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Family name: Mahmoud

Given name: Elsefy Student ID:195088

Module code: 22BBST28H

Module title: Research Methods 2
Group: Tutor: Dr. Sahar Badawy

Assessment title: A shift to a cashless society: The impact of Investment in financial inclusion on liquidity risk in Egypt.

Due date:4/12/2022 Number of pages:34 Word count (if appropriate):3922

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SECTION A: STUDENT’S DETAILS
Family name: Elsefy
Given name:Mahmoud Student ID:195088

Module code:22BBST28H

Module title:: Research Methods 2

Group: Tutor: Dr. Sahar Badawy

To be completed by the tutor
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Signature: Date: *Provisional grade:
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Specific aspects of your work that were effective:

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Proposed Criteria for the Research Proposal

Some of the items included in the different sections may not be applicable to some proposals. This may be
due to the nature of the topic, the research type or/and the methodology used. For example, if the research is
exploratory, no need for hypothesis or advanced statistical analysis but in developing a conceptual model
they may be needed. The supervisor must use his/her own judgment.

Student Name: Mahmoud Elsefy

Student ID: 195088

Student Major: Finance

Weight 1st 2nd

Marker Marker
1. The Title: It can be a phrase or a question. It Should be short, specific and point 5%
to the study of major variables and field of application
2. Introduction (each point = 5 marks) 15%
 Justification / importance of the research for the chosen Field of application
(should be supported using secondary information about field of application )
 Research Problem
o Contextualize the problem and research gap (supporting this part with
at least 3 appropriate and relevant references)
o Show why it matters
o Research Aim
 Research objectives.

3. Literature Review (each point = 6 marks) 40%

Critical review (critical evaluation of what has been done) not just descriptive.
Update; thorough; organize in themes; arranged chronologically within each theme;
and coherent as a whole. A good review should lead to the following :
 Theoretical and operational definition and components of variables
 An analysis of the literature regarding the relationship between variables.
 Research question(s)
 Research hypotheses if needed (if not needed, hypotheses grade should be
distributed on other components)
 Develop a theoretical framework
4. Research Design 20%
This part should cover the following:
 Research Philosophy (4 Marks)
 Research Approach to Develop Theory (inductive /deductive) (4 Marks)
 Research Methodologies (qualitative / quantitative / Mixed) (3 Marks)
 Research strategies (survey / interview / experiment…….) (3 Marks)
 Research time horizon (cross sectional / longitudinal…..) (3 Marks)
 Data required (primary or secondary data) (2 Marks)
 Sampling: Population, sample type, sample size (3 Marks)
 Data collection method (questionnaire design / measures) (5 Marks)
 Statistical techniques to be used (3 Marks)
6. References: (each point = 2 marks) 10%
 At least 10 journal articles and few textbooks if highly related
 Quality of the references (periodicals)
 Recent & updated (few old if they are significant)
 Relevance to the topic
 Apply APA style in both in-text citation and references.
7.Overall quality of the report 10%
The student will be judged according to: organization; layout; style; order language; ;
quality of tables and diagram; and using appendices appropriately.
A shift to a cashless society: The impact of Investment in
financial inclusion on liquidity risk in Egypt.

A Research Proposal

Prepared by:
Mahmoud 195088

Faculty of Business Administration, Economics, and Political Sciences

Year 2022/2023
Table of Contents
Introduction:...............................................................................................................3

Importance of research:.........................................................................................4

Research Problem & Aim:......................................................................................4

Research objectives:..............................................................................................5

Research Gap:.......................................................................................................5

Literature review:.......................................................................................................6

Overview on Liquidity.............................................................................................6

History:...................................................................................................................6

Definition:............................................................................................................... 7

Liquidity risk:.......................................................................................................... 8

Sources of liquidity risk:......................................................................................... 9

Measuring Liquidity risk:.........................................................................................9

Managing Liquidity risk:........................................................................................10

Overview on Investment:.........................................................................................11

Definition:............................................................................................................. 11

Types of investment.............................................................................................11

Financial inclusion:...............................................................................................14

Relationship between Investment and Liquidity:......................................................16

Research questions:................................................................................................18
Research Hypothesis:..............................................................................................18

Theoretical Framework:...........................................................................................18

Research Design..................................................................................................... 19

Research philosophy:...........................................................................................19

Deductive Approach:............................................................................................20

Quantitative or Qualitative Approach:..................................................................20

Research time horizon:........................................................................................21

Primary and Secondary Data:..............................................................................22

Sampling:............................................................................................................. 22

Statistical techniques:.......................................................................................... 23

Referencing:............................................................................................................ 25
 Introduction:
There have been several different types of trading platforms throughout history,

including exchange of goods, gold, and paper currency. Credit card first appeared in the

mid-twentieth century. But since, critics have predicted the demise of cash and the

beginnings of a cashless society. We still utilize cash and checks nowadays, however

certain card payments are growing much faster than paper instruments. (Daniel D.

