42 results on '"Power, David"'
Search Results
2. Gene targeting as a tool to investigate granulocyte function
- Author
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Power, David
- Subjects
572.8 ,Chronic granulomatous disease - Abstract
Neutrophils provide the body's first line of defence against infection by bacteria and fungi. The aim of this project was to use gene targeting to determine the effect of disrupting three genes thought to be important in neutrophil function. Mice lacking p47phox. a component of the NADPH oxidase, were found to suffer from a condition identical to the human disorder chronic granulomatous disease (CGD). Like sufferers of CGD the mutant mice lacked the activity of the NADPH oxidase, developed granulomas and were extremely susceptible to infection by C.albicans. Mice deficient in grancalcin, an EF hand calcium binding protein expressed in neutrophils, were healthy and fertile. Neutrophils from the mutant mice could kill S.aureus and migrate to the peritoneum normally. The mutant mice themselves were able to resolve infection by S.aureus in an identical manner to wild type mice. Further research will be required using the mutant mice to define the role of grancalcin. Mice lacking Csk specifically in their neutrophils were generated using conditional gene targeting and found to suffer from pneumonia. Csk is thought to down regulate the Src family of tyrosine kinases and the tenfold elevation in tyrosine phosphorylation in the neutrophils of the mutant mice implied that Csk actively plays this role in neutrophils. The results obtained not only show how essential p47phox and Csk are for normal neutrophil function but how essential neutrophils are to the immune system.
- Published
- 1998
3. An empirical investigation of UK stock market overreaction
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Power, David M.
- Subjects
332.6420941 - Published
- 1992
4. The Christian anthropology of Augustine Baker's 'Holy wisdom'
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Power, David John
- Subjects
100 ,Philosophy - Published
- 1991
5. First principles characterisation of bio-nano interface
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Rouse, Ian, Power, David, Brandt, Erik G., Schneemilch, Matthew, Kotsis, Konstantinos, Quirke, Nick, Lyubartsev, Alexander P., Lobaskin, Vladimir, Rouse, Ian, Power, David, Brandt, Erik G., Schneemilch, Matthew, Kotsis, Konstantinos, Quirke, Nick, Lyubartsev, Alexander P., and Lobaskin, Vladimir
- Abstract
Nanomaterials possess a wide range of potential applications due to their novel properties and exceptionally high activity as a result of their large surface to volume ratios compared to bulk matter. The active surface may present both advantage and risk when the nanomaterials interact with living organisms. As the overall biological impact of nanomaterials is triggered and mediated by interactions at the bio-nano interface, an ability to predict those from the atomistic descriptors, especially before the material is produced, can present enormous advantage for the development of nanotechnology. Fast screening of nanomaterials and their variations for specific biological effects can be enabled using computational materials modelling. The challenge lies in the range of scales that needs to be crossed from the material-specific atomistic representation to the relevant length scales covering typical biomolecules (proteins and lipids). In this work, we present a systematic multiscale approach that allows one to evaluate crucial interactions at the bionano interface from the first principles without any prior information about the material and thus establish links between the details of the nanomaterials structure to protein-nanoparticle interactions. As an example, an advanced computational characterization of titanium dioxide nanoparticles (6 different surfaces of rutile and anatase polymorphs) has been performed. We computed characteristics of the titanium dioxide interface with water using density functional theory for electronic density, used these parameters to derive an atomistic force field, and calculated adsorption energies for essential biomolecules on the surface of titania nanoparticles via direct atomistic simulations and coarse-grained molecular dynamics. Hydration energies, as well as adsorption energies for a set of 40 blood proteins are reported.
- Published
- 2021
- Full Text
- View/download PDF
6. Impact of anemia on short-term outcomes after TAVR: A subgroup analysis from the BRAVO-3 randomized trial
- Author
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Onderzoek Vrouw Hart & Vaatziekten, Team Medisch, Circulatory Health, Razuk, Victor, Camaj, Anton, Cao, Davide, Nicolas, Johny, Hengstenberg, Christian, Sartori, Samantha, Zhang, Zhongjie, Power, David, Beerkens, Frans, Chiarito, Mauro, Meneveau, Nicolas, Tron, Christophe, Dumonteil, Nicolas, Widder, Julian D., Ferrari, Markus, Violini, Roberto, Stella, Pieter R., Jeger, Raban, Anthopoulos, Prodromos, Mehran, Roxana, Dangas, George D., Onderzoek Vrouw Hart & Vaatziekten, Team Medisch, Circulatory Health, Razuk, Victor, Camaj, Anton, Cao, Davide, Nicolas, Johny, Hengstenberg, Christian, Sartori, Samantha, Zhang, Zhongjie, Power, David, Beerkens, Frans, Chiarito, Mauro, Meneveau, Nicolas, Tron, Christophe, Dumonteil, Nicolas, Widder, Julian D., Ferrari, Markus, Violini, Roberto, Stella, Pieter R., Jeger, Raban, Anthopoulos, Prodromos, Mehran, Roxana, and Dangas, George D.
- Published
- 2021
7. Complement C5a induces renal injury in diabetic kidney disease by disrupting mitochondrial metabolic agility
- Author
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Tan, Sih Min, Ziemann, Mark, Thallas-Bonke, Vicki, Snelson, Matthew, Kumar, Vinod, Laskowski, Adrienne, Nguyen, Tuong-Vi, Huynh, Kevin, Clarke, Michele V., Libianto, Renata, Baker, Scott T., Skene, Alison, Power, David A., MacIsaac, Richard J., Henstridge, Darren C., Wetsel, Rick A., El-Osta, Assam, Meikle, Peter J., Wilson, Scott G., Forbes, Josephine M., Cooper, Mark E., Ekinci, Elif I., Woodruff, Trent M., Coughlan, Melinda T., Tan, Sih Min, Ziemann, Mark, Thallas-Bonke, Vicki, Snelson, Matthew, Kumar, Vinod, Laskowski, Adrienne, Nguyen, Tuong-Vi, Huynh, Kevin, Clarke, Michele V., Libianto, Renata, Baker, Scott T., Skene, Alison, Power, David A., MacIsaac, Richard J., Henstridge, Darren C., Wetsel, Rick A., El-Osta, Assam, Meikle, Peter J., Wilson, Scott G., Forbes, Josephine M., Cooper, Mark E., Ekinci, Elif I., Woodruff, Trent M., and Coughlan, Melinda T.
- Published
- 2020
8. A multiscale model of protein adsorption on a nanoparticle surface
- Author
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Power, David, Rouse, Ian, Poggio, Stefano, Brandt, Erik, Lopez, Hender, Lyubartsev, Alexander, Lobaskin, Vladimir, Power, David, Rouse, Ian, Poggio, Stefano, Brandt, Erik, Lopez, Hender, Lyubartsev, Alexander, and Lobaskin, Vladimir
- Abstract
We present a methodology to quantify the essential interactions at the interface between inorganic solid nanoparticles (NPs) and biological molecules. Our model is based on pre-calculation of the repetitive contributions to the interaction from molecular segments, which allows us to efficiently scan a multitude of molecules and rank them by their adsorption affinity. The interaction between the biomolecular fragments and the nanomaterial are evaluated using a systematic coarse-graining scheme starting from all-atom molecular dynamics simulations. The NPs are modelled using a two-layer representation, where the outer layer is parameterized at the atomistic level and the core is treated at the continuum level using Lifshitz theory of dispersion forces. We demonstrate that the scheme reproduces the experimentally observed features of the NP protein coronas. To illustrate the use of the methodology, we compute the adsorption energies for human blood plasma proteins on gold NPs of different sizes as well as the preferred orientation of the molecules upon adsorption. The computed energies can be used for predicting the composition of the NP-protein corona for the corresponding material.
