Capital Markets Review

1993 - 2024

Current editor(s): Hooy Chee Wooi

From Malaysian Finance Association
Bibliographic data for series maintained by Capital Market Review ().

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Volume 32, issue 1, 2024

Assessing the Carbon Footprints of Income Growth, Green Finance, Institutional Quality and Renewable Energy Consumption in Emerging Asian Economies pp. 1-27

Tze-Haw Chan, Abdul Saqib and Agustin Isnaini Nuzula

Are Malaysian IPO Investors Influenced by Sentiment Factors or Fundamental Factors? pp. 29-58

Evelyn Yee-Foon Kong and Kin-Boon Tang

The Role of Institutional Investors in The Indian Stock Markets During the Pandemic pp. 75-99

Nikunj Patel, Aakruti Patel and Bhavesh Patel

Does Uncertainty Indices Impact the Cryptocurrency Market pp. 101-114

Li Yi Thong, Ricky Chee Jiun Chia and Mohd Fahmi Ghazali

Volume 31, issue 2, 2023

Negative Social Media Sentiments and Capital Structure pp. 1-22

Samuel Jebaraj Benjamin, Zhuoan Feng and Pallab Kumar Biswas

COVID-19 Dynamics and Financing of Cash Flow Shortages: Evidence from Firm-Level Survey pp. 23-53

Yusuf Adeneye, Fathyah Hashim, Yusuf Babatunde Rahman and Normaizatul Akma Saidi

CSR Performance and Profitability of the Banking Industry in Southeast Asia Nations (ASEAN) pp. 55-68

Berto Usman, Ridwan Nurazi, Intan Zoraya and Nurna Aziza

Financial Performance as a Determinant of The Cost of Capital: An Empirical Study on Listed Companies in India pp. 69-87

Naseem Ahamed and Nitya Nand Tripathi

The Performance of ESG ETFs in the U.S pp. 89-101

Gerasimos G. Rompotis

Volume 31, issue 1, 2023

Corporate Risk-Taking and Cash Holdings: The Moderating Effect of Investor Protection pp. 1-23

Fatima Saleh Abd Almajeed Al-Hamshary, Akmalia M. Ariff, Khairul Anuar Kamarudin and Norakma Abd Majid

Impacts of COVID-19 and Related Government Policies on the Returns of the US Dollar Against the Malaysian Ringgit pp. 25-45

Chee-Hong Law and Chee-Lip Tee

Determinants of Dividend Policies in Shariah Compliant and Non-Shariah Compliant Firms: A Panel Quantile Approach pp. 47-58

Mohd Ashari Bakri and Chia Chia Yong

Weak Form of Call Auction Prices: Simulation Using Monte Carlo Variants pp. 59-71

Dinabandhu Bag and Saurabh Goel

The Effects of Lockdown, Economic Stimulus Packages and National Recovery Plan Announcements on the Malaysian Stock Market pp. 73-84

Kok Jun Tan and Mohd Edil Abd Sukor

Volume 30, issue 2, 2022

Malaysian Domestic Bond Market Experience:Lessons for Emerging Economies pp. 1-18

Meng-Wai Lee, Michael Meow-Chung Yap and Kim-Leng Goh

Asymmetric Real Exchange Rate and Foreign Direct Investment Determinants: An Empirical Study of Malaysia pp. 19-37

Hock Tsen Wong

Actively Managed ETFs: A Performance Evaluation pp. 39-61

Gerasimos Georgiou Rompotis

Digital Cashless Payments and Economic Growth: Evidence from CPMI Countries pp. 63-89

Yi-Xun Pang, Sin-Huei Ng and Wei-Theng Lau

Digital Cashless Payments and Economic Growth: Evidence from CPMI Countries pp. 91-106

Noor Shazreen Mortadza and Rossazana Ab-Rahim

Volume 30, issue 1, 2022

The Effects of Market Strength, Information Asymmetry, and Industrial Characteristics on Malaysian Firms’ CAR During COVID-19 Pandemic pp. 1-15

Saw Imm Song, Jennifer Tunga Janang, Erimalida Yazi and Fareiny Morni

Board Governance, Dividend Payout and Executive Compensation in Malaysian Firms pp. 17-35

