Finance and Financial Management Commons^™

Testing The Influence Of Different Sector’S Contribution To The State Domestic Product Of North Eastern States Of India, Aviral Kumar Tiwari Mr., Sankharaj Roy

Aviral Kumar Tiwari

Northeastern region of India is basically a developing region contributing 2.54% of the country’s GDP. The factors that comprises of the state gross domestic product (SGDP) are agricultural, allied activities, manufacturing, industry and services. The basic objective of the paper is to find out the sector that had been significantly contributing to the state domestic products of the eight northeastern states for the period 1999-2007. For analyzing panel data, regression method was chosen. We found that impact of agriculture, industry, service and transport is positive and significant whereas impact of manufacturing is mildly significant.

Similarities In Fan Preferences For Minor-League Baseball Across The American Southeast, Tyler Anthony, Tim Kahn, Briana Madison, Rodney Paul, Andrew Weinbach

Rodney J. Paul

Three Minor League Baseball leagues across the Southeastern United States are studied in order to determine what drives fan attendance. Individual game attendance and game characteristics are examined for three leagues located in the American southeast, the Florida State League, the Southern League, and the South Atlantic League. Despite the three leagues encompassing different levels of play (from A to AA), the determinants of attendance are similar across leagues. Factors affecting attendance such as winning percentage, weather conditions, local income and population, and individual game promotions, such as fireworks, are explored.

Energy Consumption, Co2 Emissions And Economic Growth: A Revisit Of The Evidence From India, Aviral Kumar Tiwari Mr.

Aviral Kumar Tiwari

We examined the causality in both static and dynamic framework between energy consumption, CO2 emissions and economic growth in India using Granger approach in VAR framework. We found from the VAR analysis that energy consumption, capital and population Granger-cause economic growth not the vice versa. IRFs and VDs analysis results indicate that CO2 emissions has positive impact on energy use and capital but negative impact on population and GDP. Energy consumption has positive impact on CO2 emissions and GDP but its impact is negative on capital and population. This implies that, in the framework of production function, capital and population/labour …

Market Reforms In Energy Sector: Evidence From A Panel Data Based Cointegration Analysis Of Brics Countries, Aviral Kumar Tiwari Mr., Bharti Pandey Dr., A P. Tiwari Dr.

Aviral Kumar Tiwari

The present study tested cointegration property of income, primary energy consumption and co2 emissions among the BRICS (Brazil, Russian Federation, India, China and South Korea) countries. We used battery of unit root and cointegration test to achieve our objective and employed period is 1985-2009. We find consistently that all variables are nonstationary in the level from whereas stationary in the first difference form. However, results of cointegration are found to be sensitive with the inclusion of lag structure in the data set not the specification used. Nevertheless, we can conclude that there are evidence of two cointegrating equations in our …

Intended And Unintended Consequences Of The Proposed Volcker Rule, Alida S. Skold

Alida S. Skold

Regulation is intended to protect the vulnerable. However, in its present form the unintended consequences of the proposed Volcker Rule has the potential of continuing the liquidity crisis that aided in the degradation of the housing market into decreased liquidity in the capital markets. In addition to increasing costs to the investor and decreasing market efficiency from increased bid ask price spreads, the proposed rule will transfer risk to less regulated financial institutions as new hedge funds open. The risk can have a profound impact on the retirement community through underfunded pension funds searching for absolute returns. Another unintended consequence …

Economic Integration, Political Integration Or Both?, Daniel Brou, Michele Ruta

Daniel Brou

We study the effects of economic and political integration by presenting a model in which firms compete with each other in both an economic market—where they produce a good and compete for market share—and in a political (rent seeking) market—where they compete for transfers from the government. Growth is driven by firms’ cost-reducing innovation activity and economic and political integration affect firms’ incentive to innovate differently. In this setting, economic and political integration can be seen as complementary. Economic integration, when not accompanied by political integration, can lead to less innovation and slower growth as firms respond to increased competition …

Patterns Of Capital Structure And Dividend Policy In Pakistani Corporate Sector And Their Impact On Organization Performance, Ahmed Imran Hunjra, Muhammad Bilal, Haroon Shafi, Ikram Ullah, Kashif Ur Rehman

Ahmed Imran Hunjra (PhD)

