Economics, Development and Management Cluster
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- ItemTesting the Weak-Form Efficiency of the Palestinian Securities Market(EuroJournals Publishing, 2009-10-03) Awad, Ibrahim; Daraghma, ZahranThis paper examines the efficiency of the Palestine Security Exchange (PSE) at the weak-level for 35 stocks listed in the market by using daily observations of the PSE indices: Alquds index, general index, and sector indices. Parametric and nonparametric tests for examining the randomness of the PSE stock prices were utilized. The parametric tests include serialcorrelation test, and Augmented Dickey-Fuller (ADF) unit root tests. The nonparametric tests include runs test, and Phillips-Peron (PP) unit root test. The study utilized nonparametric tests for investigating the efficiency of the PSE at the weak level, especially, the results of Jarque-Bera test for normality showed that the daily returns of the PSE are not normally distributed. The serial correlation tests and the runs tests both revealed that the daily returns are inefficient at the weak-form. Also, the unit root tests (Augmented Dickey-Fuller (ADF) unit root test and Phillips-Peron (PP) unit root test) suggest the weak-form inefficiency in the return series. However, the PSE is inefficient at the weak level; as a result, this is likely to be an evidence that the prudent investor who deals with the PSE will achieve abnormal returns using historical data of stock prices, and trading volume.
- ItemToward Efficient, Equitable and Sustainable Municipal Water Supplies for Domestic Purposes in the West Bank: A Contingent Valuation Analysis(E.W., 2010-05-03) Awad, I.; Hollander, R.This paper is an empirical work dealing with municipal water services in the West Bank where the emphasis is put on the analysis of water management. Toward that end, the study used Contingent Valuation Method (CVM) to estimate the Total Economic Value (TEV) of domestic water uses. The application of this approach consists of the construction a hypothetical market. The dichotomous choice with follow-up format question was utilized in developing the CV questionnaire; this elicitation technique was used to model Willingness to Pay (WTP) utilizing Tobit econometric model, binary-Logit econometric model and Ordinary Least Squares (OLS). The estimated coefficients of the econometric models were utilized to determine the relationship between WTP and socioeconomic variables, Log- likelihood and adjusted coefficient of determination (adjusted R2). Furthermore, the marginal impacts of the coefficients of Tobit model were used to measure the elasticities of the coefficients of the explanatory variables. The CVM was applied to a sample of 520 households in the Ramallah and Al-Bireh governorate including urban and rural areas, and refugee camps. The face to face (in-person) interview survey was adopted. To assess the performance of water pricing policy, a questionnaire survey was directed to the personnel staff of water institutions. This method was administrated to a sample of 117 employees in the water institutions. Descriptive statistics enhanced by non- parametric tests were used. The main findings of this study were measured the WTP with key socioeconomic variables suggested by economic theory and CV studies including income, age, gender, location, educational level, employment status, family size, water consumption, and use of water filters. Also, the pricing policy of municipal water services was examined.
- ItemExamining the Long Term Relationship Between Crude Oil and Food Commodity Prices: Co-integration and Causality(JEMS, 2011-08-15) Ibrahim Awad; Ghaith, ZiadRecently a new debate has started regarding food and energy issues because food has become an alternative source of energy and energy becoming the main input of agriculture. However, this study attempts to investigate the possible long-term relationship between the prices of crude oil and food commodities represented by maize, wheat, sorghum, soybean, barley, linseed oil, soybean oil, and palm oil. Time series econometric techniques (Unit root tests, Co-integration, and Granger causality) were applied. The study utilizes monthly data over the period of 1980 to 2009. The results of this study reveal that there is a strong evidence of long-term relationship between crude oil and the food commodities prices. A traditional Granger Causality is used to check whether causality exists between two product prices. The outcome suggests that there is unidirectional causality between the prices crude oil and some of the food commodities under examination.
- ItemToward Efficient Management of Working Capital: The case of the Palestinian Exchange(International Scientific Press, 2012-02-28) Awad, Ibrahim M.; Al-Ewesat, Abdel-RahmanThe importance of this study comes from the truth that financial statements' users need reliable, relevant, and useful financial information that should be reflected in stock prices. However, this study aims at investigating current ratio, receivables turnover, inventory turnover, and earnings per share for 18 companies listed on PEX over the period from 2006 to 2011. Regression analysis and econometric techniques of Unit root test, Co-integration, and Granger causality are applied. The study outcomes indicate that stock prices of companies listed on PEX are affected by working capital components. The results of traditional Granger Causality reveal that there is no causal relationship between stock prices and working capital components. In addition, there is a positive relationship between CR and EPS and stock prices whereas there is a negative relationship between RT and IT. The paper concludes that cash, times of receivables collection and inventory turnover are necessary to be taken into account by both investors and companies for improved the management of working capital at the PEX.
