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Articles 1 - 30 of 75
Full-Text Articles in Business
Impact Of Psychological Factors On Investment Decision Making Mediating By Risk Perception: A Conceptual Study, Lubna Riaz, Ahmed Imran Hunjra, Rauf I. Azam
Impact Of Psychological Factors On Investment Decision Making Mediating By Risk Perception: A Conceptual Study, Lubna Riaz, Ahmed Imran Hunjra, Rauf I. Azam
Ahmed Imran Hunjra (PhD)
Every individual is different from others due to various factors which include demographic factors, age, race and sex, education level, social and economic background; same is the situation with the investors. The most critical challenge faced by them is the investment decision; they act in a rational manner and usually follow their instincts and emotional biases while making investment decisions. The investigation of previous studies reveals the importance of various psychological factors which affect their investment decision. Keeping this in view, a study model has been developed to describe the impact of risk propensity, asymmetric information and problem framing on …
Political Influence And Tarp Investments In Credit Unions, Elisabeta Pana, Linus Wilson
Political Influence And Tarp Investments In Credit Unions, Elisabeta Pana, Linus Wilson
Elisabeta Pana
About 48 credit unions received capital injections as part of the financial sector bailout. The predicted probability of receiving bailout funds jumps from 29% to 81% for the typical credit union, if the institution's headquarters was in the district of a member of the U. S. House Financial Services Committee (HFS). The credit unions receiving funds were significantly less likely to lend, contrary to the goals of the program. These results indicate that political influence may be an important determinant of which institutions receive taxpayer funds.
Financial Trading Systems Using Artificial Neural Networks, Bruce Vanstone, Gavin Finnie
Financial Trading Systems Using Artificial Neural Networks, Bruce Vanstone, Gavin Finnie
Bruce Vanstone
Soft computing represents that area of computing adapted from the physical sciences. Artificial intelligence techniques within this realm attempt to solve problems by applying physical laws and processes. This style of computing is particularly tolerant of imprecision and uncertainty, making the approach attractive to those researching within “noisy” realms, where the signal-to-noise ratio is quite low. Soft computing is normally accepted to include the three key areas of fuzzy logic, artificial neural networks, and probabilistic reasoning (which include genetic algorithms, chaos theory, etc.). The arena of investment trading is one such field where there is an abundance of noisy data. …
Developing High Frequency Foreign Exchange Trading Systems, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Developing High Frequency Foreign Exchange Trading Systems, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Bruce Vanstone
The foreign exchange (FX) spot markets are well suited to high frequency trading. They are highly liquid, allow leverage, and trade 24 hours a day, 5 days a week. This paper documents and tests the stylized facts known about high-frequency FX markets. It then postulates a high frequency trading system on the basis of these stylized facts. Benchmarking confirms the robustness of the approach, demonstrating the role algorithmic trading has to play in higher frequency trading environments.
Momentum Returns To S&P/Asx 100 Constituents, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Momentum Returns To S&P/Asx 100 Constituents, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Tobias Hahn
No abstract provided.
Developing High Frequency Foreign Exchange Trading Systems, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Developing High Frequency Foreign Exchange Trading Systems, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Tobias Hahn
The foreign exchange (FX) spot markets are well suited to high frequency trading. They are highly liquid, allow leverage, and trade 24 hours a day, 5 days a week. This paper documents and tests the stylized facts known about high-frequency FX markets. It then postulates a high frequency trading system on the basis of these stylized facts. Benchmarking confirms the robustness of the approach, demonstrating the role algorithmic trading has to play in higher frequency trading environments.
Let's Stick Together: The Finance Function As Glue, Mark E. Pickering
Let's Stick Together: The Finance Function As Glue, Mark E. Pickering
Mark E Pickering
Finance can play a valuable role in helping align the different organisational departments more closely to achieve a common goal. This article indicates some of the causes of friction between departments and provides suggestions as to how finance executives and managers can contribute to greater alignment.
