Separation between CEO and Chairman of the Board is typically viewed as evidence of good corporate governance. Surprisingly, the literature has failed so far to uncover any significant relation between CEO/Chairman duality and firm performance. By distinguishing between periods with and without CEO turnover, we empirically identify two offsetting effects: the correlation between duality and per...

We comprehensively examine the effects of stock return volatility on firms’ financial and investment decisions. Consistent with theories of investment with financing frictions, firms with high volatility actively reduce their leverage, cut investment, increase cash holding, cut non-cash current assets such as inventories and account receivables, and cut dividend. The effects of volatility are s...

what are the main success factors of microfinance institutions in providing financial services to poor people in a sustainable manner? in this article we try to answer this question. in one hand, we analyze the core compatibility between microeconomics of asymmetric information, transaction cost and risk, and new different operational mechanisms applied by microfinance institutions. on the othe...

This study examined the achievement of organizational goals by deposit money banks following period banking sector reform. Annual time series data from industry and Nigerian economy for 1990 to 2020 were used implement a simplified version modified Pantula Principle (an improved cointegrating technique). Three sets reforms bank performance measures, including bank-specific, industry-specific, m...

Neural nets have become one of the most important tools using in credit scoring. Credit scoring is regarded as a core appraised tool of commercial banks during the last few decades. The purpose of this paper is to investigate the ability of neural nets, such as probabilistic neural nets and multi-layer feed-forward nets, and conventional techniques such as, discriminant analysis, probit analysi...

This study determines whether it is possible to distinguish between conventional and Islamic banks in the Gulf Cooperation Council (GCC) region on the basis of financial characteristics alone. Islamic banks operate under different principles, such as risk sharing and the prohibition of interest, yet both types of banks face similar competitive conditions. The combination of effects makes it unc...

We empirically examine whether firms increase financial leverage following mergers. Firms could increase financial leverage either because of an increase in debt capacity or because of unused debt capacity from pre-merger years. We find that financial leverage of combined firms increases significantly following mergers. A cross-sectional analysis shows that the change in financial leverage arou...

 The foreign exchange market (FX market) accounts for 40% of the total volume of the world’s e-commerce by its own. Based on statistics, sometimes up to 90 per cent of the traders lose their total capital in this market just within six months to one year and leave this market. The probability of loss in the FX market can be estimated by probability theory. The present paper intends to demonst...

in the recent economic literature, an important finding is the causal relationship between financial development and economic growth. before the 1970s, the most of economists believed that economic growth could be reached only by accumulation of physical capital. in the 1970s and after the pioneering works of mckinon (1973) and shaw (1973), this orthodox view was criticized by a vast amount of ...