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العوامل التنظيمية لهيكل الإدارة المالية في المؤسسات الحكومية واثره على التدفقات النقدية في البيانات المحاسبية, حيدر عباس الجنابي, رضوان الشغري, خولة جحيل زكيم

Muthanna Journal of Administrative and Economics Sciences

تناولت الدراسة واقع العوامل التنظيمية للإدارة المالية في المؤسسات الحكومية والتي تعد مطلباً مهماً لنجاح المؤسسة الحكومية من خلال تقديم إطار عملي لربط العوامل المنظمة لهيكل الإدارة المالية داخل المؤسسة الحكومية , بغية الوقوف على واقع الإدارة المالية في المؤسسات الحكومية وهو ما انفردت به الدراسة من أجل تأشير عدد من المؤشرات التي من الممكن تكون انطلاقة للتطوير إن الحركية المستمرة لمتغيرات البيئة المالية وتأثيراتها في أنشطة المؤسسات الحكومية مجتمع الدراسة, اذ تبين أهمية العلاقة بين المتغيرات المالية والعوامل التنظيمية متمثلة بالمتغيرات (الداخلية والخارجية) وأثر انعكاسات تلك العلاقة سوف يؤدي إلى تعزيز مكانة المنظمة من الناحية المالية ، ولمحدودية الدراسات …

دور التوجه الاستراتيجي في إعادة هندسة الموارد البشرية دراسة تحليلية لآراء عينة من القيادات الادارية في جامعة الموصل, احمد حسين حسن الجرجري, نور علي عبود العبيدي

Muthanna Journal of Administrative and Economics Sciences

يعد التوجه الاستراتيجي حاجةً ضرورية لنجاح واستمرار وبقاء المنظمات بصورة عامة، والذي فرض علينا إعادة هندسة الموارد البشرية والذي يعد من اهم موارد المنظمة وهي إعادة هندسة جبرية وقسرية وليس اختيارية من أجل مواجهة التحديات والظروف العاصفة والمتأرجحة بين الانهيار والدمار من جهة وإعادة الأعمار من جهة أخرى، والاثنان يقعان تحت الظرف الحالي والمستقبلي, وجاء البحث الحالي لاختبار العلاقة والأثر بين التوجه الاستراتيجي ممثلة بأبعادها(الرؤية, الرسالة, الاهداف الاستراتيجية, القيم) و إعادة هندسة الموارد البشرية ممثلة بأبعادها (البعد البشري, البعد التكنولوجي, البعد التنظيمي), وفي ضوء تحليل البيانات المجمعة عن طريق استمارة استبيان الموزعة على عينة مكونة من (القيادات الإدارية في جامعة …

الرساميل الأجنبية وتأثيرها على الاقتصاد المغربي, سهام علوي بلغيتي

Dirassat

Title : The impact of Foreign capital on the Moroccan economy

The Protection Treaty was a legal pretext for France to supervise Morocco. However, the reality of protection culminated in exclusive control and domination of the economic sector. Businessmen and settlers benefited largely from the wealth of the region without restrictions. Moroccans who were involved with the imperialist economic logic seized the opportunity regardless of the economic logic dictated by Islam. Thus, the socio-economic, political and cultural repercussions of French economic policy on the Moroccan economy were huge. The colonial order dismantled traditional economic patterns that existed long before, therefore, …

Multi-Step-Ahead Exchange Rate Forecasting For South Asian Countries Using Multi-Verse Optimized Multiplicative Functional Link Neural Networks, Kishore Kumar Sahu, Sarat Chandra Nayak, Himansu Sekhar Behera

Karbala International Journal of Modern Science

The dynamic nonlinearity approach, coupled with the exchange rate data series, makes its future predictions difficult. Sophisticated methods are highly desired for effective prediction of such data. Artificial neural networks (ANNs) have shown their ability to model and predict such data. This article presents a multi-verse optimizer (MVO) based multiplicative functional link neural network (MV-MFLN) model to forecast the exchange rate data. Functional link neural network (FLN) makes use of functional expansion for input data with a fewer number of adjustable neuron weights, which makes it capable of learning the uncertainties accompanying the exchange rate data. In contrast to the …