Financial Forecasts For The Next Decade, Ronald G. Ehrenberg
Financial Forecasts For The Next Decade, Ronald G. Ehrenberg
Ronald G. Ehrenberg
[Excerpt] Harold Hovey pointed out that the outlook for state funding of public higher education institutions during the first decade of the 21st century might not be as rosy as it has been during the last five years. The pictures I have painted of the financial futures for American public and private higher education echo his concerns. If sustained economic growth continues, academic institutions' financial prospects will be somewhat brighter. However, it is clear that the well-being of colleges and universities nationwide depends upon their diversifying their sources of revenues. Through their efforts to do so, the publics will end …
Factors Affecting Investment Decision Making Of Equity Fund Managers, Salman Ali Qureshi, Kashif Ur Rehman, Ahmed Imran Hunjra
Factors Affecting Investment Decision Making Of Equity Fund Managers, Salman Ali Qureshi, Kashif Ur Rehman, Ahmed Imran Hunjra
Ahmed Imran Hunjra (PhD)
Traditional theories of finance assume that investors use all available information and make rational investment decision but in reality the scenario is different. Based upon the growing importance of behavioral finance the present study is an attempt to investigate the effect of behavioral factors such as heuristics, risk aversion, use of financial tools and firm level corporate governance on the decision making of equity fund managers of Pakistan. The study collected response from 327 equity fund managers of insurance companies, commercial banks, and equity investment companies applying stratified random sampling technique. The results of the study demonstrate that a positive …
The Decision To Outsource Risk Management Activities, Jacqueline Christensen, Pamela Kent
The Decision To Outsource Risk Management Activities, Jacqueline Christensen, Pamela Kent
Pamela Kent
This study uses transaction cost economics (TCE) to identify factors influencing Australian Securities Exchange (ASX) companies’ decision to internally generate or outsource activities required to manage risk. Limited research has been conducted applying TCE in a risk management context with most in the accounting discipline concentrating on internal audit. Increasing our understanding of risk management practices benefits organisations, accounting professionals and regulators concerned with governance practice. Using a unique data set obtained from a survey sample of 271 listed ASX companies in 2009 combined with archival data hypotheses are operationalised and analysed using multivariate and logistic regression. Broadly in line …
The Effect Of The Ban On Short Selling On Market Efficiency And Volatility, Uwe Helmes, Julia Henker, Thomas Henker
The Effect Of The Ban On Short Selling On Market Efficiency And Volatility, Uwe Helmes, Julia Henker, Thomas Henker
Thomas Henker
We examine the effects of the short selling ban, imposed by Australian regulators in the wake of the global financial crisis, on trading of financial stocks. Unlike other developed markets, where regulators imposed short-selling restrictions for brief periods of time at the height of the financial crisis, the ban on short selling of financial stocks on the Australian Stock Exchange lasted eight months, including both the tumultuous end of 2008 and the calmer period up to May 2009. Our control group consists of matched Canadian financial institutions which were unaffected by a short selling ban. We analyze the impact of …
Survivorship Bias And Alternative Explanations Of Momentum Effect, Julia Henker, Thomas Henker, Thanh Huynh
Survivorship Bias And Alternative Explanations Of Momentum Effect, Julia Henker, Thomas Henker, Thanh Huynh
Thomas Henker
This paper provides the first detailed examination of momentum effect in Australian equity market. In contrast to previous research, we find that momentum effect has not been present in Australian market since late 1970s. We argue that previous research found strong momentum effect because they assumed perfect foresight of future delisting or acquisitions in the sampling process. In addition, we find that Fama and French three-factor model cannot explain the mean momentum returns although it can fully rationalize the returns on winners and losers portfolios. Our findings raise awareness in the literature that momentum effect is not robust to different …
Micro And Macro Determinants Of Financial Distress, Ray Mcnamara, Keith Duncan, Simone Kelly
Micro And Macro Determinants Of Financial Distress, Ray Mcnamara, Keith Duncan, Simone Kelly
Keith Duncan