Garcia-Swartz, 2006)

“Financial inclusion means that individuals and businesses have access to useful

and affordable financial products and services that meet their needs - transactions,

payments, savings, credit, and insurance - that are delivered in a responsible and

sustainable manner”. (Bank, 2022)

The level of competition among various payment channels is rising as technology

advances. Contactless card payments have advanced to the point of radical innovation

in the financial services industry and has established itself as a competitive alternative

to conventional payment methods (Hendershott T, 2021).Public transport is one of the

main ways Egyptians rely on to go and from different locations and almost all of the

transactions made in public transport are made in cash. Cash transactions are usually

made with the end user and at the POS (point-of-sale) with excessively long ques along

Egypt.

Contactless cards include a chip and a basic wireless sign. The basis of cashless

payments is near-field communication (NFC) technology. Contactless payment, as

opposed to traditional cards, allows for faster payment, greater convenience, and lower
costs. In regards to speed, contactless payment cards compete with and, in some

cases, surpass cash payments. (Polasik, 2012)

Importance of research:

“Consumers are gradually moving away from paper payment instruments and

toward electronic ones, especially payment cards” (Bank W. , 2022). Egypt's nationwide

investment vision 2030: a national agenda launched in February 2016 that reflects

Egypt's long-term strategy for achieving sustainability principles and goals in all regions;

Egypt's digitalization framework: one of the outcomes of the National Payment Council

(NPC) established in February 2017. Egypt's tenacious initiatives to boost digitalization

and become a cashless society as of 2017 have indeed prepared the path to counter

the liquidity risk challenges, but have also accelerated the pace of digitization across all

industries, particularly the financial technology industry. (Egypt, 2021)

Research Problem & Aim:

The main research problem in this proposal is the increase in liquidity risk along the

years due to a decrease in foreign investment, higher demand in US dollars due to a

short decline in tourism, increase in imports and decrease in exports this overall

increase the liquidity risk along the country (Azzam, 2022) where the main aim of this

proposal is to focus on investing in financial inclusion to reduce the liquidity risk Egypt

was chosen for the global financial inclusion initiative, that also seeks to improve access

to financial services for those who are exempted out from traditional banking system

while also introducing innovative digital finance policies. (Bank A. , 2017). The Egyptian

financial inclusion transformation necessitates the urgent necessity sound liquidity

management to assist banking institutions in meeting critical financial inclusion goals.

(Azzam, 2022)

Research objectives:

 Determine the effect of investment in financial inclusion on liquidity risk

 Sources, ways of measuring and mitigating liquidity risk

 Types and effects of investment in finical inclusion

Research Gap:

This research entails the connection between Investment and liquidity risk, there are

several articles about both the variables but the drawback of this research is the lack of

pure literature that represents the connection/link between the exact type of investment

in financial inclusion and how to it effects the liquidity risk in Egypt. Another drawback is

there is no statistical technique to directly link both the variables

 Literature review:
This literature review includes an overview of the Liquidity and an overview of

Investment.

Overview on Liquidity

History:

The first form of liquidity arose throughout trade. Exchange of goods may be the

first form of liquidity, in which each agent generated his possess liquidity. If someone

possessed a widespread used tool, he could conveniently negotiate for a good "price,"

that is, he was liquid without money. Agents who didn't require such goods graciously

took them, realizing that they would be useful in a later barter transaction. In other

words, these types of goods assumed the role of medium of exchange, becoming

money commodities.

