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Sunway campus > School of Business Research at Business School Research Strengths Capital Market Behaviour
 
Research Strength: Capital Market Behaviour
(affiliated with the Malaysian Business Unit and the Banking & Finance Unit)

Members

Strength Description

Publications

Research Grants

Research Students

Events

Meetings
MEMBERS
Permanent Members

Dr. Balanchandher Krishnan Guru (Leader)

Professor Jeyapalan Kasipillai

Professor Ferdinand A. Gul

Associate Professor Shanthy Rachagan

Dr. Elsa Satkunasingam

Dr. Nicole Lai

Dr. Haemala Thanasegaran

Dr. Mohamed Shaiban

Dr. Robert Terpstra

Dr. Saadiah Hj Munir

Dr. Sockalingam Ramasamy

Mohana Muniandy

Ananda Samudhram

Pak Mei Sen

Shyamala Dhoraisingam Samuel

Sri Yogamalar Sinnathamby
Associate Members


Dr. Jothee Sinnakkannu

Dr. Yunus Ali

Dr. Soo Siew Choo

Dr. Jane Tong

Kalaithasan Kuppusamy

Foo Yee Boon

Aniza Zainol

Jeyanthi Selvarajah

External Member


Professor Sakthi Mahenthiran, Butler University (Indianapolis, USA)
Student Member (HDR)

Chuah Lay Lian

Lee Mei Yee

Noor Sharoja Saipei

Puspavathay Rassiah

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 STRENGTH DESCRIPTION

A well functioning financial market is the main engine that drives the development and growth of any economy in the world. Financial markets encompass several institutions such as the money and capital markets; commodity and equity markets; interest rates and foreign exchange markets; and its relevant derivative markets.

Our interest lies on the functioning of capital markets that comprises primary and secondary debt and equity markets. Capital markets have the main function of discovering prices of financial assets (debt and equity) that moves other financial markets in an economy. Specifically the stock/equity market and its sensitivity to a wide range of factors often becomes the benchmark of a country’s economic wellbeing.

Besides that, the market value of a company’s equity is a sensitive variable that depends on the quality of corporate governance and reporting practices, corporate finance, company ownership structure and its board announcements, the legal and political policies and other aspects of investor’s protection.

The debt market (and monitoring role) on the other hand carries various forms of bond portfolios and financial loans that depend on interest rates structures, central bank policies on inflations and exchange rate regimes, external trade, gross domestic product, balance of payments and other economic policies.

Motivation

The recent financial crisis (globally and regionally) including the Asian Financial Crisis and the 2008 subprime led global financial crisis have raised many issues on economic fundamentals, corporate governance, central bank policies and its contagion effects that spans across countries. Almost all financial crises have an impact on the capital markets and economic growth of countries that are affected.

The revelation of gross accounting violations by Enron Corporation, WorldCom and other exchange listed firms and the continued weakness of the financial markets have undermined both popular and political support for free-market policies including the belief that markets are efficient. Auditors and corporate board monitoring have been implicated in all these cases. The collapse of Lehman Brothers, Merrill Lynch, Bear Stearns and AIG are some of the examples of violations in lending policies and ungoverned securitization practices that led to the unprecedented subprime mortgage meltdown that went uncontrollably in to a global financial crisis in 2008.

In Malaysia the recent series of corporate scandals (e.g. Transmile, Kenmark and Tradewinds) and weak stock performance have been a source of concern too. These corporate events that have an ultimate effect on the capital markets and the key economic indicators of anyone country or region provides fruitful avenues for research activities in the School of Business at MONASH University Sunway Campus.

Research

Our research interest focuses on investigating the observable relationship between outputs of accounting systems (revenue and earnings reporting, audit assurance, corporate governance, tax management, etc.), financial systems (capital structures, financial ratios, dividends and other asset valuation variables), investors trading behavior (wealth effects of equity prices, capital market efficiency and its microstructure, liquidity and transparency of capital markets, behavioral aspects of equity trading). The literature has extensively documented observable relationship between stock prices and organizational dynamics. Recent events and evidence are beginning to question many existing asset valuation models. While attempting to investigate newer and more robust asset valuation models, much research has to be done to identify links between corporate reporting practices and its effects on stock price movements of capital markets across the globe; specific studies will also be undertaken to assess similar issues in regional and single country markets including comparative investigations on capital market behavior as a result of Islamic financing.
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 PUBLICATIONS (2006 - 2010)
(I) BOOKS
  1. Kasipillai, J. (Ed.). (2010). Tax Avoidance in Malaysia: Principles and Case. Malaysia: CCH Asia Pacific Pte Limited.
  2. Rachagan, R., Pascoe, J., & Joshi, A. (2010). Concise Principles of Company Law in Malaysia. Malaysia: LexisNexis.
  3. Kasipillai, J. (2010). A Guide to Malaysian Taxation. Malaysia: McGraw Hill.
  4. Kasipillai, J. (2010). A Guide to Advanced Malaysian Taxation. Malaysia: McGraw Hill.
  5. Shanmugam, B., & Zahari, Z. R. (2009). A Primer on Islamic Finance. Boston: Research Foundation of CFA Institute.
  6. Shanmugam, B., Alam, N., & Zahari, Z. R. (2009). Islamic Encyclopaedia. Kuala Lumpur: Insight Network Publications.
(II) BOOK CHAPTERS
  1. Sivalingam, G. (2007) “Competition Policy in ASEAN” Global Competition Policy Issues and Challenges, The Icfai University Press, pp74–100.
  2. Vincent JR. and Sivalingam G., (2006) Economic Incentives for Cleaner Small and Medium Enterprises. Small Firms and the Environment in Developing Countries, edited by Allen B., Resources for the Future, Washington DC.
  3. Ponnusamy V. and Satkunasingam E., (2006) SMEs in Malaysia: Policies, Incentives and Challenges. Small and Medium Enterprises (SMEs): Malaysian and Global Perspectives, edited by Ndubisi NO and Saleh AS., Prentice Hall Pearson Malaysia Sdn Bhd, Malaysia.