One criticism of failure prediction models is the bias resulting from pooling failure data over years when economic conditions might influence the failure of a firm. This research incorporates both macroeconomic variables and firm specific variables in explaining corporate failure. The results suggest that including economic variables improve the explanation of failure by ten percent. The economic variables included in the analysis were one-year lag in change in GDP, a two-year lag in interest rates, a one-year lag in the share price index, and a one-year lag in corporate profits. Economic variables were identified using a principal component analysis of …
Micro And Macro Determinants Of Financial Distress, Ray Mcnamara, Keith Duncan, Simone Kelly
Micro And Macro Determinants Of Financial Distress, Ray Mcnamara, Keith Duncan, Simone Kelly
Simone Kelly
One criticism of failure prediction models is the bias resulting from pooling failure data over years when economic conditions might influence the failure of a firm. This research incorporates both macroeconomic variables and firm specific variables in explaining corporate failure. The results suggest that including economic variables improve the explanation of failure by ten percent. The economic variables included in the analysis were one-year lag in change in GDP, a two-year lag in interest rates, a one-year lag in the share price index, and a one-year lag in corporate profits. Economic variables were identified using a principal component analysis of …
A Comparative Study On The Educational Activities And Learning Programs In Commercial Banks In Turkey, Hasmet Sarigul
A Comparative Study On The Educational Activities And Learning Programs In Commercial Banks In Turkey, Hasmet Sarigul
Hasmet Sarigul
This presentation aims at examining the educational activities and learning programs for the employees of commercial banks in Turkey. Whether it is a foreign bank or a national bank, all the commercial banks in Turkey are offering continious opportunities for their employees to increase their knowledge, abilities and skills by means of educational activities and learning programs. In this study, we examined the in-service educational programs by giving examples and comparing them in detail. Furthermore, we gave some advices for educational inservice designers as well as the prospective bank employees.
Istanbul’S Current Status And Potential For Becoming An International Financial Centre, Hasmet Sarigul
Istanbul’S Current Status And Potential For Becoming An International Financial Centre, Hasmet Sarigul
Hasmet Sarigul
The Turkish government has been pursuing a goal to turn Istanbul into a regional centre for finance and then, an international one. However, creating an international financial centre where international demand and supply of funds meet is not an easy process. In this context, we aimed to examine the current status and the potential of Istanbul to become an international financial centre. In order to reach the aim of the study, firstly, the characteristics of an international financial centre have been explained and a brief overview of the Turkish government’s official plans of development of the international financial centre have …
A Strategy For Rural Financial Market Reform: Applying The Financial Systems Approach In Ghana, Harlan M. Smith Ii, Abor Yeboah
A Strategy For Rural Financial Market Reform: Applying The Financial Systems Approach In Ghana, Harlan M. Smith Ii, Abor Yeboah
Harlan M. Smith
We construct, using methods advocated in one strand of the Financial Systems Approach literature, a reform-and-renewal program for one of Ghana’s struggling Rural Banks--the Kaaseman Rural Bank. Questionnaire results, local informal financial practices, recent institutional innovations in Ghanaian finance, the experiences of successful “Nontraditional” rural finance institutions in developing countries, and the operating structure of the Rural Bank program indicate that this bank can implement a group-lending scheme that will reduce significantly its transaction costs and those of its customers. We thus demonstrate how the Financial Systems Approach can be employed to promote sustainable rural financial intermediation in a specific …
The Effect Of Treasury Auction Announcements On Interest Rates: 1990-1999, James Forest
The Effect Of Treasury Auction Announcements On Interest Rates: 1990-1999, James Forest
James J Forest
In this study we examine the secondary-market response of U.S. Treasury interest rates to both the release of pre-auction auction supply announcements and post-auction details from U.S. Treasury auctions during the period of the 1990s. Rate changes are found to differ significantly on auction days. Pre-auction announcements of auction volumes are shown to affect rates significantly, in contrast with the findings of Wachtel and Young (1987) with respect to deficit announcements. We find that surprises in the release of bid-to-cover ratios affect Treasury rates significantly, while the surprises in the volume of noncompetitive bids appears to have little affect on …
The Effect Of Treasury Auction Announcements On Interest Rates: 1990-1999, James J. Forest
The Effect Of Treasury Auction Announcements On Interest Rates: 1990-1999, James J. Forest