Following the global financial crisis, legislators created global standards to improve

monetary sustainability known as Basel III banking regulations. Liquidity restrictions are

among these standards, with the clear and specific goal of reducing the necessity of

the central bank interventions when banks lack access to the money market. However,

it has become clear that there may be some conflicts seen between proposed law and

the monetary policy being implemented. As various liquidity ratios were phased in,

central banks around the world began to recognize that liquidity regulation elevates

banks' requirement for liquidity indefinitely. This usage may have to be met by the
central banks themselves. Otherwise, the price of liquidity may rise, potentially out of

step with monetary and fiscal policy. (ERIC MONNET, 2022)

Definition:

In the economic literature, liquidity focuses on the economic owner's ability to

exchange existing wealth for goods and services or other assets.

The ability of the central bank to supply liquidity to the economic system is known to

as central bank liquidity. It is generally defined as the amount of liquidity provided to the

market by the central bank, i.e., the flow of currency supply from the central bank to the

financial system. It is related to central bank activities liquidity, that also refers to the

amount of liquidity provided to the financial markets through central bank auctions in

accordance with the stance of monetary policy. (Heitor Almeida, 2014)

Risk is the likelihood of an arbitrarily defined variable's sudden realization differing

from the economic agent's preferred realization is referred to as risk. The economic

agent would optimize liquidity in our case. Within this sense, the possibility of not being

liquid indicates the presence of a liquidity risk. The higher the probability, the higher the

liquidity risk. Whenever the likelihood corresponds one, liquidity risk reaches a

maximum and occurs. In this manner, liquidity and liquidity risk have an inverse

relationship, because of the elevated liquidity risk, the greater the probability of

becoming illiquid, and thus the lower the liquidity.(Nikolaou, 2009)

 Liquidity risk:

The risk of receiving less than fair value for an investment when it must be sold for

cash quickly, Liquidity risk is defined as the risk of having to incur losses as a

consequence of not fulfilling payment obligations promptly when they are due or failing

to do so at a reasonable cost. (Heitor Almeida, 2014)

The CEB assesses liquidity risk by combining internal metrics and regulatory

indicators with descriptive methodology. The survival horizon is the significant

determinant used to assess liquidity risk. This metric measures how long it takes the

bank to fulfil its payment obligations arising from currently underway daily operations,

using liquid assets, and under an extreme stress scenario that includes a lack of new

funding sources, liquid asset value erosion, and contingent capital requirement on

derivative portfolios. (CEB, 2021).

 Sources of liquidity risk:

 Unplanned Capital Expenditures

 Inability to Obtain Financing

 Lack of Cash Flow Management

Numerous ways of cash flow calculations are implied to assess a company's

(Jooste, 2006). They are determined by calculating in a later section. These ratios are

also very useful in determining the firm's wellbeing (Jooste, 2006). Cash flow ratios can

be calculated for suppliers and prospective investors to determine their wellbeing and

verify that they are not experiencing a liquidity problem. The idea of performance ratios

is not new, but data is more readily available today, and businesses should reap the

benefits of that information (Carszlaw, 1991).

Measuring Liquidity risk:

 Quick Ratio

 Current Ratio

 DuPont Analysis

 Interest Coverage Ratio

 Debt-to-Equity Ratio

 Cash Flow Forecasting

(Penh, 2017)
 Managing Liquidity risk:

“To have efficient and effective liquidity management is very important for the

survival, especially for smaller businesses” (Sardakis, 2007) it’s very crucial for start-up

businesses, even if they can go for a long time without making a profit but fail when they

cannot meet a payment. (Ekanem, 2010)

Liquidity risk can be minimised via careful financial management, as well as by

frequently forecasting cash flow, monitoring and optimising net working capital and

adapting existing credit facilities. (Hennie van Greuning, 2020)

The World Bank Group regards financial inclusion as a vital ingredient for reducing

extreme poverty, increasing shared prosperity, and reducing liquidity risk. (Bank, 2022)

Giving 105 million Egyptians direct exposure to many financial platforms that will help

them in their day-to-day lives, whether it is to pay their bills, check their financial

records, order online products,...etc, will assist in decreasing liquidity risk because being

able to manage your income and outcomes with the help of many accounting and

expense management companies will boost the economy. One of the big hurdles in

moving toward digital payments is supplying accessibility to cash-in and cash-out

points, along with ensuring adequate liquidity at access points, including in rural

regions. Cash out locations are an important feature irrespective of the digital payment

environment. (Leora Klapper, 2017)

 Overview on Investment:

Definition:

Investing involves placing your money or other resources into something which you

expect to earn money, generate revenue, or provide some other value. When you

invest, you make investments that you expect to rise in value over time, potentially

improving the amount of money you have. (Turner,2022)