(III) JOURNAL ARTICLES
  1. Gul, F. A., & Goodwin, J. (2010). Short-Term Debt Maturity Structures, Credit Ratings and the Pricing of Audit Structure. The Accounting Review, 85 (3), 877-909.
  2. Gul, F. A., Kim, J. B., & Qiu, A. (2010). Ownership Concentration, Foreign Shareholding, Audit Quality, and Firm-Specific Return Variation: Evidence from China. Journal of Financial Economic, 95 (3), 425-442.
  3. Kasipillai, J., & Pak M. S. (2010). Incentives to Position Malaysia as a Leading Islamic Financial Hub. Journal of Banking and Finance - Law and Practice, 21 (1), 292-268.
  4. Kasipillai, J., & Thiagarajah, L. (2010). Re-igniting Export Incentives in Malaysia: Lessons from the Past. Asia-Pacific Journal of Taxation, 14 (1), pp 292-268.
  5. Kasipillai, J., & Thiagarajah, L. (2010). Prime Minister Announces 2011 Budget. Tax Notes International, 60 (4), 238-239.
  6. Bhatt. P., & Jayalakshmy, R. (2010). Extent of Environmental Disclosures: A Case of Sensitive Industries in Singapore and Malaysia. Corporate Ownership & Control, 7 (4), 170-182.
  7. Ali, A. M., Selamat, M. H., Gloeck, J. D., & Lee, T. H. (2010). International Audit in the State and Local Governments of Malaysia: Problems and Solutions. International Journal of Accounting and Finance, 2 (2), 192-219.
  8. Alam, N., & Rajjaque, M. S. (2010). Shariah Compliant Equities-Empirical Evaluation of Performance in European Market During Credit Crunch. Journal of Financial Services Marketing, 15 (3), 228-240.
  9. Alam, N., Ibrahim, M. M., & Raman, M. (2010). Challenges Faced by Sudanese Banks in Implementing Online Banking: Bankers’ Perception. Journal of Internet Banking and Commerce, 15 (2). Retrieved from http://www.arraydev.com/commerce/JIBC/2010-08/Alam.pdf
  10. Samudhram, A., Alam, N., & Shanmugam, B. (2010). Halal Based Technologies and Islamic Finance. Review of Islamic Economics, 14 (1), 191-205.
  11. Samudhram, A., Sivalingam, G., & Shanmugam, B. (2010). Non-Disclosure of Human Capital Based Information: Theoretical Perspectives. Journal of Human Resource Costing and Accounting, 14 (2), 106-128.
  12. Kasipillai, J. (2009). “Challenges Faced by Malaysia Tax Haven: Labuan IOFC. Tax Notes International, 55 (13), 1129-1134.
  13. Kasipillai, J., & Dhoraisingam, S. (2009). Windfall Tax Threshold Lowered on Palm Oil Producers. Tax Notes International, 54 (1), 30-32.
  14. Kasipillai, J., & Kandasamy, S. (2009). Stimulus Measures Would Aid Small Businesses. Tax Notes International, 53 (12).
  15. Kasipillai, J., & Muthiah, M. (2009). Thin Capitalisation and its Impact on Taxable Income. International Company and Commercial Law Review, (8), 263-269.
  16. Kasipillai, J., & Pak, M. S. (2009). Tax implications of Leveraged Buyouts with Islamic Bonds. Asia Pacific Journal of Taxation, 13 (1), 84-101.
  17. Kasipillai, J., & Rachagan, S. (2009). Malaysia’s Migration to Single Tier System. The Company Lawyer, 30 (2).
  18. Kasipillai, J., & Ramachandran, J. (2009). Malaysia’s New Tax Audit Framework. Tax Notes International, 56 (12), 129-135.
  19. Kasipillai, J., & Selvarajah, J. (2009). Tax Guidelines for Financial Institutions Adopting FRS 139 and Its Impact on Commercial Activity. The Company Lawyer, 30 (4).
  20. Kasipillai, J., & Thiagarajah, L. (2009). Malaysia’s Mixed Bag of Changes in the 2010 Budget. Tax Notes International, 56 (10), 775-781.
  21. Rachagan, S., & Satkunasingam, E. (2009). Improving Corporate Governance of SMEs in Emerging Economies – A Malaysian Experience. Journal of Enterprise Information Management (JEIM), 22 (4).
  22. Samudhram, A., & Sivalingam, G. (2009). Formulating Policies for Robust SME Development: Schumpeter-Arrow – Inverter U Debate – Evidence From Malaysian SMEs. Accountancy Business and the Public Interest, 8 (1), 103-136.
  23. Sivalingam, G. (2009). The New Economic Policy and Economic Reforms in Malaysia, 1997-2009. Corporate Ownership and Control, 6 (4), 450-458.
  24. Alam, N., & Shanmugam, B. (2008). Financial Transparency of Selected Islamic Banks: Applying Bank Disclosure Index. Review of Islamic Economics, 12, 41-55.
  25. Kasipillai, J. (2008). Court Rejects Limitation Plea in Tax Recovery Case. Tax Notes International, 49, 49-10.
  26. Kasipillai, J. (2008). Malaysia Publishes Tax Treaty with Bosnia and Herzegovina. Tax Notes International, 49, 1-4.
  27. Kasipillai, J. (2008). Malaysia: 2008 Year in Review. Tax Notes International, 52, 1-2.
  28. Kasipillai, J., & Chan, P. K. (2008). Travel Demand Management: Lessons for Malaysia. Journal of Public Transportation, 11, 41-55.