The purpose of this study is to determine the patterns of capital structure decisions and dividend policy as well as their level of application in Pakistani corporate sector and also to check the impact of capital structure and dividend policy on organization performance. A total of ninety one questionnaires were distributed in different companies but seventy three filled were received and sixty one were processed for analysis. The potential respondents were finance executives and financial analysts of the companies. The study concludes that capital structure decisions are being properly practiced while dividend policy is a major concern in most of …

Determinants Of Business Success Of Small And Medium Enterprises, Javed Mahmood Jasra, Muhammad Asif Khan, Ahmed Imran Hunjra, Rana Aziz Ur Rehman, Rauf I. Azam

Ahmed Imran Hunjra (PhD)

The small and medium enterprises (SMEs) play critical role in the development of the country. The success of SMEs depends on number of factors. This study examines the role of key factors in the success of SMEs in Pakistan. The study also investigates the relationship between SMEs success and its determinants. Target population of the study was SMEs operating in different lines of business from service to manufacturing. Sample size of this study was 520 small and medium lines of businesses. Responses of the subjects were collected through questionnaires. SPSS software is used for analysis. This study concludes that there …

Determinants Of Short Term Investment Decision Making, Muhammad Naeem Akhtar, Ahmed Imran Hunjra, Kashif Ur Rehman

Ahmed Imran Hunjra (PhD)

This study examines the impact of financial literacy, accounting information, openness to experience and information asymmetry on the short-term investment decision making of the stock market investors. For this purpose 23 item questionnaire was developed and distributed among 185 stock market investors through non-probability sampling. The results indicate that all these factors have a significant effect on the short-term investment decision making. Results also indicate that individual investors with higher educational qualifications have more intentions for short-term investments as compared to the investors with other qualifications.

Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, Rauf I. Azam, Iram Batool, Rabia Imran, Ahmed Imran Hunjra, Muhammad Irfan Chani

Ahmed Imran Hunjra (PhD)

The purpose of this research is to investigate causal relationship between economic growth and major indicators of financial crisis -- inflation rate, interest rate and the volume of foreign debt-- in Pakistan. This study also highlights the stability of the relationship between indicators of financial crisis and economic growth. The annual time series data ranging from 1972 to 2010 is used for the analysis. Johansen’s co-integration test is used to check the stability of long run equilibrium relationship between the variables used in the study. The results indicate that is long run stable equilibrium relationship between economic growth and the …

Gfc: Origin, Consequence And Cost, Mohamed Ariff, Ahmed Khalid

Ahmed Khalid

No abstract provided.

The Impact Of Political Events On Financial Market Volatility: Evidence Using A Markov Switching Process, Ahmed M. Khalid, Gulasekaran Rajaguru

Ahmed Khalid

This paper investigates the impact of political shocks (positive and negative) on financial markets. Using data from Pakistan for the period January 1999 to September 2006, we link ‘a’ political event to the financial market volatility. We use high frequency data from three indicators (currency, stock and money market) of the financial market for empirical estimation. We employ a Markov Switching process to identify the low and high volatility regimes in Pakistan’s financial market and then link these regimes to certain political events. We use data on daily observations of exchange rates, stock prices and interest rates to perform empirical …

Market Development For Fixed Income Securities: The Role Of Socio-Economic And Institutional Factors, Ahmed M. Khalid, Gulasekaran Rajaguru

Ahmed Khalid

It is well understood that bond markets play an important role in the development of the overall financial sector. Bond markets also help to make efficient investment and financing decisions, to improve efficiency in the design and implementation of monetary policy, provide financial stability by mitigating rollover risk and interest rate risk for the borrowers, provide an alternative source of finance to firms and thus reduce the monopoly of the banking sector. Given the importance of this market, this paper aims to investigate the factors that may be important for developing a market for domestic bonds. First, we discuss the …

The Hedge Fund Explosion: Is The Bang Worth The Buck?, Arindam Bandopadhyaya, James L. Grant

James L. Grant

Any casual following of the financial news would reveal that hedge funds have experienced phenomenal growth, especially over the last fifteen years. In terms of numbers, there were an estimated 8000 hedge funds in 2005, up from only 500 in 1990. During this fifteen-year period assets under management have grown from an estimated $50 billion to $1.5 trillion. Moreover, the hedgefund industry has spawned a “fund of funds” business, which has slowly become the preferred way of investing in hedge funds, especially for institutional investors. Today, the number of these combination funds is estimated at about 4000. Until recently, hedge …

A Survey Of Demographics And Performance In The Hedge Fund Industry, Arindam Bandopadhyaya, James L. Grant

