No description available.

No description available.

No description available.

Exchange rate and interest rate risk have been documented as the most managed financial risks by most UK non-financial firms and industries. This is probably because of the severe adverse effects that contrary movements in these financial risks can have on the value of the firm or industry. Nevertheless, empirical studies on these risks have been very few and predominantly limited in scope. Therefore, using a sample of 402 UK non-financial firms from 31 industries, over the period January 1990 to December 2006, this study examines the relevance of these financial risks on the stock returns of firms and industries. Following the weaknesses of the Ordinary Least Square (OLS) methodology, the AR(I)EGARCH-M model was subsequently used for the estimation. The results indicated that the stock returns of UK firms and industries were more affected by long-term interest rate risk than exchange rate risk (Trade weighted index, US$/£ JP¥/£, ECU/£ and Euro/£) or even short-term interest rate risk. Furthermore, the introduction of the euro reduced the exchange rate exposure and interest rate exposure of only a few UK firms and industries. Additionally, by means of the Herfindahl index as a measure of industry concentration, competitive industries were found to exhibit a higher degree of exposure to movements in exchange rates and interest rates, and also higher volatility in returns than industries that were classified as concentrated. Then using firm specific accounting variables, the results indicated that the determinants of exchange rate exposure were different to that of interest rate exposure. Finally, it was also found that for most UK firms and industries: increased risk did not necessarily lead to an increase in returns; severe adverse movements in exchange rates and interest rates can potentially make returns more volatile; volatility of returns has time varying properties; persistence of volatility is much higher in some firms and industries than others; and the volatility of returns increased in the period after the introduction of the euro.

This thesis is concerned with the impacts of national culture on the cross-border-mergers and acquisitions performance in the banking industry across Egypt and UK through studying the role of the human side as a mediator variable. The main conceptual framework has been developed based on the GLOBE cultural project. It perceives the national culture as a multi-dimensional construct that interacts between levels. The thesis consists of a mixed methods approach which investigated international mergers and acquisitions by banks in Egypt and the UK from 2004 to 2007. The data collection process was carried out between June 2008 and November 2009 and was divided into three Phases: 1) desk research on the Egyptian and British banking industries; 2) 6 interviews with middle managers in both countries, and 3) (876) returned questionnaires (in Egypt and in the UK) of three mediating multi-sample groups (middle managers, employees and customers). The data analysis process involves analysing the case studies using pattern-coding, triangulation data methods and two distinct statistical methods: multiple regression analysis and multi-group structural equation modelling to test the hypothesised models. The analysis techniques used examined the significance of the differences of the two national cultures and their impacts on cross-border banks. For purposes of quantitative testing of bank-level cross-border MERGERS AND ACQUISITIONS post performance was examined using two distinct multi-dimensional constructs: between multi-group (middle managers, employees and customers) and within groups (the two nations). The findings seem to suggest that post-MERGERS AND ACQUISITIONS performance in the banking industry across nations has been influenced by very distinguishable cross-cultural leadership behaviours in each country. The findings of the qualitative and quantitative data analysis are consistent. The multiple regression findings indicate that the impact of v cultural distance on cross border acquisition performance varies with the level of post-acquisition integration, with cultural distance reducing performance to a larger extent at high levels of integration. These findings are consistent with previous researchers. However, in the Egyptian banking sample, the impact on the Egyptian leadership style has more positive impacts of the Egyptian shared understanding vales of Egyptian banking staffs than the British banking leaders. On the other hand, the British leaders, in the British banking sample, show a strong interaction between banking managers and employees, and between the leadership and the perceived services quality of the British customers. The multi-dimensional cultural interface developed from the literature has been supported by the findings of the research. It shows the complex interactions of national culture on the post-cross-border MERGERS AND ACQUISITIONS financial performance in banking industry. The thesis suggests that by charting the culture-financial performance relationship, it may be possible to anticipate certain behavioural patterns of leaders, employees and customers for each country.

This research examines the effects of GATS agreements, both on entry modes and defensive marketing strategies in the Egyptian banking sector. The research population is the Egyptian banking sector, employing a total of 83179, from which a representative sample (equal to 800 responses) was selected. As the research aims are diversified, this sample was divided into two main groups i.e. local banks and foreign branches, investigated using different questionnaires. The latter population includes all the foreign branches working in the Egyptian market; the former includes all banks working in Egypt regardless of their ownership status. Four objectives have been pursued in this research: - (1) Exploring GATS impacts on the Egyptian banking sector as well as identifying variables that affect their perception; (2) Identifying the appropriate defensive marketing strategies for each entry mode and evaluating the marketing practices of the Egyptian banking sector; (3) Identifying pattems of relationships between defensive marketing strategies and four sets of variables (demographics, objectives, rivals, and rivals' competitive advantages); and (4) Determining the factors that affect the selection of each entry mode. Regarding the first research objective, the findings reveal that GATS agreements have positive impacts on the Egyptian banking sector, with significant relationships observed between the perception of GATS impacts and the respondents backgrounds. Secondly, an "Entry Modes- Defensive Marketing Strategies Model" was designed, recommending specific defensive marketing strategies for each bundle of entry modes. Thirdly, strong and significant relationships appear, between selected defensive marketing strategies and four sets of variables i.e. demographics, bank's objectives, perceived competitors, and competitors' competitive advantages. Finally, the selection of entry modes is affected by both bank and target market characteristics. The latter include political stability as well as instability, language differences, religious similarities, values differences, severe competition, and moderate levels of competition; the former include greater as well as less financial resources, and less international experience. The applicability and suitability of these findings for other similar Afiican and Middle East countries are identified.

