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"Convergence in prices or returns of assets with similar characteristics indicates that the financialmarket is integrated with regional markets. This paper is the first that test of the movements ofinterest rates in ASEAN banking sector for the period 1990 - 2012. The empirical analysis is basedon a yearly panel of commercial bank interest rate data from 5 ASEAN countries, namely, Indonesia,Malaysia, Philippines, Singapore and Thailand. We assessed the degree and speed of interest rateconvergence using beta and sigma convergence method. The findings show that the difference andthe dispersion in the interbank rates have reduced since the Asian financial crisis and this trend hasbecome stronger after the Global financial crisis. The findings of this study confirm that interest ratesin the ASEAN banking sector are converging. This provides evidence that the ASEAN banking sectoris ready for financial integration."

"Convergence in prices or returns of assets with similar characteristics indicates that the financialmarket is integrated with regional markets. This paper is the first that test of the movements ofinterest rates in ASEAN banking sector for the period 1990 - 2012. The empirical analysis is basedon a yearly panel of commercial bank interest rate data from 5 ASEAN countries, namely, Indonesia,Malaysia, Philippines, Singapore and Thailand. We assessed the degree and speed of interest rateconvergence using beta and sigma convergence method. The findings show that the difference andthe dispersion in the interbank rates have reduced since the Asian financial crisis and this trend hasbecome stronger after the Global financial crisis. The findings of this study confirm that interest ratesin the ASEAN banking sector are converging. This provides evidence that the ASEAN banking sectoris ready for financial integration."

"ABSTRAKWe offer new insights on the dynamics of the exchange rate interest rate differential for the case of G7 economies. We show that the nexus is better considered using anasymmetric model, as suggested by a host of previous studies. In addition, we find therole of accounting for structural breaks to be prominent. We also show differences in thenexus between euro and non-euro G7 countries, suggesting heterogeneous monetarypolicies. Thus, we document the strongest evidence for the sticky price hypothesis inJapan and lesser evidence in the euro countries and the United Kingdom, with Canadaconsistently revealing evidence for the flexible price hypothesis."

"This paper empirically examines the effect of banks' revenue diversification on the stock-basedreturn and risk measures using data on the ASEAN-5, and addition from China, Japan, and SouthKorea banking sector. This paper use panel Fixed Effect and robustness test with Random Effect andTSLS. We use non-interest income share as a measure for revenue diversification. We find that revenuediversification has no effect on bank’s market value but significantly decrease bank total risks. Whennon-interest income is decomposed, we find that fee-income business has significant positive effect onbank value. Furthermore, it’s important to see characteristic of banks that practice diversification,such as bank size and capital. Overall, we provide evidence that banks, especially larger oneswithgood condition on capital, could increase their value and lower their risk by diversifying non-interestincome, especially with fee income as well as other types of non-interest income."

"We investigate the impact of the presence of women in top management on bank performancecontrolling for bank specific factors, ownership and governance. By making use of sample of 70 Indonesianbanks in a cross section study, we find strong evidence that the presence of women in theexecutives is negatively associated with firm performance. Moreover, we examine the moderatingeffect of TMT organizational tenure and TMT age. However, only little evidence is found in the effectof our moderating variables."

"This study focuses on the behavior of open-ended mutual fund investors when encountered withmultiple information signals of mutual fund?s historical performance. The behavior of investors canbe reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observethe presence of ambiguity within investors due to multiple information signals, and their reactiontowards it. We apply a Fama-McBeth Regression technique for equity mutual funds, fixed incomemutual funds, and balanced mutual funds that are effective during the period of February 2010 untilFebruary 2015. Our finding shows that open-ended mutual fund investors do not only have sensitivitytowards past performance information signals, but also have additional sensitivity towards theambiguity of multiple information signals. Because of the presence of ambiguity, investors considermore on negative information signals and the worst information signal in their investment decisions."

"Modeling the correlation of assets returns volatilities across different markets or segments of amarket has practical value for portfolio selection and diversification, market regulation, and riskmanagement. This paper therefore evaluates the nature of time-varying correlation between volatilitiesof stock market and crude oil returns in Nigeria using Dynamic Conditional Correlation-GeneralisedAutoregressive Conditional Heteroscedasticity (DCC-GARCH) model. Results from DCCGARCH(1,1) model show evidence of volatility clustering and persistence in Nigeria stock marketand crude oil returns. The results also show that there is no dynamic conditional correlation in ARCHeffects between stock market returns and crude oil prices in Nigeria. The results further show thatthere is strong evidence of time-varying volatility correlation between stock market and crude oilreturns volatility. The findings will help shape policy-making in risk management and market regulationin Nigeria."

"The debate on the relationship between economic growth and financial development has beensteadily growing in these recent years. However, the existing theoretical and empirical literature providesconflicting views in this respect. This paper proposes an empirical investigation of the nature ofthis relationship in the Moroccan context. More precisely, it explores the cointegrating and the causalityissue between economic growth and financial development. The latter is measured by largelyused indicators. In particular, we use capital market proxy, in addition to the traditional indicatorsof financial intermediation. The findings show that financial development explains significantly thegrowth, but the direction of causality depends on the indicator used to measure the financial deepeningand the time horizon of analysis (short or long terms)."

"This paper empirically examines the efficient market hypothesis (EMH) in the Islamic stock marketnamely Jakarta Islamic Index by emphasizing on the random walk behavior and nonlinearity. Inthe first step, we employ Brock et al. (1996) test to examine the presence of nonlinear behavior inJakarta Islamic Index. The evidence of nonlinear behavior in the indices, motivate us to use nonlinearESTAR unit root test procedure recently developed by Kapetanios et al. (2003) and Kruse (2011).The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for the indices,suggesting that Jakarta Islamic Index characterized by random walk process supporting the theoryof efficient market hypothesis. In addition, Lumsdaine and Papel (LP) test identified significant structuralbreaks in the index series."

"This paper examines market efficiency of foreign exchange markets in South East Asia (Indonesia,Thailand, Malaysia, Singapore, and Philippines) after the global crisis period 2008. The time spancovered by the samples are from 2009 to 2014, with the total number of observations for spot and forwardexchange rate data amounting to 1565 data points. This study uses three different approachesto examine efficiency within countries and across countries. The result of this study shows that foreignexchange markets in the ASEAN-5 countries are efficient within countries, but have not been efficientacross countries, especially when the country has a bivariate relationship with Thailand’s foreignexchange market. The main implication of this study is that investors in the ASEAN-5 market cannotobtain abnormal returns using technical analysis on within countries foreign exchange market. Inaddition, there is no significant differences for participants in the foreign exchange market whetherthey are using hedging or not hedging."