- ItemFitting Variance Components Model and Fixed Effects Model for One-Way Analysis of Variance to Complex Survey Data(Taylor & Francis, 2012-07-25) Eideh, Abdulhakeem A. H.Under complex survey sampling, in particular when selection probabilities depend on the response variable (informative sampling), the sample and population distributions are different, possibly resulting in selection bias. This article is concerned with this problem by fitting two statistical models, namely: the variance components model (a two-stage model) and the fixed effects model (a single-stage model) for one-way analysis of variance, under complex survey design, for example, two-stage sampling, stratification, and unequal probability of selection, etc. Classical theory underlying the use of the two-stage model involves simple random sampling for each of the two stages. In such cases the model in the sample, after sample selection, is the same as model for the population; before sample selection. When the selection probabilities are related to the values of the response variable, standard estimates of the population model parameters may be severely biased, leading possibly to false inference. The idea behind the approach is to extract the model holding for the sample data as a function of the model in the population and of the first order inclusion probabilities. And then fit the sample model, using analysis of variance, maximum likelihood, and pseudo maximum likelihood methods of estimation. The main feature of the proposed techniques is related to their behavior in terms of the informativeness parameter. We also show that the use of the population model that ignores the informative sampling design, yields biased model fitting.
- ItemUsing econometric analysis of willingness-to-pay to investigate economic efficiency and equity of domestic water services in the West Bank(Elsevier, 2012-10-07) Awad, Ibrahim M.The paper is aimed at providing evidence on economic efficiency, and equity of distribution of domestic water services in the West Bank. The study utilizes the CVM as a means of monetizing public preferences and households’ WTP. In the CVM questionnaire, the dichotomous choice with follow-up debriefing questions format is followed by an open-ended follow-up question was undertaken. A second questionnaire survey was directed to employees from water institutions, which was mainly designed to investigate the reasons behind the full absence of private sector in the provision of water supply. The two samples were selected to ensure a representative samples in accordance with the Palestinian case. The main findings of this paper gauged the WTP with key socioeconomic variables suggested by economic theory and previous CVM studies. These results provide information on economic efficiency and equity of water distribution. The results will allow decision makers to develop new policies that can achieve more efficient and equitable domestic water services.
- ItemThe Intrinsic & Market Value of the Common Stocks: Evidence from Palestine Exchange(Center for Research Promotion, 2012-12-04) Awad, Ibrahim M.; Murrar, Abdullah; Ayyad, HindIn analogues way to the sayings “What goes around comes around” the market price of the company stock’s is closely related to its performance, the more optimistic, the more the investors will be and hence willing to pay a higher price for the company's share and vice versa. Seamlessly, given that the goal of the firms is to maximize the value of the shareholders, the more the intrinsic value of the company stock, the more market value of the stock price, so that there is a positive correlation between the intrinsic and market value of a particular common stock. This is founded in the first test of this study. Ironically, the positive correlation does not always imply that the intrinsic value causes the changes in market value; that is, empirical results of the co-integration test of this paper reveals that the market value is what causes the changes in intrinsic value, meaning that stock prices in Palestine Exchange does not significantly depend on fundamentals, but rather on supply and demand forces, other things being equal.
- ItemWorking Capital Management, Liquidity and Profitability of the Manufacturing Sector in Palestine: Panel Co-Integration and Causality(Scientific Research, 2013-10-02) Awad, Ibrahim; Jayyar, FahemaThis study aims at providing an idea about the directional effect of working capital management and liquidity on prof-itability and vice versa. Econometric techniques of the unit root tests, co-integration, and two-step Engle and Granger method with error correction model are all applied on a panel data for 11th manufacturing firms listed in the PEX over the period from 2007 to 2012. The findings show that there is a bidirectional causal relationship between working capi-tal management and profitability, and a unidirectional causal relationship running from liquidity to profitability. Ac-cordingly, the paper concludes, in its attempt to investigate the directional long run relationship between gross operating profit, cash conversion cycle and current ratio, that managers should concentrate on managing working capital effi-ciently in order to generate cash and profits to their firms, besides mangers of profitable firms tend to manage their working capital efficiently. For policy makers, this study, confirms the necessity of future researches about efficiency of working capital management, tradeoff between liquidity and profitability, and directional relationship of components of working capital management on profitability.