Within the dividend policy literature there is no universally accepted model to explain dividend behaviour. The theoretical dividend policy literature contains a promising dynamic mathematical model based on optimal control theory formulated by Davidson (1980), in the spirit of the Modigliani-Brumberg-Yaari types of lifecyle hypothesis, but despite being published some time ago the model has not been tested empirically, possibly due to its complexity. It is the main purpose of this research study to investigate the dividend behaviour patterns of banks listed on the NYSE within this optimal control theory framework. This work unfolds in three stages as follows: initially the impacts of the different control planning horizons in determining dividend patterns are examined. Secondly, the factors that govern the control-theoretic dividend patterns are established. Finally the factors that are associated with out-performers of the control theory framework are identified. Appropriate and relevant data from NYSE banking corporations were obtained to test the effectiveness and efficiency of the control theory framework. The application of logistic regression analysis and logistic step-wise regression established the factors that govern the control-theoretic dividend patterns. The application of multiple regression analysis and step-wise regression analysis enabled this study to determine the factors that are associated with out-performers of the control theory framework. Research findings suggest that the long planning horizon model tends to be good explanator of observed dividends, suggesting that the dividend decision is not constrained by short or medium term predicted liquid asset levels. NYSE banks with control-theoretic dividend patterns were associated with the smaller banks, which perform financially well and display a strong share price record, as indicated by the high Tobin's Q ratio, strong dividend yield, a greater return on capital invested, higher leverage, and a smaller number of employees. The NYSE banks with observed dividends that out-perform the control theory framework are associated with banks that have higher profits, as indicated by the higher return on equity, and an implied expanding customer base, as suggested by the higher revenue growth rate. Outperfoming banks also have higher dividend yields, constrained by an implied internally imposed conservative retention policy, as indicated by lower payout ratios and they tend to be smaller in size. Further research in this area is required to investigate the dividend behaviour of organisations operating on other stock markets around the world, and should help to unlock the full potential that is offered by a control theory framework.

The compulsory adoption of International Financial Reporting Standards (IFRSs) in Europe has been one of the most important developments in the accounting and finance literature in the last couple of years. IFRSs have promised to provide more accurate and transparent financial statements, and hence to be more value-relevant to investors than local GAAP. Because there are broadly two different accounting systems in force in Europe: the accounting system adopted in common-law countries and the accounting system adopted in code-law countries and because the nature and concept of each accounting system is entirely different, researchers believe that the compulsory adoption of IFRSs in Europe will have different impacts on European countries that fall under each category. The objective of this thesis is to explore the impact of the movement to IFRSs in Europe on share prices, trading volume of shares and financial ratios of listed companies in Germany, as a case study of code-law countries, and the UK, as a case study of common-law countries. Using 8 years of data, which cover the period from 2000 to 2007 and incorporate time periods pre and post IFRSs adoption in Europe, this thesis empirically investigates three main issues. First, it examines whether the adoption of IFRSs has an impact on share prices in the two different environments of accounting systems. Second, the thesis evaluates the impact of IFRSs adoption on financial indicators in the two different environments. Third, the thesis evaluates the impact of the movement towards IFRSs in Europe on the trading volume of shares in the two different environments. For the first issue, several multiple regression models were employed based on Ohlson and modified Ohlson models. The results from the analysis indicate that the adoption of I FRSs was value-relevant in both Germany and the UK, with a greater relative impact in the UK. For the second issue, both univariate and multivariate techniques based on ANOVA tests and different logistic regression models were adopted. Generally speaking, the results from this analysis demonstrate that IFRSs adoption had an impact on some financial indicators and that the impact is higher in Germany than in the UK. As for the third issue, logistic regression was employed to study the pattern of trading volume of stock before and after IFRSs adoption in both Germany and the UK. The results of this analysis showed a great impact of IFRSs adoption on trading volume of shares in both Germany and the UK, with a significantly higher impact in Germany. As such, the thesis makes an important contribution to the value-relevance literature pertaining to the impact of the recent movement to I FRSs in Europe on commonlaw/ UK and code-law/Germany environments in terms of stock performance and financial indicators. A caveat to the finding of this thesis is that the impact of the movement to IFRSs in Europe might need a longer period to be effectively evaluated and that more common-law and code-law countries must be considered to truly reflect the difference in I FRSs impact on both sets of accounting environments.

No description available.

No description available.