RISING WAGE INEQUALITY: Methods 1

Let represent the variances of log wage outcomes for individuals in skill group с in the nonunion and union sectors, respectively. The union-nonunion variance gap for skill group с will be denoted by Note that the mean wage gain for workers in skill group с associated with the presence of unionism is the product of […]

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RISING WAGE INEQUALITY: Introduction 2

At the same time as union membership has declined in the U.S. private sector it has actually risen in the public sector (Freeman 1986, 1988). In light of this divergence it is interesting to examine the effect of changing unionization on the growth of wage dispersion within the public and private sectors. An evaluation of […]

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RISING WAGE INEQUALITY: Introduction

During the past 25 years the fraction of U.S. workers belonging to trade unions has fallen dramatically (see e.g. Farber, 1990; Riddell, 1992) while the level of wage inequality has risen (e.g. Blackburn, Bloom, and Freeman, 1990; Bound and Johnson, 1992). Since wage dispersion is generally lower among union workers than their nonunion counterparts (e.g. […]

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SAUDI ARABIAN COMMERCIAL BANKS’ MARKET-RISK SENSITIVITY: DISCUSSION AND CONCLUSION

Bank Required Return = Risk Free Rate + Beta (Market Return – Bank Return) The risk free rate in this paper is proxied by the Saudi Inter Bank Offering Rate (SIBOR) for three months of the same period and was obtained from Reuters.The market return is the TASI Index return. The calculated bank’s required returns […]

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SAUDI ARABIAN COMMERCIAL BANKS’ MARKET-RISK SENSITIVITY: Macroeconomic Cycles

The Samba Bank and the Al-Bilad Bank have the highest CV volatility results yet this is camouflaged by their relative low, stable overall beta value. These imply that both banks are less sensitive to market movements (because of low betas), which further implies lower risk which in turn would be attractive to risk-averse investors. However, […]

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SAUDI ARABIAN COMMERCIAL BANKS’ MARKET-RISK SENSITIVITY: ANALYSIS AND RESULTS

The daily data for each bank and the TBFSIare regressed against the TASI for all observations. A series of beta coefficients are calculated. These betas identify the sensitivity of the bank and banking sector returnsto the market returns for each period (Period 1, Period 2 and Period 3) and the full sample phase (Periods 1 […]

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SAUDI ARABIAN COMMERCIAL BANKS’ MARKET-RISK SENSITIVITY: DATA AND METHODOLOGY

This analysis was conducted on daily historical stock prices and indices collected from the Saudi Stock Exchange (Tadawul). The data consist of stock prices of 11 banks, the Tadawul Banking Financial ServicesIndex (TBFSI), and the Tadawul All Shares Index (TASI), covering the period June 3rd2008 to October 5*2011. A total of 832 daily usable observationswere […]

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SAUDI ARABIAN COMMERCIAL BANKS’ MARKET-RISK SENSITIVITY: CAPM

In studies of the US stock market, (Friend, Granito, & Westerfield,,Lakonishok & Shapiro,, and Fuller & Wong, found there was a significant relationship between non-systematic risk and stock returns. The findings of Corhay, Hawamini, & Michal, in relation to the British stock market were similar. There was a positive relationship between returns and non-systematic risk. […]

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SAUDI ARABIAN COMMERCIAL BANKS’ MARKET-RISK SENSITIVITY: LITERATURE REVIEW

The Saudi banking sector consists primarily of 12 domestic participants, 11 of which, except National Commercial Bank, are listed on the stock exchange. Saudi banks command a conservative balance sheet structure with around 10% of balance sheet in form of ready liquid assets, around 55% of the assets in private sector claims, primarily private sector […]

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SAUDI ARABIAN COMMERCIAL BANKS’ MARKET-RISK SENSITIVITY: BACKGROUND

The Kingdom of Saudi Arabia (KSA) boasts a globally important economy, the twentieth biggest economy by GDP in the world. It ranks seventeenth in the World Economic Forum (WEF) Global Competitiveness Index. SAMA’s net foreign assets of USD 555bn. are the third biggest in the world (Aserkoff, Kern, & Dixit, 2012). The Saudi stock market […]

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