The co-movements and integration of financial markets has been a subject of great concern among many researchers and economists due to an interest in the impacts of stock market integration in terms of international portfolio diversification, asset allocation and asset pricing efficiency. Understanding the interdependence among financial markets is thus of immense importance especially to investors and stakeholders in making viable decisions, managing risks and monitoring portfolio performances. In this thesis, we investigated the levels of interdependence and dynamic linkages among the five emerging economies well known as the BRICS: Brazil, Russia, India, China and South Africa, using a Vector autoregressive (VAR), univariate GARCH(1,1) and multivariate GARCH models. Our data sample consisted of the BRICS weekly returns from the period of January 2000 to December 2012. We used a VAR model to examine the linear dependence among the BRICS markets. The results from the VAR model analysis provided some evidence of unidirectional linear dependencies of the Indian and Chinese markets on the Brazilian stock market. The univariate GARCH(1,1) and multivariate GARCH models were employed to explore the volatility and dynamic correlation in the BRICS stock returns respectively. The results of the univariate GARCH model suggested volatility persistence among all the BRICS stock returns where China appeared to be the most volatile followed by the Russian stock market while the South African market was found to be the least volatile. Results from the multivariate GARCH models revealed similar volatility persistence. Furthermore, we found that, the correlations among the five emerging markets varied with time. From this study, evidence of interdependence among the BRICS cannot be rejected. Moreover, it appears that there are other factors apart from the internal markets themselves that may affect the volatility and correlation among the BRICS. / M.Sc. University of KwaZulu-Natal, Durban 2013.

Competition among financial institutions in Korean household savings market (HSM) has become severe. Deposit money banks (DMBs) which have occupied the main prop of the Korean financial system have entered turbulent times mainly due to the relaxation of financial regulations which artificially provide a stabilized market environment, as well as the out-performance of non-banking financial institutions (NBFIs). Also, Korean households are becoming better educated, more sophisticated and richer in line with the increase in wealth of the nation. The market share of DMBs in HSM has gradually declined, but that of NBFIs has continuously increased. Consequently, DMBs are required to do something in the market in order, at least, to survive. As the first step, they should have a clear picture of the external environments which can dictate or affect their operations, along with the full understanding of their internal capabilities. Based on the conditions of external environments and internal capabilities, DMBs have to choose one of the 5Ds (ie. disinvestment, de-escalation, do-nothing, development or diversification) as their strategic direction in the market they serve. However, no matter which strategic direction DMBs choose, they are required to differentiate themselves from their competitors in order to support successfully the implementation of a strategic direction chosen and to achieve competitive advantages in the market they serve. In differentiating themselves from others, DMBs will encounter somewhat different aspects from those firms which produce and sell physical goods mainly due to the characteristics (ie. intangible, inseparable, heterogeneous, perishable and non-owned) of their products. Therefore, DMBs have to use the extended 7Ps in order to overcome the problems caused by the unique characteristics of their products and to differentiate themselves from their competitors effectively in the market. However, the discretion of Korean DMBs to implement the extended 7Ps in the market has been so strictly restricted by the regulation that they can not exercise their full capabilities in the market, and they have a passive attitude towards the implementation of strategies in order to differentiate themselves from others. However, the results of this research - mainly based on the study of the financial systems and regulations of Korea and of households as customers of FIs-HSM, and the surveys for FIs-HSM and Korean households - show the possibility that DMBs can achieve competitive advantages effectively in HSM by differentiating themselves from their competitors, be they other DMBs or NBFIs in HSM. DMBs can freely use some components (ie. promotion, physical environment, personnel as a participant, process) of the 7Ps in the market even though other components (ie. product, price, place) of the 7Ps have strictly restricted use in the market at present. Besides, all components of the 7Ps will be sooner or later free to use for differentiating themselves in the market in accordance with the relaxation of financial regulations. As a conclusion, DMBs have to utilize their capabilities fully in order to achieve competitive advantages in the market and to prepare for future changes in the market by conducting the continuous R&D and market research.