James J Forest
In this study we examine the secondary-market response of U.S. Treasury interest rates to both the release of pre-auction auction supply announcements and post-auction details from U.S. Treasury auctions during the period of the 1990s. Rate changes are found to differ significantly on auction days. Pre-auction announcements of auction volumes are shown to affect rates significantly, in contrast with the findings of Wachtel and Young (1987) with respect to deficit announcements. We find that surprises in the release of bid-to-cover ratios affect Treasury rates significantly, while the surprises in the volume of noncompetitive bids appears to have little affect on …
Governance And Corporate Control: Compliments Or Substitutes, Atreya Chakraborty
Governance And Corporate Control: Compliments Or Substitutes, Atreya Chakraborty
Atreya Chakraborty
In this paper we test for the motives for adopting golden parachutes and Anti Takeover Amendments (ATAs). Firms that exhibited financial characteristics that were associated with a greater probability of hostile raids were also more likely to adopt golden parachutes or ATAs. We also find evidence to support the hypothesis that the adoption of golden parachutes and poison pills may in fact be complement each other.
Fraud Prevention In Nigeria: Applying The Forensic Accounting Tool By Prof. Benjamin, Professor Ben C Osisioma
Fraud Prevention In Nigeria: Applying The Forensic Accounting Tool By Prof. Benjamin, Professor Ben C Osisioma
Prof Ben Chuka Osisioma
The spate of global scandals and corporate misadventures that began with the energy giant, Enron in the years 2000 to 2002, the Asian Financial Crisis of 1997/98, and the global Financial Meltdown of 2008, rocked the accountancy profession and sharply drew attention to the need for the profession to re-invent itself and re-define its focus in the new millennium. Accounting practitioners world-wide, have tested the limits of creative accounting, and the verdict of the marketplace is that the era of sharp and unwholesome practices are over for good. Part of the professional response to challenge of this era, is the …
Momentum Returns To S&P/Asx 100 Constituents, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Momentum Returns To S&P/Asx 100 Constituents, Bruce Vanstone, Tobias Hahn, Gavin Finnie
Bruce Vanstone
No abstract provided.
Effectiveness Of Event Risk Covenants In High Yield Bonds: Evidence From Long-Run Stock Performance, Manish Tewari
Effectiveness Of Event Risk Covenants In High Yield Bonds: Evidence From Long-Run Stock Performance, Manish Tewari
Manish Tewari
We examine the post-issue long-run performance of the common stock of the firms issuing nonconvertible high yield bonds with event risk covenants (ERCs) over the period five years after the issue date. Using Fama French (1993) four factor regression model to analyze a sample of 217 issues issued between 1986 and 2004, we find statistically and economically significant monthly average abnormal returns between 0.36% and 0.55%, which compounds to 24% to 39% over the five year period. The evidence suggests strong long-run overperformance after the issuance. This result is in contrast to the evidence of underperformance after the straight debt …
Factoring As A Financing Option In Turkey : A Comparative Study, Hasmet Sarigul
Factoring As A Financing Option In Turkey : A Comparative Study, Hasmet Sarigul
Hasmet Sarigul
Factoring is a form of short-term commercial finance based on the selling of trade debts at a discount from one party to another. Factoring is one of the oldest methods of business financing in developed countries. The Factoring operations in Turkey began in late 1980s as a product of commercial banks and started to become the activity of separately established factoring companies in the early 1990s. The basic frame of this study constitutes an empirical comparison of factoring companies in Turkey as bank subsidiaries and independent factoring companies in terms of some selected financial ratios in 2009 and 2010 years. …
Cause Related Marketing And Its Impact On Sales: Mediating By Brand Loyalty And Customer Purchase Intention, Ahmed Imran Hunjra, Rauf I. Azam, Asad Afzal Humayoun
Cause Related Marketing And Its Impact On Sales: Mediating By Brand Loyalty And Customer Purchase Intention, Ahmed Imran Hunjra, Rauf I. Azam, Asad Afzal Humayoun
Ahmed Imran Hunjra (PhD)
The objective of this study is to test CRM and sales in their direct relation and examine the impact of CRM campaigns on brand loyalty, consumer purchase intention and ultimately on sales. The questionnaire was distributed among students and employees at different universities and organizations. This study concludes that cause related marketing campaigns have positive influence on sales activities of companies. This link is also mediated by brand loyalty and consumer purchase intention that eventually have positive effect on sales.
