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Publications
Working Papers

Private Banking and Crony Capitalism in Egypt

Ishac Diwan and Marc Schiffbauer

In Egypt, the bulk of bank loans during 2003-2010 went to politically connected firms. At the same time, the banking sector was liberalized increasingly operated around competitive and profit-maximizing principles. ... read more


Publications
Working Papers

Crony Interlockers and The Centrality of Banks: The Network of Moroccan Listed Companies

Mohamed Oubenal

In this paper, we study crony capitalism through the lens of Moroccan listed companies and the role of the financial sector. We first highlight the role of banks in the ... read more


Publications
Working Papers

I’ve Got the Power: Mapping Connections between Lebanon’s Banking Sector and the Ruling Class

Jad Chaaban

This paper explores the extent to which local commercial banks in Lebanon are linked to the country’s political class, and how this impacts their efficiency and sovereign risk exposure. By ... read more


Publications
Working Papers

Local Versus International Crises, Foreign Subsidiaries and Bank Stability: Evidence from the MENA Region

Tammuz Alraheb and Amine Tarazi

We investigate the impact of global and local crises on bank stability and examine the effect of owning bank subsidiaries in other countries. We consider banks from MENA countries which ... read more


Publications
Working Papers

Risk Sharing Vs Risk Bearing and Shifting: Evidence from Conventional and Islamic Banks of MENA Region Using Metafrontier Directional Distance Functions

Zouheir Bouchaddakh and Mohamed Mekki Ben Jemaa

A large empirical literature has been developed, in the two last decades, to compare performance of Islamic and conventional banks. This paper contributes to this literature using a new methodology ... read more


Publications
Working Papers

The Impact of Institutional Blockholders on Voluntary Disclosure and Transparency: The Case of Egypt

Doaa El-Diftar, Eleri Jones and Mohamed Moustafa Soliman

Disclosure and transparency are crucial elements in the improvement of overall corporate governance.  Disclosure is a very important mean of communication between management and outside investors.  This study investigates how ... read more


Publications
Working Papers

Can Gulf Banks Pass the CCAR Stress Tests?

Mahmoud Haddad and Sam Hakim

The absence of a uniform standard for stress tests is a key challenge today for Central Banks in the Gulf. This paper utilizes the Dodd-Frank 2010 Comprehensive Capital Analysis and ... read more


Publications
Working Papers

Modelling Conditional Volatility and Downside Risk for Istanbul Stock Exchange

Amira Akl Ahmed and Doaa Akl Ahmed

We investigated the impact of alternative variance equation specifications and different densities on the forecasting of one-day-ahead value-at-risk for the Istanbul stock market. The three employed models are symmetric GARCH(1,1) ... read more


Publications
Working Papers

Momentum in Emerging Markets: Investigation of Overconfidence and Cognitive BIAS Factors

Hamadi Matoussi and Faten Zoghlami

ABSTRACT The purpose of this paper is to check if investors in emerging markets, especially in the Tunisian stock market, have the same psychological biases as those documented in developed markets. To achieve ... read more


Publications
Working Papers

Financial Guarantee as an Innovation Tool in Islamic Project Finance

Kabir Hassan and Issouf Soumaré

Abstract This paper proposes a model to study the arrangement of Islamic project finance with the participation of the government as a provider of loan guarantees. The owner-shareholders (musharaka certificate holders) initiate a ... read more


Publications
Working Papers

The Structure of the Turkish Banking Sector After the 2000-2001 Crisis: An Empirical Investigation

Kivilcim Metin Ozcan and Nur Sevim Kafalı

Abstract This paper aims to test the balance sheet effects of the 2000 and 2001 financial crises on the Turkish banking system. The analysis employs panel data for 54 banks that covers ... read more


Publications
Working Papers

A Test of the News Model of Stock Price Determination in an Emerging Market: The Case of Kuwait

Sulaiman Al-Abduljader and Imad Moosa

Abstract In this paper a news model of stock price determination is specified and estimated using the KSE index as the price variable over the period January 1996-December 2004. Of the five explanatory ... read more


Publications
Working Papers

The Effects of Bank Regulations, Competition and Financial Reforms on MENA Banks’ Profitability

Samy Bennaceur and Mohammed Omran

Abstract In this paper, we examine the influence of bank regulations, concentration, financial and institutional development on commercial bank margin and profitability across a broad menu of Middle East and North Africa (MENA) ... read more


Publications
Working Papers

Structure du Capital et Gouvernance des Societes Cotees au Maroc

Sidi Mohamed Rigar and Sanae Solhi

Abstract Le débat autour de la question de gouvernance des entreprise s’est acharné ces dernières années avec la multiplication des scandales financiers et les déroutes qu’ont connues certaines firmes par rapport aux règles ... read more


Publications
Working Papers

The Impact of Capital Requirements on Banks’ Cost of Intermediation and Performance: The Case of Egypt

Samy Bennaceur and Magda Kandil

Abstract In 1991, the Central Bank of Egypt increased the minimum capital requirements for the banking industry vis-à-vis risk-weighted assets to 8 percent, along the lines proposed by the Basel Committee on Banking ... read more


Publications
Working Papers

Intertemporal Test of Beta Stationarity Performance of Islamic Sector Structured Mutual Funds

Mahmoud Haddad, Ghassem Homaifar, Said Elfakahani and Hikmat Ahmedov

Abstract The purpose of this research paper is to examine social Islamic mutual funds’ financial performance. Since Islamic mutual funds have only been around for the past two decades, most of the research ... read more