Search results for: equity returns

Authors: Leon C. Prieto, Simone T. A. Phipps

Abstract:

There is a need to promote social entrepreneurship in order to solve some of the complex problems facing various countries in Africa (poverty, unemployment, crime, HIV, etc.). For example, one possible consequence of the HIV/AIDS crisis in Zimbabwe and elsewhere is a deterioration in the educational opportunities for orphans and other vulnerable children. Given that high returns are associated with education, the loss of education for a large segment of the population would likely worsen the already dire economic consequences of the HIV/AIDS crisis. Using a systems approach, this paper argues that social entrepreneurship can be used as a vehicle to promote national human resource development, which will assist in the alleviation of societal ills on the national level as well as throughout Africa.

Keywords: human resource development, pan-african, social entrepreneurship, social enterprise

Procedia PDF Downloads 384

Authors: Chinasa U. Imo, Queen Chikwendu, Jonathan Ajuma, Mario Banuelos

Abstract:

Background: Sociocultural norms primarily influence the health-seeking behavior of populations in rural communities. In the Nkporo community, Abia State, Nigeria, their sociocultural perception of diseases runs counter to biomedical definitions, wherein they rely heavily on traditional medicine and practices. In a state where birth asphyxia and sepsis account for the significant causes of death for neonates, malaria leads to the causes of other mortalities, followed by common preventable diseases such as diarrhea, pneumonia, acute respiratory tract infection, malnutrition, and HIV/AIDS. Most local mothers attribute their health conditions and that of their children to witchcraft attacks, the hand of God, and ancestral underlining. This influences how they see antenatal and postnatal care, choice of place of accessing care and birth delivery, response to children's illnesses, immunization, and nutrition. Method: To implement a community health improvement program, we adopted an asset-based community development model to address health's normative and social determinants. The first step was to use a qualitative approach to conduct a community health needs baseline assessment, involving focus group discussions with twenty-five (25) youths aged 18-25, semi-structured interviews with ten (10) officers-in-charge of primary health centers, eight (8) ward health committee members, and nine (9) community leaders. Secondly, we designed an intervention program. Going forward, we will proceed with implementing and evaluating this program. Result: The priority needs identified by the communities were malaria, lack of clean drinking water, and the need for behavioral change information. The study also highlighted the significant influence of youths on their peers, family, and community as caregivers and information interpreters. Based on the findings, the NGO SieDi-Hub collaborated with the Abia State Ministry of Health, the State Primary Healthcare Agency, and Empower Next Generations to design a one-year "Community Health Youth Champions Pilot Program." Twenty (20) youths in the community were trained and equipped to champion a participatory approach to bridging the gap between access and delivery of primary healthcare, to adjust sociocultural norms to improve health equity for people in Nkporo community – with limited education, lack of access to health information, and quality healthcare facilities using an innovative community-led improvement approach. Conclusion: Youths play a vital role in achieving health equity, being a vulnerable population with significant influence. To ensure effective primary healthcare, strategies must include cultural humility. The asset-based community development model offers valuable tools, and this article will share ongoing lessons from the intervention's behavioral change strategies with young people.

Keywords: asset-based community development, community health, primary health systems strengthening, youth empowerment

Procedia PDF Downloads 92

Authors: Julio Vicente Cateia

Abstract:

This study aims to analyze the economic impacts of infrastructure investment in Africa, focusing on the Guinea-Bissau economy. Through a dynamic CGE model, we find that the natural resource revenues (or aid)-funded infrastructure investments generate externalities that increase factor returns. The private investment improvements propagate externalities effects on GDP and job opportunities outcomes. Household income and consumption were positively impacted, though the poorer benefited the most. The income inequality has reduced. However, funding by the mix of debt and direct taxes produces opposite effects. We suggest a potential pro-poor growth agenda in Africa.

Keywords: infrastructure investment, poverty alleviation, CGE modeling, African economies, applied economics

Procedia PDF Downloads 139

Authors: Darrol Stanley, Levan Efremidze, Jannie Rossouw

Abstract:

We investigate the predictability of the USD/ZAR (South African Rand) exchange rate with sample entropy analytics for the period of 2004-2015. We calculate sample entropy based on the daily data of the exchange rate and conduct empirical implementation of several market timing rules based on these entropy signals. The dynamic investment portfolio based on entropy signals produces better risk adjusted performance than a buy and hold strategy. The returns are estimated on the portfolio values in U.S. dollars. These results are preliminary and do not yet account for reasonable transactions costs, although these are very small in currency markets.

