We empirically test the hypothesis that stock market illiquidity affects real UK GDP growth using data over the period 1989q1-2012q2. We conduct our empirical exercise within a standard linear model as well as a non-linear model, which allows for regime switching behavior in terms of a liquid...

This paper focuses on the impact of Foreign Direct Investment (FDI) on regional economic growth in China by using an extended production function model. Panel data are employed at the province level across 29 provinces over the period 1985–1999. Provinces are then split into three...

The effect of government taxation on future consumption has been explained in three ways: the Keynesian approach, the Ricardian Equivalence proposition and the German view of Expansionary Fiscal Contraction (EFC). This paper reports empirical evidence on the validity of these explanations by...

The primary purpose of this paper is to examine the impact of Foreign Direct Investment (FDI) on the export performance of Chinese indigenous firms. A panel data analysis is employed using data across 29 provinces over the 1985-99 period. Owing to the exceptionally uneven distribution of FDI,...

This paper uses panel data analysis to investigate the extent and determinants of disclosure levels of non-financial companies quoted on the Egyptian Stock Exchange. It distinguishes between private sector companies and public business sector companies in terms of company characteristics and...

This article contributes to the literature on the relationship between financial development and economic growth in three ways: it utilizes recently developed techniques for generalized methods of moments (GMM) one-step estimation with dynamic panel models, it focuses exclusively on a sample of...

Purpose – This paper seeks to examine the association between corporate voluntary disclosure and systematic (market or beta) risk for a sample of Egyptian listed companies. Design/methodology/approach – Using panel data analysis, beta is regressed on the level of voluntary disclosure and the...

Purpose – The purpose of this paper is to highlight the possibility of structuring an Islamic option which includes an element of risk sharing as opposed to risk transfer. Design/methodology/approach – The approach adopted in this research involved a combination of a wa’ad (promise) and...

Purpose – The purpose of this paper is to highlight the possibility of structuring an Islamic option which includes an element of risk sharing as opposed to risk transfer. Design/methodology/approach – The approach adopted in this research involved a combination of a wa’ad (promise) and...

In this paper, we analyze the spending decisions of over 1.5 million Americans who vary in their degree of revealed credit constraints. Specifically, we analyze how these Americans spend their income tax refunds, using transaction-level data from a stored-value card product. Card-holders may...