Mohamed Eskandar

Mohamed Eskandar
Hamad bin Khalifa University | HBKU · College of Islamic Studies

About

35
Publications
42,740
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272
Citations
Introduction

Publications

Publications (35)
Article
This study investigates how the effects of government and foreign bank ownership on private credit vary in the cases of Islamic and conventional banks using data extended from Claessens and van Horen (2014) of 29 dual banking countries from 1995 to 2017. In support of the political view of financial development, we find that the presence of state‐o...
Article
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Using a dataset of 91 Islamic and 78 conventional funds from 2007 to 2016, this study analyzes the flow–return relation of Islamic and conventional funds in Malaysia. We find that the fund flow–return relation for Islamic funds is positive and stronger than that of conventional funds for positive performers. Moreover, Islamic funds still attract fu...
Article
The issue of greater inequalities and social exclusion reckoned to be the result of economic growth led the World Bank to set the new goal, to end extreme poverty and promote shared prosperity. Interestingly, the approach of the contemporary solution is largely in consonance with the maqasid or objectives of the Shari’ah. Islam is a universal relig...
Article
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This study examines the effect of 1096 analyst recommendation revisions on prices of Shari'ah-compliant and Shariah non-compliant listed securities in Bursa Malaysia over the period 2005-2016. The study finds that while stocks added-to-buy had positive abnormal returns, the stocks added-to-sell and removed-from-buy had negative abnormal returns in...
Article
The study explores the Shariah index membership effect around index revision period especially to the newly added and deleted constituent stocks (termed as event stocks). This study analysed 40 event stocks for Shariah blue-chip index, Dow Jones Islamic Market Titans Malaysia 25 Index (DJIMY25). The analysis was conducted over a period of seven yea...
Article
This paper investigates the impact of non-intermediation activities of banks on economic growth and volatility of OIC. For the purpose, we utilize LSDVC estimation approach using the sample of Organization of Islamic Countries (OIC) member countries for the period of 2001–2013. We find non-intermediation income to be insignificant for both economic...
Chapter
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The capital structure choices of a firm not only determine the current value of the firm, but also largely determine its long-term survival. Modigliani and Miller’s seminal 1958 paper explicates conventional firms’ capital structure choices. However, we are yet to develop a solid theoretical framework about the financing decisions of Islamic firms....
Article
This paper examines the financial performance of ethical funds in different regions and concludes that there is a cost attached to ethical investing. An analysis of 964 mutual funds comprising of Socially responsible funds (SRFs) and the Shariah-compliant equity funds (SCFs) suggests that: a) except for global funds, both types of funds underperfor...
Article
According to the substitution hypothesis and recent evidence, firms that are better governed carry less debt and experience fewer agency problems. This may also imply that firms with lower debt are better governed and experience lower agency costs. We test this hypothesis by comparing the agency costs of Shariah compliant (SC, and therefore low deb...
Article
This paper examines the flow-performance relationship and the presence of "Smart money effect" in Socially responsible funds (SRFs) and Shariah compliant funds (SCFs). A survivorship bias free sample of 686 funds comprising of 212 SCFs and 474 SRFs were analysed with investment focus in the Asia pacific, Emerging markets, Europe, Global (with no fo...
Chapter
Purpose The main objective of this study is to identify the main determinants of the Islamic banks’ performance in Gulf Cooperation Council (GCC) regions. Methodology/approach The research uses both static model (fixed effects and random effects) and Generalized method of Moments (GMM). The data for this study are obtained from the annual reports...
Research
Recent calls for risk-sharing—as expounded in the 2012 Kuala Lumpur Declaration, the 2014 Jeddah Declaration and the 2014 International Monetary Fund statement—elucidate the present situation of Islamic banking and finance: an acknowledgement that risk sharing is a “salient characteristic” of Islamic financial transactions on the one hand and that...
Article
Full-text available
This paper contradicts the existence of a universal value anomaly by studying Malaysia, a country with a unique institutional setting. We investigate this counter-example to attribute the anomaly to: 1) the leverage effect of value firms; 2) the investment pattern of growth firms; 3) the economic environment. We find that the value premium cannot b...
Article
Full-text available
Recent calls for risk-sharing—as expounded in the 2012 Kuala Lumpur Declaration, the 2014 Jeddah Declaration and the 2014 International Monetary Fund statement—elucidate the present situation of Islamic banking and finance: an acknowledgement that risk sharing is a “salient characteristic” of Islamic financial transactions on the one hand and that...
Article
Full-text available
Studies on Islamic banks' profitability are important towards improving performance, evaluating bank operations and determining management plan to survive in competitive markets. The present study seeks to fill a gap by providing new empirical evidence on the factors that influence the profitability of the Islamic banks. The ordinary least square m...
Article
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The Central Bank of Malaysia (Bank Negara Malaysia or BNM) introduced the Shariah Governance Framework (SGF) in 2010 and required all Islamic Financial Institutions (IFIs) to fully implement in 2011. The objective is to provide a proper regulatory framework for IFIs to function within the required Sharia framework that will help further strengthen...
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Shariah committee independence has been highlighted by the Shariah Governance Framework as an important credential for an effective functioning of Shariah committees. This study examined Shariah committee independence of local IFIs as perceived by the shariah committee members of the IFIs. The results identified Shariah committee independence safeg...
Article
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This paper investigates the effect of political patronage on firms’ capital structure. The evidence is from Malaysia a country characterised by relationship-capitalism and covers 1988 to 2009. Using a system GMM estimator we find firms set leverage targets and adjust towards them following deviations at the rate of 28 per cent per annum. Next, we c...
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In this paper, we examine the interrelations between bank lending, macroeconomic conditions and financial uncertainty for an emerging economy, Malaysia. Adopting time series techniques of cointegration, causality and vector autoregressions (VARs), we arrive at the following main results. We note long run positive relations between real output and b...
Article
This thesis which compromise of three essays focuses on the theme of valuation, value premium anomaly, financing behaviour and emerging markets. The first essay studies the value growth puzzle in the context of conflict of interest between taxable and institutional investors. We model this conflict in a rational expectations framework and demonstra...
Article
This paper examines the target capital structure of Malaysian firms and its adjustment process in the pre- and post- Asian financial crisis. We utilize an unbalanced panel data set comprising of 184 firms and employ Generalized Method of Moments (GMM) to study the relationship between a firm’s characteristics and its capital structure targeting beh...
Article
This paper studies the value anomaly in the context of Malaysia, an emerging economy with a top heavy, closely held, and state-owned institutional setting. We attribute the anomaly to the investment pattern of growth firms. Our empirical analysis illustrates that growth firms have a tendency to hoard cash, delaying the undertaking of their growth o...
Article
Full-text available
This paper reports new findings on the price effect from trading halts - both voluntary and mandatory - over 2000-04 in an emerging share market, Malaysia. Based on our overall sample, trading halts lead to positive price reaction, increased volume, and increased volatility. We found evidence of information leakage resulting in a significant differ...
Article
Full-text available
This paper undertakes a comprehensive evaluation of the efficacy of firm-specific trading halts in the Malaysian context. The paper examines a total of 291 trading halts that occurred over the five year period 2000 to 2004. In addition to examining the three variables commonly impacted by trading halts, stock price reaction, volatility of returns a...

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