This study aimed to investigate the main impact of adopting the International Financial Report Standards (IFRSs) on the users of financial reports in both the Dubai Financial Market (DFM) and the Abu Dhabi stock exchange (ADX). The study has also examined the impact of adopting the ·IFRS on profitability of firms and stock performance in the two stock markets. In addition, the study has investigated the different challenges that adopting the IFRS had in both Dubai and Abu Dhabi markets following the compulsory adoption of IFRS and whether the implementation of IFRS would have different impacts on the DFM from those in the ADX. One of the most important developments in the literature related to accounting and finance at the beginning of this century is concerned with the compulsory adoption of International Financial Reporting Standards (IFRSs) in Europe. With the introduction of IFRSs, there is the promise of the provision of financial statements that are more accurate and transparent and, therefore, the expectation of more value-relevance to investors when compared to local GAAP. Following the announcement that IFRSs were to be adopted by listed firms in the European Union in 2005, the accounting systems in developing countries have been affected, with countries, such as the United Arab Emirates (UAB), also announcing their desire to adopt the IFRS. However, as the nature of the business environment in the UAE is significantly different from that in western countries, serious argument arose between the users of financial reports in the UAB over whether the adoption of IFRSs was appropriate for their financial statements. The study has used two main methods to collect and analyse the primary data. Firstly, questionnaires were used to gauge how the preparers and users of financial reports view the adoption of IFRSs, in both DFM and ADX, and how this transition to IFRSs has affected their decision making. SPSS was used to analyse the collected data of the questionnaires using different tests such as t-test, ANOV A test, and Correlation test. Secondly, this study used the secondary data analysis to investigate the primary effects of adopting IFRS upon share performance and profitability of listed firms in the two stock exchanges. For the second data collection method, several multiple regression models were used based on the Ohlson and modified Ohlson models. The main findings of the study from the questionnaire indicate that most of users of the financial reports were in favour of the adoption of IFRSs in the UAB, however many of the users argued that the transition to IFRSs ought to be given careful consideration as it had negative effects on the accounting system of companies and raised the issue of lack of readiness and lack of competence of employees who are ill prepared for IFRSs. The findings of the questionnaire have also showed that the preparers at the banking sector were more satisfied with the adoption of IFRSs than was the case in other sectors. The results from the analysis of secondary data showed that the adoption of IFRSs had value-relevance for both the DFM and the ADX, with the greater relative impact being at the former. In addition, the analysis of results showed that the adoption of IFRSs had an impact on some financial indicators and this impact was higher in the ADX than it was in the DFM. The analysis also indicated that the adoption of IFRSs had a great impact on the trading volume of shares in both of the stock markets, with the impact being significantly higher in the ADX. In conclusion, as the main focus of the study was to examine the challenges and the impact of the recent adoption of IFRSs in one of the countries of the Middle East, this study has made a contribution to the literature on value-relevance in terms of stock performance and financial indicators. It has also shed light on an area of research which has been overlooked particularly in the Middle East.

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This thesis contributes to the literature that analyses the term structure of interest rates from a macro-finance perspective. Chapter 1 of this thesis provides a structural interpretation behind the decline in the US term spread's predictive power with regards to future real output growth. Our analysis is conducted through use of a Dynamic Stochastic General Equilibrium New-Keynesian model that is estimated on both macroeconomic and financial data. Our findings indicate that it is changes to the composition of shocks hitting the US economy that has caused the term spread, through the endogenous monetary policy response, to cease being a useful indicator of future output growth. Chapter 2 examines the importance of shifts in the expectations of agents in the form of "news shocks" in explaining the variation in the slope of the term structure of interest rates. The methodology employed in this chapter is a medium-scale Dynamic Stochastic General Equilibrium model that has been augmented to permit a role for both anticipated and unanticipated components in the usual array of structural shocks. In order to quantify the relative importance of each structural shock, the model is estimated via Bayesian methods on US data. We find the anticipated Total Factor Productivity shock to be quantitatively unimportant in driving US term spread fluctuations since, conditional on this shock, our model is unable to generate the observed leading procyclical movement of the spread found in the data. We do, however, find a limited role for the anticipated wage mark-up shock in that it accounts for a small share of the variation in consumption, hours and real wages. However, it is the unanticipated shocks that account for the major share of variation in the term spread as well as other key macro aggregates. The third and final chapter of this thesis examines the ability of the industry-standard Dynamic Stochastic General Equilibrium model to jointly explain both macroeconomic and financial data. We compute a second-order solution to our model in order to derive predic- tions for risk premia on equities and real, nominal and corporate bonds. Our central result is that by appending the Smets and Wouters (2007) model with Epstein-Zin preferences, long-run nominal risk and a credit market friction, we are able to generate realistic moments for the financial series under consideration without distorting the fit of our business cycle statistics.

