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Due to the non-normality of stock returns, nonparametric rank tests are gaining accceptance relative to parametric tests in financial economics event studies. In rank tests, financial assets’ multiple day cumulative abnormal returns (CARs) are replaced by cumulated ranks. This paper proposes...
Persistent link: https://www.econbiz.de/10013168738
Due to the non-normality of stock returns, nonparametric rank tests are gaining accceptance relative to parametric tests in financial economics event studies. In rank tests, financial assets' multiple day cumulative abnormal returns (CARs) are replaced by cumulated ranks. This paper proposes...
Persistent link: https://www.econbiz.de/10013201452
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This paper investigates the impact of financial development on economic growth in the West African Monetary Zone (WAMZ) from 1990 through 2015 using a Heterogeneous Panel Data Approach. The study made use of Two (2) financial indicators: liquid liabilities of the financial system as a percent of...
Persistent link: https://www.econbiz.de/10013348358
There is mixed support for the hypothesis that the banking sector is a channel for economic growth. While most studies on economic growth in Gulf Cooperation Council (GCC) countries have not distinguished between conventional banks and Islamic banks, this study contributes to the empirical...
Persistent link: https://www.econbiz.de/10011332914
This study provides new evidence on the relationship between finance and economic growth using an innovative dynamic … there is a threshold effect in the finance-growth relationship. In particular, we find that the level of financial … development is beneficial to growth only up to a certain threshold; beyond the threshold level further development of finance …
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