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Online ISSN: 2222-6737
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No.1

Critical Discourse Analysis: Iranian Banks Advertisements


Pages: 124-145
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Critical Discourse Analysis: Iranian Banks Advertisements

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Soheila Tahmasbi, Sasan Ghorgani Kalkhajeh 
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Soheila Tahmasbi, Sasan Ghorgani Kalkhajeh  (2013). Critical Discourse Analysis: Iranian Banks Advertisements. Asian Economic and Financial Review, 3(1): 124-145. DOI:
The present study tried to analyze an array of banks advertisements in an Iranian socio-cultural context. The selected commercials are analyzed critically from a top-down as well as a bottom-up point of view. The framework is that of the Fairclough’s (1992) which embraces three aspects of discourse presenting some closely-related layers called 1) description of textual analysis 2) interpretation of production and reception and 3) explanation of social conditions which affect production and reception. The findings of the study revealed CDA can be an appropriate method to detect the manipulative language of advertised texts which invested on cultural, social and ideological values to in turn acknowledge some services and convince people to trust them.

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Estimating Growth in Investment of Micro and Small Scale Enterprises in Nigeria


Pages: 111-123
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Estimating Growth in Investment of Micro and Small Scale Enterprises in Nigeria

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Ojenike, Joseph Olusola 
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Ojenike, Joseph Olusola  (2013). Estimating Growth in Investment of Micro and Small Scale Enterprises in Nigeria. Asian Economic and Financial Review, 3(1): 111-123. DOI:
This study analyzed the growth in investment of Micro and Small Scale Enterprises Intermediated by the informal credit market in Nigeria. Primary data for this study were collected from 10 (ten) Local Government Areas of Oyo State, Nigeria using a multi-stage sampling technique. The result indicates that size of lending, experience in lending business have positive and significant impact on growth in investment of micro and small scale enterprises. Policy aimed at making fund increasingly available to small scale enterprises is recommend to boost growth in small and micro enterprises.

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Econometrics Analysis of Impact of Capital Market on Economic Growth in Nigeria (1971-2010)


Pages: 99-110
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Econometrics Analysis of Impact of Capital Market on Economic Growth in Nigeria (1971-2010)

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Owolabi A, Ajayi N.O 
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Owolabi A, Ajayi N.O  (2013). Econometrics Analysis of Impact of Capital Market on Economic Growth in Nigeria (1971-2010). Asian Economic and Financial Review, 3(1): 99-110. DOI:
The stock market is a common feature of a modern economy and it is reputed to perform some necessary functions, which promote the growth and development of the economy. This study examines whether or not stock market promotes economic growth in Nigeria. To achieve this objective, ordinary least square regression (OLS) was employed using the data from 1971-2010. The result indicated that there is a positive relationship between economic growth and all the stock market development variables used. With 97% R-squared and 95% adjusted R-squared, the result showed that economic growth in Nigeria is adequately explained by the model for the period between 1971 and 2010.By implication 95% of the variation in the growth of economic activities is explained by the independent variables. The result of the study, which established positive links between the stock market and economic growth, suggests the pursuit of policies geared towards rapid development of the stock market. Also, all sectors of the economy should act in a collaborative manner such that the optimum benefits of linkages between the stock market and economic growth can be realized in Nigeria.

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Financial Market Structure and Economic Growth: Evidence from Nigeria Data


Pages: 75-98
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Financial Market Structure and Economic Growth: Evidence from Nigeria Data

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Anne C Maduka, Kevin O. Onwuka 
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Anne C Maduka, Kevin O. Onwuka  (2013). Financial Market Structure and Economic Growth: Evidence from Nigeria Data. Asian Economic and Financial Review, 3(1): 75-98. DOI:
In this paper, we investigate both the long run and short run relationships between financial structure and economic growth using time series data. The presence of a unit root in the time series data was tested using Augmented Dickey ??? Fuller and Philips ??? Perron tests. The long run relationship among the variables is estimated using Johansen and Juselius (1990) maximum likelihood procedure. While the vector error correction model is used to estimate short run the dynamic coefficients. The main results reveal that financial market structure has a negative and significant effect on economic growth based on Nigeria data. This suggests a low level of development of the country???s financial sector. The paper therefore recommends that there is a need to put appropriate financial policies in place that will encourage the growth per capita GDP.

