Finance Commons^™

Firm Value And The Tax Benefits Of Debt : A Study On Public Listed Company In Malaysia., Izam Syaharadzi Ahmad Sofian

Student Works (2010-2019)

This study has three main objectives. First, to empirically defines the relationship between firm value and debt of Public Listed Company in Malaysia once endogeneity of contemporaneous debt is corrected. Secondly the study looks into the possibility impact of alternative theories such as Free Cash Flow and Debt Signaling Hypotheses to the relationship between firm value and debt. Finally, it examines the influence of managerial ownership towards firm value and how it affects the benefits of debts. This study uses interest expense scaled by total assets as proxy of debt. The relationship between firm value and debt is statistically tested …

الذكاء واليقظة الاستراتيجيين وأثرهما في تحقيق النجاح التنظيمي، استطلاع لآراء القيادات الإدارية في جامعة المثنى حول تطبيق البرنامج الحكومي لسنة 2018 – 2022, اسيل علي مزهر, دعاء عبد الرضا هادي

Muthanna Journal of Administrative and Economics Sciences

يركز البحث الحالي على مواضيع في غاية الأهمية للمنظمات وهي الذكاء واليقظة الاستراتيجيين واثرهما في النجاح التنظيمي وباعتماد المنهج التحليلي في تنفيذ البرنامج الحكومي لرئاسة الوزراء للفترة (2018-2022) والخاص بوزارة التعليم العالي وتطبيقه في جامعة المثنى حيث تم دراسة تأثير الذكاء الاستراتيجي واليقظة الاستراتيجية في تحقيق النجاح التنظيمي الممثل بأهداف البرنامج الحكومي لوزارة التعليم العالي بوجودهم معاً او بصورة منفصلة بوصفهم احد أدوات الإدارة الاستراتيجية ومن المواضيع ذات الأهمية الكبيرة والمعتمدة في الدول المتقدمة . وظفت استمارة الاستبيان بوصفها أداة لجمع البيانات والمعلومات الخاصة بعملية تطبيق البرنامج الحكومي إذ تم توزيع (30) استمارة على القيادات الإدارية الممثلة بالسادة(رئيس الجامعة ، …

The Framework Of Trade In The Council For Mutual Economic Assistance, Michael S. Bokoff

Honors Scholar Theses

This paper establishes an overview of the variables and constraints that affected trade in the Council for Mutual Economic Assistance. It explores the origins of COMECON, the demographic and resource distribution of the member nations, and the role of trade in a centrally planned economy. The paper’s primary focus is on the emergence of a bilateral trade structure, the faulty price mechanism, and the nonconvertibility of currencies. The paper documents the origins and relationships between the constraints of trade within COMECON, and argues that ultimately, these constraints prevented COMECON from fully achieving its economic objectives.

The Economic Impact Of Medicaid Spending In Arkansas, Katherine A. Deck, Viktoria Riiman

Publications and Presentations

Arkansas Medicaid is a joint federal and state program that provides necessary medical services to needy and low-income persons that is administered through the Arkansas Division of Medical Services at the Arkansas Department of Human Services. The Medicaid program is designed to provide the baseline health outcomes that are necessary for the state’s economy to function. The expenditures that are made through the Arkansas Medicaid program significantly affect the Arkansas economy. This report details the economic impacts of the direct expenditures of the Medicaid program on the Arkansas economy.

The Effects Of Winning A Basketball National Championship On Admission Factors, Daniel Weistrop

Renée Crown University Honors Thesis Projects - All

Collegiate sports attract a lot of attention and money. Many universities are sponsored by high powered sportswear and equipment companies including Nike and Adidas. Furthermore, CBS, Fox, and Disney participate in multimillion dollar media deals to exclusively cover a variety of sporting events featuring mainly collegiate basketball and football.

This is best demonstrated by the television coverage that respective sports receive. For example, CBS is in the midst of an 11 year, $6 billion contract that will pay the National Collegiate Athletic Association approximately $545 million per year to carry the NCAA basketball tournament. The NCAA basketball tournament is held …

Three Essays In Forward Rate Unbiasedness Hypothesis, Devalina Chatterjee

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The objective of this dissertation is to verify and explain the forward exchange rate unbiasedness hypothesis in the foreign exchange market. Since in most of the cases the unbiasedness hypothesis fails to hold, we try to provide three different explanations of this puzzling behavior in the three essays. The first essay tries to resolve the forward premium puzzle by addressing the model misspecification issue and thereby adding a time-varying risk premium term in the percentage change specification. The risk premium term is modeled using the GARCH-M representation and the model is estimated by applying a GARCH (1, 1) specification. The …

