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 Authors are encouraged to submit complete, unpublished, original, and full-length articles that are not under review in any other journals.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 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


  • e-Version First: Vol. 6, No. 11


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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Vol 6, No 10 (2014)

Vol. 6, No. 10, October 2014

Table of Contents


Investors’ Valuation for Asset Liquidity and the Corporate-Treasury Yield Spread PDF
Benjamin Niestroj p1
A Review of the Establishment of the Stock Market in Vietnam–In Relation to other Transitional Economies PDF
Hai Nguyen, Gráinne Oates, Mary Dunkley p17
Institutional Investors, R&D Policy and Firm Stock Liquidity PDF
Ricky William Scott p26
Autocorrelated Order-Imbalance and Price Momentum in the Stock Market PDF
Rahul Ravi, Yuqing Sha p39
Study on Synergistic Fluctuation of Exchange Rate between Renminbi and New Taiwan Dollar PDF
Xiaoheng Cao, Wentung Lee, Yao-Hung Yang p55
Technical Trading Rules in Australian Financial Markets PDF
Jung Soo Park, Chris Heaton p67
How Do Auditors Increase Substantially Firm Value? PDF
Ya-Fang Wang, Yu-Ting Huang p76
Reasons and Solutions for Insufficient Financial Supply in Shandong Rural Area of China PDF
Shujuan Ding p83
Country Risk Ratings and Stock Market Movements: Evidence from Emerging Economy PDF
Abdulaziz I. Almahmoud p88
Effects of Tax Reforms on Buoyancy and Elasticity of the Tax System in Kenya: 1963–2010 PDF
Ochieng V. Omondi, Nelson H. W. Wawire, Emmanuel O. Manyasa, Gideon Kiguru Thuku p97
An Econometric Analysis of Impact of Public Expenditure on Industrial Growth in Nigeria PDF
Fatukasi A. Adebayo, Adebisi T. Adebusuyi, Mamidu A. Ishola p112
Modeling Volatility in the Gambian Exchange Rates: An ARMA-GARCH Approach PDF
Sambujang Marreh, Olusanya E. Olubusoye, John M. Kihoro p118
Modeling and Forecasting Gambia’s Inflation Rates PDF
Sanna Manjang, Abdou Ka Diongue, Leo Odongo p129
Measuring the Shadow Economy in the ASEAN Nations: The MIMIC Approach PDF
Duc Hong Vo, Thinh Hung Ly p139
Equity Returns, Inflation and Real Growth in Pakistan PDF
Abdul Ghafoor, Muhammad Asif Khan, Sohail Rizwan, Habib Hussain Khan p149
The Impact of Public Expenditures on Economic Growth in Jordan PDF
Ali Sulieman Al-Shatti p157
Transportation Demand Management and a Flexible Education System (Mobility vs. Access) PDF
Akin Seber p168
Examining the Long Run Relationship between the U.S. Money Supply (M2) and the Canadian Stock Market PDF
Errefat Hamoud Thabet p180
Examining the Role of Budget Deficit Policies in Economic Growth from A Keynesian Perspective PDF
Mehmet Cinar, Ilhan Eroglu, Baki Demirel p191
Effects of Financial and Non-financial Performance Measures on Customers’ Perceptions of Service Quality at Islamic Banks in UAE PDF
Attiea A. Marie, Mohamed E. Ibrahim, Amjad D. Al Nasser p201
Aggregating Audit Evidence with a Markov Tree: An Application of Inventory Account Auditing in Turkey PDF
Alper Karavardar p214
Censored Regression Techniques for Credit Scoring: A Case Study for the Commercial Bank of Zimbabwe (Bulawayo) PDF
Thandekile Hlongwane, Precious Mdlongwa, Hausitoe Nare, Isabel L. Moyo p227
Determinants of Firm Performance: A Comparison of European Countries PDF
Ben Said Hatem p243
Price and Income Elasticities of International Trade: Case of Jordan PDF
Ziad Mohammed Abu-Lila p250
The Impact of Operational Efficiency on the Future Performance of Indian Manufacturing Firms PDF
Amarjit Gill, Manjeet Singh, Neil Mathur, Harvinder S. Mand p259
Causality and Cointegration between Economic Growth and Energy Consumption: Econometric Evidence from Jordan PDF
Mohammed Issa Shahateet, Khalid Ali Al-Majali, Fedel Al-Hahabashneh p270
Post Consolidation Asset Base: Effect on Financial Leverage, Efficiency and Profitability of Nigerian Banks PDF
Daibi W. Dagogo, Precious I. Okorie p280
Reviewer Acknowledgements for International Journal of Economics and Finance, Vol. 6, No. 10 PDF
Michael Zhang p288

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

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