This event study examined the effect on shareholder returns of companies announcing their intention to introduce Dividend Reinvestment Plan (DRPs) offering a 10%, 7.5% and 5% discount. Overall the plans were received positively by the market. Also, the various discount sample results appear to...

This paper offers a behavioral perspective on why Islamic capital markets are dominated by those financial instruments that almost replicate conventional financial products (i.e. Islamic debt bonds and Islamic equities). In contrast, the original Islamic instruments involving risk and return...

This paper examines market discipline of Australian credit unions, and the impacts of the global financial crisis and the 2008 deposit guarantee scheme. The prior literature has focused on the market discipline of banks rather than credit unions. Using a unique sample of 204 Australian credit...

What was termed government-guided merger was a unique banking sector reform implemented in 2002 by the central bank of Malaysia guiding a larger number of depository institutions to form 10 large banks. This paper identifies the factors entering this massive merger exercise. Similar to the...

This paper concentrates on three financial variables in promoting capital accumulation in the two groups of Asian economies. The empirical result shows that the ASEAN economies' financial performance is far less satisfactory than the four Asian NIEs. Considering the experience of the last two...

In the literature of development finance, both the structuralist's "two-gap" approach of Chenery and Strout (1966) and the financialist's "liberalisation" approach of McKinnon (1973) and Shaw (1973) represent the two polar theories for academic research and policy recommendations. Harris (1979)...

This paper explores the mechanisms of persuasion in Islamic finance that may have helped support the growth of this market. Our theoretical model may explain those factors which may influence a customer to select an Islamic financial product. For complex decisions where a person may not fully...

This paper examines the impact of the Basel agreements (Basel I introduced in 1988, Basel I with market risk in 1998 and Basel II in 2008), on the level of systematic risk of the Australian big four banks. An augmented market model with three dummy variables is employed to capture any changes in...

This study examines the relation between incentives and risk taking for 466 insurer-year observations over 2006-2010. Our results show that independent director compensation is positively related to risk taking as is CEO compensation and institutional ownership. Besides dollar value and...

This paper examines the trends and endogenous determinants of boards of directors (board size, composition, and CEO duality) for a sample of 212 US bank holding companies, from 1997 to 2004. Overall, the results show that the costs and benefits of boards' monitoring and advising roles could...