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Publications
Working Papers

Incentive-Based Regulations and Bank Restructuring in Egypt

Alaa El-Shazly

The Egyptian authorities undertook major banking reforms in the 1990s to create a more efficient financial system. These reforms included the strengthening of bank supervision and regulations on the basis ... read more


Publications
Working Papers

Investment Incentives, Marginal Effective Tax Rates and the Cost of Capital in Egypt

Hanaa Kheir-El-Din, Samiha Fawzy and Amal Refaat

Although taxation is not the most important determinant of investment, it has a major impact on its competitiveness and its net profitability through its affects on the cost of capital ... read more


Publications
Working Papers

Mean-Reversion Across MENA Stock Markets: Implications for Portfolio Allocations

Sam Hakim and Simon Neaime

Are stock market returns mean-reverting in the region? Mean reversion in a stock market suggests that bad returns are likely to be followed by periods of good returns. By contrast, ... read more


Publications
Working Papers

Financial Liberalization and Financial Constraints on the Corporate Sector in Tunisia

Mejda Bahlous and Mustapha Nabli

This paper studies the impact of the financial and economic liberalization in Tunisia since the mid-1980s on the financial structure and behavior of the corporate sector. We analyze the effect ... read more


Publications
Working Papers

Financial Structure, Creditworthiness and Stock Market Development: A Cross-Country Analysis

This paper examines the empirical relationship between financial structure, creditworthiness and stock market development in a cross-section of countries. This paper fills a necessary gap by testing the extent to ... read more


Publications
Working Papers

Further Evidence on the Link Between Finance and Cyclical Fluctuations

Ali Darrat and Mahmoud Haj

This paper explores the possibility that financial market development mitigates cyclical fluctuations in several developing countries.  The paper uses the GARCH approach to account for the time-varying behavior of macroeconomic ... read more


Publications
Working Papers

Testing the Efficiency of Turkish Banks

Ali Argun Karacabey

This paper reports results from the application of Data Envelopment Analysis (DEA) on Turkish commercial banks. The aim of this paper is twofold. First, to measure the “intermediation” efficiency and ... read more


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Publications
Working Papers

The Impact of Automation on Liquidity, Volatility, Stock Returns and Efficiency: Evidence from the Tunisian Stock Market

Olfa Benouda Sioud and Dorra Mezzez Hmaied

This paper studies the impact of Tunis stock exchange automation on liquidity, volatility and stock price behavior. By the end of 1996, securities listed on the Tunis stock exchange were ... read more


Publications
Working Papers

Dvidend Signaling Hypothesis and Short-Term Asset Concentration of Islamic Interest-free Banking

Joseph Farhat, Kabir Hassan and Bashir Al-Zu'bi

This paper finds that dividend signaling hypothesis is able to explain the phenomenon of assets concentration in short and medium investments in Islamic Interest-Free banking (IIFBs). In this paper a ... read more


Publications
Working Papers

Does the Exchange Rate Regime Affect Expectation Formation in the Foreign Exchange Market? The Case of a Currency that is Pegged to a Basket

Imad Moosa

An attempt is made to identify the expectation formation mechanism dominating the foreign exchange market when the domestic currency is pegged to a basket, using the Kuwaiti Dinar (KD) as ... read more


Publications
Working Papers

Liberalization, Ownership and Productivity in Turkish Banking

Ihsan Isik, Ugur Meleke and Ebru Isik

This paper examines productivity developments in public, private and foreign banks operating in Turkey over the initial post-liberalization period. With the help of a DEA-type Malmquist index approach, it also ... read more


Publications
Working Papers

Financial Distress and Bank Performance: Turkish Experience

Ihsan Isik, Kabir Hassan and Ebru Meleke-Isik

Turkey experienced a severe financial crisis in 1994 that resulted in a record level economic contraction and a large number of failures among industrial and financial firms. Employing a nonparametric ... read more


Publications
Working Papers

The Relationship of Earnings and Book Values to Equity Values: Evidence from Turkey

Asokan Anandarajan, Ihsan Isik and Ebru Isik

In this study, we examine factors associated with equity valuation in a newly emerging market, Turkey.  In the United States and other developed countries, research indicates that both earnings and ... read more


Publications
Working Papers

Succession Effects in Radically Different Environments: A Study in Turkish Banking before and after Liberalization

Behlül Üsdiken and Suleyman Ozmucur

This study examines the consequences of managerial succession in the banking sector of a highly interventionist and autarchic economy that has then attempted to move towards liberalization and internationalization. Results, ... read more