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International Research Journal of Finance and Economics is a peer-reviewed international research journal, which aims to publish articles of high quality dealing with issues in international finance and economics which impact on national and global economies. International Research Journal of Finance and Economics provides an international forum for applied research on financial markets, including the bond and equity markets, derivative securities markets, the foreign exchange market, corporate finance, market microstructure and cognate areas. The journal is also concerned with the link between the real and financial sides of the economy, forecasting and recent developments in econometric techniques applicable to financial research. International Research Journal of Finance and Economics relates primarily to experience in the main financial centers of Europe, North America, the Far East and Australasia, as well as issues relating to development finance and the emerging financial markets of the developing world and the transforming economies of Central and Eastern Europe. International Research Journal of Finance and Economics aims at publishing articles and short research notes particularly in the areas of international economics, economic development, international finance, international banking and portfolio management, financial economics, international political economy, financial analysis, financial market regulation, financial risk analysis, transition economies, corporate finance, exchange rate modeling, forecasting financial markets, economic policy, monetary and fiscal policy decision-making, portfolio and asset management, pricing and risk of financial instruments, advances in financial econometrics and statistics, and public finance decision-making. International Research Journal of Finance and Economics is intended to serve as an outlet for theoretical and empirical research in all areas of international economics and finance. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. International Research Journal of Finance and Economics especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modeling structure.