This paper examines the impact of privatization on stock market size and liquidity in a multinational sample of 31 emerging markets. We find that the intensity of privatization and the use of privatization offerings on the stock market contribute to enhance stock market development. To enable...

The linkage between monetary policy decisions and stock market performance is an important topic. Having reliable estimates of the reaction of asset prices to the policy instrument helps understanding and assessing the stock market channel for monetary policy transmission. The availability of...

In spite of popularity and theoretical simplicity of the one-factor CAPM used in the valuation of financial assets, more attention is now made to the important extension proposed by Fama and French [1993] rising the Three-Factor Pricing Model (TFPM). Alongside beta, average stock returns could...

Since few decades, a wide theoretical debate is concerned with the fundamental relationship between financial development and economic growth as well as the separate impact of banks on growth and financial markets on growth. Recent studies shed some light on the simultaneous effect of banks and...

Since few decades, a wide theoretical debate is concerned with the fundamental relationship between financial development and economic growth. An efficient financial system leads to a sustainable economic growth. In this study, we are interested especially with stock markets as a main component...

In order to investigate the impact of financial market liberalization on economic growth in the MENA region, we need to replace our contribution in the economic growth literature. Our study is related to the literature on policy impacting growth rather than the debate on quot;convergencequot;...

The paper works with a sample of 95 newly privatized firms (NPFs) that went public through stock markets in four Middle East and North Africa countries (Egypt, Morocco, Tunisia and Turkey). We find that these firms experience significant increase in profitability and operating efficiency, and...

Relatively little empirical evidence is available that estimates the relationship between asset price movements and monetary policy measures. This paper, which is the first study that focus on the linkage between monetary policy and stock market prices, aims at analyzing the interaction between...

This study gives some issues concerning the relationship between inflation and the financial sector performances for some MENA region countries. The negative association is confirmed through the estimation of a dynamic panel model using the GMM methodology. On the other hand, a threshold effect...

This study examines the effect of financial-sector reform on bank performance in selected Middle Eastern and North African (MENA) countries in the period 1994 -2008. We evaluate bank efficiency in Egypt, Jordan, Morocco, Lebanon and Tunisia by means of Data Envelopment Analysis (DEA) and we...