Finance Commons^™

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria

CBN Annual Report

The Report, as in the past, reviews the operations of the Central Bank of Nigeria in its efforts at discharging its mandate for the fiscal year 2001. The major objectives of monetary policy for 2001 were outlined in the Bank's Monetary Policy Circular No. 35, which aimed to maintain internal and external balance, contribute to sustainable output growth and poverty reduction, and focus on the banking system, rate, rate regime, viability, and stability. Key policy targets included growth in broad money, narrow money, aggregate bank credit, growth in bank credit to the government, private sector, inflation rate, and GDP growth. …

Framework For Internet Banking Security, Jai Ganesh, T R Madanmohan

IIMB Management Review

The way customers are using financial services is changing rapidly. Today’s financial services are characterised by individuality, mobility, independence of place and time, and flexibility. The Internet, based on client server technology, has facilitated this change. Financial services companies are using the Internet as a new distribution channel, offering complex products at lower transaction costs to more potential customers. This also allows customers to access the service from any part of the world at any time, which they are doing through a range of intelligent information access and processing devices which include PDAs and mobile phones. Financial institutions can use …

Financing And Promoting Small-Scale Industries. Concept, Issues And Prospects., C. M. Anyanwu

Bullion

The importance of small-scale industries in promoting industrialization and economic growth has been recognized globally. This paper discusses the concepts and issues that are associated with the financing and promoting of small scale industries. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. Small-scale industries development can be used for achieving the objectives of the poverty alleviation programme of the Government, given that they are highly labour intensive. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. She …

What Accounts For The Variation In Retirement Wealth Among U.S. Households?, B. Douglas Bernheim, Jonathan Skinner, Steven Weinberg

Dartmouth Scholarship

Even among households with similar socioeconomic characteristics, saving and wealth vary considerably. Life-cycle models attribute this variation to differences in time preference rates, risk tolerance, exposure to uncertainty, relative tastes for work and leisure at advanced ages, and income replacement rates. These factors have testable implications concerning the relation between accumulated wealth and the shape of the consumption profile. Using the Panel Study of Income Dynamics and the Consumer Expenditure Survey, we find little support for these implications. The data are instead consistent with "rule of thumb," "mental accounting," or hyperbolic discounting theories of wealth accumulation.

Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna

Bullion

This examines the prospects of the current drive to ensure efficient and sustainable credit delivery system to the SSls. The rest of the paper is divided into three broad sections. The first section reviews and appraises past financing programmes / schemes, highlighting the major constraints on their performance. The current initiative of the Bankers' Committee is discussed in section two, focusing on its likely impact and underscoring the needed complementary policy measures. Section three summa-rises and concludes the paper.

The Integration Of The East And South-East Asian Equity Markets, K. B. Tan, Yiu Kuen Tse

Research Collection School Of Economics

This study examines how the degree of capital-market integration of the East and South-East Asian (ESEA) economies varied over the period 1988–2000 following the deregulation of these markets. The deregulation process varied across the countries both in terms of intensity and timing. A greater degree of co-movements in stock prices is a reflection of greater stock-market integration. We employ Geweke’s (1982) measure of feedback for different pairs of markets. For each pair of markets, the Geweke measure shows how co-movements in daily returns of stock prices varied over time. This is followed by the vector autoregression (VAR) analysis to examine …

Emerging Trends In External Reserve Management, Nnadi C. Ben

Bullion

This paper tries to identify some of the main trends in central Banks reserve management in recent years. lt describes some significant changes, which have taken place, with regard to the objectives and investment policies of central banks, while pointing out some elements that could noticeably slow or even reverse the trends identified. The study reveals reserve management has continued to evolve broadly in the areas of securitisation, return maximization, use of derivates and performance measurement. Secondly, in response to the increasing volatility of financial variables, central banks have at the same time continued to place emphasis on liquidity constraints.

Gaussian Estimation Of Continuous Time Models Of The Short Term Interest Rate, Jun Yu, Peter C. B. Phillips

Research Collection School Of Economics

This paper proposes a Gaussian estimator for nonlinear continuous time models of the short term interest rate. The approach is based on a stopping time argument that produces a normalizing transformation facilitating the use of a Gaussian likelihood. A Monte Carlo study shows that the finite sample performance of the proposed procedure offers an improvement over the discrete approximation method proposed by Nowman (1997). An empirical application to U.S. and British interest rates is given.

