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Dispelling the myth of a value premium: contrary evidence of Malaysian crony capitalism

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DC FieldValue
dc.contributor.authorEbrahim, Muhammed-Shahid
dc.contributor.authorHudson, Robert
dc.contributor.authorIqbal, Abdullah
dc.contributor.authorMohd Rasid, Mohamed Eskandar Shah
dc.date.accessioned2017-02-01T14:48:16Z
dc.date.available2017-02-01T14:48:16Z
dc.date.issued2016
dc.description.abstractThis paper contradicts the existence of a universal value anomaly by studying Malaysia, a country with a unique institutional setting. We investigate this counter-example to attribute the anomaly to: 1) the leverage effect of value firms; 2) the investment pattern of growth firms; 3) the economic environment. We find that the value premium cannot be ascribed solely to risk as it is time varying and dependent on the attributes of the companies. Our results illustrate that small cap value firms perform relatively well during favourable economic conditions. In contrast, large cap growth firms perform better than their counterparts (i.e., large cap value firms) in economic upturns as they are preferentially awarded projects to revive the nation's growth.en_US
dc.identifier.citationEbrahim, Muhammed-Shahid and Hudson, Robert and Iqbal, Abdullah and Mohd Rasid, Mohamed Eskandar Shah. (2016). Dispelling the myth of a value premium: contrary evidence of Malaysian crony capitalism. International Journal of Banking, Accounting and Finance, 7 (1), pp. 1-33.en_US
dc.identifier.doidoi:10.1504/IJBAAF.2016.079164
dc.identifier.urihttp://www.inderscience.com/info/inarticle.php?artid=79164
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/2168
dc.languageEnglish
dc.language.isoengen_US
dc.publisherInderscience Publishingen_US
dc.rights2016. Inderscience Publishing
dc.sourceSEDONA
dc.subjectAsset pricingen_US
dc.subjectGrowth stocksen_US
dc.subjectMultifactor modelsen_US
dc.subjectValue premiumen_US
dc.subjectValue stocksen_US
dc.subjectMalaysiaen_US
dc.subjectCrony capitalismen_US
dc.subjectInvestment patternsen_US
dc.titleDispelling the myth of a value premium: contrary evidence of Malaysian crony capitalismen_US
dc.typeJournal Articleen_US
dlc.maintopicConventional finance
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicConventional financeen_US
ikr.topic.subtopicConventional financeen_US
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