- Published
- 2019
- Full Text
- View/download PDF
9. Impact of diabetes mellitus on short term vascular complications after TAVR : Results from the BRAVO-3 randomized trial
- Author
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Goel, Ridhima, Power, David, Tchetche, Didier, Chandiramani, Rishi, Guedeney, Paul, Claessen, Bimmer E, Sartori, Samantha, Cao, Davide, Meneveau, Nicolas, Tron, Christophe, Dumonteil, Nicolas, Widder, Julian D, Hengstenberg, Christian, Ferrari, Markus, Violini, Roberto, Stella, Pieter R, Jeger, Raban, Anthopoulos, Prodromos, Deliargyris, Efthymios N, Mehran, Roxana, Dangas, George D, Goel, Ridhima, Power, David, Tchetche, Didier, Chandiramani, Rishi, Guedeney, Paul, Claessen, Bimmer E, Sartori, Samantha, Cao, Davide, Meneveau, Nicolas, Tron, Christophe, Dumonteil, Nicolas, Widder, Julian D, Hengstenberg, Christian, Ferrari, Markus, Violini, Roberto, Stella, Pieter R, Jeger, Raban, Anthopoulos, Prodromos, Deliargyris, Efthymios N, Mehran, Roxana, and Dangas, George D
- Published
- 2019
10. Impact of diabetes mellitus on short term vascular complications after TAVR: Results from the BRAVO-3 randomized trial
- Author
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Team Medisch, Circulatory Health, Goel, Ridhima, Power, David, Tchetche, Didier, Chandiramani, Rishi, Guedeney, Paul, Claessen, Bimmer E, Sartori, Samantha, Cao, Davide, Meneveau, Nicolas, Tron, Christophe, Dumonteil, Nicolas, Widder, Julian D, Hengstenberg, Christian, Ferrari, Markus, Violini, Roberto, Stella, Pieter R, Jeger, Raban, Anthopoulos, Prodromos, Deliargyris, Efthymios N, Mehran, Roxana, Dangas, George D, Team Medisch, Circulatory Health, Goel, Ridhima, Power, David, Tchetche, Didier, Chandiramani, Rishi, Guedeney, Paul, Claessen, Bimmer E, Sartori, Samantha, Cao, Davide, Meneveau, Nicolas, Tron, Christophe, Dumonteil, Nicolas, Widder, Julian D, Hengstenberg, Christian, Ferrari, Markus, Violini, Roberto, Stella, Pieter R, Jeger, Raban, Anthopoulos, Prodromos, Deliargyris, Efthymios N, Mehran, Roxana, and Dangas, George D
- Published
- 2019
11. Deficiency in apoptosis-inducing factor recapitulates chronic kidney disease via aberrant mitochondrial homeostasis
- Author
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Coughlan, Melinda T., Higgins, Gavin C., Nguyen, Tuong-Vi, Penfold, Sally A., Thallas-Bonke, Vicki, Tan, Sih Min, Ramm, Georg, Van Bergen, Nicole J., Henstridge, Darren C., Sourris,Karly C., Harcourt, Brooke E., Trounce, Ian A., Robb, Portia M., Laskowski, Adrienne, McGee, Sean L., Genders, Amanda J., Walder, Ken, Drew, Brian G., Gregorevic, Paul, Qian, Hongwei, Thomas, Merlin C., Jerums, George, Macisaac, Richard J., Skene, Alison, Power, David A., Ekinci, Elif I., Wijeyeratne, Xiaonan W., Gallo, Linda A., Herman-Edelstein, Michal, Ryan, Michael T., Cooper, Mark E., Thorburn, David R., Forbes, Josephine M., Coughlan, Melinda T., Higgins, Gavin C., Nguyen, Tuong-Vi, Penfold, Sally A., Thallas-Bonke, Vicki, Tan, Sih Min, Ramm, Georg, Van Bergen, Nicole J., Henstridge, Darren C., Sourris,Karly C., Harcourt, Brooke E., Trounce, Ian A., Robb, Portia M., Laskowski, Adrienne, McGee, Sean L., Genders, Amanda J., Walder, Ken, Drew, Brian G., Gregorevic, Paul, Qian, Hongwei, Thomas, Merlin C., Jerums, George, Macisaac, Richard J., Skene, Alison, Power, David A., Ekinci, Elif I., Wijeyeratne, Xiaonan W., Gallo, Linda A., Herman-Edelstein, Michal, Ryan, Michael T., Cooper, Mark E., Thorburn, David R., and Forbes, Josephine M.
- Abstract
Apoptosis-inducing factor (AIF) is a mitochondrial flavoprotein with dual roles in redox signaling and programmed cell death. Deficiency in AIF is known to result in defective oxidative phosphorylation (OXPHOS), via loss of complex I activity and assembly in other tissues. Because the kidney relies on OXPHOS for metabolic homeostasis, we hypothesized that a decrease in AIF would result in chronic kidney disease (CKD). Here, we report that partial knockdown of Aif in mice recapitulates many features of CKD, in association with a compensatory increase in the mitochondrial ATP pool via a shift toward mitochondrial fusion, excess mitochondrial reactive oxygen species production, and Nox4 upregulation. However, despite a 50% lower AIF protein content in the kidney cortex, there was no loss of complex I activity or assembly. When diabetes was superimposed onto Aif knockdown, there were extensive changes in mitochondrial function and networking, which augmented the renal lesion. Studies in patients with diabetic nephropathy showed a decrease in AIF within the renal tubular compartment and lower AIFM1 renal cortical gene expression, which correlated with declining glomerular filtration rate. Lentiviral overexpression of Aif1m rescued glucose-induced disruption of mitochondrial respiration in human primary proximal tubule cells. These studies demonstrate that AIF deficiency is a risk factor for the development of diabetic kidney disease.
- Published
- 2016
12. Financial Profiles, Dividends and Stock Returns
- Author
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Gunasekarage, Abeyratna, Hes, Kurt, Power, David, Gunasekarage, Abeyratna, Hes, Kurt, and Power, David
- Abstract
The aims of this paper are (a) to examine whether changes in dividend can be forecasted from past financial statement information and (b) to investigate whether such forecasts can be exploited to yield abnormal returns. A two-step approach is adopted. First, a logit model is developed to predict one year-ahead changes in dividends. Second, the buy-and-hold returns for a trading strategy based on the dividend forecasts are calculated. The logit model developed has some success in predicting future dividend changes. However, attempts to exploit these predictions proved unsuccessful; a strategy of buying (selling) shares where dividends were predicted to increase (decrease) would earn a negative abnormal return of -2.34% over 24 months. This is one of the first studies to forecast dividend changes for a sample of New Zealand companies using past financial statement data and to test if the market is semi-strong-form efficient with respect to these dividend predictions.
- Published
- 2015
13. Do we pay our community preceptors? Results from a CERA clerkship directors' survey.
- Author
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Anthony, David, Anthony, David, Jerpbak, Christine M, Margo, Katherine L, Power, David V, Slatt, Lisa M, Tarn, Derjung M, Anthony, David, Anthony, David, Jerpbak, Christine M, Margo, Katherine L, Power, David V, Slatt, Lisa M, and Tarn, Derjung M
- Abstract
Background and objectivesFamily medicine clerkships depend heavily on community-based family physician preceptors to teach medical students. These preceptors have traditionally been unpaid, but in recent years some clerkships have started to pay preceptors. This study determines trends in the number and geographic region of programs that pay their community preceptors, identifies reasons programs pay or do not pay, and investigates perceived advantages and disadvantages of payment.MethodsWe conducted a cross-sectional, electronic survey of 134 family medicine clerkship directors at allopathic US medical schools.ResultsThe response rate was 62% (83/132 clerkship directors). Nineteen of these (23%) currently pay community preceptors, 11 of whom are located in either New England or the South Atlantic region. Sixty-three percent of programs who pay report that their community preceptors are also paid for teaching other learners, compared to 32% of those programs who do not pay. Paying respondents displayed more positive attitudes toward paying community preceptors, though a majority of non-paying respondents indicated they would pay if they had the financial resources.ConclusionsThe majority of clerkships do not pay their community preceptors to teach medical students, but competition from other learners may drive more medical schools to consider payment to help with preceptor recruitment and retention. Medical schools located in regions where there is competition for community preceptors from other medical and non-medical schools may need to consider paying preceptors as part of recruitment and retention efforts.
- Published
- 2014
14. Renal Structure in Normoalbuminuric and Albuminuric Patients With Type 2 Diabetes and Impaired Renal Function
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Ekinci , Elif, Jerums, George, Skene, Alison, Crammer, Paul, Power, David, Cheong, Karey, Panagiotopoulos, Sianna, McNeil, Karen, Baker, Scott, Fioretto, Paola, MacIsaac, Richard, Ekinci , Elif, Jerums, George, Skene, Alison, Crammer, Paul, Power, David, Cheong, Karey, Panagiotopoulos, Sianna, McNeil, Karen, Baker, Scott, Fioretto, Paola, and MacIsaac, Richard
- Published
- 2013
15. The outcome of renal ischemia-reperfusion injury is unchanged in AMPK-β1 deficient mice
- Author
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Mount, Peter F., Gleich, Kurt, Tam, Shanna, Fraser, Scott A., Choy, Suet-Wan, Dwyer, Karen M., Lu, Bo, Van Denderen, Bryce, Fingerle-Rowson, Günter, Bucala, Richard, Kemp, Bruce E., Power, David A., Mount, Peter F., Gleich, Kurt, Tam, Shanna, Fraser, Scott A., Choy, Suet-Wan, Dwyer, Karen M., Lu, Bo, Van Denderen, Bryce, Fingerle-Rowson, Günter, Bucala, Richard, Kemp, Bruce E., and Power, David A.