Private Sector Banks : Shaping Up, Amol Maheshwari, Shweta Jhajharia

IIMB Management Review

An important factor influencing the development of private banks was the presence in the early 90s of bothpublic sector banks (PSBs) andforeign banks, with their specificdisadvantages. While thePSBs were often wanting in their quality of service, the activities of foreign banks were (and still are) restricted by the government. Private banks thus cornered the niche where the service-demanding consumer was willing to pay a higher price. By developing a retail focus, they also ensured that their deposit base was firmly established and diversified enough, before they moved on to larger businesses.

M V Subbiah : Return To Roots, J Ramachandran

IIMB Management Review

No abstract provided.

The Reforms Of China's State Enterprises, The Bank System And The Relationship Between Them, Zheng Li

All-Inclusive List of Electronic Theses and Dissertations

China's economic reform is now at a critical stage ofrestructuring the financial sector and state-owned enterprises (SOEs). Although reforms have accomplished much over the past two decades, many problems still exist in these two sectors. Chinese banks and enterprises influence and interweave with each other. The banks can't operate fully as commercial banks until the principal borrowers are fully reformed. SOEs cannot become profitable unless the banking system is commercialized and stops making policy loans to the money-losing enterprises. How can China reform its banking system and SOEs to achieve sustained long-term growth? This study focuses on the reform of …

The Reforms Of China's State Enterprises, The Bank System And The Relationship Between Them, Zheng Li

All-Inclusive List of Electronic Theses and Dissertations

China's economic reform is now at a critical stage ofrestructuring the financial sector and state-owned enterprises (SOEs). Although refonns have accomplished much over the past two decades, many problems still exist in these two sectors. Chinese banks and enterprises influence and interweave with each other. The banks can't operate fuJly as commercial banks until the principal borrowers are fully reformed. SOEs cannot become profitable unless the banking system is commercialized and stops making poHcy loans to the money-losing enterprises. How can China reform its banking system and SOEs to achieve sustained long-term growth? This study focuses on the reform of …

Two Essays On Exchange -Traded Funds, Natalya Vladimir Delcoure

Doctoral Dissertations

The purpose of this study is twofold. The first objective is to conduct an empirical inquiry into the diversification benefits of exchange-traded funds. The second objective is to examine whether exchange-traded funds exhibit superior performance compared to their rival closed-end country fund and traditional index mutual fund. I document that American investors manifest their preference for WEBS as a substitute for closed-end country funds. While I find that WEBS satisfy their objective of following their home indexes better than their rival closed-end country fund, the two-factor model I employ indicates that, despite some diversification benefits, WEBS also maintain certain risk …

Appraising Industrial Special-Purpose Properties, Robert G. Crawford, Barrett A. Slade

Faculty Publications

This article proposes a new technique, based on utilization rates, for estimating economic obsolescence in the appraisal of industrial special-purpose properties. A utilization-based measure, which explicitly considers the operating leverage of the facility, allows for proper calculation of the obsolescence. Theoretically correct valuation principles underlie the proposed utilization methodology. The technique uses inputs that are reasonably available to an appraiser, thus providing a practical application of the proposed methodology.

"...As We Forgive Our Debtors", St Mary's University

President's Peace Commission - Programs

The President’s Peace Commission existed from 1984 to 2013 at St. Mary's University. The Commission fostered an ethical commitment to participate in the establishment of world peace and social justice.

This program is about labor exploitation in an international economy and environmental debt.

Going Places : Atm Services In India, Sanjiv Kumar Bhatia

IIMB Management Review

Post-liberalisation banking sector reforms brought in a new era of competition, forcing banks to look for different ways of competing. ATM (automated teller machine) services helped banks increase their reach and improve customer responsiveness and also provided them with opportunities to open new streams of revenues. However, regulatory bindings, such as the control on the number of ATMs that can be deployed by the public sector banks, and tariff issues like high custom duty on ATM hardware, made this option unviable and constrained the growth of ATMs in the country in last decade.

Forecasting Volatility: Evidence From The German Stock Market, Hagen H. W. Bluhm, Jun Yu

Research Collection School Of Economics

In this paper we compare two basic approaches to forecast volatility in the German stock market. The first approach uses various univariate time series techniques while the second approach makes use of volatility implied in option prices. The time series models include the historical mean model, the exponentially weighted moving average (EWMA) model, four ARCH-type models and a stochastic volatility (SV) model. Based on the utilization of volatility forecasts in option pricing and Value-at-Risk (VaR), various forecast horizons and forecast error measurements are used to assess the ability of volatility forecasts. We show that the mode lrankings are sensitive to …

How Can I Teach My Children Basics About Money?, Liz Gorham

All Archived Publications

No abstract provided.

