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Stock market integration between developing and emerging markets
has numerous benefits for creating a global - yet stable - world
economy. It increases competition and the efficiency of local
markets, in turn reducing price volatility and the cost of capital
among integrated markets. It also generates capital flows, which
enhance financial stability and spur economic growth. At its core,
stock market integration has an important role to play in both
developing and emerging markets still reeling from the global
financial crisis. Global Stock Market Integration analyzes the
financial makeup of developing and emerging markets around the
world, providing empirical insights into market integration,
co-movements in price, crises, and efficiency linkages. Mobarek and
Mollah argue that the relationship between market integration and
market efficiency within developing and emerging countries is not
the only measure necessary for effecting real financial growth.
This work brings the review of theories and empirical research on
the topic up-to-date and expands the existing literature with new
perspectives on developed and emerging markets.
Islamic finance often faces numerous challenges in a dynamic
marketplace. This book aims to discuss contemporary issues and
challenges in Islamic finance to inform discussions surrounding the
governance system, the Islamic legal system, prudential
regulations, Islamic home financing, and Islamic microfinance.
Furthermore, corporate social responsibility (CSR), Islamic
accounting, risk management, Basel Accord, and Shari'ah governance
systems are discussed in the book. Despite the relevance of these
issues in Islamic finance, only a few reference sources exist. This
book will provide a guide for academics, students, and banking
professionals to acquaint them with the theory and practice of
Islamic finance, filling a needed gap.
Islamic finance often faces numerous challenges in a dynamic
marketplace. This book aims to discuss contemporary issues and
challenges in Islamic finance to inform discussions surrounding the
governance system, the Islamic legal system, prudential
regulations, Islamic home financing, and Islamic microfinance.
Furthermore, corporate social responsibility (CSR), Islamic
accounting, risk management, Basel Accord, and Shari'ah governance
systems are discussed in the book. Despite the relevance of these
issues in Islamic finance, only a few reference sources exist. This
book will provide a guide for academics, students, and banking
professionals to acquaint them with the theory and practice of
Islamic finance, filling a needed gap.
'The harder we look at the dividend picture, the more it seems like
a puzzle, with pieces that just don't fit together' (Black 1976, p.
5). A number of researchers provide insights, theoretical as well
as empirical, into the dividend policy puzzle. The issue as to why
firms pay dividends is as yet unresolved. There is no unanimity
among researchers but everyone agrees that the issue is important,
as dividend payment is one of the most commonly observed phenomenon
in corporations world-wide. The empirical results identify
leverage, size, insider ownership, and collateralizable assets as
the major determinants of dividend policy. The empirical results
document that dividend decision is primarily governed by cash flow
for measuring the capacity of the companies to pay dividends and
dividends paid in the previous years. The empirical results also
identify Brittain's (1966) partial adjusted model as the best-fit
dividend behavioural model. As insiders trade in the market,
information used to be adjusted with the share prices before
announcement, therefore, dividend announcement does not convey any
new information to the emerging market.
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