Finances, Depressive Symptoms, Destructive Conflict, And Coparenting Among Lower-Income, Unmarried Couples: A Two-Wave, Cross-Lagged Analysis, Melissa A. Curran, Xiaomin Li, Melissa Barnett, Olena Kopstynska, Alexa B. Chandler, Ashley B. Lebaron

Faculty Publications

Following from an adapted family stress model (FSM), we used two-wave, secondary data from the Building Strong Families project, focusing on 4,424 primarily lower-income, unmarried couples expecting their first child together. We used cross-lagged analyses to test the directionality of the associations among financial difficulties, depressive symptoms, destructive interparental conflict, and coparenting alliance for both fathers and mothers when children were 15 and 36 months old. Two of the three hypotheses provided support for the FSM. First, destructive conflict predicted coparenting alliance (but not the reverse). Specifically, higher destructive conflict at 15 months for both fathers and mothers predicted lower …

Occupancy, Oil Prices, And Stock Returns: Evidence From The U.S. Airline Industry, Andre V. Mollick, Md Ruhul Amin

School of Economics and Finance Faculty Publications

This paper examines whether occupancy of seats affects stock returns of airline companies and how this relationship is affected by WTI oil prices. Our approach combines revenues (occupancy) and costs (oil prices) for 33 U.S. airline companies from 1990 to 2019. Using travel capacity utilization data from U.S. carriers at monthly frequency and exploiting fixed-effects regression models, we document a positive relation between occupancy and stock returns, which is attenuated by oil prices. The role of oil becomes larger with asymmetries: the effects of oil prices are higher when moving up than down. Airline stocks always respond by more than …

Japanese Monetary Policy And Its Impact On Stock Market Implied Volatility During Pleasant And Unpleasant Weather, Marinela Adriana Finta

Research Collection Lee Kong Chian School Of Business

We investigate the effect of Japan’s Monetary Policy Meeting releases on the intraday dynamics of the Nikkei Stock Average Volatility Index and its futures during pleasant and unpleasant weather. We show that at the time of a monetary policy release when the temperature is pleasant, there is a significant decline in Japanese equities’ implied volatility and futures, which lasts for about 10 minutes and 5 minutes, respectively. This decline is longer and exhibits a greater variation when releases occur during cold days. Finally, we emphasize the achievable economic profits and losses, given the reaction of Nikkei VI futures to the …

Moderating Role Of Gender Diversity Over The Nexus Between Board Characteristics And Earnings Management In Malaysia, Tonoy Roy

Student Works (2020-2029)

In a large number of studies, it has been found that accounting manipulation is more prone to exist among the financially distressed companies. The manipulation moves were taken by the top management to portray a rosy picture of the firm

Financial Contagion During Stock Market Bubbles, Diego Escobari, Shahil Sharma

School of Economics and Finance Faculty Publications

We investigate the role of bubbles on financial contagion using a set of developed economies. First, using the recursive flexible window right-tailed ADF-based procedure, we date stamp bubble periods in stock index series. Second, we capture contagion with a DCC multivariate GARCH framework. In a third step, we construct a panel by pooling across the time-series dynamic conditional correlations and bubbles to estimate various dynamic panel specifications that consider the endogenous nature of bubbles. We find statistically significant decreases in the dynamic correlations during periods of bubbles, which shows that the financial contagion between pair of countries diminishes when any …

Credit Limit Of Unsecured Consumer Lending: Evidence From Micro Data, Suwinto Johan, Calista Endrina Dewi

Economics and Finance in Indonesia

As credit card debts have increased in Indonesia over the past ten years, concerns over the impulsive buying behavior of Indonesian credit card holders have emerged. Therefore, more attention must be paid to credit risk management of banks as it plays an important role in analyzing the possibility of losses due to the inability of prospective borrowers to repay debts. This study provides empirical evidence about the prudence of commercial banks in Greater Jakarta in offering credit card limits. Using primary micro-data collected from credit card applications submitted to the largest foreign private bank providing retail credit in the Greater …

Indonesian Provinces Sdgs Composite Index: Lampung Province Analysis, Reny Andriati, Mohamad Fahmi