- Abstract
AIM: Activation of the master energy-regulator AMP-activated protein kinase (AMPK) in the heart reduces the severity of ischemia-reperfusion injury (IRI) but the role of AMPK in renal IRI is not known. The aim of this study was to determine whether activation of AMPK by acute renal ischemia influences the severity of renal IRI. METHODS: AMPK expression and activation and the severity of renal IRI was studied in mice lacking the AMPK β1 subunit and compared to wild type (WT) mice. RESULTS: Basal expression of activated AMPK, phosphorylayed at αThr¹⁷², was markedly reduced by 96% in AMPK-β1⁻/⁻ mice. Acute renal ischaemia caused a 3.2-fold increase in α1-AMPK activity and a 2.5-fold increase in α2-AMPK activity (P<0.001) that was associated with an increase in AMPK phosphorylation of the AMPK-α subunit at Thr¹⁷² and Ser⁴⁸⁵, and increased inhibitory phosphorylation of the AMPK substrate acetyl-CoA carboxylase. After acute renal ischemia AMPK activity was reduced by 66% in AMPK-β1⁻/⁻ mice compared with WT. There was no difference, however, in the severity of renal IRI at 24-hours between AMPK-β1⁻/⁻ and WT mice, as measured by serum urea and creatinine and histological injury score. In the heart, macrophage migration inhibitory factor (MIF) released during IRI contributes to AMPK activation and protects from injury. In the kidney, however, no difference in AMPK activation by acute ischemia was observed between MIF⁻/⁻ and WT mice. Compared with the heart, expression of the MIF receptor CD74 was found to be reduced in the kidney. CONCLUSION: The failure of AMPK activation to influence the outcome of IRI in the kidney contrasts with what is reported in the heart. This difference might be due to a lack of effect of MIF on AMPK activation and lower CD74 expression in the kidney.
- Published
- 2012
16. David Power Interview, July 27, 2011
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Power, David and Power, David
- Abstract
David Power of Castletownbere speaks to his father's immigration to Butte, Montana,and his return to Ireland. He speaks extensively to his father's experiences in Butte, and his family, as well as his experiences in Ireland., https://scholarworks.umt.edu/gathering/1013/thumbnail.jpg
- Published
- 2011
17. Vision-threatening retinal abnormalities in chronic kidney disease stages 3 to 5
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Deva, Rajeev, Alias, Mohamad Afzal, Colville, Deb, Tow, Foong Kien Newk-Fon Hey, Ooi, Qi Lun, Chew, Sky, Mohamad, Nor, Hutchinson, Anastasia, Koukouras, Ignatios, Power, David A., Savige, Judith, Deva, Rajeev, Alias, Mohamad Afzal, Colville, Deb, Tow, Foong Kien Newk-Fon Hey, Ooi, Qi Lun, Chew, Sky, Mohamad, Nor, Hutchinson, Anastasia, Koukouras, Ignatios, Power, David A., and Savige, Judith
- Published
- 2011
18. A panel-based investigation into the relationship between stock prices and dividends
- Author
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Marsh, Ian W., Power, David, Marsh, Ian W., and Power, David
- Abstract
This paper investigates the presence of cointegration between stock prices and dividends for a panel of 56 large UK companies. Using new techniques which account for integrated processes in a panel context we demonstrate that stock prices and dividends are cointegrated, with an implied common discount rate of 5.8%.
- Published
- 1999
19. SEEKVAL PROJECT ID1 - Characteristics of Inherent and Apparent Scenes.
- Author
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AIR FORCE TEST AND EVALUATION CENTER KIRTLAND AFB N MEX, Power,David R., AIR FORCE TEST AND EVALUATION CENTER KIRTLAND AFB N MEX, and Power,David R.
- Abstract
SEEKVAL Project ID1 was conducted to determine instrumentation and data reduction techniques suitable for measuring and documenting both apparent and inherent contrast during field tests. Three types of instrumentation were used: (1) cameras to photograph scenes from target acquisition ranges, (2) photometers to measure illumination of scene objects at close range, and (3) airborne and ground instruments for measuring atmospheric characteristics. Field data collection occurred at Ft Lewis, Washington, during July 1974. It involved photographing and measuring illumination characteristics of a target scene consisting of trucks and portable Gray Scale panels. Simultaneously, characteristics of the atmosphere were measured by highly specialized equipment designed for the purpose. Eleven missions were flown covering both clear and overcast weather. Data reduction techniques, compatibility of instrumentation with field test aircraft and operations, costs, and adequacy of data are factors leading to recommendations for field test instrumentation. Guidance is given on use of photometers for vehicle type targets, the use of Gray Scale panels, targets, math models, color film, and infrared black and white film for determining target/background contrast. (Author), Joint Test Project Report of Combat Air Support Target Acquisition Program.
- Published
- 1975
20. Taking advantage of Ramadan and January in Muslim countries
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Halari, Anwar, Helliar, Christine, Power, David, Tantisantiwong, Nongnuch, Halari, Anwar, Helliar, Christine, Power, David, and Tantisantiwong, Nongnuch
- Abstract
Studies have shown that religious beliefs and practice play an important role in influencing share price behaviour. Evidence of a Ramadan effect has been documented in Muslim countries suggesting an increase in mean returns as well as a reduction in volatility during the ninth month of the Islamic calendar. In addition to the Ramadan effect, studies have also documented a January effect in Muslim countries. The current study investigates what happens when the Ramadan effect and the January effect occur at the same time. Controlling for the effects of financial crises and time-varying volatility in returns, the results for individual company data from four countries with sizeable Muslim populations indicate higher returns and lower volatility when these two effects overlap, except in one, arguably more Western country, Turkey.
21. East Meets West: When the Islamic and Gregorian Calendars Coincide
- Author
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Tantisantiwong, Nongnuch, Halari, Anwar, Helliar, Christine, Power, David, Tantisantiwong, Nongnuch, Halari, Anwar, Helliar, Christine, and Power, David
- Abstract
Recent research has documented that at the time of religious celebrations in Muslim countries, such as Ramadan, there is a “festival” effect in share returns. In the Gregorian calendar, December is also a time of celebration and festivities which may be associated with patterns in the behaviour of security prices. Further, the first month of the year in the Islamic calendar, Muharram, is a time of sadness and mourning for some believers, and there may be an effect when the Islamic first month of the year overlaps with the first month of the Gregorian year - January. Over a 33-year cycle, each Islamic month falls in a Gregorian month for about 5-6 consecutive years; when this happens, an Islamic (Eastern) calendar effect may interact with a Gregorian (Western) calendar effect. The current paper addresses this issue by examining the behaviour of share returns and volatility for individual companies listed in Muslim countries’ stock exchanges when the two calendars coincide for: (i) religious festival effects; (ii) first-month-of-the-year effects; and (iii) the two most common effects reported in the Islamic and Gregorian calendars (Ramadan and January). The results show that the Western and Eastern effects interact more prominently in larger companies and in larger or more developed markets.
22. Islamic calendar anomalies: Evidence from Pakistani firm-level data
- Author
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Halari, Anwar, Tantisantiwong, Nongnuch, Power, David M., Helliar, Christine, Halari, Anwar, Tantisantiwong, Nongnuch, Power, David M., and Helliar, Christine
- Abstract
Most prior research has tested for monthly regularities based on the Gregorian calendar; by contrast, little attention has been given to other calendars based on different religions or cultures. This paper examines Islamic monthly anomalies in a stock market located within a Muslim country – Pakistan. The study employs data for 106 companies listed on the Karachi Stock Exchange (KSE) over the period from 1995to 2011 and an asymmetric generalized autoregressive conditional heteroscedasticity model to examine whether the mean value and volatility of share returns in the KSE vary with Islamic months. The results from the model offer very little statistical evidence of a monthly seasonal anomaly in average returns, but there is evidence of monthly patterns in the volatility of returns for KSE equities. This finding suggests that investors can formulate an investment strategy and choose a trading time in order to outperform on a risk-adjusted basis.
23. Islamic Calendar Anomalies: Pakistani Practitioners' Perspective
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Halari, Anwar, Helliar, Christine, Power, David, Tantisantiwong, Nongnuch, Halari, Anwar, Helliar, Christine, Power, David, and Tantisantiwong, Nongnuch
- Abstract
Studies on Islamic calendar anomalies in financial markets tend to apply quantitative analysis to historic share prices. Surprisingly, there is a lack of research investigating whether the participants of such markets are aware of these anomalies and whether these anomalies affect their investment practice. Or is it a case that these practitioners are completely unaware of the anomalies present in these markets and are missing out on profitable opportunities? The purpose of this paper is to analyse the views of influential participants within the Pakistani stock market.
24. Islamic Calendar Anomalies: Pakistani Practitioners' Perspective
- Author
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Halari, Anwar, Helliar, Christine, Power, David, Tantisantiwong, Nongnuch, Halari, Anwar, Helliar, Christine, Power, David, and Tantisantiwong, Nongnuch
- Abstract
Studies on Islamic calendar anomalies in financial markets tend to apply quantitative analysis to historic share prices. Surprisingly, there is a lack of research investigating whether the participants of such markets are aware of these anomalies and whether these anomalies affect their investment practice. Or is it a case that these practitioners are completely unaware of the anomalies present in these markets and are missing out on profitable opportunities? The purpose of this paper is to analyse the views of influential participants within the Pakistani stock market.
