Dissertations for Finance

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Analysing Bollinger Bands in Relation to Energy Spreads
(The British University in Dubai (BUiD), 2010-05) Breebaart, Jasper
This thesis examines the signalling ability of Bollinger Bands when analysed with energy spreads. The study evaluates the profitability of preliminary trading systems over different spread constructions to identify the Bollinger Band signalling efficiency. The test is thus an analysis of the weak form Efficient Market Hypothesis as proposed by Fama (1970). Earlier research has illustrated varied conclusions. The research into Bollinger Bands has illustrated that Bollinger Bands trading systems are unable to yield economic profits and perform worse than other Technical Analysis methods. The spread research, on the other hand, clearly identifies that there are inefficiencies and large potential for automated trading systems, also with Bollinger Bands or comparable methods. This study has found that Bollinger Bands generate inefficient signals, are not a good predictor of spread movements. On average the performance between 1995 and 2009 has generated a loss. On this basis a “contra mean reversing” (trending) approach of the highest loss giving settings has been deeper analysed to find considerable signalling efficiency, thus potential trading profits. The evaluation incorporates conventional energy spreads like the Crack and Frac spreads and created additional spreads. A created spread of the end products of the crack spread, heating oil and unleaded gasoline, generated the best results indicating the need for further research into this spread. The profitability of the contra Bollinger Band system indicates that the Efficient Market Hypothesis should be rejected in the weak form.
An analysis of important market risk that international bank face
(The British University in Dubai (BUiD), 2017-02) Shaara, Mohamed Ahmed Abou
International banking can be beneficial, especially about developing a stable financial system. However, the international banking system also faces major problems. This paper attempts to identify market risks that exist in international banking and discuss on the risk management. It also discusses the importance of international banks managing these risks. The study used questionnaires as the methodology for collecting data. The questionnaires were distributed to 30 senior managers/officers in various international banks around the world. The questionnaire had three sections, with the first part requesting demographical information such as gender, age, education level, race and respondents’ judgments regarding the goals and importance of risk management practices as well as the where these market risks arise. The second part focused on obtaining insight about some of the market risks international banks face and how they are managed. The five-point Likert scale was used to rate individual factors. The third part of the questionnaire contained open-ended questions that sought to obtain more qualitative information from the bank officials regarding risk management techniques and their specific understanding and attitudes regarding the major market risks and practices used to manage them. From the data analysis, the study found that international banks face a narrow range of market risks mainly resulting from liquidity, interest rate and foreign exchange rate. The banks are not employing diverse risk management techniques and only focus on blunt tools for mitigating and eliminating market risks instead of employing advanced strategic techniques such as hedging, diversification and analysis of value at risk to manage market risks. The study provides recommendations that can address the issue, including improving counterparty credit assessment and transparency, improving counterparty risk management, reporting and estimation, improving market conventions and practices and regulatory reporting.
An Analysis of Islamic Finance Framework, Authority in Islam and a Need for Paradigm Shift in Islamic Finance
(The British University in Dubai (BUiD), 2014-03) Khorasi, Aasif
Islamic Finance has always been condemned by some of the influential advocates of interest based economies as a backward looking, less considerate and Shariah driven financial system still characterizing the principles laid in 6th century by the divine revelation of Allah (s.wt) and traditions of holy Prophet (s.a.s). Most of the scholastic and Industry efforts are aimed at providing solutions to financial issues faced by modern Islamic society with easy references to conventional banking system. They try to highlight issues with Shariah laws that underpin the fundamentals of Islamic Finance Industry and attempt to project a sense of urgency to adopt forbidden conventional forms of financial transactions like derivatives, leasing, etc in order to bring Maslaha for the society. However very few speak in length about the advantages of running a Shariah based ethical banking framework and the depths of foresightedness available in revealed sources on running a socio-ethical economic system. The aim of the study is to highlight several such issues faced by Islamic Finance industry, the distinct authority and legislative structure in Islam and a dire need to effect a paradigm shift in constructing future dialogue on Islamic Finance. While aiming at these objectives, the study also attempts to focus on addressing some of the key areas of concern ailing the present global economic system and makes a proposition towards creating a thought process that can safeguard interest of depositors, investing community and society, at large, without compromising on economic growth.