Forex Market Behaviour : Application Of High Frequency Data., Tan Heng Kiat

Student Works (2010-2019)

The huge and high frequency trading in foreign exchange market creates the need for an analytical method that can provide a view on the volatility. Traditional methods such as GARCH are proven to have limitations when applied to high frequency data, such as those generated in foreign exchange market.In this thesis, wavelet method is applied to high frequency data of EURO/USD, GBP/USD and YEN/USD currency pairs and of one minute resolution. The period of this behavioral study is from one hour before 1pm GMT to one hour after 1pm GMT for every Mondays from June 2008 to Dec 2008. The …

Optimal Monetary Policy In A Model With Recursive Preferences, Sungbae An

Research Collection School Of Economics

This paper provides a simple and elegance approach for an empirical investigation of a model with Epstein-Zin (1989) preferences. The perturbation method implemented in Dynare is readily applicable for computation of equilibrium and welfare. A stylized new Keynesian economy with sticky prices is analyzed and optimal simple rules are accessed across various types of monetary policy rules.

Did The Electronic Trading System Make The Foreign Exchange Market More Efficient?, Hao Zou

Economics Honors Projects

This paper examines the effects of introducing the electronic trading system (EBS) on the foreign exchange market, the biggest financial market in the world where trading occurs through many dealers. We find that increasing transparency leads to an increase in informational efficiency, an important aspect of market quality. However, informed dealers are found to quote less aggressively in the more transparent market. Overall, we conclude that semi-transparency raises market efficiency in general, but that it is the uninformed dealers who benefit more from this increased efficiency.

A New Stock Index To Better Predict The United States' Real Gdp, William Nette

Honors Projects in Finance

The relationship between the United States’ real GDP and the overall stock market has been acknowledged by researchers and investors alike. This research paper will document a newly created composite index that will try to more accurately predict the overall U.S. economy through the proxy of GDP than the current S&P 500 index. Success will be determined if the composite index representing the addition of a service sector component to the S&P 500 is more correlated to U.S. real GDP than the S&P 500 alone. The results suggest that the service sector is not quite adequately in the S&P 500. …

Financial Stability, The Trilemma, And International Reserves, Maurice Obstfeld, Jay C. Shambaugh, Alan M. Taylor

Dartmouth Scholarship

The rapid growth of international reserves, a development concentrated in the emerging markets, remains a puzzle. In this paper, we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of reserve stocks. Our empirical financial-stability model seems to outperform both traditional models and recent explanations based on external short-term debt.

Determinants Of Bank Profitability In Ukraine, Antonina Davydenko

Undergraduate Economic Review

The Ukrainian banking system exhibits low profitability compared to other transitional countries in the region. This study examines the determinants of bank profitability in Ukraine. It relates bank specific, industry specific and macroeconomic indicators to the overall profitability of Ukrainian banks. The study uses a panel of individual banks’ financial statements from 2005 to 2009. According to the empirical results, Ukrainian banks suffer from low quality of loans and do not manage to extract considerable profits from the growing volume of deposits. Despite low profits from the core banking activities Ukrainian banks manage benefit from exchange rate depreciation. This study …

Economic Thinking And Risk Attitudes: An Empirical Study, Peter Slepcevic-Zach, Ph.D., Thomas Koeppel

International Journal for Business Education

In the light of the current economic crisis, which had its roots in high risk dealings in the international financial markets, the question how economically minded students are and what propensity towards risk they have, are essential to improving their financial literacy. In a broad survey including economic and non-economic schools 649 students aged 14 and 18 were questioned. In this paper results are presented and implications for classroom teaching and curricular development are derived.

A Case Study On The Credit Guarantee Scheme., Mohd Rizal Zubair

Student Works (2010-2019)

A brief description of Bank Perusahaan Kecil dan Sederhana Malaysia Berhad (SME Bank) and Credit Guarantee Scheme (CGS) Bank Perusahaan Kecil dan Sederhana Malaysia Berhad or better known as SME Bank was established more than 30 years ago as Bank Industri dan Infrastruktur Malaysia Berhad. SME Bank is a Development Financial Institution and 100% owned by Ministry of Finance Incorporated and Ministry of Industrial and International Trade acts as the Supervising Ministry. As a Government Agency, SME Bank has its mandated role to provide financing as well as financial and business advisory services to Malaysian SMEs residing within predefined categories …

Austerity, Abundance, And The Investor States: The Political Economy Of Sovereign Wealth Funds, Manda Shemirani

