... Mohamed Khaled Al-Jafari Dean of Postgraduate Studies The Arab Academy for Banking and Financial Sciences, Damascu, Syria E-mail: aljafarimohamedkhaled@yahoo.com Tel: 00963-932951695 ... IBM IBM Cisco Systems, Inc. CSCO Intel INTC... more
... Mohamed Khaled Al-Jafari Dean of Postgraduate Studies The Arab Academy for Banking and Financial Sciences, Damascu, Syria E-mail: aljafarimohamedkhaled@yahoo.com Tel: 00963-932951695 ... IBM IBM Cisco Systems, Inc. CSCO Intel INTC Chevron Corp. CVX ...
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This paper examines the random walk hypothesis (RWH) by testing the weak-form of efficiency of twelve Arab stock markets. These markets to include: Saudi Arabia, Amman, Kuwait, Dubai, Abu Dhabi, Egypt, Morocco, Tunisia, Qatar, Oman,... more
This paper examines the random walk hypothesis (RWH) by testing the weak-form of efficiency of twelve Arab stock markets. These markets to include: Saudi Arabia, Amman, Kuwait, Dubai, Abu Dhabi, Egypt, Morocco, Tunisia, Qatar, Oman, Bahrain and Palestine. The study utilized parametric and non-parametric tests to investigate the randomness and the behavior of these markets. The parametric tests employ the serial correlation test and the Augmented Dickey-Fuller (unit root) test. The non-parametric tests utilized the runs test and the Phillips-Perron test. The empirical results indicate that eleven stock markets don't behave randomly. In general, we have evidence that Saudi Arabia Stock exchange is the only stock market that behaves randomly under the serial auto-correlation test and the run test. On the other hand, all twelve Arab stock exchanges don't behave randomly under the both the Augmented Dickey-Fuller (ADF) test and the Phillips-Perron (PP) unit root tests.
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This study examines the impact of the global financial crisis on the monthly effect of the stock market returns of Bahrain Bourse. The study used a sample of daily returns of Bahrain All Share Index from 1 January 2003 until 31 July 2011.... more
This study examines the impact of the global financial crisis on the monthly effect of the stock market returns of Bahrain Bourse. The study used a sample of daily returns of Bahrain All Share Index from 1 January 2003 until 31 July 2011. The sample was divided ...
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Research Interests:
Global warming has become one of the most serious world-challenging issues nowadays, and much effort is being done to combat its consequences. Therefore, studying the trade-off between carbon emissions and economic activity remains an... more
Global warming has become one of the most serious world-challenging issues nowadays, and much effort is being done to combat its consequences. Therefore, studying the trade-off between carbon emissions and economic activity remains an attractive subject for researchers. In this study, the environmental Kuznets curve (EKC) hypothesis is adopted to verify the trade-off between carbon dioxide emissions per capita and labor productivity in the top 40 emitter countries. Accordingly, a panel data from the top 40 emitter countries is employed from 1992 to 2018, and the novel method of moments quantile regression (MMQREG) is used to analyze the nexus among the variables. In addition, four robustness tests were used to validate the initial results. The findings reveal evidence for the N-shape EKC in the top 40 emitter countries. This indicates that economic growth initially will improve environmental quality up to a certain labor productivity level. However, after reaching a certain turning ...
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Abstract:This paper investigates the effect of bank-specific, government, and macroeconomic indicators on bank profitability in the Kingdom of Saudi Arabia (KSA) over the period from 2009 to 2018.Two-panel data estimators have been... more
Abstract:This paper investigates the effect of bank-specific, government, and macroeconomic indicators on bank profitability in the Kingdom of Saudi Arabia (KSA) over the period from 2009 to 2018.Two-panel data estimators have been utilized:Prais-Winsten and Driscoll-Kraay standard models. The empirical analysis reveals that bank-specific determinants were the key factors in explaining profitability in comparison to government and macroeconomic variables.The assets utilization ratio, credit risk ratio, bank liquidity risk ratio, and investment deposit ratio were found positively and significantly related to the bank's profitability. In contrast, the bank size variable, and the earning assets ratio were found to have a negative impact on the profitability of bank-specific drivers. Similarly, inflation and the growth of gross domestic product were found in both models to have a negative and significant effect on profitability. On the other hand, government effectiveness was found ...