Economics and Finance in Indonesia

Publications of Sustainable Development Goals (SDGs) have mainly been conducted at a national level and separately for each goal. No prior research has been done on SDGs composite index at a provincial level in Indonesia. It is necessary to create a composite index that presents a single value at the provincial level to enable regional evaluation. The Indonesia Province SDGs composite index is developed from indicators based on Statistics Indonesia gathered from several publications. The data sources are the National Socio-Economic Survey (Susenas) and the Basic Health Research (Riskesdas) which were linked surveys held in 2018. Principal Component Analysis and …

Dealer Networks In Over-The-Counter (Otc) Financial Markets, Richmond Kyei-Fordjour

Dissertations, Theses, and Capstone Projects

This research studies a network of interdealer trading in Over-The-Counter (OTC) Financial Markets. It reviews a model of OTC interdealer trading, extends this model for suitable application to empirical studies of trading in dealer networks within OTC markets, and ultimately develops a methodology for estimating the endogenous network parameters. Finally, it applies the methodology to conduct an empirical study of the Municipal bonds market.

Shareholder Litigation Rights And Stock Price Crash Risk, Ivan Obaydin, Ralf Zurbruegg, Md Noman Hossain, Binay K. Adhikari, Ahmed Elnahas

School of Economics and Finance Faculty Publications

We study the impact of shareholder-initiated litigation risk on a firm's stock price crash risk. Our empirical analysis takes advantage of the staggered adoption of universal demand laws, which led to an exogenous decline in derivative litigation risk. We find that a decline in the threat of derivative litigation reduces crash risk and that information hoarding associated with earnings management is a channel through which litigation risk affects crash risk. The relationship is also moderated by how exposed firms are to the other primary form of shareholder litigation, namely securities class-action lawsuits.

The Economics Of Hedge Fund Startups: Theory And Empirical Evidence, Charles Cao, Grant Farnsworth, Hong Zhang

Research Collection Lee Kong Chian School Of Business

This paper examines how market frictions influence the managerial incentives and organizational structure of new hedge funds. We develop a stylized model in which new managers search for accredited investors and have stronger incentives to acquire managerial skill when encountering low investor demand. Fund families endogenously arise to mitigate frictions and weaken the performance incentives of affiliated new funds. Empirically, based on a TASS-HFR-BarclayHedge merged database, we find that ex ante identified cold inceptions facing low investor demand outperform existing hedge funds and hot inceptions facing high demand and that cold stand-alone inceptions outperform all types of family-affiliated inceptions.

Trust And Retirement Preparedness: Evidence From Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Fong

Research Collection Lee Kong Chian School Of Business

Trust is an essential component of any financial system, and distrust can undermine savings and economic growth. Our study draws on the Singapore Life Panel to assess how trust ties to older respondents’ (1) pension plan participation and withdrawals; (2) life, health, and long-term care insurance holdings; and (3) stock market engagement. We show that the widely-used ‘trust in people’ question is uncorrelated with household behaviours related to retirement preparedness. Instead, trust in private and public financial representatives is positively associated with pension savings, investments, and insurance holdings. Financial literacy also plays an important and consistent role in retirement decision-making.

The Dark Side Of Transparency In Developing Countries: The Link Between Financial Reporting Practices And Corruption, Tingting Liu, Yu Liu, Barkat Ullah, Zuobao Wei, Lixin Colin Xu

School of Economics and Finance Faculty Publications

This paper examines the impact of financial reporting practices on corruption obstacles for about 150,000 firms across 143 mostly developing countries from 2006 to 2019. We document a strong positive relationship between the production of audited financial statements (AFS) and corruption obstacles (CO) faced by the firm. We argue that in a corrupt business environment, rent-seeking bureaucrats use the credible financial information to optimize their bribe demands. Our baseline results remain robust after addressing endogeneity concerns. We further show that country-level institutional quality has a moderating effect on the AFS-CO relation. The evidence from surveying entrepreneurs also …

The Impact Of The Capital Market, The Insurance Sector And The Mortgage Finance Sector On Economic Growth In Egypt, 2005-2019, Hana Anis

Theses and Dissertations

This thesis aims to explore the relationship between financial markets and economic growth in Egypt for the 15 years period, starting from 2005 to 2019. The study concentrates on the non-banking financial sector which includes the stock market, the debt market, the mortgage and the insurance sectors. The Vector Autoregressive (VAR) model is utilized to describe the relationship between GDP growth rate, as a proxy for economic growth, and a number of variables from the financial sector. Results of the analysis show that there is a significant relationship and statistical causality between the growth rate and the debt market, represented …

