The paper investigates the causal relationships between government spending and revenue for Malaysia. The study uses annual data, a Johansen cointegration test and an error-correction model. A preliminary test shows that government revenue and expenditure are cointegrated. Empirical results...

Finding evidence of the theoretical relationship between exchange rate and inflation has been a difficult proposition in an exchange rate market, despite many studies in developed markets. Three recent papers employing a new research design, Theil’s Divisia index method, found that this...

This study attempts to forecast the next day’s returns of two time series in the Hang Seng Index (HSI) and Standard & Poor’s (S&P) 500 indices using Artificial Neural Networks (ANN) with past returns as input variables. Results from ANN are compared with those from the...

In this paper, we examine the behaviour of price multiples in India from 1990–2007. The distributions of price multiples tend to be normal over our study period, thus making the mean and standard deviation of these multiples relevant parameters for equity analysis in the Indian context....

This paper examines several issues related to the implementation of ESOs among Malaysian companies. We examine a total of 52 companies, 26 ESO firms and their matched industry peers over a span of 12 years. We find ESO firm stocks to have marginally higher mean returns and lower volatility than...

The performance of intellectual capital (IC) depends on the efficiency of investments in tangible and intangible resources devoted to value creation activities. The performance of IC investments is important because it affects a company's long term competitive advantage. This paper examines...

This paper investigates the impact of the Minority Shareholder Watchdog Group (MSWG) activism on the performance of targeted firms in Malaysia. We find that MSWG-targeted firms earn statistically significantly higher stock returns than non-targeted firms in the long run. The results of various...

Economists recognise that macroeconomic and financial variables have an impact on housing prices. In this study, we focus on the relationship between housing prices and stock prices in Thailand using quarterly data from the first quarter (Q1) of 1995 till the last quarter (Q4) of 2006. The...

This study seeks to understand how dividend policy is related to ownership and control structure in Hong Kong, where family-controlled firms are widespread. Using data from a sample of 324 listed Hong Kong firms in 2005, our results show that a firm's propensity to pay dividends and the amount...