The issues of zakah and interest for IFIs have been highlighted for several years and attracted many arguments among Islamic scholars and public. The increasing public interest on the Islamic Banking since 1970s has been driven by the increasing sensitivity among Muslims to the relationship between religion and economic activities. With the emergence of IFIs, Muslims community has demanded for an establishment of an accounting body to develop a set of accounting standards that adhere to the Islamic tenets, hence AAOIFI was established. However, the journey of AAOFI in achieving such objective has not been smooth. This paper intended to study the effectiveness of AAOIFI in dealing with the issues of zakah and riba for IFIs by examining the disclosure practice of 25 IFIs worldwide. Based on the analysis conducted, it is concluded that the extents of disclosure by the IFIs are much lower than the AAOIFI requirements. The study also found that leverage and origin factors might contribute to the level disclosures of zakah and financial products. In addition, the test performed also revealed that the adopters of AAOIFI do provide more disclosure as compared to the non-adopters. However, the mean result is relatively low to suggest full compliance with the AAOIFI standards.

The issues of zakah and interest for IFIs have been highlighted for several years and attracted many arguments among Islamic scholars and public. The increasing public interest on the Islamic Banking since 1970s has been driven by the increasing sensitivity among Muslims to the relationship between religion and economic activities. With the emergence of IFIs, Muslims community has demanded for an establishment of an accounting body to develop a set of accounting standards that adhere to the Islamic tenets, hence AAOIFI was established. However, the journey of AAOFI in achieving such objective has not been smooth. This paper intended to study the effectiveness of AAOIFI in dealing with the issues of zakah and riba for IFIs by examining the disclosure practice of 25 IFIs worldwide. Based on the analysis conducted, it is concluded that the extents of disclosure by the IFIs are much lower than the AAOIFI requirements. The study also found that leverage and origin factors might contribute to the level disclosures of zakah and financial products. In addition, the test performed also revealed that the adopters of AAOIFI do provide more disclosure as compared to the non-adopters. However, the mean result is relatively low to suggest full compliance with the AAOIFI standards.

Malone, Yates & Benjamin (1987) made predictions about the impact of information technology and systems on the organisation of firms and markets based on transaction cost effects discussed earlier by Coase (1937) and Williamson (1975). Evans and Wurster (1999, 2000) examined these ideas in terms of “richness and reach”. Berger, Hancock & Marquardt (1996) proposed a framework for analysing efficiency, risks, costs and innovations in the payments system. In this, they called for additional research into risks and costs in various aspects of the international payments systems and offered a framework for such an examination. This dissertation examines these and other authors’ work from the literature, follows the development of actual systems newly implemented for international trade finance, and considers the impacts of electronic commerce on the field of international trade finance, in particular its effect on the costs and risks involved. This question is important because the burden of paper-based documentation that controls international trade is approximately 6% of $USD7.5 trillion per year. If efficiencies, even small ones, can be gained in this overhead cost, at an acceptable level of risk, then a substantial saving in real dollar terms can be achieved each year, improving the efficiency of world trade and easing the burden on both suppliers and consumers worldwide. The research questions are examined by means of a three round Delphi survey (three iterations of questionnaires with analysis and feedback between rounds) of a panel of experts drawn from international bankers, users of trade finance, and academic researchers into international trade finance and e-commerce. The survey first identifies the factors of greatest import and interest. It then digs deeper and seeks consensus on areas where there is divergent opinion, and finally seeks to critique a model based on the Berger, Hancock & Marquardt (1996) model. In the process the panel is able to estimate the approximate size of shifts in both costs and risks expected from the implementation of e-commerce methods. These are examined in light of the Malone Yates & Benjamin (1987) and Evans & Wurster (2000) theories and found to be consistent. This empirical confirmation of theoretical expectation, combined with estimates of the size of change are then used to make specific recommendations to various participants in the field of international trade finance so that they can reap the benefits of the transition in process.

Thesis (doctoral)--Universität, Giessen, 2006. / Includes bibliographical references (p. [377]-399).

Thesis (Ph.D.)--University of Wollongong, 2007. / Typescript. Includes bibliographical references: leaf 303-338.

Thesis (Ph.D.) -- Flinders University, Faculty of Social Sciences. / Typescript (bound). Includes bibliographical references (leaves 257 - 275). Also available online.

Calif., Univ., Diss.--Stanford, 2000.

Thesis (M.A.)--University of Akron, Dept. of History, 2006. / "December, 2006." Title from electronic thesis title page (viewed 12/31/2008) Advisor, Walter L. Hixson; Co-Advisor, Jane Kate Leonard; Department Chair, Walter L. Hixson; Dean of the College, Ronald F. Levant; Dean of the Graduate School, George R. Newkome. Includes bibliographical references.