Impact of Privatization on Companies’ Liquidity: A Case of Companies Listed At Nairobi Securities Exchange

The aim of this study was to analyse the liquidity of companies privatized and quoted in the Nairobi Security Exchange. The research focused on those companies, which were recently privatized and were . . .

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Gabriel Waweru, John Mbogo, Mohamed Shano, Ignatius Gichana
Pages : 1-26
Volume 2 , Issue 1
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Investigating the Relationship between Institutional Ownership and Audit Fees

Institutional owners possess a large portion of the company stocks. Regarding the separation of the ownership from the management in a firm, the pivotal role of these owners in controlling and monitoring . . .

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Zahra Mohammad Azadi, Esfandyar Mohammadi
Pages : 27-33
Volume 2 , Issue 1
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The Impact of Macro-Economic Indicators on Domestic Credit in Commercial Banks in Nigeria

The study examines the impact of macroeconomic variables on domestic credit using Nigeria data over a period 1980-2012 in an attempt to contribute to the growth of banking sector. More specifically, the . . .

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Chigbu Emmanuel Ezeji
Pages : 34-44
Volume 2 , Issue 1
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Impact of Micro Credit on the Performance of Women Entrepreneurs in Delta State

This study attempts to examine the impact of micro credit on the performance of women owned micro enterprises in Delta State. Data were sought through structured questionnaires and analysis using tables, . . .

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Osuji Chinaemerem Casmir
Pages : 45-51
Volume 2 , Issue 1
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Zimbabwean Commercial Banks Liquidity and Its Determinants

The liquidity problems are bedeviling Zimbabwean commercial banks since the introduction of multi-currency system and this is impacting the economic development. After the 2003 to 2004 liquidity crisis, . . .

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Wilbert Chagwiza
Pages : 52-64
Volume 2 , Issue 2
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Testing Limited Arbitrage: The Case of the Tunisian Stock Market

This paper aims at showing that arbitrage, theoretically used as a mechanism of establishing equilibrium in financial markets, is limited in reality. Because of numerous obstacles and risks to arbitrage, . . .

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Salem Brahim, Kamel Naoui, Akrem brahim
Pages : 65-74
Volume 2 , Issue 2
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Stock Market Return Volatility and Macroeconomic Variables in Nigeria

This paper examines the impact of macroeconomic variables on stock market return volatility in Nigeria using GARCH-X model. Five macroeconomic variables: broad money supply, consumer price index, credit . . .

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Emenike Kalu O., Odili Okwuchukwu
Pages : 75-82
Volume 2 , Issue 2
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Equity Risk Premium, Macro-Economic Variables and Co-Integration: Evidence from Nigeria

The paper examines the long-run causal relationship between equity risk premium and a set of macroeconomic variables namely GDP growth rate, inflation, interest rate and financial deepening for a period . . .

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Ogbulu, Onyemachi Maxwell, Ajibola, Nwakanma
Pages : 83-95
Volume 2 , Issue 2
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Alternative Beta Risk Estimators in Emerging Markets: The Case of Tunisia

In this paper, we use the sample selectivity model to estimate the systematic risk for Tunisian stocks. This approach is applied in the case of extreme thin trading where data are censored due to the presence . . .

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Habib Hasnaoui
Pages : 96-105
Volume 2 , Issue 2
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DEA Governance Efficiency Frontier and Credit Rating

The purpose of our study is to test whether corporate governance efficiency may influence the credit rating of the firm. Using Data envelopment analysis (DEA), we construct a score of corporate governance . . .

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Sameh Ouni
Pages : 106-114
Volume 2 , Issue 3
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An Investigation into Tax Evasion in Ghana

The paper determines the strength of various arguments put out to justify tax evasion in an open but small economy such as Ghana. The study is based on descriptive quantitative cross-sectional survey of . . .

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Robertson Amoah, Samuel Yeboah Asuamah, Newman Amaning
Pages : 115-122
Volume 2 , Issue 3
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Finance Options for Small and Medium Scale Enterprises in Nigeria: an Empirical Analysis

This paper examines the role of finance for small and medium scale enterprises in Nigeria and the finance options available. The study covers 1992 to 2010 and observes that most enterprises are dependent . . .

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Oluitan Roseline, Kehinde James
Pages : 123-129
Volume 2 , Issue 3
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Aggressive, Conservative and Moderate Policy in Working Capital Management and Firms Free Cash Flow Yield (FCFP) Evidence from Tehran Stock Exchange

This paper investigates the impact of Working Capital Management (WCM) policy on returns of the listed firms on Tehran Stock Exchange (TSE) in the period 2007-2011. To this effect, 57 companies were initially . . .

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Meysam Kaviani, Reza Shahmanosuri, Maryam Batebi, Seyed Reza Seyednezhad Fahim
Pages : 130-136
Volume 2 , Issue 3
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Financing Small Scale Enterprises through the Banking Industry in Nigeria

This paper examines the impact of banking sector in providing financing to Small Scale Enterprises (SSE) in Nigeria using regression analysis. Results from the study reveal that the banking sector financing . . .

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Ikenna Ezeudu
Pages : 137-142
Volume 2 , Issue 3
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Liquidity-Profitability Relationship in Bangladesh Banking Industry

This study explored the relationship between liquidity (measured as current ratio) and profitability (measured as return on assets) in the banking industry in Bangladesh. We have considered twelve banks . . .

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Afia Akter, Khaled Mahmud
Pages : 143-151
Volume 2 , Issue 4
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Corporate Bankruptcy: An Application of Altman Model in Predicting Potential of Failure in Nigerian Banking Sector

This study assessed the extent to which we can rely on the Altman Model to predict possibility of corporate bankruptcy/ failure in Nigerian banking sector. Data were collected from annual reports and accounts . . .

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Raymond A. Ezejiofor, U. C. Nzewi, Pius V.C. Okoye
Pages : 152-171
Volume 2 , Issue 4
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Corporate Governance and Firms Cash Holding in Malaysia

Corporate governance code has being introduced in many countries recently in order to improve minority shareholders right protection as well as the firms’ transparency. The corporate governance system . . .

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Azira Hanani bt Ab. Rahman, Siti Fariha bt Muhamad, Nora’ani bt Mustapha, Nik Madeeha bt Nik Mohd Munir
Pages : 172-181
Volume 2 , Issue 4
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A Study on the Performance of Symmetric and Asymmetric GARCH Models in Estimating Stock Returns Volatility

In this paper we aim to test the usefulness of two variants of Generalized Autoregressive Conditional Heteroscedasticity (GARCH) family-type models in estimating stock returns volatility for three Asian . . .

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Mohd Aminul Islam
Pages : 182-192
Volume 2 , Issue 4
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An Additive SARIMA Model for Daily Exchange Rates of the Malaysian Ringgit (MYR) and Nigerian Naira (NGN)

The daily exchange rates of the Nigerian Naira (NGN) and Malaysian Ringgit (MYR) from Wednesday,6th November 2013 to Monday, 21st April 2014 are being modeled by Seasonal Autoregressive Integrated Moving . . .

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Ette Harrison Etuk
Pages : 193-201
Volume 2 , Issue 4
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