Mahmoud F. AL Refai,, " Relationship between Financial Performance and Systematic Risk: Case Study on Jordan Commercial Banks Listed in Amman Stock Exchange " , "Journal of Al-Basaer,",Vol.14,No.1, Petra University , Amman, 12/12/2010
The objective of the study is to examine the relationship which might exist between the financial performance and the systematic risks of the commercial banks stock traded at Amman Stock Exchange (ASE). Six performance indicators are used; profitability, leverage, liquidity, capital adequacy, assets quality and revenue quality. Systematic risk measured by Beta for eleven commercial banks listed at ASE over the period: January 2000 to December 2006.
The study indicates that three financial performance measures are having a significant effect on the systematic risks of the commercial banks stocks traded at ASE. Capital adequacy is having a positive effect, while, both asset and revenue qualities are having a negative effect on the systematic risks of the stock prices. The model was able to explain 80% of the systematic risks vitality of the stock prices.
Rashed M. Salameh an, " Relationship between Financial Performance and Total Risks: Case study on Jordanian Commercial Banks listed at Amman Stock Exchange " , "Al-Balqa",Vol.14,No.2, AL-Ahliyya Amman University, Jordan , 12/12/2011
The objective of the study is to examine the relationship, which might exist, between the financial performance and the total risks of the commercial banks listed at Amman Stock Exchange (ASE). Six indicators are used; profitability, leverage, liquidity, capital adequacy, assets quality and revenue quality. Total risks measured by the standard deviation over the period January 2000 to December 2006. Data used are collected from official sources for eleven banks.
The study indicates that profitability is the only financial performance measure which have negative significant effect on the total risks of the commercial banks’ stocks traded at ASE, sixteen percent of the total risks vitality of the stock prices are due to that variable, the rest of the percentage change are due to other factors not included in the model
Mahmoud F. Al Refai, " Determinants of Bank Rapid Credit Growth in Jordan " , "International Research Journal of Finance & Economics",Vol.,No.109, , , 05/05/2013
This paper empirically examines the determinants of bank rapid credit growth in Jordan. The study uses multivariate panel regressions model, in which the Generalized Least Square (GLS), the Fixed Effect Model (FEM), and the Random Effect Model (REM) on a panel data of 11 banks over the period of 2000– 2011.The empirical findings of the study show that the capital, deposits, loan to deposit ratio and net interest income have positive effect on credit growth, while the concentration ratio has negative significant influence on the rapid credit growth supplied by Jordanian banks. The results also show that the loan-loss provisions, size, and number of foreign banks operating in Jordan have no effect on bank rapid credit growth. Moreover, the results show that the sustainability of the credit growth in Jordan may be questionable as there are signs of rising probability of banking sector crisis in Jordan.
Mahmoud AL Refai and, " The Impact of Introducing the Electronic Cheques Clearing (ECC) on the Value of Cheques Presented for Clearing and Returned Cheques in Jordan " , "International Journal of Business and Management",Vol.9,No.4, Canadian Center of Science and Education, canada, 04/20/2014
This study aims to measure the impact of introducing the Electronic Cheques Clearing (ECC) system in the Central Bank of Jordan on the value of Cheques Presented for Clearing and Returned Cheques. The study analyzed the difference between two samples' averages: the first one, addresses the changes before the introduction of the (ECC), while the other is after the introduction of the (ECC) to determine if there is a difference in the value of cheques presented for clearing in the Central Bank of Jordan after the introduction of the electronic clearing system, and whether there was a difference between the value of returned cheques after the introduction of this system.
The study found that there is a significant difference between value-mean of cheques presented for clearing before the introduction of the electronic clearing system and value-mean of cheques presented for clearing after the introduction of the system. It was also found that the existence of significant difference between value mean of returned cheques before the introduction of the electronic clearing system and value mean of returned after the introduction of the system.
Through the derived results in this study, it is clear that the use of an electronic clearing system as an alternative to the manual clearing system has contributed to the increase in the value of checks presented for clearing and increase the value of returned checks.
