In recent years, most developed countries have suffered a severe recession due to a financial crisis starting in the US with mortgages loans. The lack of credit risk management has been pointed out as one of the causes of this bank panics. To avoid a similar situation, the credi…
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This thesis aims to add empirical evidence to the corporate finance literature by looking at the financing decisions with a specific application to small companies in the context of the UK relatively highly regulated Main market, versus the lightly regulated Alternative Investme…
The thesis consists of three papers. Credit Rating and Competition (co-authored wth Pragyan Deb and Nelson Camanho) studies the behaviour of credit rating agencies in a competitive framework with the presence of conflicts of interest. We show that competition for market share th…
This thesis conducts empirical studies on China's stock market using contemporary financial theories in order to explain the anomalies in China's stock market and then put forward some policy implications on the basis of the empirical research findings. The thesis consists of se…
This research investigates the long-run equilibrium relationship between money demand and its determinants in China over the period 1952-2004 for three definitions of money – currency in circulation m0, narrow money m1 and broad money m2. The appropriate dummy variable has been …
Monte Carlo simulation is a widely used numerical method for valuing financial derivatives. It can be used to value high-dimensional options or complex path-dependent options. Part one of the thesis is concerned with the valuation of barrier options with complex time-varying bar…
The aim of the thesis is to examine the leverage and debt maturity levels and the determinants of capital structure and debt maturity of firms in developing countries. We use World Bank Enterprise Survey data covering 10,839 firms in 24 countries located in five regions. The sur…
In this dissertation, I examine the relationship between market structure and average stock returns in the London Stock Exchange during 1985 and 2010. Using Multifactor asset pricing theory, I test whether industry concentration is a new asset pricing factor in addition to conve…
Asset-based approaches to welfare may be seen as part of a broader trend towards individual responsibility and private provision. With pressures on pension systems and the concentration of wealth in owner-occupied housing, there is debate about the potential of equity release as…
Most scholars have concluded that actively managed equity mutual funds as a whole underperform their passively managed counterparts, linked to some benchmarks. In other words, active equity fund managers on average do not have enough significant stock-picking abilities to add va…
Portfolio optimization involves the optimal assignment of limited capital to different available financial assets to achieve a reasonable trade-off between profit and risk objectives. Markowitz’s mean variance (MV) model is widely regarded as the foundation of modern portfolio t…
The opacity and riskiness of small and medium sized enterprises (SMEs) make them an interesting area for the study of banks’ lending practices and procedures. SMEs in Nigeria, like in many low and middle-income economies, face financing difficulties because they are relatively y…
Part I: This chapter develops a lattice method for option evaluation aiming to investigate whether the option prices reflect the shifts in the distributions of the underlying asset returns and the risk-free interest rate. More precisely we try to investigate whether the option p…
This thesis is concerned with designing a novel model for cash flow prediction. Cash flow and earnings are both important measures of a firm’s profit. The extant literature has discussed different models that have been applied to cash flow prediction. However, previous studies h…
The purpose of this thesis is to analyse the interaction of currency intervention, speculation and sentiment, and their influence on the exchange rate dynamics across the developed and developing countries. This thesis tackles the three factors attributable to the unsolved issue…
The first part of this thesis presents a decomposition of household savings. One of the explanations for the wealth gap is that households with the same income level and demographic characteristics present differences in saving rates. This issue has been studied for African Amer…
A growing body of empirical literature has attempted to measure the efficiency of banking sector using Data Envelopment Analysis (DEA) by focusing on different aspects of banking services. However, standard DEA models often fail to sufficiently discriminate between efficiency sc…
Research in consumer financial decision making has received considerable attention in recent years. This thesis contributes to the literature on financial literacy and measuring underlying behavioural characteristics to explain individual choice, as well as the experimental lite…
This thesis investigates the operating performance of companies following secondary management buyouts (SMBOs) and the factors which determine that performance. First, we find strong evidence that SMBOs underperform in the long run in terms of profitability, productivity, employ…