Graduate Program in International Studies Theses & Dissertations

Sovereign Wealth Funds (SWFs) are not new, but their foreign investment created concerns among many states in 2005 and 2006. Many policy makers argued that the ownership of foreign governments in specific areas may expose their countries to various risks. The concerns in the United States were from a national security perspective, while Europe was more worried about the lack of reciprocity and established standards. The political economy literature lacks a suitable framework for the study of investor states. The mainstream economic view contends that SWFs are a result of balance of payments surpluses and are used for economic smoothing …

تسعير الخدمة التعليمية في الجامعات والكليات الأهلية العراقية, غازي معين فيصل, خولة حسين حمدان

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث الى دراسة الأسس التي تعتمدها الجامعات والكليات الأهلية العراقية عند تسعيرها للخدمة التعليمية وبيان أسباب التفاوت في رسوم الخدمة التعليمية وتحديد الأساليب المناسبة التي يجب تطبيقها عند تسعير الخدمة التعليمية. وتم جمع البيانات عن طريق الاستمارة الإلكترونية المحكمة من قبل مختصين والتي وزعت على الجامعات والكليات الأهلية العراقية بواقع (4) جامعات أهلية ، (18) كلية أهلية لتحقيق اهداف البحث. وتوصل البحث الى مجموعة من الاستنتاجات أهمها : تركز الجامعات والكليات الأهلية على تحديد رسوم الخدمة التعليمية وفق أساس واحد للتسعير دون دراسة جميع العوامل المؤثرة على قرارات التسعير ،مما قد يؤدي الى زيادة العائد في اختصاصات معينة ولكن …

التنويع الاقتصادي في العراق بين تحديات الحاضر وامكانات المستقبل, حيدر طالب موسى

Muthanna Journal of Administrative and Economics Sciences

أن المتتبع لمسيرة الاقتصاد العراقي يرى بأن مراحله الاقتصادية وحتى السياسية والتي نشير لها هنا كونها لعبت الدور الابرز في رسم السياسات الاقتصادية قد جعلته أقتصاداً ريعياً بامتياز على الرغم من وفرة الموارد البشرية والمادية ، ,وعلى الرغم من هذه الوفرة الأ انه لم تبذل جهود جدية مبنية على أسس علمية للهروب من الفخ الريعي بل كانت الجهود تمثل في جوهرها منهجاً سياسياً ذو صبغة أقتصادية ، بحيث لم يتبنى القائمين على السياسة الاقتصادية منهجاً صحيحاً يقوم على استثمار الفوائض النفطية العالية ، بل بالعكس من ذلك أصبحت تبنى الموازنات العامة للدولة العراقية على أساس سعر النفط العالمي مما أنعكس …

دور الصناعات الصغيرة والمتوسطة في تحقيق التنمية الاقتصادية : دراسة حالة العراق, سعاد جواد كاظم

Muthanna Journal of Administrative and Economics Sciences

يجري التأكيد على دور الصناعات الصغيرة والمتوسطة باعتبارها النمط الأكثر فعالية في تحريك القوى العاملة شبه الماهرة وغير الماهرة باتجاه عملية التصنيع، وهو ما يأتي تزامنا مع الاهتمام الذي يعطى عادة إلى مسألتي: توفير فرص العمل للأفراد الذين يتسمون بمهارة عالية نسبيا وتوسيع نطاق التنمية الصناعية في الاقتصاد ليشمل كافة المجالات، وسيتبع ذلك الكثير من التساؤلات بشأن كل من وضع الحدود الدقيقة للصناعات الصغيرة والمتوسطة لتميزها عن الصناعات الكبيرة وعلاقة حجم المؤسسة بالكثافة النسبية للعنصر الإنتاجي من جانب وبكفاءة استخدام المدخلات من جانب آخر، وكل هذا يقدم صورة شاملة عن الصناعات الصغيرة في علاقاتها الهيكلية باعتبارات الموقعية وتنظيماتها المؤسسية.

المتطلبات الأساسية لمنهجية Six Sigma الرشيقة وانعكاسها على تعزيز استراتيجيات التصنيع الرشيق : دراسة استطلاعية لآراء عينة من المدراء في شركة نفط الشمال – كركوك, احمد حسين علي, محمد ابراهيم محمد