Analysis of Moving Average Convergence Divergence (MACD) in different economies
(The British University in Dubai (BUiD), 2013-04) Pandit, Zayd
The current dissertation is undertaken to analyze technical analysis, its indicators and their profitability and feasibility. This dissertation gives the basics idea of technical analysis and how it works and helps the investors in generating profits. It also shows how to use charts for technical analysis. In the analysis part it focuses on one of the most popular indicator called Moving Average Convergence Divergence (MACD) and applies it in different stock exchanges to examine whether it works in all or not. The objective of this dissertation is to provide investors with a clearer view of where to use Moving Average Convergence Divergence (MACD). This dissertation analyses performance of Moving Average Convergence Divergence in five different stock markets. These stock markets include Bombay Stock Exchange, Athens Stock Exchange, New York Stock Exchange, Dubai Financial Market, Abu Dhabi Stock Exchange and Australian Stock Exchange. The conclusion of this dissertation was that Moving Average Convergence Divergence was able to work at its best where the economy was not going through any kind of crisis. In other words efficient markets where as it was not able to generate much profit in economy like Greece which is suffering from European Debt Crisis. In Middle Eastern markets it was not able to perform well at all. At the end of this paper investors can easily make out where they can use MACD and where they need to use fundamental analysis or other technical indicators.
An analysis of the Practice and Standard of Corporate Governance in the UAE Banking Industry
(The British University in Dubai (BUiD), 2012) Al Moosawi, Hassan
The global economic crisis of 2008, partly triggered by the lack of stringent management oversight of large financial institutions has raised regulatory alarms around the world. To address the challenges arising out of this global crisis a number of proposals to improve bank corporate governance have been put forward by international organizations. Against this backdrop this study is set, to critically study and evaluate corporate governance in a UAE bank. As part of the study thorough literature review will be conducted to study the Corporate Governance policies and practices adopted by banks in general and furthermore best practices in Corporate Governance in the banking industry will be reviewed. The data for this study is collected from both primary and secondary sources. Primary data will be collected through a questionnaire survey. The questions included in the survey were designed based on the BASEL Corporate Governance Guidelines as well as the surveys conducted by OECD MENA. Secondary data is collected from various finance journals, online library resources, the internet, books and the internal documents of the bank. The findings of the survey will be tabulated and analysed. A detailed discussion will be presented along with a set of recommendations that if applied will further improve corporate governance in the UAE banking industry.
An application of Data Envelopment Analysis to study the Technical Efficiency of UAE banks in the pre and post crisis period
(The British University in Dubai (BUiD), 2012-04) Siddiqui, Huma Anjum
The rapid growth and development of the UAE banking sector over the past decade has seen increased competitiveness, technological advancements, booming economic conditions as well as a global financial meltdown resulting in tighter regulatory norms and increased emphasis on operational efficiency. To this end, the present paper carries out a two stage analysis on 11 local commercial UAE banks, over the period of ‘2003-‘2010. In the first stage, the technical efficiency scores of the sample banks are computed with the help of the output oriented, variable returns to scale, Data Envelopment Analysis technique. The scores so arrived at in the first stage, were used in the second stage of the analysis, where the Tobit censored regression test was used to regress the dependent variables (the efficiency scores) against 4 selected variables, so as to understand whether these variables influence efficiency scores and if so, to what extent. The findings indicated that the UAE banking sector was affected by the financial crisis based on the pre crisis (i.e. ‘2003-‘2008) technical efficiency scores which reflected an ascending trend. Thereafter, a decline of 33.33% in the number of technically efficient banks was observed and it was inferred that DEA as a technique was able to reflect this trend. The results of the second stage analysis showed that the size of a bank, the profitability (in terms of net income) and the market share of each bank positively influenced the technical efficiency scores, where an increase in these independent variables led to improved efficiency scores. On the other hand, total equity (the proxy for bank capitalization) was found to be negatively related to efficiency scores, which meant banks with lower capitalization ratios had better efficiency levels and vice versa.