This thesis aimed at investigating the impact of changes in the exchange rate on the demand for money and the trade balance in Jordan. Using Johansen (1991 and 1995) approach for cointegration analysis and the equilibrium-correction model (ECM), we examined the existence of stable long-run relationships for the demand for money and the demand for exports and imports. Using the VAR analysis, we analyzed the potential channels of monetary policy transmission mechanism as a vehicle to evaluate the efficiency of monetary policy. A stable long-run relationship has been found for the narrowly defined money which is found positively related to domestic income and the exchange rate and negatively related to domestic real interest rate and foreign interest rate. A stable long-run relationship was also found for the demand of exports and imports. The volume of exports is positively related to income in the trade partner countries and negatively related to exports relative price. Similarly the volume of imports is positively related to domestic income and negatively related to imports relative price. The analysis of monetary policy transmission mechanisms revealed that actions of monetary policy in Jordan has little impact on either the channels of monetary transmission or on the ultimate targets of monetary policy.

Inter-organisational cost management and control (IOCM and control) is generally defined as a means whereby independent organisations protect their interests and coordinate resources to create value from their inter-organisational relationships (IORs). While research in IOCM and control has been informed by a variety of theoretical perspectives, there is little which has employed structuration theory (examples are Free, 2008; Seal et al., 2004; Sydow & Windeler, 1998). Here, it is argued that Rob Stones’ recent work is a development of the theory which shows good promise for research in this area. A field study at a Greek shipping organisation reveals the processes and dynamics of IOCM and control in practice. Despite public proclamations of long-term relationships with suppliers and buyers, the research uncovered a network of asymmetrically dependent relationships, which produced and reproduced predominantly arm’s-length practices. Distrust and paternalism within the organisation spilled over to the management of its inter-organisational domain, while the structural influences of environmental institutions reinforced organisational agents’ perspectives of IOCM and control and limited consideration of alternatives. Finally, this study argues that the notion of multiple and overlapping social systems as well as of learning and change can emphasise a role for certain theoretical constructs to implicate the skilful deployment of resources, which is central to economic phenomena. Such constructs refer to dialectics of control, path dependency, isomorphism, contradiction and praxis. It is proposed that future research in IOCM and control employing Stones’ version of structuration, would benefit from explicit use of these constructs.

2005 was a landmark year in the European Union’s (EU) financial reporting history as all EU listed firms were required to switch from national accounting standards to IFRS. Using a sample of European commercial banks, this study explores two research questions within the framework of equity valuation theory: (i) whether the disclosed fair value estimates of loans and advances; held-to-maturity investments; deposits; and other debt, as well as the recognition of derivatives at fair value, are value relevant, (ii) whether the adoption of IFRS led to a reduction in European banks’ cost of equity capital. The results show that the fair value of loans and advances and other debt are value relevant as is the recognition of derivatives at fair value. Further analysis revealed that the relevance of fair value of loans and derivatives is contingent on banks’ financial health and earnings variability, respectively, as well as on the ability of countries to enforce IFRS. The findings also indicate that the cost of equity capital of European commercial banks decreased after the adoption of IFRS. However, banks domiciled in countries with continental accounting standards and weak enforcement rules experienced a greater reduction in their cost of equity capital.

