International Research Journal of Applied Finance (IRJAF) publishes high-quality research on all aspects of finance, economics, including traditional areas such as investments, mutual funds, derivatives, international finance, asset pricing, corporate finance, as well as new areas such as markets and institutions of emerging markets. The journal welcomes contributions that deal with international issues or issues related to specific countries. The intention of IRJAF is to provide an outlet for innovative, quantitative research in finance, economics which cuts across areas of specialisation, involves transferable techniques, and is easily replicable by other researchers. Contributions that introduce statistical methods that are applicable to a variety of financial problems are actively encouraged. The Journal also aims to publish review and survey articles that make recent developments in the field of theoretical and applied finance.