25. East Meets West: When the Islamic and Gregorian Calendars Coincide
- Author
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Tantisantiwong, Nongnuch, Halari, Anwar, Helliar, Christine, Power, David, Tantisantiwong, Nongnuch, Halari, Anwar, Helliar, Christine, and Power, David
- Abstract
Recent research has documented that at the time of religious celebrations in Muslim countries, such as Ramadan, there is a “festival” effect in share returns. In the Gregorian calendar, December is also a time of celebration and festivities which may be associated with patterns in the behaviour of security prices. Further, the first month of the year in the Islamic calendar, Muharram, is a time of sadness and mourning for some believers, and there may be an effect when the Islamic first month of the year overlaps with the first month of the Gregorian year - January. Over a 33-year cycle, each Islamic month falls in a Gregorian month for about 5-6 consecutive years; when this happens, an Islamic (Eastern) calendar effect may interact with a Gregorian (Western) calendar effect. The current paper addresses this issue by examining the behaviour of share returns and volatility for individual companies listed in Muslim countries’ stock exchanges when the two calendars coincide for: (i) religious festival effects; (ii) first-month-of-the-year effects; and (iii) the two most common effects reported in the Islamic and Gregorian calendars (Ramadan and January). The results show that the Western and Eastern effects interact more prominently in larger companies and in larger or more developed markets.
26. Taking advantage of Ramadan and January in Muslim countries
- Author
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Halari, Anwar, Helliar, Christine, Power, David, Tantisantiwong, Nongnuch, Halari, Anwar, Helliar, Christine, Power, David, and Tantisantiwong, Nongnuch
- Abstract
Studies have shown that religious beliefs and practice play an important role in influencing share price behaviour. Evidence of a Ramadan effect has been documented in Muslim countries suggesting an increase in mean returns as well as a reduction in volatility during the ninth month of the Islamic calendar. In addition to the Ramadan effect, studies have also documented a January effect in Muslim countries. The current study investigates what happens when the Ramadan effect and the January effect occur at the same time. Controlling for the effects of financial crises and time-varying volatility in returns, the results for individual company data from four countries with sizeable Muslim populations indicate higher returns and lower volatility when these two effects overlap, except in one, arguably more Western country, Turkey.
27. Islamic calendar anomalies: Evidence from Pakistani firm-level data
- Author
-
Halari, Anwar, Tantisantiwong, Nongnuch, Power, David M., Helliar, Christine, Halari, Anwar, Tantisantiwong, Nongnuch, Power, David M., and Helliar, Christine
- Abstract
Most prior research has tested for monthly regularities based on the Gregorian calendar; by contrast, little attention has been given to other calendars based on different religions or cultures. This paper examines Islamic monthly anomalies in a stock market located within a Muslim country – Pakistan. The study employs data for 106 companies listed on the Karachi Stock Exchange (KSE) over the period from 1995to 2011 and an asymmetric generalized autoregressive conditional heteroscedasticity model to examine whether the mean value and volatility of share returns in the KSE vary with Islamic months. The results from the model offer very little statistical evidence of a monthly seasonal anomaly in average returns, but there is evidence of monthly patterns in the volatility of returns for KSE equities. This finding suggests that investors can formulate an investment strategy and choose a trading time in order to outperform on a risk-adjusted basis.
28. Country risk and stock market performance in Africa
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Jalingo, Mubarak, Fifield, Suzanne, and Power, David
- Abstract
Country risk factors have become an important source of systematic and nonsystematic risk in capital markets. Therefore, how to effectively manage country risks has become an increasing concern for researchers and investors. Country risk is a broad and complex subject which financial scholars have studied from many perspectives. This thesis consists of three empirical chapters that focus on examining the impact of country risk on the performance of nine African stock markets over the period 1998 to 2018, namely, Botswana, Egypt, Ghana, Kenya, Morocco, Nigeria, South Africa, Tunisia, and Zambia. In the first empirical chapter, the long-run relationship and causality between country risk and stock market returns are examined using Pedroni (2004) and the Johansen-Fisher panel cointegration techniques proposed by Madalla and Wu (1999); the Granger causality and Dumitrescu-Hurlin panel causality approaches are also used. The results suggest that long-run relationships and causal linkages exist between country risk and stock market returns. In the second empirical chapter, the impact of disaggregated country risk factors is investigated using a pooled mean group dynamic panel model. The results indicate that African markets are negatively affected by country risk in the long run. That is, as a group, African markets are significantly impacted by country risk. In particular, a rise in the level of disaggregated elements of country risk for African countries is typically associated with a reduction in the performance of their stock market indices. Finally, to investigate the extent to which country risk influences the level of stock market linkages in Africa, the thesis studies cross- and own-volatility linkages among African stock markets using the ADCC GARCH model. An analysis of the results reveals evidence that country risk increases the level of stock market volatility and integration in Africa. The evidence supports the notion that 'country risk' influences stock returns and volatility in Africa. These findings imply that equity returns in African stock markets are predictable from changes in country risk; this result calls the weak form of the EMH into question since it suggests that an investor could outperform by studying country risk data in the region.
- Published
- 2022
29. Perceptions about tax evasion and tax avoidance in Thailand : an institutional theory perspective
- Author
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Natpraypant, Vorakanlaya, Hannah, Gwen, and Power, David
- Subjects
336.2 ,Tax evasion ,Tax avoidance ,Tax evasion legislation ,Institutional theory ,Legitimacy ,Thailand - Abstract
To fund State-based investment in public services, governments have to confront issues of tax evasion and tax avoidance which erode a country’s tax base and therefore Government revenue. Moreover, they have to deal with wealthy individuals and companies that develop aggressive tax planning schemes in order to reduce their tax liabilities. This research seeks to add to the sparse literature on tax evasion and tax avoidance: (i) by looking at this problem within a Thai context; (ii) by investigating current perceptions about the extent of tax avoidance/evasion from relevant stakeholders; (iii) by identifying institutional factors that influence a taxpayer’s propensity to engage in tax evasion and tax avoidance; and (iv) by studying the motives behind the introduction of a new tax evasion legislation (the Revenue Code Amendment Act (No.45), B.E.2560 (A.D.2017)) in Thailand. This research employs a combination of institutional theory and concepts of legitimacy as the theoretical lenses to guide the study. A qualitative approach including both interviews and internet-based news articles is employed when conducting this study. Reflecting on 35 interviews with a range of stakeholders and discussions about the legislation in on-line news articles as it progressed through Parliament, the findings indicate that a number of issues are thought to contribute to the level of tax evasion and tax avoidance in Thailand: (i) the taxpayer’s sense of morality and feeling of responsibility to society, (ii) social norms, and (iii) views on public sector efficiency. Additionally, the results suggest that external and internal institutional pressures acted as catalysts for the introduction of the new tax evasion legislation in Thailand. These findings should provide useful empirical evidence and analysis for policymakers in Thailand and other similar developing countries; specifically, it should aid with the design and development of tax policies which promote tax compliance. Moreover, this study is the first to empirically investigate the motives behind the introduction of tax evasion legislation in Thailand. In addition, the study also extends the application of institutional theory to empirically examine tax evasion and tax avoidance in Thailand. These are contributions of the current thesis to international investigations of tax avoidance and tax evasion.
- Published
- 2020
30. Transmission of credit risk in Asia
- Author
-
Zha, Yiling, Power, David, and Tantisantiwong, Nongnuch
- Abstract
Since the onset of the 2008 global financial crisis, significant spillover effects between the credit default swap (CDS) spreads of sovereigns and banks have been evidenced in the US and several European countries. Even though systemic risk seems more likely to be associated with banks, the role of non-financial firms in linking sovereigns and financial institutions is often crucial within Asian economies. This thesis attempts to facilitate an understanding of the credit risk transmission in Asia by analysing data for non-financial firms. Data for three East Asia countries (i.e. China, Japan and South Korea) and two Southeast Asia countries (i.e. Malaysia and Singapore) are analysed in order to test whether geographical proximity has an influence on credit risk interdependence in Asia. In addition, this thesis uses 1-year and 5-year CDS data enabling a comparison of findings between risk assessments over different horizons. The findings of the variation of credit risk transmission should provide some insights into either direct or indirect credit risk interdependence between sovereigns, financial institutions and non-financial firms. This thesis initially incorporates the changes in the CDS spreads of a sovereign debtor and that of domestic financial institutions and non-financial firms via a multivariate GARCH model; thus, spillovers in mean spreads as well as the volatility of spreads are considered. This analysis is then extended in a number of ways. Credit risk transmission is split to four groups: (i) domestic intra-sectoral, (ii) domestic cross-sectoral, (iii) regional intra-sectoral and (iv) regional cross-sectoral. The main findings evidence the strong credit risk interdependence exist within Asia given that shocks from common creditors such as Japan appears to spill over shocks to sovereigns and non-financial firms. Finally, this thesis uses a panel model to examine the effects of corporate and market factors on credit risk correlations. The findings from this part confirm the significance of trade links to credit risk interdependence in Asia. Moreover, credit risk correlations increase as the time-horizon gets longer.
