I study the liquidity of global stock exchanges and how it determines cross sectional returns on stock portfolios of the exchanges. I measure liquidity by turnover ratio computed as value of shares traded over the market capitalization. I obtain data from FIBV, an association of global stock...

Requiring taxes to be paid in domestic money provides a legal tender basis for money demand and hence to the development of a financial system. In emerging markets, the level of taxation is a positive factor boosting financial development. At higher tax rates, however, taxation provides an...

Morocco has a distinguished reputation for opening the economy, privatization and for increasing the role of the private sector in economic development. The nation has also had well known success in achieving a high degree of price stability through a fixed and credible exchange rate that was...

This study analyzes the impact of financial sector reforms from the early 1990s on, promoting economic growth in Morocco. To derive feasible policy implications, we estimate not only pooled regressions, but also variance decompositions of GDP growth rates to examine what proxy measures of...

Business incubators, by providing timely help and support to new ventures, hold the potential to create and develop entrepreneurial talent at the micro-level and foster an environment for entrepreneurship at the macro level. Today, with approximately 400 incubators and a well-developed...

Despite recent extreme fluctuations of the Middle East and North African (MENA) stock markets, we do not find strong evidence of rational speculative bubbles in the perspective of both domestic and U.S.-based investors. Fractional integration tests built on ARFIMA models do not support the...

This paper uses the Malmquist Productivity Index-type DEA technique to measure the efficiency levels in Australia's retirement income system over the period 2000-2005. It covers important segments of the industry focusing on the different fund types and analyses market dynamics under Australia's...

The goal of this paper is to investigate access to financial services and prospects for the wealth assimilation of immigrants by studying the financial market behavior of U.S. immigrants, compared to the native-born. Compared to similar natives, immigrants are less likely to own a wide range of...

College students are facing a number of financial challenges, including rising college costs and subsequent escalation in student borrowing to finance their education. Financial aid has not kept pace with rising college costs, and fewer parents are helping to cover these costs, because they...

The financial service industry is facing intense pressures to reduce costs while growing new customers and introducing new products to attract those customers. Recently, more firms are using offshoring strategies (i.e. outsourcing of operations to foreign countries) to cut costs. However there...