- ItemGuidelines on Energy Consumption Surveys in the Transport Sector Experiences in Selected Arab Countries(United Nations, 2015-07-01) Eideh, Abdulhakeem; El Gemayel, Therese; Aboul Hosn, WafaIntroduction: Data collection for the 2015 Energy Consumption Survey in Transport Sector (ECSTS) will be conducted between March and May 2015, collecting data for reference year 2014. The goal of the ECSTS is to provide statistical information about energy consumption, expenditures, and energy efficiency in Egypt, Jordan and Palestine, in all modes of transportations, namely: road, railway, maritime, and air. In addition, the goal is to link the resulted statistics to national policies on energy production and consumption based on collected statistics.
- ItemIntegrated a GIS and Multi Criteria Evaluation Approach for Suitability Analysis of Urban Expansion in Southeastern Jerusalem Region- Palestine(Scientific & Academic publishing, 2016-05-01) Raddad, SamerAlthough cities cover only less than 1% of the land surface, 50% of world population are living in urban areas that include more than 70% of the economic activities and use 75% of the world resources. Population, economy, transportation, and policies factors are identified as the main factors that affect urban expansion and development, especially in developing countries. Political transformations and instability conditions are among the most important factors effecting social, economic, and environmental aspects in the world especially in the countries and regions witnessed wars and political problems. In Occupied Palestinian Territories (OPT) the rapidly growing population, limited available decisions of policy makers, and political instability played a main role in the Palestinian urban expansion and development. Therefore, this study aims to define the most suitable area that should be developed in the Southeastern Jerusalem Region (SERJ) living under political instability conditions. Integrated the Geographical Information System (GIS) with Multi-Criteria Evaluation approach (MCE) Conducted to find the potential areas to be considered as urban development areas in the region. The modeling and analysis indicates four suitable classes and areas: highly suitable, highly moderate, suitable, and low suitable. Suitability map of urban expansion and development shows 77% of the study area consists of low suitable areas that are distributed in north and east of SERJ. The Palestinian urban policy makers need to pay more attention to urban development and expansion in the Southeastern Jerusalem Region because these areas are so close to the Jerusalem city in the west, and it is the last pass-point in the west bank between the north and the south. Policy makers, urban planners, urban mangers, and people need to show more awareness towards the sustainability urban planning issues, especially during political instability stages. Principles of urban smart growth will be useful ideas for promoting the sustainability in the Palestinian urban environments.
- Itemدور نظم المعلومات الجغرافية في التنمية المستدامة في بلديات الضفة الغربية(Al-Quds University, 2021-06-10) فادي جهاد محمود عمرو; fadi jehad mahmoud amroMunicipalities in West Bank work on applying services that fulfill people’s need. To achieve this goal municipalities became aware of the importance of GIS. Many sections and departments have been held for this purpose. Although many financial support has been provided to improve GIS, it still needs to be improved. The aim of the study is to enhance the efficiency of Geographical Information System (GIS) within the municipalities environment in Palestine through evaluating the extent of (GIS) maturity as well as measuring its effect on the municipalities performance to achieve a sustainable development. The study provided recommendation through developing a strategic model that would contribute in improving municipalities performance to achieve sustainable development in Palestine using (GIS). An analytical descriptive method has been conducted collecting data through a questionnaire distributed to a purposeful sample that has been chosen from the study society of a (54) municipality that has a GIS section, department or employee in addition to Interviews and observation. SPSS has been used to analyze data. Results showed that the level of (GIS) maturity is low (48%). The level of the municipalities ability to apply GIS is moderate (56%) whereas the level of empowering the ability of GIS is low (41.6%). The ability to achieve sustainable development is moderate and to achieve it, the municipalities have to: first: develop strategies. Second: develop a vision and goals. The results also showed that there is a positive significant effect of GIS maturity and sustainable development of 10%: 3.33% respectively. The study recommended: to regulate legislations that enforce law makers to adopt the outputs of GIS. Raise the awareness of law makers about the importance of GIS in analyzing and supporting decision making. Building a central database by the Ministry of Local Government that can be accessed and updated by municipalities.