Investment activity is critical to economic well-being advancement since it is among

the most important economic activities that businesses, consumers, and governments

can engage in. Government must consider investment principles when purchasing any

form of public infrastructure, including building structures, industrial equipment,

education institutions, railways, and transportation systems in general.(Baddeley, 2003)

Types of investment

 Tangible, fixed asset investment (investment in physical and fixed capital)

 Inventory investment (investment in working capital of the firm)

 Residential investment (investment in housing)

 Intangible investment (investment in HR and R & D)

 Financial investment (Investment in paper assets)

(Baddeley, 2003)
 The possible long-term economic benefits of investments tangible, fixed asset

investment in financial inclusion would include the following:

1. Increases in output

2. Increases in productivity (output per unit of input)

3. Reductions in costs of production

4. Increases in income, property values, employment, and real wages;

5. Rate of return equal to or greater than the social cost of capital

6. Reductions in non-commercial travel time, improved access, improved quality of

life.

(Drennan, 1999)

The Egyptian government has been engaged in a comprehensive effort to overhaul

its transportation infrastructure and to strengthen Egyptian institutional capabilities in

investment planning and evaluation, as well as in the design of appropriate upkeep,

functioning, and price strategy, through its Ministry of Transport and Transportation

Planning Authority. (Fred Moavenzadeh, 1983) “Egypt could save 1% of its GDP per

year by transitioning from a fully paper-based to a fully electronic-based system.”

(Daniel D. Garcia-Swartz, 2006)

 Economic structural changes or growth in diverse fields as a result of investment in

financial inclusion

 Creation of new industrial or manufacturing plants, development of natural

resources, investment programmes in accommodation or private or public

amenities, launch of new tourism destinations

 Motivation of, or responses to, modifications in products manufacturing and

consumption: for example, modifications in import or export regulation, technical

development in industry, scarcity of scarce commodity markets, pricing in raw

materials or completed goods.

 Changes in the geographic range of individuals and goods: expansion of new

regions, renovation of outlying towns, enhanced rapid urbanisation of

neighbouring Cairo and other major cities; (FRED MOAVENZADEH, 1983)

The investment process provides a framework for investors to evaluate the origins

of various investment techniques and ideologies. By doing so, it enables investors to

detect the thousands of strategies described in the mainstream media and investment

publications back to their common origins. The United Nations first formally introduced

the term inclusive finance in 2005, and it refers to a financial system that can

successfully and thoroughly offer assistance to organisations from all segments of

society. Investment opportunities in this industry deliver access to funding as well as

indirect impacts such as local employment, reducing poverty, female equality, and

advancements in schooling, wellness, and hygiene. (Qiuyan Xu, 2022)

 Financial inclusion:

Investment in financial inclusion helps the society as a whole. Shifting payments

from cash to accounts enables more efficient and transparent fees from government

agencies or businesses to individuals - as well as from individual citizens to

governments or businesses. (Asli Demirguc-Kunt, 2017)

“Egypt is fundamentally a cash-based economy, where cash is used in 97% of all

transactions in the Egyptian market. About 90% of Egyptian citizens are unbanked and

manage their finances outside formal banking institutions”. (SadreGhazi) As a result, the

Egypt has taken significant movements forward into digitalization in order to transition to

a digital, cashless economy, presenting new possibilities. As a result, various national-

level policy frameworks and multiple efforts of Egypt guide the digital transformation and

innovation ideologies. (Egypt, 2021) CBE took the initial steps to modernize the finance

system, both to appeal to the youth, as well as to reshape Egypt into a digitalization in

order to accomplish its strategic objectives of financial inclusion and the promotion of

electronic methods and networks of payment. CBE ended up taking on the objective of

Egypt's digital banking transformation in order to accommodate the rate of adaptation of

innovative advancements and also to meet the ambitions of youngsters for faster and

more effective alternative to the conventional banking and financial services.

 CBE developed an action methodology based on interconnected efforts, which has

been realized through the less-cash transformation framework, inspiring public to pay

virtual for their own goods and services rather than using cash, facilitating the effective

transfer of money and contributing to increased federal invoices and public funds,

thereby continuing to support the country's economy. This was clear that almost all

digitization efforts that maximized government resources were critical. The CBE

structured a less cash framework to progress Egypt's less cash efforts, and throughout

the COVID-19 session, the following parameters were implemented to endorse

contactless prepaid cards and "Tap & Go" transactions to restrict the transmission of the

virus:

• Issuance of prepaid contactless cards free of charge.