Keywords: currency trading, entropy, market timing, risk factor model

Procedia PDF Downloads 271

Authors: Fayomi Oluyemi, Ajayi Lady

Abstract:

This article raises the question of political leadership in the context of womens' roles and responsibilities in Nigeria. The leadership question in Nigeria is disquieting to both academics and policy actors. In a democratic society like Nigeria, the parameters for a well-deserved leadership position is characterised by variables of equity, competence, transparency, accountability, selflessness, and commitment to the tenets of democracy, but the failure of leadership is pervasive in all spheres of socio-political sectors in Nigeria. The paper appraises the activities of Nigerian women in the socio-political arena in Nigeria. It traces their leadership roles from pre-colonial through post-colonial eras with emphasis on 1914 till date. It is argued in the paper that gender imbalance in leadership is a bane to peaceful co-existence and development in Nigeria. It is a truism that gender-blind and gender biased political agendas can distort leadership activities. The extent of their contributions of the few outstanding women’s relative tranquility is highlighted in the theoretical discourse. The methodology adopted for this study is an exploratory study employing the extended case method (ECM). The study was carried out among some selected Nigerian women politicians and academics. Because of ECM's robustness as a qualitative research design, it has helped this study in identifying the challenges of these women thematically and also in constructing valid and reliable measures of the constructs. The study made use of ethnography and triangulation, the latter of which is used by qualitative researchers to check and establish validity in their studies by analyzing a research question from multiple perspectives, specifically Investigator triangulation which involves using several different investigators in the analysis process. Typically, this manifests as the evaluation team consisting of colleagues within a field of study wherein each investigator examines the question of political leadership with the same qualitative method (interview, observation, case study, or focus groups). In addition, data was collated through documentary sources like journals, books, magazines, newspapers, and internet materials. The arguments of this paper center on gender equity of both sexes in socio-political representation and effective participation. The paper concludes with the need to effectively maintain gender balance in leadership in order to enhance lasting peace and unity in Nigeria.

Keywords: gender, politics, leadership, women

Procedia PDF Downloads 448

Authors: Matěj Kuc

Abstract:

This paper compares different types of profitability measures of cooperative banks from two developed regions: the European Union and the United States of America together with Canada. We created balanced dataset of more than 200 cooperative banks covering 2011-2016 period. We made series of tests and run Random Effects estimation on panel data. We found that American and Canadian cooperatives are more profitable in terms of return on assets (ROA) and return on equity (ROE). There is no significant difference in net interest margin (NIM). Our results show that the North American cooperative banks accommodated better to the current market environment.

Keywords: cooperative banking, panel data, profitability measures, random effects

Procedia PDF Downloads 113

Authors: Tian Lan

Abstract:

Arbitrageurs participate in a variety of techniques in response to the existence of fluctuating sentiment, resulting in sparse sentiment exposures. This paper found that Commodity Trading Advisor (CTA) funds in the top decile rated by sentiment beta outperformed those in the bottom decile by 0.33% per month on a risk-adjusted basis, with the difference being larger among skilled managers. This paper also discovered that around ten percent of Commodity Trading Advisor (CTA) funds could accurately predict market sentiment, which has a positive correlation with fund sentiment beta and acts as a determinant in fund performance. Instead of betting against mispricing, this research demonstrates that a competent manager can achieve remarkable returns by forecasting and reacting to shifts in investor sentiment.

Keywords: investment sentiment, CTA fund, market timing, fund performance

Procedia PDF Downloads 84

Authors: Jin-Hee Kim

Abstract:

The way that globalization distinguishes itself from the previous changes is scope and intensity of changes, which together affect many parts of a nation’s system. In this way, globalization has its relation with the concept of ‘internationalization’ in that a nation state formulates a set of strategies in many areas of its governance to actively react to it. In short, globalization is a ‘catalyst,’ and internationalization is a ‘response’. In this regard, the field of higher education is one of the representative cases that globalization has several consequences that change the terrain of national policy-making. Started and been dominated mainly by the Western world, it has now been expanded to the ‘late movers,’ such as Asia-Pacific countries. The case of internationalization of Korean higher education is, therefore, located in a unique place in this arena. Yet Korea still is one of the major countries of sending its students to the so-called, ‘first world.’ On the other hand, it has started its effort to recruit international students from the world to its higher education system. After new Millennium, particularly, internationalization of higher education has been launched in its full-scale and gradually been one of the important global policy agenda, striving in both ways by opening its turf to foreign educational service providers and recruiting prospective students from other countries. Particularly the latter, recruiting international students, has been highlighted under the government project named ‘Study Korea,’ launched in 2004. Not only global, but also local issues and motivations were based to launch this nationwide project. Bringing international students means various desirable economic outcomes such as reducing educational deficit as well as utilizing them in Korean industry after the completion of their study, to name a few. In addition, in a similar vein, Korea's higher education institutes have started to have a new comers of adult learners. When it comes to the questions regarding the quality and access of this new learning agency, the answer is quite tricky. This study will investigate the different dimension of education provision and learning process to empower diverse group regardless of nationality, race, class and gender in Korea. Listening to the voices of international students and adult learning as non-traditional participants in a changing Korean higher educational space not only benefit students themselves, but Korean stakeholders who should try to accommodate more comprehensive and fair educational provisions for more and more diversifying groups of learners.