  29. Kasipillai, J., & Dhoraisingam, S. (2008). Tax Consequences of Malaysia's Reduction of Fuel Subsidies. Tax Notes International, 51, 669-672.
  30. Kasipillai, J., & Kuppusamy, K. (2008). Malaysia's Valuation of Stock in Trade. Tax Notes International, 51, 937-942.
  31. Kasipillai, J., & Pasupathy, N. (2008). A Review of Malaysia's 2009 Budget. Tax Notes International, 52, 651-656.
  32. Kasipillai, J., & Sinnakkannu, J. (2008). Distributive Effects of the Introduction of GST in Malaysia. International VAT Monitor, 19, 359-366.
  33. Kasipillai, J., Chan, P. K., & Rachagan, S. (2008). Malaysia: Using Tax To Limit Vehicle Usage And Curb Air Pollution. Asia-Pacific Tax Bulletin, 14 (2), 108-117.
  34. Kasipillai, J., Somasundram, N. R., & Thanasegaran, H. (2008). Malaysia's Treatment of Insurance Company Income. Tax Notes International , 50, 579-586.
  35. Rachagan, S., & Satkunasingam, E. (2008). The Self-Enforcing Model and Corporate Governance in SMEs. Journal of Enterprise Information Management.
  36. Ralston, D. A., Holt, D. A., Terpstra, R. H., & Yu, K. C. (2008). The Impact of National Culture and Economic Ideology on Managerial Work Values: A Study of the United States, Russia, Japan, and China. Journal of International Business Studies
  37. Raman, M., Stephenaus, R., Alam, N., & Kuppusamy, M. (2008). Information Technology in Malaysia: E-Service Quality and Uptake of Internet Banking. Journal of Internet Banking and Commerce, 13, 1-18
  38. Samudhram, A., Shanmugam, B., & Low, K. T. (2008). Valuing Human Resources: An Analytical Framework. Journal of Intelectual Capital, 9, 655-667
  39. Shanmugam, B., & Thanasegaran, H. (2008). Combating Money Laundering in Malaysia. Journal of Money Laundering Control, 11, 331-344.
  40. Sivalingam, G. (2008). Entry, Exit, Ownership and the Efficient Market Hypothesis: A Case Study of the Kuala Lumpur Stock Exchange. Corporate Ownership and Control, 5, 315-325
  41. Sivalingam, G. (2008). Financial Reforms in an Emerging Economy: The Case of Malaysia. Economic Papers, 27, 101-111.
  42. Thanasegaran, H. (2008). Growth of Islamic Insurance (Takaful): A Model for the Region? Singapore Journal of Legal Studies, 1, 143-164.
  43. Thanasegaran, H., & Shanmugam, B. (2008). Exploitation of the Insurance Industry for Money Laundering: The Malaysian Perspective. Journal of Money Laundering Control, 11, 135-145.
  44. Kasipillai, J. (2007). Permanent Establishment in the France–Malaysia Tax Treaty. Tax Notes International, 47 (9), 851–857.
  45. Rachagan, S. (2007). Controlling Shareholder Systems and its Impact on Corporate Governance in Malaysia. International Corporate Rescue, 4 (1), 44-49.
  46. Rachagan, S. (2007). The Agency Problem of Related Party Transactions and the Legal Strategies Used to Resolve it in Controlled Companies in Malaysia. LAWASIA, 1 (1), 105-125.
  47. Ramasamy, S. R., & Guru, B. K. (2007). Development of E-Money in Malaysia. Economic Bulletin, 8, 135–148.
  48. Subramaniam, S. D., & Kasipillai, J. (2007). Flexibility Between Market-led and Government-led Economies. International Journal of Management Studies, 14 (2), 35–48.
  49. Thanasegaran, H., & Shanmugam, B. (2007). International Trade-based Money Laundering: The Malaysia Perspective. Journal of Money Laundering Control, 10 (4), 429–437.
  50. Rachagan, S. (2006). Agency Costs of Controlled Companies in Malaysia. Singapore Journal of Legal Studies , 265-284.
  51. Ralston, D. A., Tong, J., Terpstra, R. H., Wang, X., & Egri, C. (2006, Fall). “Today’s State-owned Enterprises of China: Are they Dying Dinosaurs or Dynamic Dynamos? Strategic Management Journal.
  52. Satkunasingam, E., & Ndubisi, N. O. (2006). Business Process Outsourcing Sector: The Effect of Relationship Marketing Strategy and Legal Environment on ethical Values. International Journal of Operations & Quantitative Management, 12 (3), 215-230.
  53. Satkunasingam, E., & Shanmugam, B. (2006). The Consequences of Culture on Shareholder Activism in Malaysia. Journal of Applied Management Accounting Research, 4 (1), 45-56.
  54. Satkunasingam, E., & Shanmugam, B. (2006). Underground banking in Malaysia: A Case Study of ROSCAs. Journal of Money Laundering Control, 9 (11), 99-111.
  55. Sivalingam, G. (2006). Competition Policy and Law in ASEAN. Singapore Economic Review, 51 (2), 241-265.
  56. Sivalingam, G., & Izlin, I. (2006). The Asian Bond Fund. Investment Management and Financial Innovation. Business Perspectives, 3 (1), 23-35.