- Published
- 2019
31. Capital investment appraisal : the case of Lebanon
- Author
-
Bakri Bakri, Ahmed, Fifield, Suzanne, and Power, David
- Subjects
658.15 - Abstract
The goal of this thesis is to investigate the capital budgeting practices of Lebanese companies. In particular, this thesis examines four main research questions: (1) How are capital investment projects appraised in Lebanon?; (2) Is risk incorporated into this process by Lebanese firms?; (3) Do Lebanese companies experience capital rationing and, if so, is it imposed internally or externally?; (4) How important is the impact of political risk on the capital budgeting process? The thesis employs an interpretive approach to investigate these issues, and the results are obtained using the qualitative methods of questionnaires and semi-structured interviews. In particular, a total of 151 questionnaires were completed by firms from across three industrial sectors - 51 firms participated in the first questionnaire and 100 firms took part in the second questionnaire; 12 semi-structured interviews were also conducted with two groups of individuals who were thought to be knowledgeable about the capital budgeting process: 'insiders', who work in Lebanese firms, and 'outsiders', such as bankers and chartered accountants, who are involved in an advisory capacity with the capital budgeting processes of Lebanese firms. The results of this research indicate that Lebanese firms place more emphasis on non-financial factors, such as political priorities and personal experience, than financial factors when analysing potential projects. The study also finds that Lebanese companies tend to employ more than one method of investment appraisal to evaluate projects and that, increasingly, these firms are using more sophisticated discounted cash flow (DCF) techniques. However, the payback method is the most popular method of investment appraisal. In addition, although the use of DCF methods is increasing, they are not used as frequently relative to companies in developed countries. The study also finds that appraisal processes are impacted by the source of funding used, as well as the size and nature of the project being undertaken. In terms of risk evaluation, the most widely using methods include scenario analysis and sensitivity analysis; very few companies use Monte Carlo simulation. Most of the companies surveyed use the weighted average cost of capital as the discount rate in capital budgeting, although a sizeable number use the interest rate. Another key finding to emerge from the study relates to capital rationing. Specifically, a majority of the companies surveyed indicated that they had experienced capital rationing and that this rationing tended to be imposed externally, typically as a result of external constraints in the equity and debt markets. A sizeable number of the companies surveyed indicated that the stock market was currently not a feasible source of firm or project funding due to its small size. A key finding that emerged from the study is that political risk plays a very important role in the capital budgeting processes of Lebanese companies. Most of the participants in the study highlighted the high level of political risk in Lebanon, and indicated that it plays a major role in determining which method should be used to evaluate a project.
- Published
- 2019
32. Examining relationships between online financial message board interactions and trading activity of securities listed on the AIM submarket of the London Stock Exchange
- Author
-
Bowden, James, Burton, Bruce, and Power, David
- Subjects
332.64 - Abstract
Contribution to online communities, such as stock message boards, may be considered as "paradoxical" (Rafaeli and LaRose, 1993), in that a "free-riding tendency" (Olson 1985) by rational participants would result in a lack of original content. However, online financial message boards continue to thrive as a platform for investors to share tips, express opinion and to disseminate (mis)information. The high interactivity and low communication costs of online message boards result in a potential for social networks to amplify the effects of behavioural biases (Zhang, 2014; Russ, 2007). However, previous studies on the informational content of message board postings, and the power of online communications in predicting abnormal returns and trading volumes produce conflicting results (Nardo et al., 2015). Prior studies focusing on small-capitalisation firms have so far produced stronger associations (Leung and Ton, 2015), but academic study in the field is still considered to be in its relative infancy (Zhang, 2014). This thesis contributes to existing literature examining relationships between message board postings and trading activity, by focusing on 854 securities listed on the comparatively lightly-regulated AIM submarket of the London Stock Exchange. Sentiment analysis techniques are applied to a dataset of 245,200 message board postings to calculate novel measures of posting sentiment and agreement, alongside posting frequency. The first empirical chapter of this thesis uses the event study method to analyse intraday abnormal returns and trade volumes surrounding increases in message board posting activity. Positive cumulative average abnormal returns are identified prior to - and immediately following - instances of abnormal posting frequencies, before drifting downwards. However, these returns are found to be economically small and statistically insignificant in many cases. Disaggregation of posting events by firm-specific characteristics finds only sporadic statistical significance in returns. However, abnormal trade volumes do appear to differ according to company type and the level of online sentiment. The second empirical chapter tests for causality between message board posting and share trading variables. Lagged correlation coefficients find evidence that posting behaviour impacts upon trading activity, and this is further supported by results of Granger Causality and Impulse Response testing. To the contrary, little evidence is found that message board postings impact upon share returns. Indeed, stronger evidence suggests the reverse to be true; share returns inform message board postings. The final empirical chapter of this thesis focuses on an individual instance during which an AIM-listed firm was subjected to a damning research note by a short-seller employing the online medium. Behaviour of the online (and offline) investment community following publication of the research is consistent with prior theories of social contagion and online herding. When considered in isolation, high-strength "shock" online content can possess the potential to impact upon online investor behaviour and the price-discovery process. This research ultimately adds to previous studies of online financial communities, and the findings of this these are discussed in the context of both traditional and behavioural finance.
- Published
- 2019
33. Market efficiency and volatility spillovers in the Amman Stock Exchange : a sectoral analysis
- Author
-
Alomari, Mohammad and Power, David
- Subjects
332.64 - Abstract
This thesis investigates the weak-form of the Efficient Market Hypothesis (EMH) by examining the behaviour of equity returns in the Amman Stock Exchange (ASE). In particular, the 10 largest sectors in terms of market capitalisation and number of listed companies are considered. According to the weak-form of EMH, current share prices reflect all available historical information such that investors should not be able to beat the market or earn abnormal returns consistently by trading on the basis of historical price data. It is important topic for a country seeking to promote economic development as well as foster the financial and regulatory development that Jordan has sought to publicise over the past few years. Furthermore, while a number of studies have investigated the topic of stock market efficiency for ASE they have tended to focus on the whole market index, or used the old sectoral classification. To the best of the researcher’s knowledge no study has either used the new industry grouping or applied the multivariate General Autoregressive Conditional Heteroscedasticity (GARCH) model to test for time-varying variance and correlations between sectoral index returns in the ASE. This thesis tries to fill this gap in the literature by investigating market efficiency in the ASE using the new sectoral classification and finding the determinants of any interdependence between sectors. In the first part of the analysis, the weak-form of EMH is tested by examining the risk-return relationship of the 10 ASE sectoral equity indices. Persistence in share volatility is investigated and the leverage effect is also studied by employing univariate symmetric and asymmetric GARCH models. A large sample of daily sectoral index data is used in the analysis over the 10-year period from 2003 to 2012. The results from estimating various GARCH models indicate that the returns for different sectors are characterised by different levels of volatility persistence and almost all reject the hypothesis that the ASE is weak-form efficient. This finding implies that share price changes in a sector may be predicted from its own historical information on return and volatility and a more up-to-date trading system is needed or more regulations concerning corporate disclosure are required. To obtain a more in depth understanding of the share price formation process than that supplied in the first part of the analysis, the dynamic linkages between the 10 sectors of ASE in terms of both return and volatility are investigated in the second empirical component of the thesis. A Granger Causality test is employed to study the relationships between each pair of equity returns from the ASE sectors. The return spillovers between the 10 sectors of the ASE are investigated using a multivariate Vector Autoregressive (VAR) model, while the volatility spillovers in own as well as in other sectors’ returns and the dynamic conditional correlations among the sectors is examined using a multivariate Threshold GARCH model with Dynamic Conditional Correlation (DCC-MVTGARCH). In terms of return spillovers, the results indicate that the mean return of a sector is only affected by changes of historical share prices from other industries in a minority of cases. By contrast, evidence of interdependence in the volatility across the 10 ASE sectors is more evident; a large number of shocks and volatility spillovers are uncovered in the data. Furthermore, the results indicate that correlations between the sectoral equity returns are time-varying and not constant over the period of investigation. The results support the notion the news in one sector influences not only the return in that sector but also the variance of price changes in other sectors through their input-output linkages. These findings imply that the sectoral equity returns of the ASE are predictable from historical share price changes in their own series while their return volatility and interdependences are also predictable from the past volatility of the other sectors; this result calls the weak-form of the EMH into question since it suggests that investors can outperform the market by studying historic return and volatility information in the ASE.Finally, building on the previous analysis the determinants of the time-varying conditional correlations between the different pairs of sectoral returns are investigated. Firm specific as well as macroeconomic variables are found to be significant determinants. In particular, 10 financial ratios and seven macroeconomic variables are investigated; a Principal Component Analysis (PCA) is used to narrow down the most relevant factors. Principal components are then extracted and used to construct the independent variables in the panel data analysis to explain the time-varying sectoral return correlations. The resulting findings show that profitability, aggregated demand and inflation are important in explaining time-varying sectoral return correlations between the ASE sectors. However, a further analysis indicated the effect on asset correlation of liquidity, profitability and stock market performance (growth) depends on aggregate demand (economic vulnerability).
