The paper addresses the empirical question of whether economies that do not systematically target inflation (non-inflation targeters) experience higher exchange rate volatility as compared with inflation targeters in 10 countries of the Association of Southeast Asian Nation (ASEAN) from 1990 to...

In this paper, we test whether oil price predicts economic growth for 28 developed and 17 developing countries. We use predictability tests that account for the key features of the data, namely, persistency, endogeneity, and heteroskedasticity. Our analysis considers a large number of countries,...

The issue of corporate governance has been much discussed lately, particularly since the beginning of the 21st century. Malaysia has been recognised as among the best in Asia to have installed comprehensive governance framework. This paper offers an insight into the amount of afford invested by...

The present study examines the sensitivity of commercial banks' stock excess returns to their volatility and financial risk factors, measured by interest rates and exchange rates, across the recent Asian financial crisis. In general, we found that there were no significant differences among...

With regards to determining whether herding is spontaneous and irrational behavior causing the Day-of-the-week anomaly, this paper intersects the Christie and Huang (1995) herd behaviour model with French's (1980) Day-of-the-week model in several layers of tests. We use firm-level data and...

Whether trade regionalism remains a stumbling block to economic globalization remains a debatable issue. This paper investigates the impact of trade regionalism on stock market segmentation for the case of AFTA, EU and NAFTA. We exploit the pricing error of the trading-bloc capital asset pricing...

The present paper examines the dynamic effects of volatility spillovers and dominant role (the second-moment) of the US, Japan and Hong Kong in the East Asian equity markets. To evaluate the recent September 11 (911) impact, two sub periods – before and after the tragedy, are being considered...