(IV) CONFERENCE PAPERS
  1. Gultom, N. D., Grace H. Y. Lee, & Balachandher, K. G. (2010, November). Southeast Asian Stock Market Dynamic Integrations: Evidence from pre-, during, and post-Asian Financial Crisis 1997. Paper presented at the 13th International Business Research Conference, Melbourne.
  2. Lai, M. S., & Orsuwan, M. (2010, October). Do high school teachers influence students’ college entry and degree completion? A US national study. Paper presented at the 6th Global Academy of Business and Economic Research, New York.
  3. Kasipillai, J., & Sapiei, N. S. (2010, April). Compliance Costs and Compliance of Corporate Taxpayers in Malaysia. Paper presented at the 9th International Conference on Tax Administration, Sydney.
  4. Rachagan, S., & Pascoe, J. (2010, May). Law in a Pluralist Asia: Challenges and Prospects. Paper presented at the 7th Asian Law Institute (ASLI) Annual Conference, Kuala Lumpur.
  5. Rachagan, S. (2010, September). Improving Corporate Governance Post Financial Crises: Are New Regulations the Way Forward? Paper presented at the Globalisation and Business Challenges in the post-Financial Crisis World Conference, Prato.
  6. Jayalakshmy, R., Samuel, J., & Zulkiflee (2009). DISCLOSURE: QUALITY Vs QUANTITY When More Disclosure Is Not Better. Paper presented at the International conference on Finance, Business and Accounting. Capital Square, Kuala Lumpur. 28 - 30 December.
  7. Jayalakshmy, R., & Hariramulu (2009). Fraudulent financial statements and proactive preventive measures. Paper presented at the Asia Pacific Conference on International Accounting Issues. Las Vegas, Nevada. 22 - 25 November.
  8. Alam, N. (2009). Corporate Governance and Disclosure Amongst Islamic Banks. Paper presented at the Proceedings of the International Conference on Islamic Perspectives on Management and Finance. University of Leicester, UK. 02 - 03 July.
  9. Kasipillai, J., & Jothee, S. (2009). Distributive Effects of a Comprehensive Goods and Services Tax: A Developing Country’s Perspective. Paper presented at the 21st Australasian Tax Teachers Association Conference. Christchurch. 19 - 21 January.
  10. Terpstra, R. H., & Tong, J. (2008). Financial Risk Tolerance: A Comparison of the US, China, Hong Kong and Macao. Paper presented at the Academy of International Business Southeast Asia Regional Conference. Kuala Lumpur, Malaysia. December.
  11. Ralston, D. A., Tong, J., & Terpstra, R. H. (2008). Is China, China? A Strategic Assessment of the Regional Differences of the Middle Kingdom. Paper presented at the Academy of International Business Southeast Asia Regional Conference. Kuala Lumpur, Malaysia. December.
  12. Muniandy, M., & Suppiah, S. (2008). Evolution of Small and Medium Enterprise Audit Research Ideology and the onset of Alternative paradigms. Paper presented at the 20th Asian Pacific Conference on International Accounting Issues. Paris, France. 09 - 12 November.
  13. Alam, N., & Magboul, I. (2008). Challenges Faced by Sudanese Islamic Banks in Implementing Online Banking. Paper presented at the 6th International Islamic Finance Conference. Selangor, Malaysia, 13 - 14 October.
  14. Bhatt, P. H., & Sinnakkannu, J. (2008). Ar-Rahnu (Islamic Pawning Broking) Opportunities and Challenges in Malaysia. Paper presented at the 6th International Islamic Finance Conference. Selangor, Malaysia, 13 - 14 October.
  15. Samudhram, A., Tng, C. S., & Shanmugam, B. (2008). Towards an Islamic Basel II: Incorporating a Fourth Islamic Pillar in Prudent Regulation. Paper presented at the 6th International Islamic Finance Conference. Selangor, Malaysia. 13 - 14 October.
  16. Samudhram, A., & Shanmugam, B. (2008). A holistic Rating Methodology for Islamic Institutions: Introducing a Unified Rating Framework. Paper presented at the 6th International Islamic Finance Conference. Selangor, Malaysia. 13 - 14 October.
  17. Sinnakkannu, J., & Bhatt, P. H. (2008). Islamic Financial System Rejects Subprime Mortgage Crisis. Paper presented at the 6th International Islamic Finance Conference. Selangor, Malaysia. 13 - 14 October.
  18. Kunhibava, S. (2008). Shariah Objectives to Derivatives in Islamic Finance, Determining the Path Towards Overcoming Objections - A Comparative Analysis. Paper presented at the 6th International Islamic Finance Conference. Selangor, Malaysia, 13 - 14 October.
  19. Sandhu, M. S., & Alam, N. (2008). Factors Influencing Foreign Direct Investment in the Islamic Banking Sector: A Conceptual Framework. Paper presented at the 6th International Islamic Finance Conference. Selangor, Malaysia, 13 - 14 October.
  20. Alam, N. (2008). IT and E-Readiness Assessment of MSME in India: An Overview. Paper presented at the SME - Entrepreneurship Global Conference 2008. Melbourne, Australia. 03 - 04 July.
  21. Rachagan, S. (2008). The Self-Enforcing Model and Corporate Governance in SMEs. Paper presented at the SME-Entrepreneurship Global Conference. Melbourne, Australia. 03 - 04 July.
  22. Samudhram, A. (2008). Creating Robust Malaysian SMEs: A Complementary Role for Small Scale Accounting and Consulting Firms. Paper presented at the SME - Entrepreneurship Global Conference 2008, Melbourne, Australia, 03 - 04 July.
  23. Satkunasingam, E. (2008). Hurting Customer Relationships and Exposure to Legal Sanctions: A Case Analysis of SMEs and Large Firms and the Panacea. Paper presented at the SME - Entrepreneurship Global Conference 2008. Melbourne, Australia. 03 - 04 July.
  24. Muniandy, M., & Woon, P. P., (2006). The awareness of CSR amongst Malaysian SMEs. Paper presented at the SME-Entrepreneurship Global Conference 2006. Selangor, Malaysia. 17 - 18 October.
  25. Guru, B. K., Ayavoo, S., & Kuppusami, U. (2007). Seasonality in the Islamic Stock Market Returns: Evidence from the day-to-day-the-week Effect. Paper presented at the 5th International Islamic Finance Conference. Kuala Lumpur, Malaysia. 03 - 04 September.
  26. Samudram, A., & Shanmugam, B. (2007). Halal-based Technologies and Islamic Finance. Paper presented at the 5th International Islamic Finance Conference. Kuala Lumpur, Malaysia. 03 - 04 September.