Keywords: education equity, access, globalisation, international students, adult learning, learning support

Procedia PDF Downloads 209

Authors: Rodrigo Zeidan

Abstract:

The paper identifies failures of decision making and corporate governance that allow non-financial companies around the world to develop hedging strategies that lead to hefty losses in the aftermath of the financial crisis. The sample is comprised of 346 companies from 10 international markets, of which 49 companies (and a subsample of 13 distressed companies) lose a combined US$18.9 billion. An event study shows that most companies that present losses in derivatives experience negative abnormal returns, including a number of companies in which the effect is persistent after a year. The results of a probit model indicate that the lack of a formal hedging policy, no monitoring to the CFOs, and considerations of hubris and remuneration contribute to the mismanagement of hedging policies.

Keywords: risk management, hedging, derivatives, monitoring, corporate governance structure, event study, hubris

Procedia PDF Downloads 442

Authors: P. Kavuma, J. Mukasa, M. Lusunku

Abstract:

Background and Problem: The widespread poverty in Africa- together with the negative impacts of climate change-are two great global challenges that call for everyone’s involvement including Architects. This in particular places serious challenges on architects to have additional skills in both Entrepreneurship and Environmental Design (SEED). Regrettably, while Architectural Training in most African Universities including those from Uganda lack comprehensive implementation of SEED in their curricula, regulatory bodies have not contributed towards the effective integration of SEED in their professional practice. In response to these challenges, Nkumba University (NU) under Architect Kavuma Paul supported by the Uganda Chambers of Architects– initiated the SEED integration in the undergraduate Architectural curricula to cultivate SEED know-how and examples of best practices. Main activities: Initiated in 2007, going beyond the traditional Architectural degree curriculum, the NU Architect department offers SEED courses including provoking passions for creating desirable positive changes in communities. Learning outcomes are assessed theoretically and practically through field projects. The first set of SEED graduates came out in 2012. As part of the NU post-graduation and alumni survey, in October 2014, the pioneer SEED graduates were contacted through automated reminder emails followed by individual, repeated personal follow-ups via email and phone. Out of the 36 graduates who responded to the survey, 24 have formed four (4) private consortium agencies of 5-7 graduates all of whom have pioneered Ugandan-own-cultivated Architectural social projects that include: fishing farming in shipping containers; solar powered mobile homes in shipping containers, solar powered retail kiosks in rural and fishing communities, and floating homes in the flood-prone areas. Primary outcomes: include being business self –reliant in creating the social change the architects desired in the communities. Examples of the SEED project returns to communities reported by the graduates include; employment creation via fabrication, retail business, marketing, improved diets, safety of life and property, decent shelter in the remote mining and oil exploration areas. Negative outcomes-though not yet evaluated include the disposal of used-up materials. Conclusion: The integration of SEED in Architectural Training has established a baseline benchmark and a replicable model based on best practice projects.

Keywords: architectural training, entrepreneurship, environment, integration

Procedia PDF Downloads 403

Authors: Madina Alimova, Margulan Ibraimov, Ayan Tileu

Abstract:

The paper describes methods for obtaining porous structures with the properties of a silicon-based memristor and explains the electrical properties of porous silicon films. Based on the results, there is a positive shift in the current-voltage characteristics (CVC) after each measurement, i.e., electrical properties depend not only on the applied voltage but also on the previous state. After 3 minutes of rest, the film returns to its original state (reset). The method for obtaining a porous silicon nanofilm with the properties of a memristor is simple and does not require additional effort. Based on the measurement results, the typical memristive behavior of the porous silicon nanofilm is analyzed.