Ravichandran K. Subramaniam, Khakan Najaf and Murugasu Thangarajah

Impact of Governance Quality on Default Risk of Socially Responsible Firms: International Evidence pp. 37-49

Bolaji Tunde Matemilola, Suleiman Ahmed Bhandari and Amin Noordin Bany-Ariffin

An Empirical Study on Co-Integration and Causality Among GCC Stock Markets pp. 51-64

Vikram Mohite and Vibha Bhandari

Currency Carry Trades and Stock Market Returns in Africa Abstract: Research Question: Is there a causal link between African currency targeted carry trades and the returns of their stock market indices? What is the nature of return volatility in carry trades and stock markets, and does volatility spillover exist between the two series in Africa? Motivation: The interactive and dynamic relationship between currency carry trade returns and stock market returns has not been communicated in exactitude, especially in emerging and frontier markets of Africa. This study explores the causal link between African currency carry trades and stock market returns. It also explores the dynamic relationship and volatility spillover between the currency carry trades and stock market returns. Idea: The primary idea is that there is conclusive evidence on the empirical failure of the uncovered interest rate parity (UIP) condition, and currency carry trades, which are investment/trading strategies, seek to exploit this failure. Data: Data on prices of stock market indices, interbank interest rates, and exchange rates between the target currencies and funding currencies of weekly periodicity sourced from DataStream, Quantic EasyData, and the central banks of the sampled countries are used. Method/Tools: The vector autoregressive (VAR) - Granger causality framework and the dynamic conditional correlationgeneralised autoregressive conditional heteroskedasticity (DCC-GARCH) estimation technique were employed in this study. Findings: The study finds evidence of causality running from carry trades to stock markets in 22 out of the 28 currency pairs studied, but not causality from stock markets to carry trades. Traces of volatility spillover could only be observed from carry trades to stock markets in 10 out of the 28 currency pairs studied. We conclude that the African currency carry trades drive their stock markets, that the conditional correlations between currency carry trades and stock market returns are dynamic and time-varying, and that there is high degree of persistence in African return volatility. Contributions: This study has made significant contribution to our knowledge on currency carry trades in Africa’s emerging and frontier markets. It has shown the interactive and dynamic relationships that exist between currency carry trade returns and the returns of stock market indices pp. 65-83

Godfred Aawaar, Eric Nkansah and Irrshad Kaseeram

Volume 29, issue 2, 2021

Stock Market Reaction to Political Regime Change in Malaysia pp. 1-11

Fareiny Morni and Erimalida Yazi

Effects of Venture Capital, R&D, and Technology on IPO Underpricing: Evidence from China pp. 13-28

Md. Jahidur Rahman and Mingyang Yang

Effect of Minimum Tick Size Policy on Price Efficiency and Execution Cost pp. 29-41

Syamsul Idul Adha and A. Sakir

Exchange Rate Dependency Between Emerging Countries-Case of Black Sea Countries pp. 43-54

Muhammad Mar’i and Turgut Türsoy

Volume 29, issue 1, 2021

Interaction Impact of Monetary Policy and Inflation on Corporate Debt in Developing Nations pp. 1-16

Bolaji Tunde Matemilola and Mohamed Azali

Does Entropy Index Explain the Determinant of Capital Market Integration in ASEAN? pp. 17-39

Ignatius Roni Setyawan and Buddi Wibowo

ASEAN-5 and Indian Financial Market Linkages: Evidence from Cointegration and Factor Analysis pp. 41-58

Ritesh Patel

Noise Trader Risk-Evidence from China’s Stock Market pp. 59-72

Liang Ye and Yeng-May Tan

Volume 28, issue 2, 2020

Performance of ProShares Triple-Leveraged Equity ETFs pp. 1-18

Ramesh Adhikari, Humnath Panta and M. Kabir Hassan

Max-Effect in the Indonesian Market pp. 19-27

Leo Julianto and Irwan Adi Ekaputra

Predicting SMEs Failure: Logistic Regression vs Artificial Neural Network Models pp. 29-41

Juraini Zainol Abidin, Nur Adiana Hiau Abdullah and Karren Lee-Hwei Khaw

Stock Markets’ Integration in Post Financial Crisis Era: Evidence from Literature pp. 43-71

