This study builds on the MBA project work of one of the authors, Hanin Smahta, and the supervisory work of the first two authors. The authors acknowledge the financial support of the American University of Beirut Research Board (URB) for... more
This study builds on the MBA project work of one of the authors, Hanin Smahta, and the supervisory work of the first two authors. The authors acknowledge the financial support of the American University of Beirut Research Board (URB) for funding data collection. All errors are the authors’. 1 Globalization and Investment Opportunities: a Cointegration Study of Arab, U.S. and Emerging Stock Markets There is a debate in the investment circles on whether international diversification is still possible despite growing globalization and the consequent integration between various stock markets all over the world. This study explores whether Arab markets can offer international investors unique risk and return characteristics to diversify international and regional portfolios. A test of co-integration (measuring long-run relationship) is conducted among Arab stock markets, US and emerging markets general indices for a 65-month period (1997-
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Purpose – The purpose of this study is to identify the main drivers which can explain the relative success of BRIC countries (i.e. Brazil, Russia, India and China), collectively and individually, in attracting foreign direct investment... more
Purpose – The purpose of this study is to identify the main drivers which can explain the relative success of BRIC countries (i.e. Brazil, Russia, India and China), collectively and individually, in attracting foreign direct investment (FDIs). Unlike previous studies that have identified gross domestic product (GDP) as a major determinant, we find that for the sampling period 1980-2008, social variables (namely, high population growth and educated labor) and political variables account for 40 and 7 per cent of the variance in net inward FDI, respectively, and no importance for economic variables. Interestingly, for a sub-period (1999-2008), we observe the salience of financial (namely, sizable GDP economy, favorable net trade balance and controlled currency risk and sovereign debt risk) determinants of inward FDI (R2 is 44 per cent). On the other hand, when testing individual countries, it seems that FDI determinants are not universal as each country enjoys different characteristics...
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We examine the relation among average returns, market beta, firm size, and book-to-market value for Canadian stocks during 1975-92. We document a negative relation between average return and the market capitalization of firms, but find no... more
We examine the relation among average returns, market beta, firm size, and book-to-market value for Canadian stocks during 1975-92. We document a negative relation between average return and the market capitalization of firms, but find no relation between average ...
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Abstract: This study examines whether investors can still profit from successive financial analysts' recommendations announced within the same business week. Using a dataset sample of 230 stocks dated from January 1998 till August... more
Abstract: This study examines whether investors can still profit from successive financial analysts' recommendations announced within the same business week. Using a dataset sample of 230 stocks dated from January 1998 till August 2000, our findings indicate that ...