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث الحالي الى محاولة ايجاد طبيعة علاقة الارتباط والأثر للمتطلبات الأساسية لمنهجيةsix sigma الرشيقة مع اســـــتراتيـــجــــيات التــــصنـــيع الرشيق، والــــتــي أضحت إحدى المواضيع الـــمـهــمــة في علم إدارة الانتاج والعمليات في الحقبة الزمنية الأخيرة، ولأجل معرفة النتائج المترتبة على هذه العلاقة ضمن بيئة الصناعة العراقية ، فقد قام الباحثان باختيار احدى الشركات الــــــصناعية والمتمثلة بشركة نفط الشمال في محافظة كركوك، وذلك من خلال دراســــــــة استـــــــطــلاعيــــة لآراء مجموعة من المدراء العاملين فيها، وتم التوصل الى عدة استنتاجات كان من أهمها “وجود علاقة ارتباط بين متطلبات منهجية six sigma الرشيقة واستراتيجيات التصنيع الرشيق ، فــــضــلاً عــــــــن التأثير المعنوي لــمتــطلبات منهجية six sigma الرشيقة …

اثر الوعي الضريبي في زيادة العوائد الضريبية دراسة تحليلية في الهيئة العامة للضرائب فرع الديوانية, علي غانم شاكر, كرار حاتم عطية

Muthanna Journal of Administrative and Economics Sciences

يعد الوعي ضرورة أساسية في أية قضية فهو عامل إبداع مضاف، واستناداً إلى هذا الفهم فإن مسالة الوعي بأهمية الضريبة ودورها يقود إلى انتقالها من فكرة الجباية المجردة، إلى فكرة جديدة يكون مفادها الالتزام الضريبي اختياراً حراً يمارسه الإفراد بوعي لمدلولاته المختلفة وسيقود في النهاية إلى اعتبار الضريبة واجباً وطنياً يؤول نفعها إلى الجميع بصورة أو بأخرى. ويهدف البحث الى بيان الدور المهم والفاعل الذي يمكن ان تلعبه المؤسسات بمختلف اشكالها في نشر الوعي الضريبي لدى المكلفين لما لهذا الدور من أثر واضح في تقليل حالات التهرب الضريبي وزيادة العوائد الضريبية من خلال إدراكهم أهمية الاسهام في تحمل الأعباء العامة …

ممارسة مجالات المراجعة الخارجية للأداء البيئي في السودان المحددات والمأمول لتغيير الممارسة الحالية, فتح الاله محمد احمد محمد, محمد اسحاق عبد الرحمن عيسى, سالم العجيب سالم العجب

Muthanna Journal of Administrative and Economics Sciences

تناولت الدراسة الممارسة الحالية لمجالات المراجعة الخارجية للأداء البيئي في السودان، حيث هدفت إلى التعرف على العلاقة بين المحددات المتعلقة بالمنشأة، والمحددات المتعلقة بمراجعي الحسابات أنفسهم، والمحددات المتعلقة بالبيئة الخارجية والتشريعات الحكومية وبين مستوى ممارسة مجالات المراجعة الخارجية في بيئة الاعمال السودانية ومن ثم تقديم بعض الإجراءات والممارسات التي يمكن أن تساهم في تطوير عملية مراجعة الأداء البيئي في السودان. ولتحقيق اهداف الدراسة تم اعداد استمارة استبيان وزعت على المراجعين الخارجيين بولاية الخرطوم حيث بلغ حجم العينة (200) مراجع خارجي. توصلت الدراسة إلى أن أبرز المحددات تمثلت في عدم اهتمام منشآت الأعمال بمراجعة الأداء البيئي والافصاح عنه في التقارير والقوائم …

استعمال مصفوفة التحليل الاستراتيجي Swot لتقويم الأداء الجامعي, خالد صباح علي, كريمه عباس جعيلو, وعد هادي عبد الحساني

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث الى ابراز اهمية تقويم اداء الجامعات الحكومية نظرا لما يوفره من معلومات عن الكفاءة والفاعلية وذلك من خلال وضع انموذج مقترح لتقويم اداء الجامعات العراقية باعتماد التحليل الاستراتيجي swot ، وتنبع مشكلة البحث من مشكلة ان تقويم الاداء المستند الى الاجراءات التقليدية لا يعد فعالا مما يؤدي الى الضعف في اعطاء صورة واضحة وشاملة عن أداء المؤسسة التعليمية ما لم يقترن بأدوات اخرى حديثة في تقويم اداء الجامعات الحكومية بشكل خاص من اجل الوقوف على مستوى كفاءة وفاعلية الأداء فيها. وأستند البحث إلى فرضية أساسية مفادها ” الاعتماد على ادوات التحليل الاستراتيجي swot في تقويم اداء الجامعات الحكومية …

The Central Bank Of Nigeria, The Liquidity And The Sectoral Credit Allocation, Omolara O. Akanji