Bank-Specific and Macroeconomic Determinants of Islamic Banks Profitability: The Case of GCC Countries
(The British University in Dubai (BUiD), 2020-05) Al Malkawie, Dia'
Generally, profitability for a business firm is the primary factor to survive. It helps the organization to grow, compete and remain attractive to investors as well as analysts. The purpose of the present study is to research in the bank-specific as well as macroeconomic determinants of Islamic banks in a region that’s consider to play an important role in Islamic finance development, namely the GCC region. The study used 28 Islamic banks operating in the GCC stock exchanges as a sample for the time of period from 2011 up to 2016, namely Boursa Kuwait, Abu Dhabi Securities Exchange, Doha Securities Market, Bahrain Stock Exchange, Saudi Stock Exchange, Muscat Securities Market, and Dubai Financial Market. Pooled OLS regression is used to estimate the empirical model. The bank’s profitability is measured by the return on asset (ROA), whereas the independent variables that tested are capital adequacy ratio, operational efficiency, assets quality, financial leverage, bank size, liquidity risk, GDP growth, and inflation rate. The regression results indicate that bank-specific determinants including capital adequacy ratio, financial leverage, and operational efficiency are statistically significant and have negative relationship with the Islamic bank’s profitability. However, the bank size is the only tested variable that’s have a positively and significantly relationship with the banks’ profitability. Whereas, the study proves that there is nonlinear relationship between bank’s size and profitability. On the other hand, assets quality and liquidity risk are found to be insignificant determinants for Islamic banks’ profitability. Regarding the macroeconomic variables, GDP growth is the only variable shown that it is relating positively to Islamic banks profitability, whilst the inflation rate has no association with the Islamic banks profitability for the sample studied. These findings provide valuable policy implications which may assist Islamic banks operating in the GCC region to improve their performance and increase their profitability.
Benefits and Risks Associated with Financing through Issuance of Sukuk: Evidence from GCC Countries
(The British University in Dubai (BUiD), 2020-10) AL-AMERI, AHMAD HAMOOD THABET QASEM
The purpose of this thesis is to examine the benefits and the risks that are associated with the financing through Sukuk (Islamic bonds). In this regard, highlighting the benefits and limitation that are associated with financing through issuance of sukuk with focus in the GCC countries will be considered instrumental in the course of this research. Building on previous studies, the present study focuses on analysing the various types of Sukuk and compare them with other forms of funding (conventional bonds). The various risks associated with Sukuk and how they are dealt with has also been analysed. On the empirical part, the study aimed to determine the relationship between Sukuk prices and some of the variables and risks associated with them, such as interest rates, bond prices and exchange rates. The main data which will be utilized in the course of the research obtained from various sources such as blommberg.com and financial institutions as well, the data will be subjected to regression analysis for the purposes of ensuring that the relationship is determined and the results presented. The research reached specific results and recommendations in this regard.
Capital structure in the Airline Industry – An Empirical study of determinants of capital structure
(The British University in Dubai (BUiD), 2017-11) KHAZAALEH, FADI MOHAMMED KHALIL
In the business environment, decisions that are associated with the capital structure are very critical in nature. The strategic team of an organization is mainly involved in analyzing the appropriate capital structure for a company. The decisions of capital structure mainly involve decisions in respect of the portfolio mix of debt and equity. This research aimed to identify determinants of capital structure in the airline industry. Total of 8 airlines belonging to different countries were selected for this study. Data for a period of five years for the mentioned airlines were collected and panel regression was done. The airlines selected for the study were Southwest Airlines, British Airways, Emirates Airlines, Singapore Airlines, South African Airlines, Oman Air, Turkish Airlines and Air New Zealand. Out of the 13 determinants that were identified based on literature review, the results of the study showed that profit, size, leasing policies, ownership, and difference of return and average return (study period) are the determinants the capital structure in the airline industry
The Case for Real Estate Investment trusts in Dubai
(The British University in Dubai (BUiD), 2008-11) Di Nardo, Danny N. G.
