International Journal of Economics and Finance

International Journal of Economics and Finance (IJEF) is a double-blind peer-reviewed international journal dedicated to promoting scholarly exchange among teachers and researchers in the field of economics, financial economics and finance. The journal is published monthly in both print and online versions by the Canadian Center of Science and Education.

The scope of IJEF includes the fields in the economics and finance. Authors are encouraged to submit complete, unpublished, original, and full-length articles that are not under review in any other journals. The online version of the journal is free access and download. If you want to order print copies, please visit:

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2014: Articles Received: 531; Accepted: 330; Rejected: 177; Published: 290; Retracted: 1

2014 Q4: Articles Received: 131; Accepted: 89; Rejected: 29; Published: 71; Retracted: 0

2014 Q3: Articles Received: 106; Accepted: 69; Rejected: 30; Published: 77; Retracted: 1

2014 Q2: Articles Received: 128; Accepted: 85; Rejected: 44; Published: 71; Retracted: 0

2014 Q1: Articles Received: 166; Accepted: 87; Rejected: 74; Published: 71; Retracted: 0

2013: Articles Received: 548; Accepted: 253; Rejected: 292; Published: 187; Retracted: 1

2013 Q4: Articles Received: 172; Accepted: 88; Rejected: 91; Published: 50; Retracted: 1

2013 Q3: Articles Received: 139; Accepted: 53; Rejected: 74; Published: 40; Retracted: 0

2013 Q2: Articles Received: 112; Accepted: 46; Rejected: 70; Published: 44; Retracted: 0

2013 Q1: Articles Received: 125; Accepted: 66; Rejected: 57; Published: 53; Retracted: 0



IJEF follows APA style.


Author Guidelines

1. Authors must ensure that their papers are free of spelling and grammatical errors and typos.

2. Research papers should not exceed 8,000 words.

3. A separate title page of an article should contain the title of the paper, name(s) and affiliation(s) of the author(s).

4. The first page of an article should contain an abstract not exceeding 250 words and a maximum of eight keywords.

5. Equations in the text should be numbered consecutively using Arabic numerals within simple brackets and aligned against the right margin.

6. All appendices should be numbered consecutively using uppercase roman numerals and shown after the list of references.

7. References should be cited within the text as follows: According to Wickremasinghe (2005), foreign exchange market … These results are inconsistent with those of other studies (Perera, 1995; Silva, 2000)

8. List of references should show each citation in alphabetical order and follow the style of APA

9. Author should register with the journal before submitting manuscripts.

10. Page proofs will be sent to the corresponding author. The corrected manuscripts should be submitted, and the publication fee should be paid within 10 working days.

11. The publication fee is 300USD.



The publisher and journal have a policy of “Zero Tolerance on the Plagiarism”. We check the plagiarism issue through two methods: reviewer check and plagiarism prevention tool (

All submissions will be checked by iThenticate before being sent to reviewers.

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Universe Digital Library

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Vol 7, No 3 (2015)

Vol. 7, No. 3, March 2015 e-Version FirstTM

Table of Contents


Management Earnings Forecasts and Book-Tax Differences PDF
Anastasia Kraft p1
An Empirical Study on the Differences between Synthetic and Physical ETFs PDF
Klym Naumenko, Olena Chystiakova p24
Limited Market Participation, Financial Intermediation, and Consumption Smoothing PDF
Hiroaki Ohno p36
Financial Integration and the Cost of Capital: A Study of the Brazilian Equity Market PDF
Tiago Loncan, Joao Frois Caldeira p45
Andreas Predöhl’s Theory of the Integration of Economic and Political Space PDF
Tadahisa Mizuno p57
Accident Forgiveness in the Automobile Insurance Contract PDF
Fan Liu p68
Does Asymmetry of Information Drive Banks’ Capital Structure? Empirical Evidence from Jordan PDF
Ayman Mansour Alkhazaleh, Mahmoud Khalid Almsafir p86
The Shadow Economy in Palestine: Size and Causes PDF
Mahmoud M. Sabra, Abdel Hakeem Ahmad Eltalla, Abdel Rahman Alfar p98
Firm Characteristics and Long-Run Abnormal Returns after IPOs: A Jordanian Financial Market Experience PDF
Fawaz Al-Shawawreh, Osama Al-Tarawneh p109
Macroeconomic Determinants of Foreign Direct Investment in Sierra Leone: An Empirical Analysis PDF
Sesay Brima p123
Debt and Economic Growth in Developing Countries: Jordan as a Case Study PDF
Mahmoud Falah Al-Refai p134
Monetary Policy in Saudi Arabia: A Taylor-Rule Analysis PDF
Abdullah Hussein Almounsor p144
Pork-Barrel Spending under Cournot Legislators and the Quantity Equation PDF
Gerasimos T. Soldatos p153
The Time Needed to Rebound after Firms Lost in Litigations: The Role of Information Transparency PDF
Chun-An Li, Ming-Hsi Tang, Ying-Cheng Tang p157
The Determinants of Rental Rates and Selling Prices of Office Spaces in Jakarta: A Macroeconometric Model Using VECM Approach PDF
Zainal Zawir Simon, Noer Azam Achsani, Adler H. Manurung, Roy Sembel p165
Can Stock Price Manipulation be Prevented by Granting More Freedom to Manipulators PDF
Deniz Ilalan p179
Cross-Sectional Absolute Deviation Approach for Testing the Herd Behavior Theory: The Case of the ASE Index PDF
Imad Zeyad Ramadan p188
Proliferation of E-Newspapers and Its Financial Impact on the Publishing Industry in UAE PDF
Jacob Cherian, Sherine Farouk p194
Population Aging and Economic Growth: The Chinese Experience of Solow Model PDF
Haiming Li, Xiuli Zhang p199
Analysis of Factors Affecting Share Prices: The Case of Bahrain Stock Exchange PDF
Taimur Sharif, Harsh Purohit, Rekha Pillai p207
Defence versus Offence: Disclosure and Media in Takeovers PDF
Eda Orhun p217
An Empirical Test of Purchasing Power Parity Theory for Canadian Dollar-US Dollar Exchange Rates PDF
Hussein Al-Zyoud p233
Reviewer Acknowledgements for International Journal of Economics and Finance, Vol. 7, No. 3 PDF
Michael Zhang p241

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International Journal of Economics and Finance  ISSN  1916-971X (Print) ISSN  1916-9728 (Online)

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