  27. Kasipillai, J., & Shanmugam, B. (2007). Sources of Islamic Financing and Tax Implications. Paper presented at the 5th International Islamic Finance Conference. Kuala Lumpur, Malaysia. 03 - 04 September.
  28. Ramasamy, R., Bhatt, P. H., & Munusamy S. (2007). Segmental Behaviour of Islamic and Conventional Interbank Offered Rates. Paper presented at the 5th International Islamic Finance Conference. Kuala Lumpur, Malaysia. 03 - 04 September.
  29. Sinnakkannu, J., & Bhatt, P. H. (2007). The Islamic Gold Dinar: Is it still an Alternative Hedge against Currency Exchange Rate Risk?. Paper presented at the 5th International Islamic Finance Conference. Kuala Lumpur, Malaysia. 03 - 04 September.
  30. Kunhibava, S. (2007). The Demise of Bai Inah, isn’t it Time?. Paper presented at the 5th International Islamic Finance Conference. Kuala Lumpur, Malaysia. 03 - 04 September.
  31. Muniandy, M. (2007). The emerging role of Non- Executive directors in SMEs. Paper presented at the 8th Asian Academic Accounting Association Conference. Yogyakarta, Indonesia.19 - 22 August.
  32. Sivalingam, G. (2007). Privatization of Higher Education in Malaysia. Oxford Business & Economics Conference (OBEC). Oxford University, UK, 24 - 26 June.
  33. Rachagan, S. (2006). Controlling shareholders and corporate governance in Malaysia. Paper presented at the GBATA 2006 Conference.
  34. Rachagan, S. (2006). Improving the Corporate Value of SMEs in Developing Countries. Paper presented at the SME-Entrepreneurship Global Conference 2006.
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RESEARCH GRANTS
Researcher(s) Project Title Source(s) Reference
Dr Haemala Thanasegaran Effecting Legal Transfers in Commercial Law Reform in Malaysia MUSC Research Grant (Seed) 2011/R2
Dr Mohammed Sharaf Shaiban Labor Unions, Private Information, and Stock Price Informativeness MUSC Research Grant (Seed) 2011/R2
Dr Jayalakshmy Ramachandran; Dr Nafis Alam An exploratory study of challenges faced by auditors in auditing Shariah compliant companies in Malaysia MUSC Research Grant (Seed) 2011/R1
Assoc Prof Shanthy Rachagan; Dr Elsa Satkunasingam; Dr Poon Wai Ching; Shelly Marshall Does introduction of new regulations to improve corporate governance affect firm value: evidence from Malaysia MUSC Research Grant (Seed) 2011/R1
Assoc Prof Shanthy Rachagan Corporate Social Responsibility in Emerging Economies and its Implications to Tax Professionals Chartered Tax Institute of Malaysia (CTIM) 2011
Dr Lydia Shalani Thiagarajah Fostering the Concept of Tax Governance Vide Dividend Laws Chartered Tax Institute of Malaysia (CTIM) 2011
Shelly Marshall; Dr Elsa Satkunasingam; Associate Professor Shanthy Rachagan; Dr Poon Wai Ching Corporate Governance and Firm Performance in Malaysia Monash University Australia (MUA) 2011
Prof Jeyapalan Kasipillai; Assoc Prof Shanthy Rachagan Improving Corporate Governance in Malaysia: The Way Forward MACPA Educational Trust Fund (METF) 2011
Dr Robert Terpstra; Dr Jane Tong Malaysia's Business Environment Index Rating Agency Malaysia (RAM) 2011
Pak Mei Sen The Effect of CEO Age and CEO Tenure on Earnings Quality Collier Charitable Fund 2011
Dr Lee Teck Heang The Effect of Board Size and Board Structure on Bank Efficiency Collier Charitable Fund 2011
Dr Nicole Lai Intergenerational Transfers, Population Aging and Social Protection in Asia Thailand Development Research Institute Foundation 2011
Pak Mei Sen The optimal monetary policy rules for small open economies - Malaysia
 MUSC Research Grant (Seed) 2010/R2
Dr Lee Teck Heang
 CEO Age, CEO tenure and earnings quality: tests of the signal jamming hypothesis
 MUSC Research Grant (Seed) 2010/R2
Dr Nicole Lai
 The Role of Financial Aid on college-going behaviour: The effect of public prepaid tuition programs on college student migration
 MUSC Research Grant (Seed) 2010/R1
Dr Jothee Sinnakkannu Full Moon and New Moon Effects on Stock Market Returns in Muslim and non-Muslim countries
 MUSC Research Grant (Seed) 2009/R2
Pak Mei Sen Accounting Conversatism and Agency Costs: Evidence from Audit Pricing
 MUSC Research Grant (Seed) 2009/R2
Ananda Samudhram; Prof Bala Shanmugam
 Developing a cost-effective video technology for automating post-stroke rehabilitation
 E-Science Fund - Ministry of Science, Technology and Innovation (Government of Malaysia)
 2009
Mohana Muniandy Corporate Governance in Private Limited Companies
 Universiti Malaya 2008/2009
Prof Bala Shanmugam ERP System Adoption and Business Performance: A Comparative Study for Conventional and Islamic Banks
 Islamic Finance Conference Fund 2008/2009
Prof Bala Shanmugam; Assoc. Prof V. Charles; Assoc Prof. M. Shanmugam Performance Measurement of Islamic Mutual Funds in Malaysia: An Integrated Time Period Stochastic Data Envelopment Analysis Approach
 MUSC Research Grant (Seed) 2008
Prof Bala Shanmugam Islamic Finance Development: Financial Ratings / Credit Analysis / Product Pricing / Jurisprudence / Jewish and Christian links
 Islamic Finance Conference Fund 2008
Prof Bala Shanmugam Contemporary issues in Banking:-
1) Subprime Mortgage Crisis
2) Islamic Rural Finance
3) Sustainable Finance / Green Financing
 Institute of Bankers Malaysia (IBBM) 2008
Prof Bala Shanmugam Development of the Banking Industry in Malaysia
 Institute of Bankers Malaysia (IBBM) 2008
Prof Jeyapalan Kasipillai; Payal Harshad Bhatt Taxation and the Concept of Fiscal Space: An Empirical Survey
 The Malaysian Institute of Certified Public Accountants (MICPA) 2007
Prof Jeyapalan Kasipillai Distribute Effects of a Comprehensive Goods and Services Tax
 MUSC Research Grant (Seed) 2007/R1
Dr Jothee Sinnakkannu; Prof Jeyapalan Kasipillai Stock Market Reaction to RGPT Exemption Announcement
 MUSC Research Grant (Seed) 2007/R2
Dr Elsa Satkunasingam Impact of Relationship Marketing Strategy on Ethical Behaviour of Malaysian Firms: Does it Depend on Law or Internal Motivation?
 MUSC Research Grant (Seed) 2006/R1
Dr. Haemala Thanasegaran Growth of Takaful in Malaysia
 MUSC Research Grant (Seed) 2006/R1
Dr Shanthy Rachagan Corporate Governance and the Issues of Corruption in Malaysia
 MUSC Research Grant (Seed) 2006/R1