- Published
- 2015
34. The usefulness of Financial Instruments Disclosure : evidence from Jordan
- Author
-
Tahat, Yasean A., Dunne, Theresa, Fifield, Suzanne, and Power, David
- Subjects
658 ,Corporate Disclosure ,Value Relevance ,Financial Instruments Disclosure - Abstract
The International Accounting Standards Board (IASB) issued International Financial Reporting Standard No. 7 (IFRS 7) “Financial Instruments: Disclosure” in June 2006 as part of its ongoing refinement of existing financial instruments accounting standards. The new standard became effective for periods beginning on or after January 1st 2007 (IASB, 2006). IFRS 7 supersedes the previous International Accounting Standards (IASs): IAS 30/32. IFRS 7 states that information about Financial Instruments (FI) should be prepared in accordance with the management approach. In addition, the standard clarifies the disclosure requirements about FIs across all industries. In particular, the new standard consists of two main types of disclosures, namely: (i) discussion of the significance of FIs for an entity’s financial position and performance; and (ii) the provision of qualitative and quantitative information about exposure to risks arising from FIs based on information provided internally to the entity’s key management personnel. The current thesis uses a decision usefulness theoretical framework to examine the impact of IFRS 7’s adoption on FI disclosure practices and firm value. In particular, the current study has two primary objectives: (i) to assess the impact of IFRS 7 on the FI disclosure policies of Jordanian listed firms in their annual reports for 2007 when the standard became effective; and (ii) to examine the value relevance of FI disclosures. For these objectives, two pieces of empirical work were conducted respectively; a disclosure index technique was constructed and a valuation analysis was performed. A disclosure index analysis was undertaken for a sample of Jordanian listed companies’ annual reports pre- and post- the implementation of IFRS 7. The extant literature and the findings from the disclosure index analysis informed the second part of the empirical work: the valuation analysis. Value relevance analysis was employed in order to assess the usefulness of FI disclosures provided in the companies’ financial statements; indeed, the association between the level of information supplied and firms’ market values was examined. The main findings indicate that the implementation of IFRS 7 had a significant and sizeable impact on the FI disclosure practices of Jordanian companies in 2007 as compared to that provided under International Accounting Standard No. 30 (IAS 30): Disclosures in Financial Statements of Banks and Similar Financial Institutions and International Accounting Standard No. 32 (IAS 32): FIs: Presentation. In particular, the results revealed that the number of companies disclosing information about FIs as well as the level of FI information provided significantly increased after IFRS 7 was implemented. In addition, the analysis of FI disclosure by industry revealed that comparability of financial statement data within and across the sectors examined has improved. In particular, an analysis of Balance Sheet and Fair Value information about FIs revealed no significant differences within and across industries after IFRS 7 became effective. The findings from the valuation analysis revealed that FI disclosure was value relevant over the two periods. However, the regression analysis showed that the FI disclosure provided under IFRS 7 was more value relevant as compared to that supplied under the previous standards. The principal components analysis revealed that some categories of FI information were more influential than others. In particular, Balance Sheet, Income Statement, Fair Value and Risk information about FIs were valued differently as compared to other components of FI disclosures. Indeed, the evidence provided indicates that investors value FI disclosure when making investment decisions. In general, the findings support the decision usefulness approach underpinning the current FI disclosures for Jordanian listed companies. Specifically, In particular, the test of differences in FI disclosure within and across sectors revealed that the implementation of IFRS 7 has enhanced the comparability of the financial statements; no significant differences were noted in FI disclosure (balance sheet and fair value) post-IFRS 7, while this was not the case pre-IFRS 7. In addition, the issue of relevance has been investiagted by testing the association between FI disclosure and firm value. These findings provide a great deal of insight for accounting regulatory bodies (e.g. the IASB) about the current theoretical framework that underpins financial reporting standards. In addition, they provide valuable insights to Jordanian policy makers (JSC and ASE) about the relevance of such standards for Jordanian companies.
- Published
- 2013
35. The capital investment appraisal process : the case of Libya
- Author
-
Mohammed, Moftah, Burton, Bruce, and Power, David
- Subjects
657 ,Capital investment decision-making ,Appraisal investment techniques ,Risk ,Capital rationing ,Non-financial factors ,Different groups' perspectives ,Islamic finance - Abstract
This thesis aims to explore and investigate the state of current investment appraisal practices within Libyan firms. In particular, the thesis attempts to answer four research questions: (1) How do Libyan firms appraise capital investments? (2) Do Libyan firms incorporate risk into their capital investment appraisal processes? (3) Do Libyan firms face capital rationing and, if so, is it externally or internally imposed? and (4) Does the availability of Islamic Finance affect Libyan firms' view of the capital investment appraisal process? This study is based on a qualitative empirical approach, with a subjectivist orientation but a main concern with the sociology of regulation; the interpretive paradigm is employed in this thesis. Rather than simply providing a simple description of the phenomena under investigation, the aim of this thesis is to interpret and understand the issues surrounding the problem being considered. Thus, this study seeks to establish a better understanding about the nature of the capital investment appraisal process in Libyan corporations, and how it differs across Libyan economic sectors. In order to provide evidence and contribute to our knowledge about this topic, two research methods, both compatible with the interpretive paradigm and consistent with the methodology and the researcher’s beliefs about the topic under investigation, are employed. The research methods used are: (i) a semi-structured interviews; then (ii) a questionnaire survey based upon the literature review and on the key results from (i). For the former, 20 interviews were conducted, involving two groups: firm-based interviewees (‘insiders’ working in firms) in five economic sectors with different size and ownership structures and ‘outsider’ interviewees (bankers, academics and chartered accountants). In the second phase, 45 questionnaires were collected from firms which operate in five economic sectors, again with various size and ownership patterns. The main findings indicate that non-financial criteria (e.g. political priorities, State development plan and personal experience) play a more important role than financial factors. While Libyan companies use multiple techniques to appraise capital investments, usage of discounted cash flow techniques (DCF), although increasing is not yet as high as in developed nations, with payback remaining the most popular. The evidence shows that the source of the funding (followed by project size and nature of the project, respectively) also plays a role in choosing the appraisal techniques. Typically, the process of capital investment appraisal in Libya appears to have five stages (determination of budget, research and development, evaluation, authorisation, and monitoring and controlling). Libyan firms consider the first of these as the most important stage. The majority of the respondents employ a post-audit phase of two years or less; about half the sampled firms conduct the post-audit by comparing the actual performance with the feasibility study on which the project was based. The companies consider real options when looking at flexibility, but they have no effect on the choice of the appraisal techniques or the process generally. Similarly, there are no changes in the techniques or the process when advanced manufacturing technology investments are considered. Regarding risk evaluation, this is mostly subjective although scenario analysis and sensitivity analysis are employed to some extent. Around 50% of the firms calculate the cost of capital, but most of these firms do so subjectively (e.g. via interest rate observations), while the rest use CAPM to calculate the cost of capital. Fewer than one in ten of the firms that calculate the cost of capital employ project-specific rates. The majority of the companies noted their experience of capital rationing, mostly of the external variety (primarily reflecting State actions). The majority of the firms claimed to be considering the Libyan Stock Market as source of funding, but not in the near future, essentially because of a lack of knowledge among Libyan companies about its functioning. The findings suggest that use of Islamic finance is not yet common among Libyan firms. However, two thirds of the firms suggested that they would use Islamic financial products to finance their future projects for several reasons; mainly religion, to avoid paying interest or demurrage, plus risk sharing though the use of Islamic financial products such as Musharakah. Those firms, which did not view Islamic finance positively, mentioned the incompatibility of the current products with Islamic Shariah law, suggesting that in reality they are just traditional financial products with Islamic names. Some notable differences between theory and practice emerged in this research. For instance, certain non-financial criteria (e.g. political priorities) were more important than financial factors. Relatedly, there was evidence of external interested parties such as academics seeing practice and ideals differently. This type of finding suggests a key contribution of this study as highlighting the need for contextual specificities to be carefully considered when investigating an issue as (theoretically) straightforward as investment decision-making in practice.