The Impact Of Trust And Cabin Crew Performance On Customers’ Satisfaction, Nadeem Safwan, Ahmed Imran Hunjra, Mohammad Ashfaq, Syed Qasim Haroon Naqvi
The Impact Of Trust And Cabin Crew Performance On Customers’ Satisfaction, Nadeem Safwan, Ahmed Imran Hunjra, Mohammad Ashfaq, Syed Qasim Haroon Naqvi
Ahmed Imran Hunjra (PhD)
In this research, the case of AIRBLUE has been taken to examine what people think about its performance, whether they trust this airline or not, and are they satisfied or not? Further, this study measures the impacet of cabin crew performance and trust on customer satisfaction. The data was collected by distributing questionnaires to the domestic travelers of AIRBLUE. The sample size of the research was of 180 people. The result shows that majority of people are satisfied with the performance of AIRBLUE and they trust on its service, but at the same time they have positive expectation that AIRBLUE …
Marketing Ethics And Pharmaceutical Industry, Khurram Mirza, Majed Rashid, Ahmed Imran Hunjra
Marketing Ethics And Pharmaceutical Industry, Khurram Mirza, Majed Rashid, Ahmed Imran Hunjra
Ahmed Imran Hunjra (PhD)
Does marketing practices of pharmaceutical companies in developed and third world countries are same? This book gives a perspective of Unethical Marketing and Promotional activities done by Pharmaceutical Companies.Pharmaceuticals internationally are under scrutiny, for conducting their business on high ethical grounds but this would seem to be a wild goose chased, when we actually evaluate the business conduct of those organizations in developing countries. There is a substantial difference of ethical conduct in doing business in third world countries like Pakistan. In this book the author tries to elaborate these differences for understanding the Unethical Marketing and Promotion of Pharmaceutical …
Consolidated Analyst Reports: Existing Portfolio Holdings And Recommended Portfolio Holdings For Crummer Student Managed Portfolio [2003], Heather Boksen, Christopher Collins, Jason Goede, Stephen Wetter
Consolidated Analyst Reports: Existing Portfolio Holdings And Recommended Portfolio Holdings For Crummer Student Managed Portfolio [2003], Heather Boksen, Christopher Collins, Jason Goede, Stephen Wetter
Christopher J Collins
No abstract provided.
Determinants Of Dow Jones Returns, Elisabeta Pana, Cory Sloan, '12
Determinants Of Dow Jones Returns, Elisabeta Pana, Cory Sloan, '12
Elisabeta Pana
No abstract provided.
The Finance Behind Conference Realignment, Elisabeta Pana, Brian Piotrowski, '12
The Finance Behind Conference Realignment, Elisabeta Pana, Brian Piotrowski, '12
Elisabeta Pana
No abstract provided.