This study investigates the relationship between trade openness, financial development and economic growth for the Kingdom of Bahrain. Time series data are utilized form 1980 till 2012. The vector error correction model (VECM) in... more
This study investigates the relationship between trade openness, financial development and economic growth for the Kingdom of Bahrain. Time series data are utilized form 1980 till 2012. The vector error correction model (VECM) in combination with innovation of accounting (variance decomposition and impulse response function) analysis are employed to explore the causal relationship between the variables. The stationarity properties of the data and the order of integration are tested using both the Augmented Dickey-Fuller (ADF) test and the Phillips-Perron (PP) test. All variables are found to be cointegrated indicating the existence of long-run relationship. The empirical findings show that trade openness and financial development have causal impact on economic growth. Conversely, growth is found to have no causal impact on trade and financial development, implying support for “trade-led growth ” and “finance-led growth ” hypotheses. Furthermore, the results show a short-run causalit...
Research Interests: Economics, Econometrics, Financial Economics, Economic Growth, Financial development, and 10 moreApplied Economics, Panel Data, Social Science Research Network, Trade Openness, Openness to experience, Economics Finance, Economic Modelling, Financial Ratio Analysis, Finance and Investment Banking, and augmented Dickey-Fuller test
Abstract: Achieving economic growth and welfare constitutes the main incentive for adopting free trade policy in developing countries. However, not all countries that adopted such a policy have necessarily achieved a sufficient level of... more
Abstract: Achieving economic growth and welfare constitutes the main incentive for adopting free trade policy in developing countries. However, not all countries that adopted such a policy have necessarily achieved a sufficient level of economic growth. This study surveys the recent theoretical and empirical literature emphasizing the impact of trade liberalisation on developing countries. Although traditional trade theories that rest on the law of comparative advantage emphasize the importance of trade liberalization on achieving economic growth, they do not take into consideration the complexity of today's production sectors and their implications on trade relations between countries. Consequently, modern theories are likely to focus on the role of differences in resources endowments, income differences, and economies of scale on international trade. The empirical literature indicates that promoting economic growth is not feasible especially when corruption, poor infrastructur...
This study investigates the determinants of profitability for industrial firms in Oman. Therefore, a sample of 17 industrial companies listed on Muscat securities market covering the period from 2006 till 2013 is utilized. Results from... more
This study investigates the determinants of profitability for industrial firms in Oman. Therefore, a sample of 17 industrial companies listed on Muscat securities market covering the period from 2006 till 2013 is utilized. Results from the panel ordinary least squares model reveal a positive and statistical significant relationship between profitability, the firm size, growth, fixed assets and working capital. On the other hand, the average tax rate and the financial leverage variables show a negative relationship with profitability. However, this relationship is significant only for the financial leverage variable. The study concludes that large growing firms with efficiently managed assets improve revenue and ultimately enhance profitability.
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This study investigates the determinants of bank profitability in the Syrian banking sector. It seeks to identify significant bank-specific, industry-specific, and macroeconomic determinants of bank profitability in Syria. We utilize the... more
This study investigates the determinants of bank profitability in the Syrian banking sector. It seeks to identify significant bank-specific, industry-specific, and macroeconomic determinants of bank profitability in Syria. We utilize the Generalized Method of Moments (GMM) technique on unbalanced panel data set the covers the period from 2004 until 2011. The empirical results reveal that profitability persists to a moderate extent. All bank-specific determinants (liquidity risk, credit risk, bank size, and management efficiency) with the exception of bank capital, affect bank profitability significantly. However, no evidence was found in support of the Structure Conduct Performance (SCP) hypothesis, since the concentration ratio found to have no impact on bank profitability. Finally, the study shows that macroeconomic variables (inflation rate and real gross domestic product growth rate) affect bank profitability significantly.
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This study investigates the dynamic relationship between stock return and trading volume in the banking sector of Amman Stock Exchange (ASE). In addition, it reveals the nature and direction of this relationship. Therefore, several tests... more
This study investigates the dynamic relationship between stock return and trading volume in the banking sector of Amman Stock Exchange (ASE). In addition, it reveals the nature and direction of this relationship. Therefore, several tests were utilized to include: Bivariate regression model, vector error correction model (VECM), variance decomposition technique, impulse responds function, pairwise Granger causality and Johansen’s cointegration tests. The empirical results show that there is no significant relationship between trading volume and stock return on the sub-index level. Moreover, our results show a significant relationship between trading volumes and return volatility. Furthermore, Johansen’s cointegration analysis demonstrates that stock return is cointegrated with the trading volume indicating long-run equilibrium relationship. VECM provides evidence of long-run causality from return to trading volume. On the other hand, we used variance decomposition technique and i...