With Real Estate Investment Trusts becoming an increasingly popular means to invest in the real estate market in the developed countries in recent years, it is of interest to this research whether recent legislation in Dubai will have the similar effects. Despite the growing demand for Islamic Finance products and services in the region coupled with a robust real estate market there have not been any significant studies to engage the concepts of REITs in Dubai and its adherence to Shariah principles. This research examines the basis of Islamic Finance, the theory of capital structure as proposed by Miller and Modigliani (1958), and previous studies on the performance of Real Estate Investments Trust in other markets in order to gauge whether unleveraged REITs in Dubai will optimise a mixed asset portfolio whilst complying with the principles of Islam. Hypothetical Property Trusts have been created to act as proxy for the performance of REITs in Dubai which include one that is debt free and two that are incrementally leveraged. With the local equity market and local corporate bond market representing the two other asset classes that are included in a mixed asset portfolio, it is that of the Real Estate Investment Trusts that have proven to be the dominant asset class. The inability of borrowing to enhance the performance of the Hypothetical Property Trusts gives credence to the ability of unleveraged REITs to optimise a mixed asset portfolio whilst complying with the principles of Islam and hence laying the foundation for the growth and popularity of REITs in Dubai.
Changes in the Islamic Banking Industry Pre and Post the Financial Crisis
(The British University in Dubai (BUiD), 2015-11) Al Suwaidi, Abdulla Khalid
The banking, investment and lending practices adopted by Islamic banks have recently drawn the attention of many researchers and professionals. This is especially after it emerged that these financial institutions that apply the Islamic banking model performed better during the recent global financial crisis in 2008 as compared to their counterparts that employ the conventional banking practices. Islamic banking is a banking system that operates according to Sharia’h laws, which prohibit charging or receiving interests, or investing in products and derivatives that are prohibited in Islam. Instead, the laws encourage profit and loss sharing rather than transfer of risks. The banks provide a number of financial products in different modes that resemble many products in conventional banking. The Islamic banks did relatively well in comparison to their conventional counterparts during the financial crisis. The performance could be largely attributed to the banking system that discourages market speculation and unnecessary risks while advocating for simple financial transactions based on mutual gains from real economic activities. Besides its apparent resilience during the global financial crisis, the Islamic banking model has been associated with the positive economic growth observed in the economies of Malaysia and United Arabs Emirates in the past three decades. There is a necessity for financial institutions, business institutions, regulatory authorities and consumers to look into specific strategies that would constitute desirable features for a stable and effective financial system. The current research sought to trace the development and rationale of the Islamic Banking model as well as identify the most significant and unique characteristics that have facilitated the resilience of the Islamic Banking sector to economic shocks during the recent global recession. Although Islamic banks performed significantly better in the global financial crisis, they were later significantly affected by the depression that hit the real economy for many countries. Certain lending practices and investment management guidelines following Islamic banking principles emerge as being desirable for improving the resilience and effectiveness of commercial banks for sustained economic growth and stability.
Comparative study of modern credit risk assessment methods
(The British University in Dubai (BUiD), 2011-01) Narzhanov, Yerzhan
The ability to predict bankruptcy is of great value for investors, lenders and other stakeholders of the companies. Moreover as it has been shown by the recent crisis originated in sub-prime market the financial distress can have multiplicative macroeconomic effect and bring high cost to economy of countries and the society. Thus there are various models to forecast failure of the firms which have been developed and proposed by academics in the recent years. This dissertation presents the basic framework and structure of four credit risk assessment models, namely (1) Merton's structural model, (2) KMV, (3) Z-score, and (4) Binominal approach. Then, work discusses limitations to practical usage of each model, and it also explains some necessary conditions before implementing these models. Real historical data was used to examine the effectiveness of each model in early bankruptcy forecasting. Financial variables of fourteen companies from four different industries were analyzed with two companies in the sample which eventually went bankrupt. The following industries are under consideration in this study − (1) banking, (2) automobile, (3) electronics, and (4) oil and gas sector. Back testing simulation was run on company's financial data collected for 3-5 years pre sub-prime crisis time horizon. On purpose, sample from each industry contains one company that has really defaulted in subsequent years. As a conclusion, work contains a discussion on results obtained to derive a conclusion on which risk assessment model(s) is (are) best in identifying pre-default companies.