Technology acceptance, especially internet banking acceptance has become a vital issue in the business world today. A number of studies agree on the importance of customer adoption and full utilization of internet banking services as the key factors for banks to achieve the benefits from launching this channel (eg. Guriting & Ndubisi, 2006; Nor, 2005; Yousafzai, 2005; Mols et al., 1999). They also highlight the crucial role of the comprehensive understanding of the factors and their interactions with each other that influence customers in accepting and using internet banking services. A review of literature related to internet banking indicates that while there are numerous studies that have tried to identify the factors affecting non-adopters and/or users of internet banking there is no single study, specifically in Saudi Arabia, that sheds light on the factors affecting dormant users of internet banking. Hence, the present study provides additional insights into this issue. The study adds to the body of knowledge in the technology acceptance field by developing a comprehensive model for internet banking acceptance. The model extended the Technology Acceptance Model (TAM) to include additional components, namely task-technology fit (TTF), perceived trust and perceived risk. The subjects for this study were Saudi bank customers who are dormant users of internet banking services. One thousand copies of the questionnaire were distributed in five Saudi cities: Riyadh, Jeddah, Dammam, Abhah and Buraydah. A total of 430 completed questionnaires were received, giving a response rate of 43% of the original sample. Structural equation modelling (SEM) was the statistical technique employed in this study. The main results of this study suggest that two factors, namely perceived usefulness and service visibility directly influence Saudi customers’ intention to use internet banking. Perceived ease of use is indirectly significant on the behavioral intentions through perceived usefulness. Moreover, perceived trust, system reliability and accessibility significantly influence perceived ease of use of internet banking. The results also reveal that customer trust in internet banking can be developed by focusing on only one theoretical construct of trust, perceived bank trustworthiness of the internet banking provider. Based on the findings, implications for internet banking practice and related future research have been identified.

Researchers have developed investigations into both initial and seasoned equity offering (SEO) by obtaining data from developed markets (e.g. Denis, 1994; Kothari and Warner, 1997; Corwin, 2003; Eckbo et al., 2006), while the literature in emerging markets is relatively neglected. This thesis provides an overview examination of one specific emerging region, namely Thailand. Equity financing in Thailand has become more widespread in the aftermath of the last economic crisis in 1997. With a more recent data set and larger sample size than previous Thai studies, we examine the performance of SEO firms between 1999 and 2006. Our thesis findings contribute to the existing literature by: (1) examining the SEO samples which focus mainly on issuing new shares to existing shareholders, i.e. rights issuing and private placement, instead of the general aspect of public offering, (2) applying a different benchmark to measure post-issuing performance compared with existing studies and (3) examining the relationship between short-term and long-term abnormal returns. Our evidence reveals that the stock prices react negatively to SEO announcements. We also find that there is no relationship between short- and long-term abnormal returns. This is a consistent explanation of the characteristics of the Thai capital market in practice. In addition, our results from the determinants of SEO underpricing are mostly consistent with the previous literature (i.e. Corwin, 2003; Intintoli and Kahle, 2009). Lastly, our findings suggest that SEO firms underperform during the post-issuing period, particularly one year after issuing new shares.

Taxation today plays a major role in economic activity, as the prime source of revenue and as a tool of economic management for government and as a major recurrent outgoing for business firms and households. Theoretical analysis of the impact of new taxes or changes in taxation is usually conducted with reference to investors and business firms exercising 'rational' profit (or present value) maximising behaviour under conditions where all other relevant factors remain unchanged. Empirical evidence on business response to taxation is however inconclusive in the case of developed economies and sparse in relation to LDCs. This thesis examines the impact of taxation on business in LDCs at the level of the individual business firm, using the survey technique supported by content analysis and ratio analysis of published material. The study is carried out with particular reference to Sri Lanka, a typical LDC, but the findings are also supported by analysis of business opinion in two other developing countries. A separate examination is undertaken of the perceptions of and responses to taxation of MNC business operating in LDCs. The research results lead to three main conclusions. Firstly, the perceptions of business relating to taxation are seen to be non-uniform and for the most part are related to organisational characteristics of the business entities. Secondly, business response to taxation does not always correspond with rational profit maximising behaviour on the part of business managers. Liquidity objectives appear to be at least as important. Finally, perhaps the main conclusion drawn from the research findings is that the impact of taxation on business decisions is small and that taxation is not by any means a major constraint on business development; the main reason being the presence of other more restrictive environmental influences.