Bullion

This article describes the ways in which the CBN has supplied liquidity since 2009. The first is traditional: The CBN supplies liquidity by providing credit through Open Market Operations (OMO) and by lending to depository institutions at the so-called discount window. The second is by enhancing the liquidity of the banks through the Standing Lending Facility (SLF) window. The article notes that the CBN since after banking consolidation exercise in 2005 has departed from its long standing tradition of minimizing its effect on the allocation of credit by supplying liquidity to institutions that it believed to be most in need; …

National Incomes Policy In A Deregulated Economy: The Nigerian Perspective, Moses K. Tule

Bullion

This paper examines the propriety of a national income policy in a deregulated economy. The literature indicates that various interest groups in the country tend to protect their narrow interests when negotiating for higher wages. Consequently, the goals of government to achieve equitable income distribution in the country with a national income policy are often at variance with the private interests. While congenial atmosphere for collective bargaining was deemed desirable for achieving effective income growth, an environment of consistently rising prices was considered an anticlimax to growth and development. Consequently, the paper opined that in a market economy, a national …

Financial Exchange Rates And International Currency Exposures, Philip R. Lane, Jay C. Shambaugh

Dartmouth Scholarship

In order to gain a better empirical understanding of the international financial implications of currency movements, we construct a database of international currency exposures for a large panel of countries over 1990-2004. We show that trade-weighted exchange rate indices are insufficient to understand the financial impact of currency movements and that our currency measures have high explanatory power for the valuation term in net foreign asset dynamics. Exchange rate valuation shocks are sizable, not quickly reversed, and may entail substantial wealth redistributions. Further, we show that many developing countries have substantially reduced their negative foreign currency positions over the last …

Banking Sector Crisis And Resolution Options In Nigeria, U. Kama

Bullion

This paper x-rays banking sector crisis and its resolution options in Nigeria. The causes and impacts of banking crisis as well as the way forward for such crisis will also be examined. The paper is divided into six main sections. Following the introduction, Section 2 gives the conceptual/jurisdictional experience of banking crisis. Section 3 gives an overview of the structure of the Nigerian banking sector, the causes of banking crisis and its impacts on the economy, while Section 4 highlights the various banking sector resolution options and the Nigerian experience in banking sector crisis resolution. Section 5 highlights the way …

Fiscal Operations And The Efficacy Of Monetary Management In Nigeria, A. E. Idowu

Bullion

This paper underscores the need for predictable fiscal operations at all levels of government as a means of ensuring effective and efficient monetary management in the Nigeria federation. Following the introduction, section two discusses conceptual issues and the review of literature, section three discusses government's fiscal operations and challenges to monetary management, while section four examines fiscal reform and its impact on monetary management. Section five contains suggestion on the way forward and some concluding remarks.

Funded Contributory Pension Scheme, Financial Deepening And Economic Growth: What Does The Evidence Say So Far About The Nigerian Economy?, Victor O. Asekunowo

Bullion

The fully funded defined contributory benefit pension system was introduced in Nigeria in July, 2004 to replace the old fiscally unsustainable defined benefit (Pay-As-You-Go) pension system. The new pension scheme, coming at the heels of earlier reforms in Nigeria's financial sector, could be deemed to serve as a further boost towards savings mobilisation, increased financial instruments acquisition and economic growth. After a survey of relevant literature was conducted, secondary data on relevant macroeconomic indices in the Nigerian economy were collected. The data were descriptively analysed. The results showed that TDS (total domestic savings) increased during the post-pension reform period and …

The Challenges Of Power Supply In Enhancing Integration Processes In Ecowas Member Countries, O. L. Akinboyo

Bullion

The birth of the Economic Community of West African States (ECOWAS) in 1975 as an instrument for fostering regional development and unity was also due to the limited economic coherence within the sub-region. This prompted their leaders to embrace regional integration as a central element of their development strategy. There has been increased awareness among these countries that progressive integration holds great potential for minimizing the costs of market fragmentation and thus, represents a precondition for integrating the region into the global economy. Cooperation and integration is also necessary to improve West Africa's competitiveness and position it to maximize the …

Simulation-Based Estimation Methods For Financial Time Series Models, Jun Yu

Research Collection School Of Economics

This paper overviews some recent advances on simulation-based methods of estimating time series models and asset pricing models that are widely used in finance. The simulation based methods have proven to be particularly useful when the likelihood function and moments do not have tractable forms and hence the maximum likelihood method (MLE) and the generalized method of moments (GMM) are difficult to use. They can also be useful for improving the finite sample performance of the traditional methods when financial time series are highly persistent and when the quantity of interest is a highly nonlinear function of system parameters. The …