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Operational Performance of Fiscal and Monetary Policies in Nigerian Financial Institutions


Pages: 62-74
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Operational Performance of Fiscal and Monetary Policies in Nigerian Financial Institutions

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John A. Enahoro, Olabisi Jayeola, Dafe P. Onou 
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John A. Enahoro, Olabisi Jayeola, Dafe P. Onou  (2013). Operational Performance of Fiscal and Monetary Policies in Nigerian Financial Institutions. Asian Economic and Financial Review, 3(1): 62-74. DOI:
The study assessed statutory functions of financial institutions as affected by fiscal and monetary policies in Nigeria. First bank, Access bank and Ecobank were Nigerian banks selected for the study. Questionnaires were administered on this survey and data analyzed using the Analysis of Variance and Regression. Results showed that fiscal and monetary policies had enhanced operational efficiency in the Nigerian financial institutions, by reducing financial indiscipline in the financial and fiscal systems. It was concluded that fiscal and monetary policies had galvanized government to committed budgetary management which would also address anomalies in the financial system.

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Impact of Firm’s Characteristics on Stock Return: A Case of Non-Financial Listed Companies in Pakistan


Pages: 51-61
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Impact of Firm’s Characteristics on Stock Return: A Case of Non-Financial Listed Companies in Pakistan

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Safdar Hussain Tahir, Hazoor Muhammad Sabir, Toheed Alam, Ammara Ismail 
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Safdar Hussain Tahir, Hazoor Muhammad Sabir, Toheed Alam, Ammara Ismail  (2013). Impact of Firm’s Characteristics on Stock Return: A Case of Non-Financial Listed Companies in Pakistan. Asian Economic and Financial Review, 3(1): 51-61. DOI:
The unique characteristics of the firms have some power to predict the expected returns. This study was conducted with an attempt to bridge the gap in the literature by offering empirical evidence about firm???s characteristics and their effect to stock returns. The secondary data of 307 Non-financial companies listed in Karachi Stock Exchange (KSE) were collected from the B-Recorder and Basic Balance Sheet Analysis (BBA) issued by the State Bank Of Pakistan for the period from 2000 to 2012. Market Capitalization (MC), sales Growth (SG), Earnings per Share (EPS) and Book to Market value (BMV) were taken as independent variables while Stock Market Returns as dependent variable. First two independent variables were used as proxies for size effect while later as value effect. Economic techniques like Correlation Matrix, Multiple regression analysis, Unit root test and Granger Causality were applied for empirical testing of the data. Results revealed that MC, EPS and BTM value had significant impact while sales growth had no effect on stock market returns.

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Factors Determining Residential Rental Prices


Pages: 39-50
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Factors Determining Residential Rental Prices

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Ivy Drafor Amenyah, Ernest Afenyi Fletcher 
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Ivy Drafor Amenyah, Ernest Afenyi Fletcher  (2013). Factors Determining Residential Rental Prices. Asian Economic and Financial Review, 3(1): 39-50. DOI:
Due to the high demand for residential apartments, landlords take undue advantage of tenants and increase rent without adhering to rent regulations. A high proportion of the population in Ghana rents than own homes because many cannot afford to own. There is frequent movement of workers from one city to another, especially to urban areas, resulting in increases in demand and price of rented accommodation. This study explores the impact of location and apartment characteristics on rental prices, using a survey of the Accra Metropolitan Area. Data from three contrasting locations in Accra was analysed and the results show that location, number of bedrooms, availability of amenities and facilities, and sharing of facilities are significant in determining residential rental prices. The type of apartment people live in and the kinds of facilities they share with others have implications for health and the environment and require policy response with efforts to improve housing regulations in Ghana.

