We examine the differential effects of financial status and exporting activity on the likelihood of survival for firms in the UK and France two countries with different financial systems. We aim to answer two main questions: What is the direct impact of financial characteristics and different facets of exporting activity on the likelihood of survival? Do the sensitivities of survival incidence ...

Volatility spillover effect in international financial markets is one of the principal issues that widely attract academic and industrial scholars’ attention. Through constructing a binary GARCH-BEKK model, this study empirically tests the volatility effects among stock market, gold market, WTI crude oil futures market and spot market, and concludes that there is bidirectional volatility spillo...

This papers studies the impact of a financial transactions tax on the trading volume and asset price volatility in a model with heterogeneous beliefs. To model heterogeneous beliefs we follow Kurz (1994, 1997) and restrict the class of beliefs to the subset of rational beliefs. We study a tax on bond and asset purchases. The simulated model shows that the introduction of a transaction tax resul...

ing from the likely increase in saving and wealth, the implications of growth in institutions, notably life insurers and pension funds, for financing patterns arise from differences in behaviour from the personal sector, which would otherwise hold assets directly. As we showed in Tables 7-9, portfolios of long-term institutions vary widely, but in most cases, they hold a greater proportion of c...

High-quality internal audit is expected to lead to high-quality financial reporting. High-quality financial reporting expresses itself in earning quality. Earning quality has been playing a key role in capital market for a long time. Finance users pay special attention to earning quality because they make their decision based on it. On the other hand, the market economy will experience awful, i...

The new paradigm in monetary policymaking gives accent to central banks‘ Independence. It is widely accepted that in modern monetary policymaking, central banks have three key goals: price stability, output stability and financial stability. Recent studies on central bank independence mainly investigate the effects of central bank independence on economic stability. But the effectiveness of cen...

This study investigated the relationship between financial development and economic growth for Ireland for the period 1965-2007 using a vector error correction model (VECM). Questions were raised whether financial development causes economic growth or reversely taking into account the positive effect of industrial production index. Financial market development is estimated by the effect of cred...

The goal of this paper is to measure the financial performance of 21 primary Clean Techs (CT) equity indexes, covering the primary energy markets worldwide. We use a modified state-space market model to recursively estimate the risk/return performance of each index, and two market benchmarks are considered, thus providing a more accurate picture of the financial outcomes of investing in these r...

The main purpose of this paper is to trace epistemological roots of conventional and Islamic finance. Based on an extensive literature review, this paper aims to highlight, explain, and discuss an ideal conventional and Islamic financial system. The ideal conventional financial system is discussed in light of various writings by Smith and Arrow, based on Arrow-Debreu model. On the other ...