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RESEARCH STUDENTS

Doctor of Philosophy (Ph.D)

Name of Student Area of Study
Ananda Rao Samudhram Formulating A Framework For Human Capital Valuations In Annual Report Presentations
Aniza Zainol Relevance of Reporting R & D for Decision Making - An Empirical Study
Chuah Lay Lian Private Investment and Role of Uncertainty : The Case of a Developing Country
Lee Mei Yee Determinants and Consequences of Voluntary Reporting in Emission Trading Schemes
Noor Sharoja Sapiei

Evaluation of Tax Compliance Costs Under the Self Assessment System

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EVENTS

  
Date & Time Venue Event Title Speaker / Facilitator
20 October 2011 (Thursday)

4:30pm - 6:00pm
Auditorium 2, Building 6, Level 1
Why choose the MICPA programme and a career in professional accountancy.
(For more details, please click here)
Dr Veerinderjeet Singh
Council Member,
Malaysian Institute of Certified Public Accountants (MICPA)
Managing Director
TAXAND Malaysia Sdn Bhd

Ms. Lee Soo Fern
Partner, Ernst & Young Advisory Services Sdn Bhd
ASEAN People Leader
13 October 2011
(Thursday)

8:30am - 2:00pm

 

 

 Plenary Theatre, Building 2, Level 1
MONASH 2012 Management Budget Seminar

(For more details, please click here)
Mr Lim Kah Fan
Executive Director,
Ernst & Young Tax Consultants Sdn Bhd

Dr Veerinderjeet Singh
Managing Director
TAXAND Malaysia Sdn Bhd

Mr Anand Raj
Advocate & Solicitor, Partner,
Shearn Delamore & Co.
08 June 2011
(Wednesday)