James L. Grant

We investigate hedge fund demographics using data from the Alternative Asset Center (AAC) and then hedge fund performance over the twelve years since inception of the Credit Suisse/Tremont Hedge Fund Indices (HFI, 1994-2005). We find that hedge funds are largely domiciled “offshore” while hedge-fund managers are located primarily in the United States, particularly New York, California, Illinois, Connecticut and Florida. We find that the annualized performance of hedge funds as an “asset class” is about the same as that of U.S. equities (S&P 500). That being said, the real benefit of hedge funds lies in risk management as the volatility …

Estimating The Required Return In A World Of Heightened Uncertainty: Emphasizing The Equity Risk Premium, James L. Grant, James A. Albate, Chris Rowberry

James L. Grant

Heightened uncertainty over the past five years--due to the bursting of the NASDAQ bubble, the recession of 2001, the September 11th attacks, accounting scandals, and the oil shocks of 2005--has brought new challenges for securities analysts and portfolio managers. This observation is particularly relevant for fundamental equity managers using price relative and/or discounted cash flow (DCF) models. While correctly worrying about values of cash flow input (dividends, free cash flow, economic earnings) to DCF models, portfolio managers must be especially aware of risk factors that impact the required return or discount rate, and relatedly, market valuation multiples. This discount rate …

A Survey Of Demographics And Performance In The Hedge Fund Industry, Arindam Bandopadhyaya, James L. Grant

Arindam Bandopadhyaya

We investigate hedge fund demographics using data from the Alternative Asset Center (AAC) and then hedge fund performance over the twelve years since inception of the Credit Suisse/Tremont Hedge Fund Indices (HFI, 1994-2005). We find that hedge funds are largely domiciled “offshore” while hedge-fund managers are located primarily in the United States, particularly New York, California, Illinois, Connecticut and Florida. We find that the annualized performance of hedge funds as an “asset class” is about the same as that of U.S. equities (S&P 500). That being said, the real benefit of hedge funds lies in risk management as the volatility …

Measuring Investor Sentiment In Equity Markets, Arindam Bandopadhyaya, Anne Leah Jones

Arindam Bandopadhyaya

Recently, investor sentiment has become the focus of many studies on asset pricing. Research has demonstrated that changes in investor sentiment may trigger changes in asset prices, and that investor sentiment may be an important component of the market pricing process. Some authors suggest that shifts in investor sentiment may in some instances better explain short-term movement in asset prices than any other set of fundamental factors. In this paper we develop an Equity Market Sentiment Index from publicly available data, and we then demonstrate how this measure can be used in a stock market setting by studying the price …

Managing Exchange Rates, Arindam Bandopadhyaya, Giorgio Gotti, Qian Lu

Arindam Bandopadhyaya

The collapse of the fixed exchange rate system established under the Bretton Woods Agreement ushered in fluctuating exchange rate regimes. Although extreme volatility is managed by monetary authorities, fluctuations in exchange rates present unique challenges to the manager of a multinational corporation (MNC). This chapter reviews various types of exchange rate regimes and discusses the types of risk an MNC faces due to exchange rate fluctuations. Special attention is paid to how these risks are measured and ways in which they are hedged using available financial market instruments. The chapter also discusses exchange rate forecasting models that are frequently used.

Down But Not Out: The Future Of The Financial Services Industry, Arindam Bandopadhyaya, Miranda Detzler, Mohsin Habib

Arindam Bandopadhyaya

The financial services industry is a key sector of the U.S. economy. It is a noteworthy contributor to the overall gross domestic product and is an important component of the gross state product for many states. With the downturn in the economy at the beginning of this decade and the accompanying declines in stock market values, the industry has been hit hard. Asset management firms have experienced sharp decreases in their assets under management; banks and insurance companies have had to refocus their operations and have become increasingly vulnerable to acquisition. As evidence grows stronger that it is unlikely that …

Noción Y Elementos Existenciales Del Título De Crédito, Bruno L. Costantini García

Bruno L. Costantini García

Discernir la noción y elementos de existencia de los títulos de crédito, considerando la doctrina y la denominación expresada en nuestra Ley General de Títulos y Operaciones de Crédito, conceptualizando el término de los documentos que consignan un derecho crediticio propio de su naturaleza y deslindando de manera dogmatica y exegética los elementos que lo forman y le dan su funcionamiento, mediante una visión de las instituciones jurídicas que les dan su existencia y aplicación dentro del devenir de los actos de comercio.