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Renminbi as Number two in East Asia


Pages: 28-38
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Renminbi as Number two in East Asia

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Jyh-Dean Hwang 
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Jyh-Dean Hwang  (2013). Renminbi as Number two in East Asia. Asian Economic and Financial Review, 3(1): 28-38. DOI:
This paper investigates the emerging influence of the Chinese renminbi on the exchange rate movements of East Asian currencies. China stopped pegging her currency to the US dollar and moved into a managed floating exchange rate system on July 21, 2005. The change in China???s exchange rate regime opens a window of opportunity to investigate the influence of renminbi on the exchange rate movements of East Asian currencies. This paper uses daily exchange rate data from July 24, 2005 to October 31, 2011 for empirical analysis. Empirical results from this paper reaffirm the dominant position of the US dollar in East Asia. Our results indicate that the influence of the renminbi on the daily exchange rate movements of East Asian currencies is second only to that of the dollar. With the growing importance of the Chinese economy, the renminbi has begun to exert its influence on the exchange rate determinations in East Asia at least in the very short run. We have done extensive robustness checks to ensure the validity of our estimation results. In the 1990s and early 2000s, many studies document an increasing influence of the Japanese yen and suggest the emergence of a yen bloc in East Asia. While this issue is not the focus of the present paper, results of this paper do cast doubts on the making and prospect of a yen bloc in East Asia.

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Financial and Non Financial Determinants of Corporate Social Responsibility


Pages: 16-27
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Financial and Non Financial Determinants of Corporate Social Responsibility

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Faris Nasif AL- Shubiri, Abedalfattah  Zuhair  Al-abedallat, Marwan Mohammad Abu Orabi
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Faris Nasif AL- Shubiri, Abedalfattah  Zuhair  Al-abedallat, Marwan Mohammad Abu Orabi (2013). Financial and Non Financial Determinants of Corporate Social Responsibility. Asian Economic and Financial Review, 3(1): 16-27. DOI:
The objective of this study was to investigate the interdependence among the South Asian and developed markets and their impact on Karachi Stock Exchange. The data were collected from eight worldly stock exchanges, four from each South Asia and developed countries for the period starting from July, 1999 to June, 2011. For analytical purposes, the techniques like Correlation Matrix, Unit root, Co integration test and Granger Causality were applied. The correlation results indicated that there was no significant relationship between the South Asian and developed equity markets. However the equity market of US and India found correlated with each other individually. A bidirectional casual relationship was found between CSE and KSE through Granger Casual test. The Equity Markets of South Asia and Developed countries are not co integrated with each other. The international portfolio managers are advised to include Karachi Stock Markets in the developed market portfolios, because the Karachi Stock Market is not linked with the Developed world.

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Detecting the Convergence Clubs and Catch???Up in Growth


Pages: 1-15
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Detecting the Convergence Clubs and Catch???Up in Growth

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Poh Choo Song, Siok Kun Sek, Wai Mun Har 
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Poh Choo Song, Siok Kun Sek, Wai Mun Har  (2013). Detecting the Convergence Clubs and Catch???Up in Growth. Asian Economic and Financial Review, 3(1): 1-15. DOI:
We conduct empirical panel data analysis to detect the catching- up effect in growth and the possibility to form different convergence clubs in selected Europe and Asian economies. In particular, we seek to investigate if the selected countries are able to catch- up to the growth level of developed economy of the United Kingdom (U.K.). The control variables used to test for conditional convergence include inflation, trade, net inflow of foreign direct investment, total population and government consumption expenditure. Our results reveal that all economies except Turkey and India are able to catch- up with U.K. economy. The economies in both regions of Europe and Asia are able to form their convergence clubs.

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