A Comparative study of Technical Efficiency in GCC Islamic Financial Institutions during the Global financial Crisis using Malmquist-Type Data Envelopment analysis
(The British University in Dubai (BUiD), 2013-04) Al Hammadi, Khalid Faisal
Islamic banking is gaining more importance, especially after the latest global banking crisis. This importance is because Islamic financial Institutions (IFIs) are believed to have not been affected by the year 2007-2008 financial meltdown. The major aim of this study was to investigate the effect of the 2007-2008 financial crisis on GCC IFIs efficiency. Moreover, this study examined the difference between GCC and non-GCC IFIs efficiency and whether or not IFIs efficiency was improving during the post and pre financial crisis period. The last aim of this study is to examine the relation between IFI size (by total Asset) and Annual Total Factor Productivity Change .To satisfy the previously mentioned aims both Data envelopment analysis (DEA) and Malmquist total productivity Index was applied on a balanced panel of 22 GCC and 19 non-GCC IFIs. The results suggest that generally GCC and non-GCC IFIs efficiency was not significantly affected by the financial crisis. However, Individual IFIs result showed that some bank has experienced increase or decrease of efficiency after the crisis. In addition, Malmquist index result suggests that both GCC and non-GCC IFIs experienced an efficiency progress during the period tested. The main source of efficiency was technical efficiency change and pure efficiency change, while scale efficiency was the least source of efficiency. The result also suggest that efficiency and IFI size is positively but weakly related. The study suggested some policy and managerial implications. This study highlights the significance of introducing technical efficiency as an alternative to other simple performance indicators .Also, this research suggests that regulators should give more attention to banks efficiency when imposing any new policies and regulations.
A comparison of Market Risk Management Practices of selected Islamic banks in the UAE
(The British University in Dubai (BUiD), 2012-11) Myeiram, Janbota
Purpose – The paper aims to estimate the Value-at-Risk of stock returns for three major Islamic Banks in UAE and compare VaR results among each banks' stock returns. Design/methodology/approach – The paper calculates VaR models using three approaches which are Variance-Covariance, Historical Simulation and Monte Carlo methods and compares among three Islamic Banks stock returns'. Also, the paper assesses the validity of models using back testing. Findings – The empirical results demonstrate that three VaR models applied were not shown same results between each banks' stock returns. In case of variance-covariance method, the most risky stock return was for SIB while least risky stock return was for ADIB. However, in the case of Historical Simulation, the most risky return was for DIB while the least was for SIB. Lastly, in case of Monte Carlo simulation, the most risky stock return seemed to be ADIB while the least SIB. Thus, it concluded that in general the least risky stock returns were for ADIB followed by SIB and DIB. Originality/value – Despite the fact there were substantial studies about the meaning, technique, validity and the application of VaR models in Financial sectors, this article provides real world examples from the prospect of Islamic Banks especially most popular Islamic Banks in the UAE. The article will be of value to those interested in the banking industries especially for Risk managers of Islamic Banks.