A Review On Literatures Of Islamic Financial Institutions And Market Between 2010 – 2020, Muhammad Ridhwan Ab. Aziz

Library Philosophy and Practice (e-journal)

The objective of this article is to analyze and examine the related literatures on Islamic financial institutions and market between 2010 until 2020. The methodology of this article is through descriptive research based on document analysis on previous studies and literatures on Islamic financial institutions and market from free-of-charge and free-of-registration online journals. The journals and articles are obtained from several sources which are google scholar, science direct and researchgate.com. Data from 74 articles related in this field were collected and statistically analyzed using the Statistical Product & Services Solution (SPSS) software. This study looked at several variables which include …

Gambling With Debt: The English Premier League, Edward Robinson

Undergraduate Economic Review

This paper aims to investigate the impact of debt on financial performance in the English Premier League from the 2000/01 season to the 2017/18 season. Panel model estimations concluded debt has a significant inverse relationship with financial performance. This relationship may potentially be stronger in larger clubs and could be present through human capital investment’s significant direct relationship with financial performance. This further emphasised usages of intangible assets as a player human capital investment indicator, rather than using wage costs like previous studies. Furthermore, filling a gap regarding how capital structures may be used to impact financial performance within’ football.

Equity Liquidity, Firm Investment And Financial Performance: An Assessment Of The Role Of Financial Development, Maria Karim, Abdul Rashid

Business Review

This paper examines the impact of equity liquidity (EQLQ) on firm performance (FPER) and firm investment (FINV) decisions. It also examines whether financial sector development (FSD) decreases the importance of EQLQ for firms' financial performance and investment policy. An unbalanced panel dataset for 360 non-financial Pakistani firms covering the period 2001-2018 is used. The results suggest that increased EQLQ has significant positive impact on firms' investment decisions and financial performance. However, we find that enhanced FSD significantly reduces the investment-favoring and performance enhancing role of EQLQ. The findings on the effects of EQLQ on both FINV and FPER are consistent …

Speculation And Returns' Volatility: Evidence From Pakistan Mercantile Exchange, Falik Shear

Business Review

The debate about the role of speculators in commodity markets has been intensified after the financialization. The current study augments the empirical evidence related to speculators and their impact on volatility of commodity markets. In doing so, the study uses daily data between 12th November 2009 to 30th April 2020 for oil and gold future contracts from Pakistan Mercantile Exchange. The findings suggest that speculative activity positively and significantly affects the returns' volatility. These findings support the destabilizing hypothesis, which argues that speculators create distortions in commodity markets. The findings have important implication for market participants (e.g., absence of welfare …

Extreme Tails Behavior In Asian Currency Markets, Sumaira Zia, Arshad Hassan, Ayesha Zia

Business Review

This study examines extreme tail behavior in Asian currency markets for the period of 2005-2018. Value-at-Risk (VaR) is estimated through Extreme Value Theory (EVT) approach to forecast losses incurred in a day in Asian currencies. Initially EVT approach is used to estimate extreme losses on the left tail of the distribution. Then, the VaR estimation of this approach is back tested through traditional and advance back testing methods to ascertain the accuracy of the models used. Results indicate that the estimation of GPD static model is relevant for extreme risk forecasting in EVT approach at both 95% and 99% confidence …

Quality Minus Junk Factor: A Study On Asset Pricing Dynamics In The Equity Market Of Pakistan, Shahrbano ., Sumayya Chughtai, Tahira Awan

Business Review

This study examines the role of quality minus junk factor in explaining cross-sectional differences in stock returns for the equity market of Pakistan. A new factor quality minus junk has been added to the existing Fama & French three factor model (1993) as a fourth factor to check whether it is priced as a risk factor. The study also compares the explanatory power of the newly proposed model with the existing single-factor Capital Asset Pricing Model (CAPM) and Fama & French three factor model (1993). A high quality data set of 70 non-financial firms listed on the PSX is employed …

Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins

Journal of Financial Crises

Ron Borzekowski was a senior economist at the Federal Reserve Board when he was detailed to join the Financial Crisis Inquiry Commission (FCIC) as a senior researcher and later became deputy to research director Greg Feldberg. The 10-member bipartisan commission, charged with investigating and determining the causes of the crisis, held more than 19 hearings, and interviewed more than 700 people from September 2009 to Jan. 2011. It issued a 662-page report explaining why the crisis came about and the roles of financial institutions, government, and the public. This Lessons Learned is based on an interview with Mr.Borzekowski.

Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins

Journal of Financial Crises

Greg Feldberg was a senior supervisory financial analyst at the Board of Governors of the Federal Reserve experienced in regulating large banks when he was recruited to the Financial Crisis Inquiry Commission (FCIC) where he worked from 2010-11, becoming its Director of Research. The FCIC was a bipartisan commission charged with investigating the causes of the global financial crisis of 2007-09. Feldberg shared thoughts about some of the challenges faced by the commission and why its report is important. This "Lessons Learned" is based on an interview with Mr. Feldberg.

Lessons Learned: Christopher Seefer, Mercedes Cardona

Journal of Financial Crises

Christopher Seefer was recruited to the Financial Crisis Inquiry Commission (FCIC) to serve as the commission’s director of investigations. The 10-member bipartisan commission wascharged with investigating and determining the cause of the global financial crisis of 2007-09 (GFC). The commission held over 19 hearings and interviewed more than 700 people from September 2010 to January 2011 and produced a662-page report that attempted to explain why the crisis came about and the roles of government and private enterprises in the crisis.This “Lessons Learned” is based on an interview with Mr. Seefer.

Lessons Learned: Gary Cohen, Sandra Ward

Journal of Financial Crises

Gary Cohen joined the Financial Crisis Inquiry Commission (FCIC) in December 2009 to serve as its general counsel at the request of commission chairman Phil Angelides. The FCIC was a 10-member bipartisan group convened by Congress to investigate the causes of the global financial crisis of 2007-09. Cohen had a wide-ranging and ad hoc position that included advising commissioners and staffers on administrative matters and protocols. In addition, he assisted in document requests and compelling witnesses to testify and, on occasion, in conducting interviews and public hearings. He played an instrumental role in editing the commission’s final report. This “Lessons …

Lessons Learned: Wendy Edelberg, Sandra Ward

Journal of Financial Crises

Wendy Edelberg served initially as Director of Research at the Financial Crisis Inquiry Commission (FCIC) before eventually being named Executive Director. Established in the wake of the global financial crisis of 2007-09, the FCIC was a bipartisan panel of six Democrats and four Republicans charged with determining the causes of the worst financial crisis since the Great Depression. Edelberg built the organization from the ground up, hiring staff, instituting operating procedures, establishing guidelines, managing communications, and reporting to the commissioners. This "Lesson Learned" is based on an interview with Ms. Edelberg.

Lessons Learned: Phil Angelides, Sandra Ward

Journal of Financial Crises

Phil Angelides chaired the Financial Crisis Inquiry Commission (FCIC) established by Congress in the aftermath of the global financial crisis of 2007-09 with the purpose of understanding what precipitated the crisis so that any future crises might be averted. The 10-member bipartisan commission, known as the “Angelides Commission” after its chair, convened in September 2010. Meeting in a span of 15 months and holding 19 public hearings and interviewing more than 700 people, the commission submitted its findings in January 2011. The commission concluded that the crisis was avoidable, the “result of human actions, inactions, and misjudgments.” The report included …

Monetization Of Fiscal Deficits And Covid-19: A Primer, Aidan Lawson, Greg Feldberg

Journal of Financial Crises

Monetization—also known as “money-financed fiscal programs” or “money-printing”—occurs when a government finances itself by issuing currency or other non-interest-bearing liabilities, such as bank reserves. It poses real risks—potentially excessive inflation and encroachment on central-bank independence—and some paint it as a relic of a bygone era. The onset of the COVID-19 crisis, however, forced governments to spend heavily to combat the considerable economic and public health impacts. As government deficits climbed, monetization re-entered the conversation as a way to avoid the massive debt burdens that some nations may face. This paper describes how monetization works, provides key historical examples, and examines …