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Purpose: The purpose of this study is to re-examine the relationship between trade openness and economic growth in the Gulf Cooperation Council countries (GCC), with emphasis on both the role of exports and imports in economic growth in a... more
Purpose: The purpose of this study is to re-examine the relationship between trade openness and economic growth in the Gulf Cooperation Council countries (GCC), with emphasis on both the role of exports and imports in economic growth in a multivariate framework including gross fixed capital formation, energy consumption, import, and export as the regressors. Design/methodology/approach: The study covers the period from 1992 to 2014 and utilized five models of the panel data regression: pooled ordinary least squares, one-way and two-way of fixed effects models as well as one-way and two-way of random effects models. In addition, the study employed the root mean square error statistics in selecting the most representative model. Findings: The study found that partially, export had a significant positive effect on economic growth, while import had a significant but negative impact on economic growth. These results provide evidence that GCC countries during the period of study were larg...
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This study examines the short and long-run price relationship between mutual funds (Jordinvest First Trust Fund, Growth Fund, Horizon Fund, and Jordan Securities Fund) and Amman Stock Exchange Index over the time period from March, 2005... more
This study examines the short and long-run price relationship between mutual funds (Jordinvest First Trust Fund, Growth Fund, Horizon Fund, and Jordan Securities Fund) and Amman Stock Exchange Index over the time period from March, 2005 till the end of November, 2009. The study findings are obtained with respect to various testing methods utilized, including Error Correction Model and Granger causality tests. These tests were applied on series of data for the monthly returns of mutual funds and Amman Stock Index. The empirical results show a long-run relationship of Amman Stock Index on mutual funds. However, the study also reveals no long-run relationship of mutual funds on Amman Stock Index. Furthermore, the empirical findings show that the relationship of Amman Stock Index on mutual funds is significantly more established than the relationship of mutual funds on Amman Stock Index. Finally, the results find a significant causal relationship in one way manner from mutual funds, wit...
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Research Interests:
The main objective of this study is to investigate whether prices in Egypt emerging equity market follow a random walk process as stated by the efficient market hypothesis. Therefore, this study examines the weak-form of market efficiency... more
The main objective of this study is to investigate whether prices in Egypt emerging equity market follow a random walk process as stated by the efficient market hypothesis. Therefore, this study examines the weak-form of market efficiency in Egypt stock market by testing the random walk hypothesis (RWH) through multi-approaches, specifically unit root, runs and variance ratio tests on the daily price of EGX 30 index of Egypt equity market over the period from January 1998 until December 2010. The empirical results reject the RWH at the weak-form level, indicating that stock prices do not fully reflect all historical information.
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This study investigates the driving forces of economic growth in BRICS (Brazil, Russia, India, China, and South Africa) countries. Therefore, explanatory variables including foreign direct investment, investment in information and... more
This study investigates the driving forces of economic growth in BRICS (Brazil, Russia, India, China, and South Africa) countries. Therefore, explanatory variables including foreign direct investment, investment in information and technology, inflation rate, economic size and domestic credit provided to private sectors are utilized. In addition, unit root tests and the error correction model are employed on a data collected from 2000 till 2014. Results indicate that variables are stationary and integrated at the first order. On the other hand, foreign direct investment found to have a positive and significant effect on economic growth in the long-run. In contrary, investment in information and technology, inflation rate and economic size exhibited a negative and significant effect on economic growth. The short-run results show that the economic size variable has a negative and significant effect on economic growth, while the rest of the other variables found to be insignificant. The...
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Since saving and financial development are vital to economic growth, this research empirically investigates the impact of saving and financial development on economic growth in Turkey. Therefore, a time series data from 1968 until 2017... more
Since saving and financial development are vital to economic growth, this research empirically investigates the impact of saving and financial development on economic growth in Turkey. Therefore, a time series data from 1968 until 2017 were tested utilizing both the error correction model (ECM) and the autoregressive distributed lag approach (ARDL). The findings reveal an existence of a short-run and a long-run positive and significant effect of savings and financial development on economic growth. Conventional inputs such as capital and labor proved to be the most important factors in achieving economic growth in Turkey. The study concludes that an appropriate policy mix will enhance domestic saving in the country.
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Most economists agree that the emergence of substantial inflationary pressure in Iraq was due to the monetary growth arising from large increase in the money supply by government to finance enormous budget deficit. This was true... more
Most economists agree that the emergence of substantial inflationary pressure in Iraq was due to the monetary growth arising from large increase in the money supply by government to finance enormous budget deficit. This was true especially during the comprehensive sanction imposed on the country between 1990 till 2003. Others point out to exchange rate depreciations as another cause to inflation. Such controversy about the causes of inflation in Iraq has necessitated studying this phenomenon quantitatively. Our main contribution is to assess empirically the effects of money supply, exchange rate, and import on inflation in Iraq over the period 1995–2015. Using the ARDL bounds testing approach, we estimated the long-run effects of those variables on real inflation. In addition, we attempt to draw attention to the impact of changes in global prices on the phenomenon of inflation in Iraq. It is analyzed that money supply, exchange rate and import, changes inflation to 0.59, -0.85, and ...