Muhammad Hanif and Ariba Sabah

Volume 28, issue 1, 2020

Corporate Governance in Australia: Share Repurchases under an Imputation Tax System pp. 1-23

Hussein Abedi Shamsabadi, Byung S. Min, Imen Tebourbi and Mohammad Nourani

Do Heterogeneous Boards Promote Firm Innovation? Evidence from Malaysia pp. 25-47

Sa’adiah Munir, Gary John Rangel, Ravichandran Subramaniam and Mohd. Zulkhairi bin Mustapha

We Bring You Capital and Job – Foreign Investment and Employment in Malaysia pp. 49-63

Amy Dict-Weng Kwan and Tuck Cheong Tang

Global and Local Commodity Prices: A Further Look at the Indonesian Agricultural Commodities pp. 65-76

Pradita Nareswari and Sigit Wibowo

Volume 27, issue 2, 2019

Adopting a Structured Abstract Design to More Effectively Catch Reader Attention: An Application of the Pitching Research® Framework pp. 1-13

Robert Faff

Institutional Quality, Tax Avoidance, and Analysts' Forecast: International Evidence pp. 15-35

Akmalia M. Ariff and Khairul Anuar Kamarudin

An Empirical Study of Herding Behaviour in China’s A-Share and B-Share Markets: Evidence of Bidirectional Herding Activities pp. 37-57

Oi-Ping Chong, A.N. Bany-Ariffin, Annuar Md Nassir and Junaina Muhammad

The Effect of Financial Constraints on Audit Fees pp. 59-87

Samuel Jebaraj Benjamin

Effect of Standardization of Trading Board Lot on Abnormal Liquidity in Malaysian Stock Market pp. 89-102

Nor Elliany Hawa Ibrahim, Kamarun Nisham Taufil Mohd and Karren Lee-Hwei Khaw

Volume 27, issue 1, 2019

Financial Openness and Trade Openness Nexus: Empirical Evidence from Global Data pp. 1-18

Xiao-Jun Goh, Wen-Qi Tong and Tuck Cheong Tang

Asymmetric Effects of Exchange Rates on Stock Prices in G7 Countries pp. 19-33

Arash Habibi and Chin Lee

The Malaysian Domestic Bond Market: Growing into its Rightful Role pp. 34-52

Meng-Wai Lee, Kim-Leng Goh and Michael Meow-Chung Yap

Exchange Rate Movements, Earnings Management and Stock Returns in Malaysia pp. 53-68

Bao Quan Lock, Ei Yet Chu, Saw Imm Song and Lian Yin Lee

Volume 26, issue 2, 2018

Frequency and Sequence: Convertible Debt Issuance Announcement Effect on Stock Returns pp. 1-20

Sri Noor Aishah Binti Mohd Salleh and Karren Lee-Hwei Khaw

Stock Market Liberalization Impact on Sectoral Stock Market Return in Malaysia pp. 21-31

Subashini Maniam and Chin Lee

Behavioural Asset Pricing Determinants in a Factor and Style Investing Framework pp. 32-52

Jasman Tuyon and Zamri Ahmad

Do Firm Size and Value Affect Shareholder Returns in Malaysia? pp. 53-69

Pheng Bian Ong, Mohamed Hisham Hanifa and Mansor Mohd Isa

Volume 26, issue 1, 2018

Political Uncertainty and the Greek Stock Market over the Period 2011-2015 pp. 1-18

Gerasimos G. Rompotis

Interaction Effects of Country-Level Governance Quality and Debt on Stock Returns in Developing Nations pp. 19-35

Bolaji Tunde Matemilola, Bany-Ariffin A. N. and Annuar Md. Nassir

The Role of Country-Level Differences in Influencing ASEAN Firms’ Cross-Border Mergers and Acquisitions (CBMAs) Success pp. 36-55

Nurhazrina Mat Rahim and Ruhani Hj. Ali

The Relative Importance of Cash Flow News and Discount Rate News at Driving Stock Price Change pp. 56-72

Mohsen Jafarian, Fauzias Mat Nor and Izani Ibrahim