Corporate Governance and the Board efficiency in U.A.E Banks
(The British University in Dubai (BUiD), 2012-05) Gharib, Maha Bin
This study titled CORPORATE GOVERNANCE AND THE BOARD EFFICIENCY IN UAE BANKS, and reached many of the results, where it became clear that the governance of banks is the process of organizing and arranging the relationship between the Bank's management, shareholders, related parties, the regulations makers, and government by monitoring and evaluating performance at various levels to benefit all parties. Governance of banks focused mainly on the sustainability of the business, and environmental aspects play a major role in social sustainability. Good governance is to protect the rights of investors, especially the rights of minority shareholders, including their right to express their opinion regarding the company's management in major transactions, in addition to their right to know everything related to their investments. The concept of corporate governance banks to the manner in which they are monitoring the progress of work in the company by the board and how to achieve accountability responsibility in the face of the shareholders. Governance is a system by which is directing business organizations and control, where you specify the structure and framework for the distribution of duties and responsibilities among the participants in the company, such as the Board of Directors, managers and other stakeholders. And establish rules and provisions to make decisions concerning the affairs of the company.
Credit Default Swap Spread (CDs) to Predict a Default
(The British University in Dubai (BUiD), 2012-12) Al Saadi, Khulood Salem
This paper investigates the ability of the Credit Default Swap Spread (CDSs) to predict a default. As a result, I started to build a regression and correlation model to examine and check if there is a relation between two important variables, which are Credit Default Swap (CDS) and Expected Default Frequency KMV (EDF) KMV. The study concentrates on the degree of variation on the prices for both variables as I believe that if one variable, which should be a predictor, changes the other variable, it should respond to this predication and change its price too. The study concentrates on five U.S. financial institutions, which are Citigroup Inc., JP Morgan Chase & Co., Goldman Sachs Group, Lehman Brother, and Morgan Stanley from 16 January 2007 to 23 May 2011. In conclusion, my analysis approves that the CDSs is classified as either risk exposures accumulator or predictor from year 2007 based on the findings, which prove that there is a relationship between credit default swaps and KMV EDFs.
A Critical Analysis of the Role of Dubai International Financial Centre in Making Dubai a Regional Financial Centre
(The British University in Dubai (BUiD), 2012-04) Al Jabri, Amer
Financial systems play an important role in the economic development of nations. The performance and long-term economic growth and welfare of a country are related to its degree of financial development. The topic of this dissertation started with merely an attempt to compare the financial services provided by financial institutions in Singapore with those in DIFC Dubai. The aim of this research is to critically analyse the role of Dubai International Financial Centre in making Dubai a regional financial centre on par with the best financial centres in Asia. The data for this study was obtained both from primary and secondary sources. Primary data was obtained through a survey, while the secondary data was obtained through publications, statistics, and journal articles. The questionnaire was administered to 50 DIFC stakeholders who as lawyers, government officials, businessmen, bankers and finance managers have first hand information about the working of DIFC and also have expertise in evaluating and comparing the two IFC locations Singapore and DIFC, Dubai. The data collection was analysed to evaluate and compare as to which destination is preferred by stakeholders as their IFC of choice. Based on the analysis the areas in which DIFC is lacking is also discussed and suggestions offered that if implemented by DIFC can help it improve its standing among the global IFCs.
Crowdfunding Market in the UAE: Triangulation Study for the Success Factors in the Market
(The British University in Dubai (BUiD), 2022-05) EFRAIJ, DALIA AHID
Crowdfunding is considered a new funding type in the UAE financial industry. It started to gain the attention as an emerging market that holds capitalization opportunities for SMEs and start-ups. Research has shown that crowdfunding is expected to grow in size in the developing countries. However, the related studies to the crowdfunding market in the UAE were almost not found, therefore, this study aims to investigate the crowdfunding market by examining the extent of certain success factors, namely awareness, knowledge, trust, and regulations in United Arab Emirates. The study methodology was based on the triangulation mixed method in which quantitative data was obtained through an online survey, professional opinions are extended by conducting interviews, and finally a comparative analysis was significant to evaluate the market position compared to a well-developed model from the UK crowdfunding market. The associated quantitative and qualitative data analysis revealed that crowdfunding market in the UAE has founded a good level of regulations for such market. However, the level of awareness, knowledge, and trust remains subject of enhancement and improvement. Those results may infer that there is a possible promising future for crowdfunding in the UAE if the rest of success factors were attained. In addition, the paper advises all market participants, including the government, platforms, project owners, and educational institutions, to take particular steps to contribute to the market's growth. Nevertheless, the study still holds certain limitations related to the methodology that need to be likely improved by further future studies.