8:30am - 5:00pm

 MONASH University Sunway Campus Research Issues in Malaysian Capital Markets: Publishing Your Research (Workshop)

(For more details, please click here)

 Co-Chairs:   Professor Ferdinand A. Gul
Professor of Accounting and Corporate Governance Monash University Sunway Campus

Professor Bin Srinidhi
Chair Professor of Accountancy
City University of Hong Kong
06 June 2011
(Monday)

12:00pm - 1:00pm

 Meeting Room 2 (Room 6-5-36), Building 6, Level 5 The Women Participation in Corporate Risk-Taking

(For more details please click here)

 Ms. Pak Mei Sen
Department of Accounting & Finance
Monash University Sunway campus
21 April 2011
(Thursday)

12:00pm - 1:00pm

 Meeting Room 2 (Room 6-5-36), Building 6, Level 5 When having many children pays: A case study from Taiwan

(For more details please click here)		 Dr. Nicole Lai Mun Sim
Department of Accounting & Finance
Monash University Sunway campus
15 April 2011
(Friday)

11:00am – 12:00pm

 Seminar Room (2-1-03) Building 2, Level 1 Talk by MICPA Mr. Foo Yoke Pin
Executive Officer
Malaysian Institute of Certified Public Accountants (MICPA)
14 April 2011
(Thursday)

12:00pm - 1:00pm

 Meeting Room 2 (Room 6-5-36), Building 6, Level 5 Publication in Accounting (2003-2009): A Focus on the Asia Pacific Region

(For more details please click here)		 Dr. Lee Teck Heang
Department of Accounting & Finance Monash University Sunway campus
11 April 2011
(Monday)

1:00pm – 2:00pm

Classroom (6-2-02) Building 6, Level 2 Corporate Governance – Issues on Board and Management Mr. Ravindra Kumar Thambimuthu
Former Group Company Secretary & Legal Advisor,
AMMB Holdings Bhd. and AmBank Group of Companies

04 April 2011
(Monday)

1:00pm – 2:00pm

Plenary Theatre, Building 2, Level 1 The Role of Audit Committee in Influencing Audit Quality Mr. Nik Mohd. Hasyudeen Yusoff
Executive Chairman
Audit Oversight Board
07 March 2011
(Monday)

12:00pm - 1:00pm

Meeting Room 2 (Room 6-5-36), Building 6, Level 5 Human Capital Development in Developing nations: A cost effective approach

For more details please click here)		 Ananda Samudhram
Department of Accounting & Finance
Monash University Sunway campus
24 Feb 2011
(Thursday)

3:00pm – 4:00pm

 Meeting Room 2 (6-5-36)
Building 6, Level 5		 Protecting Satire Against Defamation Claims: Ummi Hafilda Bte Ali v Ketua Setiausaha Parti Islam Se Malaysia (PAS) & Ors [2006] 4 MLJ 761 Dr. Abdul Majid Bin Nabi Baksh
School of Accounting and Finance
The Hong Kong Polytechnic University
24 Feb 2011 (Thursday) 10.30am – 11.30am VC, Building 2, Level 3, Monash University Sunway Campus CEO Survey 2010 The Climate of our Business - A Perspective from Malaysian Executives Dr Jane Tong
Monash University Sunway campus

Dr Robert Terpstra
Monash University Sunway campus

Rita Benoy Bushon
Minority Shareholder Watchdog Group (MSWG)
26 January 2011(Wednesday)

2:00pm - 3:00pm

 Meeting Room 2 (6-5-36)
Building 6, Level 5		 Earnings Quality, Audits by Industry Specialists, and Ineffective Internal Controls

(For more details, please click here)

 Professor Bikki Jaggi
Chairman of the Accounting Department
Rutgers University, USA
17 – 18 Jan 2011
(Monday & Tuesday)

9:00am – 5:30pm		 Seminar Room (2-2-12 & 2-2-12A), Building 2, Level 2 Intermediate Survey Analysis: Interactive and Hands on

(For more details please click here)		 Dr Pamela Campenelli
Survey Methods Consultant
UK Chartered Statistician
Chartered Scientist
13 Jan 2011
(Thursday)

12:00pm – 1:00pm		 Meeting Room 2 (Room 6-5-36), Building 6, Level 5 Influence of Ownership Structure, Corporate Governance, and Culture on Tax Policy: Evidence from Malaysia

(For more details please click here		 Professor Jeyapalan Kasipillai
MONASH University Sunway campus
Professor Sakthi Mahenthiran
Butler University, Indianapolis (USA)
29 Nov 2010
(Monday)

9:00am - 2:00pm

 The Plenary Theatre, Building 2 Book Launch & Corporate Governance Seminar

The book launch of 'Concise Principles of Company Law in Malaysia' (Authors: Rachagan S, Pascoe J & Joshi A); followed by a complementary Corporate Governance seminar entitled 'Red Flags in Corporate Governance'.		 Dato' Johan Raslan
Executive Chairman
PricewaterhouseCoopers Malaysia
26 Oct 2010
(Tuesday)

8:30am - 2:00pm
 		 Plenary Theatre, Building 2, Level 1 MONASH 2011 Management Budget Seminar

Mr Lim Kah Fan
Executive Director,
Ernst & Young Tax Consultants Sdn Bhd

Dr Veerinderjeet Singh
Managing Director
TAXAND Malaysia Sdn Bhd

Mr Anand Raj
Advocate & Solicitor, Partner,
Shearn Delamore & Co.
2 Sept 2010
(Thursday)

