first is to check the variables' stationarity for the pre- and post-revaluation. The second is to examine the cointegration among the variables. The third is to run vector autoregression (VAR) estimates, after which VAR Granger causality tests are employed.

Findings

The results show that the data are not stationary at their levels but stationary in their first difference level while there is no cointegration in the long-run among the variables in both sub-periods. Further, findings indicate that, in the pre-January 25th revolution period, there is a significant causal relationship between the foreign exchange market and stock market indexes and a significant causal relationship between market capitalization (CAP) and exchange rate at the 1% level. However, in the post-January 25th revolution period, the study does not find a significant causal relationship between foreign exchange market and stock market indexes and capitalization.

Research limitations/implications

As this study focuses on the causal relationship between foreign exchange and stock markets before and after the 25th January Revolution, other macroeconomic variables such as consumer price index, interest rate and GDP were excluded for the comparison purposes with other studies. Further research is suggested to include them in the analysis to find out its effect on the performance of stock market and foreign exchange market.

Practical implications

The existence of long-run bidirectional causality means that portfolio managers and hedgers may have improved their understanding regarding the dynamic relationship between foreign exchange market and stock market performance as this may help them to plan and implement suitable hedging strategies to guard against currency risk in future crises or events. Investors, fund and portfolio managers and policymakers should give much attention to these event-specific interactions when they make capital budgeting decisions and implement regulation policies. Furthermore, our results may allow portfolio managers, investors and policymakers to assess the importance of informational efficiency for both markets.

Originality/value

This paper is an original contribution to the literature that concerns the causal relationship between stock market and foreign exchange market in the period of political instability and social unrest such as the January 25th Revolution in one of the emerging markets, namely Egypt.

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Article
Publication date: 17 July 2017

Walid M.A. Ahmed

Over a short interval of time (i.e. 2011-2014), Egypt has experienced tectonic political shifts, including the toppling of a long-entrenched dictator, two presidential elections…

1621

Abstract

Purpose

Over a short interval of time (i.e. 2011-2014), Egypt has experienced tectonic political shifts, including the toppling of a long-entrenched dictator, two presidential elections, and a military coup. The purpose of this paper is to provide an analysis of the impact of such events on the country’s equity market behaviour, both in terms of returns and volatility.

Design/methodology/approach

The data set is composed of daily stock index closing prices for the overall market and top eight most actively traded sectors. To assess the impact of the considered events on the market and sector returns, an event study approach is applied. On the other hand, a univariate VAR-EGARCH model is employed to explore whether, and to what extent, volatilities at the market and sector levels respond to such events.

Findings

The results suggest that political uncertainty has a profound impact on the risk-return profiles of almost all market sectors, with different degrees of intensity. By and large, the price and volatility effects are most pronounced in banks, financial services excluding banks and chemicals sectors, whilst food and beverages as well as construction and materials sectors are found to be the least responsive to these events. The 2013 military coup turns out to be the most pervasive event impinging on the market and sector-specific indices.

Practical implications

The results have a number of practical implications that could be of interest to many parties involved. More specifically, with political dysfunction overshadowing business and investment activities in Egypt, genuine democratic reforms, which entail proper regard for human rights and the rule of law, must have the highest priority of policymakers, in order to secure a positive investment climate and to foster investor confidence. Furthermore, in tandem with considering other relevant factors, multinational companies need to have a thorough assessment of Egypt’s future political course and to develop more robust contingency plans to effectively combat potential threats generated by political vicissitudes.

Originality/value

To the author’s best knowledge, this study is the first attempt to empirically examine the price and volatility effects of the recent presidential events in Egypt, thereby contributing to the relevant literature in this area.

Details

International Journal of Emerging Markets, vol. 12 no. 3
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 1 July 2014

Cengiz Erol, Hasan F. Baklaci, Berna Aydoğan and Gökçe Tunç

The purpose of this paper is to attempt to compare the performance of Islamic banks against conventional banks in Turkey. This comparison is much more distinctive and significant…

4384

Abstract

Purpose

The purpose of this paper is to attempt to compare the performance of Islamic banks against conventional banks in Turkey. This comparison is much more distinctive and significant in Turkey when compared to other countries, as Turkey stands as a model for the world in interest-free banking system.

Design/methodology/approach

The comparative performance analysis was conducted by means of logistic regression method during the period of 2001-2009. The CAMELS approach is utilized to assess the managerial and financial performance of banks.

Findings

The results signify that Islamic banks operating in Turkey perform better in profitability and asset management ratios compared to conventional banks but lag in sensitivity to market risk criterion. These findings might mainly be ascribed to the fact that these banks allow lower provisional losses compared to conventional banks and have some tax advantages.

Research limitations/implications

Utilizing a more recent and consistent data set, the analyses could be replicated to determine if the results are subject to any sample bias.

Practical implications

These finding reveal significant implications for potential entrants into Turkish banking sector particularly for foreign investors.

Social implications

The findings from this study may reinforce the awareness and confidence in participating banks in Turkey.

Originality/value

Turkey is particularly interesting to conduct this analysis because Turkey is a Muslim but secular country and both Islamic and conventional banks are subject to same set of banking regulations which are based on Western traditional banking system. Furthermore, to the knowledge, there is not a comprehensive study that compares the performance of conventional and Islamic banks in a Western banking system.

Details

EuroMed Journal of Business, vol. 9 no. 2
Type: Research Article
ISSN: 1450-2194

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Article
Publication date: 24 June 2020

Aron Gottesman and Iuliana Ismailescu

This paper aims to investigate the relation between the creditworthiness of US institutions of higher education and their student selectivity (i.e. demand and quality).

175

Abstract

Purpose

This paper aims to investigate the relation between the creditworthiness of US institutions of higher education and their student selectivity (i.e. demand and quality).

Design/methodology/approach

The authors study whether the impact of student selectivity differs across public vs private universities; across the credit quality of the given public university’s state; and across the level of state appropriations for the given public university.

Findings

The authors find that student quality and demand measures are significantly associated with their corresponding institution’s creditworthiness, especially for private universities.

Originality/value

For public universities the association is weak and, contrary to the expectations, does not depend on the state credit quality or level of state funding. The findings are robust to the inclusion of control variables.

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Article
Publication date: 20 February 2017

Yiming Hu, Ying Yang and Pengfei Han

The purpose of this paper is to examine the difference of credit enhancement of variously secured bonds issued by local government financing platform bond (LGFPB).

1187

Abstract

Purpose

The purpose of this paper is to examine the difference of credit enhancement of variously secured bonds issued by local government financing platform bond (LGFPB).

Design/methodology/approach

The approaches to secure the bonds usually include mortgage, collateral, guarantee, etc.

Findings

Using a sample of LGFPBs issued during the 2007-2013 period, the authors find that all of the approaches to secure the bonds would increase the bond rating and that compounded approaches have a higher credit enhancement effect than single approaches. Among these approaches, the requirement of collateral has the strongest enhancement effect. Moreover, the authors find that the guarantee provided by a state-owned bank or enterprise increases the bond rating more than the guarantee provided by other local government financing platforms.

Research limitations/implications

The findings in this study suggest that the credit enhancement would be deeply affected by the approach used to secure the bond.

Practical implications

These results can help the local government make better decisions when issuing bond.

Originality/value

This study empirically analyzes the different credit enhancement approaches for securing LGPFBs for the first time and contributes to the literature regarding credit ratings of local government bonds.

Details

China Finance Review International, vol. 7 no. 1
Type: Research Article
ISSN: 2044-1398

Keywords

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