Purpose: The purpose of this paper is to examine the underpricing of initial public offers (IPOs), which were announced by Indian firms for the period 2007 through 2009. It is motivated by the fact that a well-developed capital market is a function of economic growth and a reflection of the...

We propose two tests for the equality of covariance matrices between two high-dimensional populations. One test is on the whole variance-covariance matrices, and the other is on offdiagonal sub-matrices which define the covariance between two non-overlapping segments of the high-dimensional...

Islamic finance has come of age. Islamic banking and finance have been growing at a very fast rate, despite apparent serious setbacks (such as interruption of payments in Abu Dhabi in 2009, the Great Recession in Western countries between 2008 and 2010, and the recent turmoil in Middle Eastern...

Financial intermediaries perform indirect financing, and in this context, commercial banks are very important participants. They carry out the bulk of indirect financing transactions. On the other hand, the implementation mechanism of monetary policy is closely linked to the functioning of the...

In the People’s Republic of Bangladesh, the poverty has been a main challenge since the last decades and its alleviation is one of the country’s strategic goals to achieve MDGs by 2015 to fight poverty and improve the standards of living of underprivileged population. Micro and SME financing...

This study brings light to some financial intermediary development factors that could negate stock market development, as well as those that could improve it. Using a panel of eight countries, from 1989 to 2008, we derive indexes via Principal Component Analysis; based on which panel fixed...

This paper provides an appraisal of some of the researches conducted in recent years for evaluating the efficiency of Islamic banks. It is restricted to studies using parametric (SFA) and non-parametric (DEA) models. It finds that they leave much to be desired and the conclusions they arrive at...

The fiscal policies in the contemporaneous economic systems heavy influence both the real and nominal sectors. These effects could be located at the primary distribution of the social resources as will as at level their redistribution one. The aims of this paper are: (1) to review the literature...

The fiscal policies in the contemporaneous economic systems heavy influence both the real and nominal sectors. These effects could be located at the primary distribution of the social resources as will as at level their redistribution one. The aims of this paper are: (1) to review the literature...

Financial markets and financial intermediation are essential to well-functioning economy. They perform the role of channeling funds to parties that have value creating investment opportunities. However, asymmetric information can seriously impair the process when parties to the financial...