Keywords: porous silicon, current-voltage characteristics, memristor, nanofilms

Procedia PDF Downloads 130

Authors: Mingming Leng

Abstract:

Wal-Mart has allocated considerable human resources for its quality assurance program, in which the largest retailer serves its supply chains as a quality gatekeeper. Asda Stores Ltd., the second largest supermarket chain in Britain, is now investing £27m in significantly increasing the frequency of quality control checks in its supply chains and thus enhancing quality across its fresh food business. Moreover, Tesco, the largest British supermarket chain, already constructed a quality assessment center to carry out its gatekeeping responsibility. Motivated by the above practices, we consider a supply chain in which a retailer plays the gatekeeping role in quality assurance by identifying defects among a manufacturer's products prior to selling them to consumers. The impact of a retailer's gatekeeping activity on pricing and quality assurance in a supply chain has not been investigated in the operations management area. We draw a number of managerial insights that are expected to help practitioners judiciously consider the quality gatekeeping effort at the retail level. As in practice, when the retailer identifies a defective product, she immediately returns it to the manufacturer, who then replaces the defect with a good quality product and pays a penalty to the retailer. If the retailer does not recognize a defect but sells it to a consumer, then the consumer will identify the defect and return it to the retailer, who then passes the returned 'unidentified' defect to the manufacturer. The manufacturer also incurs a penalty cost. Accordingly, we analyze a two-stage pricing and quality decision problem, in which the manufacturer and the retailer bargain over the manufacturer's average defective rate and wholesale price at the first stage, and the retailer decides on her optimal retail price and gatekeeping intensity at the second stage. We also compare the results when the retailer performs quality gatekeeping with those when the retailer does not. Our supply chain analysis exposes some important managerial insights. For example, the retailer's quality gatekeeping can effectively reduce the channel-wide defective rate, if her penalty charge for each identified de-fect is larger than or equal to the market penalty for each unidentified defect. When the retailer imple-ments quality gatekeeping, the change in the negotiated wholesale price only depends on the manufac-turer's 'individual' benefit, and the change in the retailer's optimal retail price is only related to the channel-wide benefit. The retailer is willing to take on the quality gatekeeping responsibility, when the impact of quality relative to retail price on demand is high and/or the retailer has a strong bargaining power. We conclude that the retailer's quality gatekeeping can help reduce the defective rate for consumers, which becomes more significant when the retailer's bargaining position in her supply chain is stronger. Retailers with stronger bargaining powers can benefit more from their quality gatekeeping in supply chains.

Keywords: bargaining, game theory, pricing, quality, supply chain

Procedia PDF Downloads 277

Authors: Santi Mutiara Asih, Sinta Kemala Asih

Abstract:

Along with the development of tourism in Indonesia, which is increasingly a lot of domestic and foreign public interest in sharia tourism, the Indonesian government is currently developing the program. It was seen that this program would have a good impact, especially for Indonesian tourism. So it is necessary to develop appropriate marketing strategies. Then to develop tourism prospects sharia government could use such a marketing strategy, for instance, marketing mix and Segmenting, Targeting, and Positioning (STP). The marketing mix is a set of marketing tools used by a state or a company to continue achieving its marketing objectives in target market. STP is the most important initial step in identifying customer value. In such away, it is expected from the use of this strategy could make sharia tourism as a market leader in the field of tourism in Indonesia, it also could attract more tourists to visit and increase economic returns.

Keywords: STP, marketing mix, market leader, sharia tourism

Procedia PDF Downloads 769

Authors: Flora Babongo, Valerie Chavez

Abstract:

Inferring causality from observational data is one of the fundamental subjects, especially in quantitative finance. So far most of the papers analyze additive noise models with either linearity, nonlinearity or Gaussian noise. We fill in the gap by providing a nonlinear and non-gaussian causal multiplicative noise model that aims to distinguish the cause from the effect using a two steps method based on Bayesian additive models for location, scale and shape (BAMLSS) and on causal additive models (CAM). We have tested our method on simulated and real data and we reached an accuracy of 0.86 on average. As real data, we considered the causality between financial indices such as S&P 500, Nasdaq, CAC 40 and Nikkei, and companies' log-returns. Our results can be useful in inferring causality when the data is heteroskedastic or non-injective.

Keywords: causal inference, DAGs, BAMLSS, financial index

Procedia PDF Downloads 151

Authors: Pauline E. Ngo-Henha

Abstract:

Existing turnover intention theories are reviewed in this paper. This review was conducted with the help of the search keyword “turnover intention theories” in Google Scholar during the month of July 2017. These theories include: The Theory of Organizational Equilibrium (TOE), Social Exchange Theory, Job Embeddedness Theory, Herzberg’s Two-Factor Theory, the Resource-Based View, Equity Theory, Human Capital Theory, and the Expectancy Theory. One of the limitations of this review paper is that data were only collected from Google Scholar where many papers were sometimes not freely accessible. However, this paper attempts to contribute to the research in clarifying the distinction between theories and models in the context of turnover intention.