• Raising the limit of “Tap & Go” transactions without requiring Pin for authorization

from EGP 300 to EGP 600. (Egypt, 2021)

 Relationship between Investment and Liquidity:
Researches have shown a direct relationship between Investment and Liquidity but

since the research gap is that there isn’t sufficient research in specific about investment

in financial inclusion and liquidity risk there is no significant relationship

Furthermore, there are some researches that show a simple relationship between

investment and liquidity where some argue different points of views.

Authors such as (Amihud, 1986)argue Less liquid market shares must be bartered

at a discount to the current price in order to promote economic growth - or, in other

words, they must can provide a risk premium in order to lure investors to hold the

investment in the long run.

According to (Demsetz, 1968) and (Amihud, 1986), Market liquidity is defined as the

cost of executing a buy or sell order immediately. Market liquidity is commonly

measured by the bid-ask spread, or the distinction between both the cost of buying and

attempting to sell an investment on the market.

Also stated by (S & CP, 1995) By investigating the theoretical relationships between

firm financial policies and investment choices, we can see how excessive liquidity can

lead to economic instability. When a corporation increases the percentage of cash

allocated to risky investments while decreasing the share of cash delivered to

shareholders as dividends, the system's fixed-point shifts from stable to unstable.

Furthermore, the greater the investment risk, the greater the impact such a strategy will

have on the system's stability. The chaotic behaviour is most visible in cash dynamics,

which could have an impact on all investment decisions.

 There are, however, authors such as (Chan, 2010) who argue for a positive

relationship between financial liquidity and investment in an economic restriction

context, in line with the idea advanced by (Hirigoyen, 1985). (Baños-Caballero, 2013)

are the authors who discover a U-shaped relationship between the two indicators,

demonstrating that both high liquidity risk and excess investment can be detrimental to

firm performance.

Evidence from the paper by (Pimentel, 2008), (Vieira, 2010) Also investigated was if

there would be a brief negative correlation for both financial reporting liquidity and

investment and a long-run positive association. Using current liquidity as a measure of

liquidity performance, the study concludes that there was a positive relationship

between accounting liquidity and investment return.

Overall, there is a positive relationship between investment in financial inclusion and

the decrease in liquidity risk as more investment go into digitalization the better the

economy becomes and therefor leading Egypt into a better economical place. With the

decrease of usage of paper and faster response time of receiving money to merchants

or banks more and more investments can take place whether its government or

consumer sided.
 Research questions:

 What is the relationship between Investment in finanical inclusion on liquidity

risk?

 Is there a positive or negative relationship between Investment in finanical

inclusion and liquidity risk?

Research Hypothesis:
H0: There is a positive relationship between the Investment and Liquidity.

H1: There is a negative relationship between the Investment and Liquidity.

Theoretical Framework:

Liquidity
Investment
(Dependent variable)
(Independent variable)
 Research Design

Research philosophy:

It should be noted that describing positivist research philosophy succinctly and

precisely is difficult. This is due to the wide range of circumstances wherein positivism is

used by researchers. There may be as many various explanations for positivism as

there are research philosophers. However, the core element of positivism is that

science is the only way to understand reality. (Collins, 2010)

Positivism is an ideology that holds that only "factual" information derived from

observation (the senses), including measurement, is trustworthy. In positivist inquests,

the author's role is limited to data collection and unbiased analysis. In other words, the

researcher approaches the research as an unbiased analyst who separates herself from

personal beliefs. (Collins, 2010)

Positivism regards experience as a reliable source of knowledge. But many

fundamental and significant ideas, like causality, time, and space, are not grounded in

actual experience. According to positivism, any process can be interpreted as a

particular variant of a person's activities or a relationship between people. Positivism

can be criticized for relying too heavily on the status quo. Thus, research results are

only descriptive. (Collins, 2010)This research has taken a positivism approach as it is

more applicable even though the research type is a qualitative one.

 Deductive Approach:

Deduction, according to one definition, is the process of thinking broadly about a

particular situation. In many cases, a theory or case study that appears to indicate a

causal relationship or correlation may be correct. (Wilson, 2010)

A deductive design may be used to determine whether this relationship or link held

true under more general conditions. Potential of determining the causal links between

variables and factors. The ability to quantitatively quantify concepts possibility of

making generalisations research findings. (Wilson, 2010)

A hypothesis was based on deductive reasoning of the suitability theory of liquidity

risk management.