Cryptocurrencies Price Forecast and Hedging Capabilities
(The British University in Dubai (BUiD), 2023-02) QASEM, BELAL MAHMOUD
Cryptocurrency is a new kind of investment recently emerged after being developed using blockchain technology, cryptocurrency price prediction is difficult due to its high volatility as this attracted many investors who are looking for high rewards, crypto described to be lucrative investment which in the past five years attracted considerable amount of investment capital, currently crypto market cap exceeds a trillion USD, on the other hand crypto high volatility could vanish the entire investment. This research aims to provide investors with methods to forecast cryptocurrencies price in the aim of supporting their decision making, as well as to investigate cryptocurrency short and long term relationship with stock markets indexes (S&P500 and FTSE100) and hard commodities (Gold and Oil) in the aim also to reveal more details about cryptocurrencies price behavior, at the same time investigating cryptocurrency relationship with Gold can give us crypto capability in providing hedge against recession as Gold always considered to be ‘safe haven’ against market high volatility, the data span collected covering a period from Jan-2018 till Sep-2022 for all variables tested in this study including Bitcoin, Litecoin, S&P500, FTSE100, Gold and Oil, in this study we used Granger causality and Engle Granger tests to detect existence of short and long term relationship between our variable, at the same time we used ARIMA,VAR, and VECM models to forecast 15 days cryptocurrency closing price. Our findings shows that ARIMA model (7,1,7) and ARIMA (8,1,10) demonstrated evidence to be very good model in forecasting 15 days for Bitcoin and Litecoin closing price respectively, as both models show errors forecast less than 5%. also, empirical finding shows that there is no statistically relationship between stock markets performance nor with Gold and Oil price in both long and short run with cryptocurrencies. Furthermore, in the aim to investigate the capability of cryptocurrencies to provide hedging ‘Safe haven’ to its investors the same as Gold, the empirical findings in this research shows that the behavior of cryptocurrencies price statistically found different than Gold in both short and long run, hence as a result of this cryptocurrencies cannot be assumed to be a ‘safe haven’ nor its capable to provide hedging such as Gold during recession time. This study contributes to literatures to reveal more details about cryptocurrency price forecast and determinants, also to support investors decisions throw providing them with the tools required to predict cryptocurrency price, finally this study highlighting the risk coming from cryptocurrency volatility on the whole economy especially the empirical results show no relationship existing with stock markets nor with commodities chosen in this study.
A data envelopment analysis of banks in the UAE A Study of the Relative Operational and Intermediary Efficiency of National Banks of the United Arab Emirates
(The British University in Dubai (BUiD), 2013-06) Al Suwaidi, Tariq
Similar to all countries that are in the mid development or developing stage, commercial banks play a key role in the economy. Proper analysis of the performance and that the efficiency of these banks is important to all stakeholders including, and not limited to, investors, creditors and the government itself. This paper aims to analyze the efficiency of the national commercial banks in the United Arab Emirates by defining and using different approaches of Data Envelopment Analysis in order to identify the relatively efficient and relatively less efficient national commercial banks. This study concentrates on the main approaches of the operating efficiency and the financial intermediary role efficiency. Through this study we observed that over the period of 2008 – 2012 that (i) A general and consistent level of high operational efficiency can be observed in the United Arab Emirates banking Sector; (ii) A general and consistent level of high intermediary role efficiency can be observed in the United Arab Emirates banking Sector with the presence of efficiency fluctuations in some banks; (iii) The age of individual banks had little or no effect on the relative efficiency of the bank; (iv) Compared to previous studies we can observe a general raise in operating efficiency levels among banks.

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