12:00pm - 1:00pm
 		 Auditorium 1, Building 5 (Level 1) The Rotterdam Rules - Implications for the Business of Shipping Prof Jason Cheah
Head, Department of Advanced Legal Studies,
University of Westminster;
Chair, London Universities Maritime Law and Policy Research Group
22 June 2010
(Tuesday)

9:00am - 5:00pm
 Computer Lab (9-4-02), Building 9, Level 4 An Introduction to the 'Dealing Room' Mr Barry Cooper
Manager, Education Development,
Department of Accounting & Finance,
Monash University Australia

Assoc. Prof. Michael Dempsey
Department of Accounting & Finance,
Monash University Australia
27 May 2010
(Thursday)

12:00pm - 1:00pm
 Meeting Room 2 (Room 6-5-36), Building 6, Level 5 Law Reform in Malaysia - Some Issues Affecting the Corporate Sector Dr Janine Pascoe
Dept. of Business Law & Taxation
Monash University Australia
26 May 2010
(Wednesday)

12:00pm - 1:00pm
 Classroom (6-3-03), Building 6, Level 3 Islam and the West: Living, Travelling and Getting Published in a Post 9/11 World Mr Imran Ahmad
Business Development, Symphony House,
Author of "Unimagined - a Muslim boy meets the West"
24 May 2010
(Monday)

1:00pm - 2:00pm
 Seminar Room (2-1-03), Building 2, Level 1 Corporate Governance - The Potpourri Mr Ravindra Kumar Thambimuthu
Former Group Company Secretary & Legal Advisor,
AMMB Holdings Bhd and AmBank Group of Companies
6 May 2010 (Thursday)

12:00 - 1:00PM
 Meeting Room 2 (Room 6-5-36), Building 6, Level 5 Seminar on "A Holistic Approach to Sustainable Development: The Role of Physical Social and Spiritual Sciences" Dr T. V. Muralivallabhan
Reader in Economics
P.G. Dept of Economics
SVR NSS College
29 April 2010
(Thursday)

2:00pm - 4:00pm

 Seminar Room (2-1-03), Building 2, Level 1 Copyright Laws - Issues of Concern by Academics in Malaysia Mr Samuel Seow
Advocate & Solicitor, Singapore
Managing Director, Samuel Seow Law Corporation,
Registered Patent Agent, Singapore
Registered Foreign Lawyer, Hong Kong SAR
Foreign Legal Counsel, Seow & Associates
29 April 2010
(Thursday)

2:00pm - 4:00pm
 Plenary Theatre, Building 2, Level 1 Malaysian Institute of Certified Public Accountants (MICPA): Career Talk Mr Foo Yoke Pin
Executive Officer
MICPA
21 April 2010
(Wednesday)

1:30pm - 3:30pm
 Lecture Theatre (6-0-08), Building 6, Basement Chartered Institute of Management Accountants (CIMA) Seminar: Finance Transforming Issues Mr Andy Wong
Management Consultant
A Davids & Company
23 - 24 February 2010
(Tuesday & Wednesday)

9:00 - 5:00PM
 Lecture Theatre 6, Building 6, Basement Survey Research Workshop: Interactive and Hands On Dr Pamela Campenelli
Survey Methods Consultant
UK Chartered Statistician
Chartered Scientist
17 November 2009
(Tuesday)

8:30AM - 3:30PM		 Plenary Theatre, Building 2, Level 1 Seminar on "Investment Analysis & Financial Management in an Economic Recovery Period: Strategy & Research Needs" Dr Robert Terpstra
Lecturer, Monash University Sunway campus

Dr Ravindran Nair
Lecturer, Monash University Sunway campus

Mr Bose Dasan
Tax Consultant
Certified Financial Planner
Standard Financial Planner Sdn Bhd

Dr R. Thillainathan
Fellow of the Malaysian Institute of Bankers (FIBM)
Adjunct Professor, Universiti Malaya
Honorary Professional Fellow, Monash University

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Meetings
Reference

Date of Meeting

 Minutes of Meeting
01/2011 March 18, 2011 Open
02/2011 May 06, 2011 Open
03/2011 June 21, 2011 Open
04/2011 September 20, 2011 Open
05/2011 November 15, 2011 Open


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For full list of the Campus Research Strengths, please click here

 

A well functioning financial market is the main engine that drives the development and growth of any economy in the world. Financial markets encompass several institutions such as the money and capital markets; commodity and equity markets; interest rates and foreign exchange markets; and its relevant derivative markets.

 

Our interest lies on the functioning of capital markets that comprises primary and secondary debt and equity markets. Capital markets have the main function of discovering prices of financial assets (debt and equity) that moves other financial markets in an economy. Specifically the stock/equity market and its sensitivity to a wide range of factors often becomes the benchmark of a country’s economic wellbeing.

 

Besides that, the market value of a company’s equity is a sensitive variable that depends on the quality of corporate governance and reporting practices, corporate finance, company ownership structure and its board announcements, the legal and political policies and other aspects of investor’s protection.

 

The debt market (and monitoring role) on the other hand carries various forms of bond portfolios and financial loans that depend on interest rates structures, central bank policies on inflations and exchange rate regimes, external trade, gross domestic product, balance of payments and other economic policies
 
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