Mahmoud Falah Al-Ref, " Debt and Economic Growth in Developing Countries: Jordan as a " , "International Journal of Economics and Finance",Vol.7,No.3, Canadian Center of Science and Education, canada , 02/25/2015
The study examines empirically the relationship between debt and economic growth in Jordan during the period
(1990-2013) using Cobb-Douglas production function. The estimated results of the study reveal that the gross
fixed capital formation and domestic debt have positive and significant relationship with economic growth in
Jordan, but labor, external debt, and long-term external debt have a negative and insignificant impact on
economic growth in Jordan.
This study aims to analyze the technical efficiency of Jordanian insurance industry by applying Data Envelopment Analysis (DEA) on 28 companies during the years 2009 to 2013. The study found that the average technical efficiency during the study period was 64% while the pure technical efficiency was
The study investigates the relationship between capital flight, illicit financial flows, and economic growth in Jordan over the period 2000 - 2014. Using the World Bank Residual Model, the results show that the total illicit financial flows are JD36. 1 billion (or 16. 2% of GDP). In addition, by app
Mahmoud AL Refai, " The Relationship between Financial Performance of Jordanian Commercial Banks, and its Systematic and Total Risk of its Shares; Prices at Amman Stock Exchange " , "",Vol.,No., , Amman,Jordan , 08/08/2008
The main objective of study was to testing the relationship between the performance and risk in the commercial banking industry in Jordan. The performance indicators included were profitability, leverage, liquidity, capital adequacy, asset quality and revenue quality. Two measures of risk were adopted: systematic risk given by beta and total risk represented by the standard deviations for 11 commercial banks listed in the Amman Stock Exchange (ASE) over the period of January 2000 to December 2006. Each risk measure was regressed using OLS on the banks’ financial ratios to determine the existence of a linear relationship.
The study shows a significant relationship between the financial ratios that measure the financial performance of Jordanian Commercial Banks and the systematic risks of banks' shares prices listed in ASE. The independent variables explain 80% of the variability in systematic risk, the systematic risks affected positively by capital adequacy (the ratio of equity to deposits), negatively by asset quality (the ratio of credit facilities allocation to total direct credit facilities) and negatively by revenue quality (the ratio of net interests and commissions revenues to net operating revenues).
With regard to the total risk, the study shows a weak significant relationship between the financial ratios that measure the financial performance of Jordanian Commercial Banks and the total risks of shares prices of banks listed in ASE. The independent variables explain 18% of the variability in total risk; the total risk affected negatively by profitability index only (return on equity).
Mahmoud AL Refai, " The Impact of Economic Variables on the Stock Prices and Trading Volume in Amman Financial Market " , "",Vol.,No., , Amman,Jordan , 06/15/1999
The purpose of study is to analyze the influence of economic variables (money supply, interest rate, inflation, exchange rate, gross domestic product, and worker’s remmitants) on the performance A.F.M. In addition to the impact of the external factors, Arab Bank activities, and economic structural adjustment programs on the indicators of A.F.M. (shares prices, trading volume in dinar, and the number of trading shares) have shown a big influence on the A.F.M., on the wholesome and sectoral levels.
The study concluded that the economic variables affect the indicators of A.F.M. on the wholesome level and the sectoral level. It has been found that the sectors, which have been mostly affected by these variables, are the industrial sector for stock prices, the service sector for trading volume, and the Banking sector for number of stock traded.
This study concluded that the external factors have influence on share prices at the wholesome level. On the sectoral level, the external factors have influenced the share prices of Bank and insurance sectors; the trading volume of insurance sector and number of trading shares of service sector have also been affected by these factors.
The study also concluded that the Arab Bank share prices have influenced both the prices on the wholesome level and the share prices of the Bank sector. On the other hand, the trading volume at the Arab Bank has influenced the trading volume of Bank sector, in general, the economic structural adjustment programs made a structural change on the trade volume and on the number of the trade shares on the wholesome level, on the contrary the influence on the sectoral level has been different particularly the industrial sector.