- Published
- 2013
36. An analysis of monthly calendar anomalies in the Pakistani stock market : a study of the Gregorian and Islamic calendars
- Author
-
Halari, Anwar, Power, David, and Tantisantiwong, Nongnuch
- Subjects
658 ,Islamic calendar anomalies ,Stock returns ,Conditional volatility ,Behavioural finance ,Calendar anomalies ,Stock market efficiency ,Monthly calendar anomalies ,Karachi stock exchange ,Pakistani stock exchange - Abstract
Most of the prior research in the area of monthly regularities has been based on the Gregorian calendar; by contrast, little attention has been given to other calendars based on different religions or cultures. This thesis examines monthly calendar anomalies in the Pakistani stock market for both the Gregorian calendar and its Islamic counterpart. This is one of the first studies to investigate both calendars for monthly seasonality in one investigation on the same dataset. Empirical studies of the Pakistani stock market that have examined monthly calendar anomalies are relatively sparse when compared with investigations from other emerging markets throughout the world. Even the findings from the small number of Pakistani investigations that have examined for the presence of monthly calendar anomalies have arrived at different conclusions about the predictability of equity returns at different times within a year. Since the conclusions of these findings have been mixed, the current study undertakes further work on this topic to offer some clarity in this area; this thesis arrives at a firm conclusion about the monthly calendar anomaly. For the purpose of this thesis, both qualitative and quantitative research methods were employed. Firstly, 19 face-to-face interviews were conducted with brokers, regulators and individual investors to ascertain their views about share price regularities with regards to monthly calendar anomalies and to gain some insights about the role of investor sentiment in the Pakistani stock markets. Secondly, share returns for a sample of 106 companies listed on the KSE over the 17 year period from 1995 to 2011 were analysed to determine whether Pakistani stock markets are weak-form efficient or whether security price changes can be predicted from knowledge of the month when the return is earned; it also investigates whether there is a change in the risk (volatility) of shares in different months which might explain any pattern in returns. To answer these questions various research methods were employed. The results of the interviews suggest that most respondents believed that share prices exhibit patterns in certain months of the year. The most common pattern highlighted by the interviewees related to the month of January for the Gregorian calendar and Ramadan for the Islamic calendar. Interviewees also argued that volatility declined during the religious month of Ramadan; they attributed these changes to investor sentiment and religious duties. Overall, the results suggested that monthly calendar anomalies may be present in the market and that these are studied by investors in an attempt to earn profit. The results from the quantitative analyses supported the findings from the interviews. Initial analyses suggested that returns varied significantly during certain months which indicate that the market might not be efficient. Further, investigations for seasonality in both the mean and volatility of returns offered conflicting evidence; very little statistical evidence of monthly seasonal anomalies was identified in average returns. However, monthly patterns were present in the variance of equity price changes in Pakistan. Overall, the results confirm that whatever monthly seasonality may be present in the equity prices of Pakistani companies, it is more pronounced in the volatility data than in the mean return numbers. These findings may have useful implications for trading strategies and investment decisions; investors may look to gain from managing the risk of their portfolios due to time varying volatility documented in the findings of this thesis. Further, the results of this thesis have interesting implications for our understanding of the dynamics of equity volatility in the Pakistani stock market.
- Published
- 2013
37. The impact of IFRS 8 on segmental reporting by Jordanian listed companies : an analysis of disclosure practices and some stakeholders' perceptions
- Author
-
Mardini, Ghassan H., Power, David, and Crawford, Louise
- Subjects
657 ,International accounting Standards ,International financial reporting standards ,IAS 14R ,IFRS 8 ,Jordan ,Segmental reporting - Abstract
The International Accounting Standards Board (IASB) issued International Financial Reporting Standard No. 8 (IFRS 8) “Operating Segments” in November 2006 as a part of its convergence programme with the Financial Accounting Standards Board (FASB); the new standard became effective for periods beginning on or after 1/January/2009 (IASB, 2006a). IFRS 8 supersedes the previous international accounting standard (IAS): IAS 14 Revised (IAS 14R) “Segment Reporting” (IASC, 1997). IFRS 8 requires segments to be identified in accordance with the management approach. In particular, operating segments are to be identified on the basis of internal reports that are “regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance” (IASB, 2006a, para 5). There are two main objectives to this study: (i) to assess the impact of IFRS 8 on the segmental disclosures of Jordanian listed firms in their annual reports for 2009 when the standard became effective; and (ii) to explore the perceptions of external auditors, preparers and users (investors and analysts) of financial statements about this new segmental reporting standard. A decision usefulness theoretical framework underpins the research; the research was carried out by using a disclosure index analysis and semi-structured interviews. The two objectives of this thesis were investigated by employing these two methods; a disclosure index and semi-structured interviews. The research is located in Burrell and Morgan’s (1979) functionalist paradigm using a decision usefulness theory lens. The findings suggest that IFRS 8 has had a significant and sizeable impact on the segmental disclosure practices of Jordanian companies in 2009 compared to disclosure practices in annual reports for 2008 based on IAS 14R; a sample of reports for 109 first market Jordanian listed companies were investigated. The disclosure index findings indicate that the Jordanian listed companies provided more disaggregated segmental information, published data on additional segmental items and supplied new Entity-Wide Disclosures (EWDs) in accordance with IFRS 8’s management approach. For example, 10% of the sample companies provided segmental information for the first time in 2009. The Jordanian listed companies provided details about more disaggregated business segments (where the mean number of segments rose from 2.4 to 2.7) and geographic segments / EWDs (where xii the mean number of segments increased from 1.5 to 1.8). The average disclosure index score rose from 18.6% in 2008 to 30.6% in 2009. In addition, 27% of the sample companies went beyond the requirements of IFRS 8 by identifying the CODM in their annual reports for 2009. With regards to the semi-structured interviews, 31 participants agreed to provide their views on IFRS 8. The respondents indicated that the quantity and quality of segmental information provided under IFRS 8 in annual reports for 2009 was “better” than that disclosed in 2008; it was more understandable, relevant, reliable and comparable than the segmental information which had previously been reported. Their responses also indicated that the implementation of IFRS 8 did not appear to cause any difficulties for external auditors, preparers and users during 2009; most interviewees reported that IFRS 8 was not a problematic standard. They believed that the disclosure of segmental information increased, published segmental information became more organised and better explained and the segmental information disclosed was more transparent. The current study is the first of its kind in Jordan, and adds to the growing literature on financial disclosure; it therefore fills a gap about segmental disclosure in developing countries. It is also exploratory in nature, since very little is known about segmental reporting practices in Jordan. Thus, this study’s findings represent a significant contribution to knowledge.
- Published
- 2012
38. Dividend policy and the stock market reaction to dividend announcements in Pakistan
- Author
-
Khan, Naimat Ullah, Burton, Bruce, and Power, David
- Subjects
332.64 - Abstract
Dividends are payments made to the shareholders (owners) out of firms? earnings. Numerous academics, adopting either a behavioural or empirical approach, have provided rationales to address the issue of why companies pay dividends and whether the market response to the announcements can be predicted. However, these endeavours have failed to achieve unanimity on either issue. Moreover, most of these studies have been conducted in countries with developed markets; relatively little research has been conducted in the emerging stock markets of (Southern) Asia, such as Pakistan. This thesis tries to fill the gap in the literature by investigating both the impact of dividend announcements on the share prices of Pakistani firms and the behavioural determinants of dividend policy. The Pakistani market was characterised by a unique tax system, with capital gains totally exempted from taxation before June 2010. This unique feature provides an additional motivation for the researcher to explore the reasons why Pakistani firms pay dividends despite the tax penalty associated with such disbursements. For the purposes of the research, a mixed-methods approach was employed involving, firstly, an event study to calculate any unexpected share returns around dividend announcements for a sample of 639 dividend events across 202 firms listed on the Karachi Stock Exchange (KSE) over the period 2005-09. Secondly, interviews were conducted with 23 company executives to ascertain their views about the determinants of dividend policy and its perceived impact on share prices. To gain an alternative – investor – perspective on the signalling impact of dividends, 16 financial analysts were also interviewed. The results of the event study indicate that dividend announcements do not convey information about Pakistani firms to the stock market; insignificant unexpected returns are documented for the announcement date. Nonetheless, the disaggregated results of the event study showed significant unexpected returns for the dividend increase and no-change sub-groups – usually before the actual dividend announcement date. However, consistent with results for developed countries with diverse shareholdings, this research suggests that earnings are the dominant signal in Pakistan, in the context of an interaction effect where earnings and dividends signals re-enforce each other. The results of the interviews indicated that Pakistani executives primarily base their dividend decisions on earnings, followed by liquidity. However, Pakistani firms do not appear have target payout ratios or employ a constant speed-of-adjustment to decide on payout levels. Indeed, most of the firms indicated that they decided the current payout ratio on an ad hoc basis. More importantly, both sets of interviewees (company officials and financial analysts) believed in the signalling effect, where dividends were sometimes used by investors as a signal of future earnings.
