Template-Type: ReDIF-Article 1.0 Author-Name: Goran Petrevski Author-X-Name-First: Goran Author-X-Name-Last: Petrevski Title: Equilibrium real exchange rate in Macedonia Abstract: This paper provides for an empirical analysis of real exchange rates in Macedonia. The empirical model specifies the equilibrium real exchange rate as a function of the fundamental factors. Then, using the coefficients of the empirical model, the deviation of the actual real exchange rate from its equilibrium values is estimated. Although the estimates differ with the chosen method for approximation of the fundamentals, it seems that the overvaluation of the real exchange rate does not pose serious problems for the policy makers in Macedonia. Finally, the estimation of the short-run empirical model implies slow adjustment of the actual real exchange rate to the long-run equilibrium level. Journal: Int. J. of Monetary Economics and Finance Pages: 5-17 Issue: 1 Volume: 1 Year: 2007 Keywords: real exchange rates; equilibrium; misalignment; exchange rate policy; transition economies; Macedonia; econometric modelling; co-integration; error correction models; moving averages; Hodrick-Prescott filter. File-URL: http://www.inderscience.com/link.php?id=16022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:5-17 Template-Type: ReDIF-Article 1.0 Author-Name: Dimitrios I. Maditinos Author-X-Name-First: Dimitrios I. Author-X-Name-Last: Maditinos Author-Name: Zeljko Sevic Author-X-Name-First: Zeljko Author-X-Name-Last: Sevic Author-Name: Nikolaos G. Theriou Author-X-Name-First: Nikolaos G. Author-X-Name-Last: Theriou Author-Name: Alexandra V. Tsinani Author-X-Name-First: Alexandra V. Author-X-Name-Last: Tsinani Title: Individual investors' perceptions towards dividends: the case of Greece Abstract: This study is based on the assumption that there exists a strong preference for dividends among individual investors in Greece. Its main objective is to explore the driving forces that lead retail investors to reveal their preference for either cash or stock dividends. Several of the most important dividend theories were employed to test the behaviour of Greek individual investors towards dividends. The results reveal strong evidence that individual investors in Greece want dividends. Their answers provide strong support for the signalling theory of Bhattacharya (1979), while the behavioural finance theory of Shefrin and Statman (1984) is marginally confirmed. Journal: Int. J. of Monetary Economics and Finance Pages: 18-31 Issue: 1 Volume: 1 Year: 2007 Keywords: cash dividends; stock dividends; individual investors; dividend theories; behavioural finance; Greek tax system; questionnaire survey; Greece; individual preferences; signalling theory; investor perceptions. File-URL: http://www.inderscience.com/link.php?id=16023 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:18-31 Template-Type: ReDIF-Article 1.0 Author-Name: Ridwan Nasution Author-X-Name-First: Ridwan Author-X-Name-Last: Nasution Author-Name: Ray H. Anderson Author-X-Name-First: Ray H. Author-X-Name-Last: Anderson Author-Name: Sardar M.N. Islam Author-X-Name-First: Sardar M.N. Author-X-Name-Last: Islam Title: An empirical analysis of the relationships between exchange rate exposure and company's retail pricing policies Abstract: How do changes in the Australian dollar exchange rate affect Australian retail pricing policy? A sample of 15 retail companies from the Australian Stock Exchange found that 20% were exposed to changes against the US dollar, Euro, and Yen, and that 13–27% have significant exposure when the Trade Weighted Index is the independent variable. At industry level, only the Consumer Price Index (CPI) of the food group is exposed to changes in the exchange rate against the Euro and Yen. However, the evidence does not support a relationship between exchange rate exposure and retail pricing policy. Journal: Int. J. of Monetary Economics and Finance Pages: 32-44 Issue: 1 Volume: 1 Year: 2007 Keywords: foreign exchange rate; exchange rate exposure; Australia; retail pricing policy. File-URL: http://www.inderscience.com/link.php?id=16024 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:32-44 Template-Type: ReDIF-Article 1.0 Author-Name: Elton G. McGoun Author-X-Name-First: Elton G. Author-X-Name-Last: McGoun Title: Intrinsic value in financial markets Abstract: This paper identifies three 'folk' arguments for an intrinsic value implicit in the finance literature. The 'hindsight' argument states that if financial assets eventually have a value in the form of realised cash flows, then this reveals an intrinsic value that was always there. The 'Goldilocks' argument states that if there are values that are clearly too high and too low, there must be an intrinsic value between the two that is just right. The 'time-will-tell' argument states that however unstable prices may be in the short-run, in the long-run we can infer an intrinsic value beneath them. Journal: Int. J. of Monetary Economics and Finance Pages: 45-56 Issue: 1 Volume: 1 Year: 2007 Keywords: intrinsic value; paradox; valuation; philosophy; behavioural finance; art market; financial markets. File-URL: http://www.inderscience.com/link.php?id=16025 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:45-56 Template-Type: ReDIF-Article 1.0 Author-Name: Aristidis Bitzenis Author-X-Name-First: Aristidis Author-X-Name-Last: Bitzenis Author-Name: John Marangos Author-X-Name-First: John Author-X-Name-Last: Marangos Title: The monetary model of exchange rate determination: the case of Greece (1974–1994) Abstract: The flexible-price monetary model is examined for the Greek drachma-US dollar exchange rate. The Johansen multivariate technique of co-integration is applied to an unrestricted form of the monetary model. Using quarterly data covering the period 1974–1994, strong evidence is found in favour of the existence of co-integration between the nominal exchange rate, relative money supply, relative income and relative interest rates. The monetary model is validated as a long-run equilibrium condition. Journal: Int. J. of Monetary Economics and Finance Pages: 57-88 Issue: 1 Volume: 1 Year: 2007 Keywords: Greece; monetary models; exchange rate determination; flexible prices; Greek drachma; co-integration; nominal exchange rate; relative money supply; relative income; relative interest rates. File-URL: http://www.inderscience.com/link.php?id=16026 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:57-88 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandar Sevic Author-X-Name-First: Aleksandar Author-X-Name-Last: Sevic Author-Name: Zeljko Sevic Author-X-Name-First: Zeljko Author-X-Name-Last: Sevic Title: Revitalisation of the Japanese economy: a corporate governance perspective Abstract: This study examines Japanese restructuring agendas from a corporate governance perspective. The initial analysis of bank-based and market-based systems sets the cornerstone for system convergence, followed by the discussion on bad-debt problems, managerial group entrenchments, unclear monitoring relationships and recent mergers and acquisitions waves. Following La Porta et al. (1998) legal system comparison methodology we conclude that Japan has a good legal framework, but norms, deeply embedded in business practices, obstruct the enforcement. Finally, the comparison across markets, legal and accounting systems provides the general scheme for the functioning of any Japanese company, be it located in Japan or elsewhere. Journal: Int. J. of Monetary Economics and Finance Pages: 89-101 Issue: 1 Volume: 1 Year: 2007 Keywords: Japanese economy; corporate governance; bank-based systems; market-based systems; convergence; fiduciary capitalism; monitoring; minority shareholders; Japan; Japanese restructuring; legal framework. File-URL: http://www.inderscience.com/link.php?id=16027 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:89-101