Development Of Russian Commercial Banks And Financial Crisis Of 1998, Anna Barc

Theses Digitization Project

This report describes the development of commercial banks in Russia and role of government and Central Bank in advance of Russian financial system.

Indiana State University Financial Report 2001, Indiana State University

Financial Reports

No abstract provided.

How Do I Teach Money Management Concepts To My Children?, Liz Gorham

All Archived Publications

No abstract provided.

How Do I Teach My Children About Saving And Borrowing Money?, Liz Gorham

All Archived Publications

No abstract provided.

How Can I Protect Myself From Credit Card Fraud?, Liz Gorham

All Archived Publications

No abstract provided.

Thirwall's Law + Trade, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (2001, February). Re: My stock market research [Unpublished memorandum with charts on real rates of return, the stock market and new corporate investment, and actual and warranted price–earnings ratios].

• Shaikh, A., PhD. (n.d.). Exchange rate dynamics [Unpublished chart].

The Global Governance Of “Good Governance”: Financial Regularization And The Construction Of Transparency And Accountability, Benjamin T. Tolosa Jr

Political Science Department Faculty Publications

“Good governance” has increasingly become political-economic common sense — often articulated in the call for transparency and accountability. But the question is: transparency and accountability to whom and toward what end? This essay examines the normalization of “good governance,” particularly as it is expressed as a financial discourse of corporate governance that gives primacy to the maximization of “shareholder value” and the promotion of “investor confidence” in the capital markets. I argue that this global discourse privileges institutional investors who are empowered to hold all stakeholders accountable to market expectations and valuations. While the discourse is clearly not socially neutral, …

Mutual Fund Company Mergers And Their Impact On Investment Flows, David Allen, Jerry Parwada

Research outputs pre 2011

No abstract provided.

What Moves Stock Markets? Evidence That Uk Stock Prices Deviate From Fundamentals, David E. Allen, Wenling Yang

Research outputs pre 2011

This article examines the deviation of the UK market index from market fundamentals implied by the simple dividend discount model and identifies other components that also affect price movements. The components are classified as permanent, temporary, excess stock returns and nonfundamental innovations in terms of a multivariate moving average model (Lee (1998)). We find that time varying discounted rates play an active role in explaining price deviations.

Skewness Is The Name Of The Game, Y. H. Cheung

Research outputs pre 2011

Theoretical models of risk taking attempt to explain why risk-averse individuals participate in unfair gambles. This paper evaluates the two explanations as to why rational individuals would accept gambles with negative expected returns. It is found that it is skewness, not the mean or the variance of the prize distribution that attracts risk-averse gamblers. However, evidence shows that there seems to be an optimal trade-off between operators’ sales revenues and skewness of the pay-off; a point that designer of gambling games needs to heed to.

Gender Differences In Information Resource Usage When Making Retirement Saving Decisions, Marilyn Clark-Murphy, Paul Gerrans

Research outputs pre 2011

Population ageing is raising the profile of retirement incomes policy. In Australia assets of retirement savings funds are growing rapidly and fund members are assuming a greater role in determining funds' investment strategies. The decision processes of fund members have not been extensively researched, however, these decisions are significant not only for members but also for employers and government. This paper provides information on retirement savings in Australia and reports on a survey of members of the Superannuation Scheme for Australian Universities (SSAU). In 1999 members of SSAU were asked to choose between a defined benefit scheme or one of …

Another Look At The Size And Book-To-Market Effects On Stock Returns, Chien-Ting Lin

Research outputs pre 2011

In this study, I test the robustness of size and book-to-market effects on average stock returns reported by Fama and French (FF, 1992, 1993) using a sample that is less subject to survivorship bias and a longer sampling period. Specifically, I exclude NASDAQ stocks in the sample to reduce survivorship bias that has largely been induced by Compustat during an expansion project in 1978. Survivorship bias exists when the sustaining and successful firms are included in the data and those firms that fail or merge with other firms are omitted. Since NASDAQ stocks tend to have relatively smaller stocks than …