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Article
Publication date: 26 October 2020

Firano Zakaria and Doughmi Salawa

There is a wealth of literature on the financing structure of a company. For this reason, the authors considered it useful to present a theoretical and empirical literature review…

244

Abstract

Purpose

There is a wealth of literature on the financing structure of a company. For this reason, the authors considered it useful to present a theoretical and empirical literature review of classical and new theories of the financial structure. The purpose of this study is to realize on a panel of 15 nonfinancial Moroccan companies listed on the Casablanca Stock Exchange, over a period of 11 years.

Design/methodology/approach

The results obtained indicate that only a few variables from financial theory have an important role in the financing policy of Moroccan companies. The authors have presented the positive role of size and self-financing on the debt ratio. The analysis of the effects of profitability shows in this study that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.

Findings

Econometric analysis is used to ascertain the nature of the financial structure of listed companies. For this purpose, a large number of companies listed on the Casablanca stock exchange were used.

Originality/value

The authors have presented the positive role of size and self-financing on the debt ratio. Regarding the influence of profitability, this analysis shows that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.

Details

Journal of Modelling in Management, vol. 18 no. 5
Type: Research Article
ISSN: 1746-5664

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Article
Publication date: 5 July 2022

Firano Zakaria and Anass Benbachir

One of the crucial issues in the contemporary finance is the prediction of the volatility of financial assets. In this paper, the authors are interested in modelling the…

90

Abstract

Purpose

One of the crucial issues in the contemporary finance is the prediction of the volatility of financial assets. In this paper, the authors are interested in modelling the stochastic volatility of the MAD/EURO and MAD/USD exchange rates.

Design/methodology/approach

For this purpose, the authors have adopted Bayesian approach based on the MCMC (Monte Carlo Markov Chain) algorithm which permits to reproduce the main stylized empirical facts of the assets studied. The data used in this study are the daily historical series of MAD/EURO and MAD/USD exchange rates covering the period from February 2, 2000, to March 3, 2017, which represent 4,456 observations.

Findings

By the aid of this approach, the authors were able to estimate all the random parameters of the stochastic volatility model which permit the prediction of the future exchange rates. The authors also have simulated the histograms, the posterior densities as well as the cumulative averages of the model parameters. The predictive efficiency of the stochastic volatility model for Morocco is capable to facilitate the management of the exchange rate in more flexible exchange regime to ensure better targeting of monetary and exchange policies.

Originality/value

To the best of the authors’ knowledge, the novelty of the paper lies in the production of a tool for predicting the evolution of the Moroccan exchange rate and also the design of a tool for the monetary authorities who are today in a proactive conception of management of the rate of exchange. Cyclical policies such as monetary policy and exchange rate policy will introduce this type of modelling into the decision-making process to achieve a better stabilization of the macroeconomic and financial framework.

Details

Journal of Modelling in Management, vol. 18 no. 5
Type: Research Article
ISSN: 1746-5664

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Book part
Publication date: 11 August 2016

Firano Zakaria

This chapter presents several approaches for identifying and dating the speculative bubble on real estate market. Using the real estate price index (IPAI), statistical and…

Abstract

This chapter presents several approaches for identifying and dating the speculative bubble on real estate market. Using the real estate price index (IPAI), statistical and structural approaches were combined in order to detect the existence of a bubble on the Moroccan real estate market. The results obtained affirm that the Moroccan real estate market experienced a speculative bubble during the period 2006–2008 explained mainly by the boom of credit during the same period. The use of the Markov switching model affirmed that the speculative bubble on Morocco is cyclic and consequently corroborates the critic formulated by Evans (1991) concerning the traditional approaches for the detection of financial bubbles. Thus, the analysis of the series of the bubble, extracted using the Kalman filter, affirms the existence of two regimes, namely an explosive regime and a normal regime. The first regime describes the periods of explosion of the bubble and lasts for about 9 quarters, while the second, lasting for 14 quarters, describes the periods of return to the average cycle.

Details

The Spread of Financial Sophistication through Emerging Markets Worldwide
Type: Book
ISBN: 978-1-78635-155-5

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Book part
Publication date: 4 July 2015

Firano Zakaria

In this paper, we search to evaluate the systemic risk of the Moroccan banking sector. Indeed, we concentrate on the analysis and the evaluation on transverse dimension of the…

Abstract

In this paper, we search to evaluate the systemic risk of the Moroccan banking sector. Indeed, we concentrate on the analysis and the evaluation on transverse dimension of the systemic. From this point of view, two approaches were used. First is based on the estimate on value at risk conditional allowing to measure the systemic importance of each banking institution. In addition, the second approach uses the heteroscedasticity models in order to consider the conditional correlations, making it possible, to measure the dependence between the Moroccan banks and with the whole of the financial system. The results obtained with through these two approaches confirm that ATW, BMCI and the BMCE are the most systemic banks in Moroccan banking system and who can initiate a systemic crisis. On another register and by using the conditional correlations of each bank we built an index of systemic risk. Moreover, a macrofinancial model was developed, connecting the index of the systemic risk and the principal macroeconomic variables. This model affirmed that the contagion dimension of systemic risk is procyclical.

Details

Overlaps of Private Sector with Public Sector around the Globe
Type: Book
ISBN: 978-1-78441-956-1

Keywords

Available. Content available
Book part
Publication date: 4 July 2015

Abstract

Details

Overlaps of Private Sector with Public Sector around the Globe
Type: Book
ISBN: 978-1-78441-956-1

Available. Content available
Book part
Publication date: 11 August 2016

Abstract

Details

The Spread of Financial Sophistication through Emerging Markets Worldwide
Type: Book
ISBN: 978-1-78635-155-5

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