Quantitative or Qualitative Approach:

Qualitative research is a realistic inquiry method that pursues an in-depth insight

into the social phenomenon in their natural context. It focuses on the "why" instead of

the "what" of social phenomena and is based on human beings' personal experiences

as significance intermediaries in their daily lives. (Eldabl, 2002)” This implies that

determining these relationships in that particular topic would then result in either the

refusal or acknowledgement of the hypothesis. A quantitative study involves the use of

statistical analysis and interpretation of data to determine the relationship among one

set of data along with another.”(Eldabl, 2002)

 A qualitative research concentrates on the subject's significance and

comprehension. (Eldabl, 2002)” Instead of relying on statistical information

measurement techniques, a qualitative research approach is done to ascertain the

subject's natural setting through observations and interviews. (Eldabl, 2002)). As a

result, in-depth knowledge is required to achieve appropriate understanding. This

means that qualitative research is linked to face-to-face encounters with individuals and

findings.(Eldabl, 2002).

A qualitative approach is used because the focus is on analysing the liquidity risk

associated with financial inclusion investment. Several research articles and

observations have indeed been taken into account because this study involves me to

know how to mitigate liquidity risk. Some other reason for using a qualitative approach

is that this paper is heavily based on the responses of the researchers.

Research time horizon:

Time horizons

“This layer characterises the research time frame - cross-sectional or short-term

study, encompassing data collection at a fixed moment in time; longitudinal - data

gathering replicated more than once in a lengthy period of time in order to compare

data”. (Melnikovas, 2018) This research follows the longitudinal approach as the data

needs to be collected at several periods and comparted to measure the liquidity risk.
 Primary and Secondary Data:

Data can be collected in two different ways: primary and secondary. Primary data is

information that was gathered first-hand. Primary data are facts and information

gathered for the specific purpose of the study. (Rabianski, 2003). “Secondary data is

information from secondary sources that is not directly collected by the analyst”

(Rabianski, 2003). These are facts and evidence obtained for the ongoing study and for

other purposes. The information is collected for the benefit of other research groups, but

it may also be useful in analysing data for other studies. (Rabianski, 2003). One

person's primary data may be another person's secondary data. The information in this

paper is derived from both primary and secondary sources.

Sampling:

As the name implies, simple random sampling is simply the process of selecting

elements for a sample at random. This sampling strategy is also used when there is a

large target population. Systematic random sampling is a random sampling technique

that entails choosing samples from a numbered population based on a system of

intervals that corresponds to the time horizon.

 Statistical techniques:

The payback period (PP)

The payback period of investments is a portion of the service life related to the

operation of the capacities provided by investment opportunities. Beginning from the

equality, a flexible approach calculates the revised term of the investment payback.

This is the variant in which the calculations are completed as from start of the

investment appears to work on the presumption that the net earnings Pt is produced

only after the goal is commissioned. If the data is generated at the time of putting the

objective into action, we have:

where T – term of payback the investments.

 If we accept a simplifying assumption, such as the volume of financial benefits

conveyed by overall profit (Pt) being a continual volume, i.e., remaining constant over

the course of the project's operation:

and then by applying the logarithm we get:

The use of payback term analysis in the economic and financial valuation of an

investment decision is viewed as a method to account for the risk of the predicted

investments. The fact that companies facing a cash shortage will emphasise the quick

recovery of invested funds and, consequently, the ability to meet other needs is in

balance in favour of this method. Although this method provides an indication of the

project's liquidity level. (Bradu, 2005), These formulas are done a reparative basis to

measure the return on the investment and as mentioned above it could also indicate of

how liquid the project is therefor a liquidity ratio can be done to measure the liquidity to

assess level of risk beforehand and after.

 Referencing:

Amihud, Y. &. (1986). Asset pricing and the bid-ask spread. Journal of Finance

Economics, 223-249.

Asli Demirguc-Kunt, L. K. (2017). Financial Inclusion and Inclusive Growth. A Review of

Recent Empirical Evidence.

Azzam, M. E. (2022). Does liquidity risk affect. Scientific Journal for Financial and

Commercial Studies and Research, Faculty of Commerce,, 255-290.

Baddeley, M. (2003). Investment. Theories and Analyses.

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