- Published
- 2011
39. An exploration of the governance and accountability of UK defined benefit pension schemes
- Author
-
Fox, Alison M., Dunne, Theresa, and Power, David
- Subjects
657 - Abstract
In recent years, the financial status of pension schemes has attracted a great deal of attention from the national press and policy makers. Despite the resulting increase in regulation, many authors maintain that the governance of UK pension schemes remains opaque. This thesis analyses the accountability relationships that are evident in the governance mechanisms of UK pension schemes and investigates how accountability is discharged therein. It finds that trustees are central to the governance of UK pension schemes and that the following stakeholders are accountable to the trustees: (i) sub-committees to the trustee board; (ii) the fund manager; and (iii) the actuary. The evidence suggests that accountability is fully discharged in these relationships. Conversely, trustees are accountable to (i) the auditor; (ii) the PR; (iii) the sponsoring employer; and (iv) the members/beneficiaries of the pension scheme. The evidence suggests that a variety of documents are used to discharge the trustees’ accountability including: (i) the annual report of the pension scheme; (ii) the annual report of the sponsoring employer; (iii) the Statement of Investment Principles; (iv) the Summary Funding Statement; (v) the Popular Report; (vi) and other pension scheme media such as pension scheme booklets, the pension scheme web-site and annual benefit statements. In doing so, the evidence suggests that, in terms of Stewart’s (1984) model, accountability for probity and legality, process, performance and policy accountability is discharged. The evidence also suggests that, with the exception of the pension scheme members/beneficiaries, the trustees are held to account in all of their accountability relationships. The main finding of this thesis is that pension scheme members/beneficiaries fail to engage in the governance processes of the pension schemes on which they rely so much; if they wish to preserve their future pension benefits, they will need to find a voice.
- Published
- 2010
40. The impact of the introduction of IFRS on corporate annual reports and accounts in the UK
- Author
-
Finningham, Gary D., Dunne, Theresa, and Power, David
- Subjects
338.6041 - Abstract
From 1 January 2005, all EU-listed firms are required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards(IFRS) (EU, 2002). This requirement represents one of the most fundamental changes to affect financial reporting in recent times. This dissertation is an examination of the introduction and impact of IFRS on the annual report and accounts of UK companies in an attempt to investigate the decision-usefulness of the new IFRS disclosures. This examination is facilitated in three ways: (i) a content analysis is undertaken to investigate the magnitude and nature of the changes in IFRS-related disclosure presented in annual report and accounts produced prior to and following the introduction of IFRS; (ii) an analysis of the Reconciliation Statements produced upon first-time adoption of IFRS included in corporate annual reports to examine the impact on both profit and equity as a result of the transition from previous national GAAP to reporting in accordance with IFRS; and, (iii) an assessment of the new IFRS disclosures against the qualitative characteristics outlined in the IASB Decision-Usefulnessfr amework. In other words, it is an investigation of whether the claims of the IASI3 about the usefulness of the mandated IFRS disclosures for decision-makers are supported in practice with the contents of corporate annual reports and accounts in the UK.The results of the content analysis indicate that the implementation of IFRS had a significant impact on the content of the annual report and accounts of UK companies.The amount of disclosure in company annual reports increased significantly following the introduction of the new reporting regime. Furthermore, there was a large increase in the physical size of the annual reports for the vast majority of the firms surveyed. The scale of the impact varied from standard to standard, however, the nature and magnitude of the information presented in UK-published annual reports has been fundamentally impacted by the introduction of IFRS. The Reconciliation Statement analysis results reveal that profit disclosed under UK GAAP increased by 105.85 per cent following the implementation of IFRS. In addition, the results show that the introduction of IFRS had a significant impact on reported equity; however, there was an almost even split between those which experienced a favourable impact following the transition and those disclosing a negative effect on the balance sheet post-IFRS adoption. The main IFRS standards which impacted reported results under previous national GAAP were IAS 10, IAS 12, IAS 19, IAS 40 and the IFRS 3/1AS 36/IAS 38 group of standards.The assessmenot f the decision-usefulness of the new IFRS information reveals that the widespread variation in impact on reported results, the complexity of the supplementary narrative disclosures, absence of company-specific and forward-looking information, uncertainty about the long-term impact of the changeover and the lack of comparability between the Reconciliation Statements will likely have constrained the usefulness of the new disclosures for users and therefore their investment decisions. Thus, one of the aims of the standard setters does not seem to have been achieved as users of UK corporate annual reports were not supplied with more useful information about these companies compared to what was previously disclosed under UK GAAP.
- Published
- 2010
41. An empirical investigation of the dividend decision in Irish companies
- Author
-
McCluskey, Thomas G., Power, David, and Burton, Bruce
- Subjects
338.6041 - Abstract
This thesis investigates corporate Ireland's attitude to dividend payments and examines how the Irish stock market reacts to company announcements about dividends. Prior to this study, the attitude of company executives and investors to dividend policy in Ireland was not reported in the academic literature in a systematic fashion. A number of small studies on the topic had been undertaken but the findings of those studies are relatively old and the perspective adopted limited.In the mid-1980s, company managers in the US and the UK aggressively altered dividend policy because the disadvantageous income tax rates to which dividends were subject meant that paying dividends was not an efficient way to return money to shareholders(Campbell, 2003). The double taxation of cash dividends was the primary motivation behind the decision of corporations to repurchase their own shares rather than implementing or increasing dividend payouts (Wood, 2002). In addition, for much of the 1990s dividends seemed unimportant to company executives and investors, as much of the share valuation analysis undertaken by financial commentators, appeared to focus on top line and bottom line growth rather than expectations about periodic dividend distributions (Goodbody, 2003).However, dividends have recently become more important as growth rates in earnings have declined (Jones, 2004).The Irish economy has changed dramatically over the last decade with greater wealth,increased numbers at work and an ageing population (E. S. R. I., 2003). In this new environment, Irish dividend distributions, and more specifically the taxation treatment of those distributions, is an increasingly important issue for Irish economic policy makers as they seek to encourage companies to re-invest their profits for the long-term and to provide incentives to individuals to increase savings and provide for retirement. In this new environment, Irish dividend distributions, and more specifically the taxation treatment of those distributions, is an increasingly important issue for Irish economic policy makers as they seek to encourage companies to re-invest their profits for the long-term and to provide incentives to individuals to increase savings and provide for retirement.The current research finds that dividend policy matters to Irish investors.Specifically,Irish investors appear to react to a dividend announcement as if that announcement conveys important news about the future prospects for the firm. This reaction was very pronounced on the dividend announcement date. Irish firms support the suggestion that dividend policy affects share valuations. In particular, quoted firms believe they know the nature of their shareholder base, and perceive that Irish investors discriminate, according to their tax status, between those companies which pay dividends and those which do not, when selecting securities for their portfolios. In addition, Irish quoted companies follow a policy in which dividend reductions are anathema and an increased dividend will only be declared if management are convinced that the new dividend level can be maintained.Finally, for unquoted firms, dividend policy is strongly driven by the taxation status of their owner shareholders. Tax advisors play a key role in determining dividend policy for such companies and a case can be made for re-examining the inflexibility of Irish tax rules on dividends, particularly for those relating to small and medium-sized companies. The findings represent a contribution to understanding as to why Irish firms pay dividends. In particular, the findings relate to a recent period for Ireland where little evidence exists. In addition, the findings emerge from a comprehensive investigation of the topic using a large-scale sample questionnaire, an event study and a sizable number of interviews. The focus of the investigation is also novel in that the views of unquoted company executives are sought in addition to the perspectives of managers from listed companies. What emerges is a comprehensive investigation of the dividend decisions of Irish companies.
- Published
- 2005
42. Derivatives reporting : the implications of recent accounting standards for corporate governance and accountability
- Author
-
Dunne, Theresa and Power, David
- Subjects
658.1512 - Abstract
This dissertation investigates the implementation of FRS 13 by UK non-financial companies, and assesses the impact of the Standard on both users and preparers of Annual Reports. The investigation involves (i) a content analysis of the reporting practices of companies on their derivatives usage before and after the introduction of FRS 13. in order to ascertain whether the standard had any significant effect on the contents of company financial statements, and (ii) interviews with both the preparers (treasurers) and the users (fund managers) of the information provided under FRS 13, in order to facilitate an understanding of the implications of the standard for their operations. The study focuses in particular on the effects of the increased derivatives-related disclosures for corporate governance structures and accountability relationships The results suggest that the amount of disclosure in company annual reports increased significantly following the introduction of the standard; companies were now disclosing far more about their hedging and risk management activity than they had before. In general, treasurers responded favourably to the standard, and considered the narrative disclosures to be particularly useful. The numerical disclosures were considered to be very detailed and specialised; interviewees thought that users might have difficulty in understanding them. However, the implementation of lAS 39, which will be mandatory for all EU companies from 2005, was causing treasurers far more concern. Many treasurers expected to purchase expensive new systems and establish sophisticated procedures in order to comply with the hedge accounting rules of lAS 39. In general, the institutional investors interviewed expressed similar views to those of the treasurers; they found the narrative parts of the annual reports useful, but agreed that the numerical disc losures were too specialised. The investors thought that the disclosures did improve the corporate governance process and highlighted issues that they wished to raise with their investee companies' management as a result of the information gleaned from the financial statements.
- Published
- 2003
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