A Critical Review Of The Effectiveness Of Fiscal And Monetary Policies In The Pacific Island Countries (Pics) Between 1990-2010, Deogratias Harorimana Mr

Dr Deogratias Harorimana

The purpose of this paper is to critically assess the effectiveness of Fiscal and Monetary Policies in the South Pacific Island Countries. The paper tracks down the economic growth for the last 20 years between 1990-2010, and drawing from key fiscal and monetary policies in place during the time under consideration, as well as specific interventions in the region, we find that: 1) While the South Pacific Island Countries (SPICs) particularly the six major economies (Solomon Islands, Fiji, Vanuatu, PNG, Samoa, Tonga) pursued fiscal and monetary policies for promoting growth and diversification of their economies, their fiscal policies relied heavily …

Board Interlocking #2, Wesley Mendes-Da-Silva

Wesley Mendes-Da-Silva

No abstract provided.

Technology Based Employee Training And Organizational Performnace, Asad Afzal Humayoun, Ahmed Imran Hunjra, Kashif Ur Rehman

Ahmed Imran Hunjra (PhD)

The ever growing complexity and variability in the business environment followed by a sharp change in the technology, the organizations as well as the aggressive competition needs use all of their resources to achieve the competitive advantage in the industry and the most consistent and important source of competitive advantage is the skilled workers. The success in the business depends solely on the faithful and loyal workers and it is undesirable fact that the HR practice is an important source of the work relations. In the light of current situation the focus of this study is to use the relevant …

Analysis Of Co-Movements Between The Capital Markets In Brazil And The United States, Daniel Reed Bergmann, Wesley Mendes-Da-Silva

Wesley Mendes-Da-Silva

In this article copula theory is used to analyze the co-movements between the Brazilian and American capital markets. To formulate an effective asset allocation strategy, it is important to understand extreme events – both positive (booms) and negative (crashes) – and their effects on markets. The market indexes used are the Ibovespa and the S&P 500, covering the period from March 2001 to April 2007. We tested the adherence to the log-returns of the main copulas found in the financial literature, using the following criteria: log-likelihood, Akaike information criterion and Bayesian information criterion. The results show that the symmetrized Joe-Clayton …

Crisis, Seguridad Y Reforma Fiscal: Reflexiones Sobre El Caso Paraguayo, Robert Andrew Nickson

Robert Andrew Nickson

Este articulo abarca el tema de la crisis finaciera mundial y su relevancia al caso paraguayo, sobre todo la iniciativa de podersosos multimillonarios financieros de ofrecer pagar más impuestos a la renta personal (IRP). Critica cuatro argumentos ofrecidos en contra a la introduccíon del IRP en Paraguay y sugiere al elite economico paraguayo de considerar replicar el actitud de algunos de sus pares en otros paises.

Curriculum Vitae, Karen Ahmed

Karen Hunt Ahmed

No abstract provided.

Kālidāsa’S Shakuntala And Shakespeare’S The Winter’S Tale: The Child As Redeemer, Mohan Limaye

Mohan Limaye

This paper attempts to demonstrate that, though the three-member family (father, mother and child) is celebrated in Shakuntala and The Winter’s Tale, the child is the most important of the three members in the two plays in terms of plot and theme. The quest of Dushyanta and Shakuntala, the hero and the heroine, is on a deeper level for a child. The king needs an heir to the throne, and so do his subjects for a stable order. Similarly, in The Winter’s Tale, the stability of Leontes’ kingdom rests on Perdita, his daughter, after Prince Mamillius dies. In …

Spend Your Money On Income Generating Activities Rather Than Liabilities, George E. Ekeha

George E Ekeha

Many at times as I walk around town, in the cities and the country sides I try to observe how we live our lives in Ghana. In my previous article, I highlight some very important resources that we are endowed with in this country. We all know that those are just but few and we are proud that we have more resources than some of our neighbours in the Sub-Saharan African countries. One of these resources is the human capital. We can be proud of ourselves to have people who think about the necessity of peace in order to enhance …

Planned Behavior Entrepreneurship And Intention To Create A New Venture Among Young Graduates, H. Mushtaq Ahmad, G. S K. Niazi, Ahmed Imran Hunjra, Kashif Ur Rehman, Rauf I. Azam

Ahmed Imran Hunjra (PhD)