Keywords: Literature Review, Theory, Turnover, Turnover intention

Procedia PDF Downloads 455

Authors: Osman Adiguzel

Abstract:

Shape memory effect is a peculiar property exhibited by certain alloy systems and based on martensitic transformation, and shape memory properties are closely related to the microstructures of the material. Shape memory effect is linked with martensitic transformation, which is a solid state phase transformation and occurs with the cooperative movement of atoms by means of lattice invariant shears on cooling from high-temperature parent phase. Lattice twinning and detwinning can be considered as elementary processes activated during the transformation. Thermally induced martensite occurs as martensite variants, in self-accommodating manner and consists of lattice twins. Also, this martensite is called the twinned martensite or multivariant martensite. Deformation of shape memory alloys in martensitic state proceeds through a martensite variant reorientation. The martensite variants turn into the reoriented single variants with deformation, and the reorientation process has great importance for the shape memory behavior. Copper based alloys exhibit this property in metastable β- phase region, which has DO3 –type ordered lattice in ternary case at high temperature, and these structures martensiticaly turn into the layered complex structures with lattice twinning mechanism, on cooling from high temperature parent phase region. The twinning occurs as martensite variants with lattice invariant shears in two opposite directions, <110 > -type directions on the {110}- type plane of austenite matrix. Lattice invariant shear is not uniform in copper based ternary alloys and gives rise to the formation of unusual layered structures, like 3R, 9R, or 18R depending on the stacking sequences on the close-packed planes of the ordered lattice. The unit cell and periodicity are completed through 18 atomic layers in case of 18R-structure. On the other hand, the deformed material recovers the original shape on heating above the austenite finish temperature. Meanwhile, the material returns to the twinned martensite structures (thermally induced martensite structure) in one way (irreversible) shape memory effect on cooling below the martensite finish temperature, whereas the material returns to the detwinned martensite structure (deformed martensite) in two-way (reversible) shape memory effect. Shortly one can say that the microstructural mechanisms, responsible for the shape memory effect are the twinning and detwinning processes as well as martensitic transformation. In the present contribution, x-ray diffraction, transmission electron microscopy (TEM) and differential scanning calorimetry (DSC) studies were carried out on two copper-based ternary alloys, CuZnAl, and CuAlMn.

Keywords: shape memory effect, martensitic transformation, twinning and detwinning, layered structures

Procedia PDF Downloads 428

Authors: Matthew Morey, Aron Gottesman

Abstract:

This paper examines the relationship between mutual fund governance and the activeness of equity mutual funds. Using a fund’s corporate culture as a proxy for its governance and controlling for other variables, we find that funds with the better governance are significantly more active than other funds. Further, we find the probability of finding a highly active fund increases significantly as the governance of the fund improves. We also find some evidence that the probability of finding a closet index fund increases as the governance of the fund declines. These results demonstrate that mutual fund governance should be considered carefully when making mutual fund investment decisions.

Keywords: active, share, mutual funds, economics

Procedia PDF Downloads 335

Authors: Tareq N. Issa

Abstract:

The main pressuring challenges of global competition and high returns have forced businesses to shift their strategic competitive advantage from physical distribution management to integrated logistics management, finally moving into supply chain management. Conventionally, corporate profitability is a function of cost, capital employed, revenue and customer service. This article gives an insight into the effect of supply chain management on each of the above variables. It investigates the impact of the changing levels/ effects of these variables on corporate profitability and the means of measuring supply chain financial effectiveness. Information technology tools form the basis for supply chain optimal performance through alignment of supply chain systems in this ever increasing complexity in business decisions.

Keywords: corporate profitability, sypply chain systems, business decisions, competitive advanage

Procedia PDF Downloads 336

Authors: Katarzyna Olcoń, Rose M. Pulliam, Dorie J. Gilbert

Abstract:

This article examines the impact of learning about the history of racial oppression on U.S. university students who participated in a Ghana study abroad which involved visiting the former slave dungeons. Relying on ethnographic observations, individual interviews, and written journals of 27 students (predominantly White and Latino/a and social work majors), we identified four themes: (1) the suffering and resilience of African and African descent people; (2) ‘it’s still happening today’; (3) ‘you don’t learn about that in school’; and (4) remembrance, equity, and healing.

Keywords: racial oppression, anti-racism pedagogy, student learning, social work education, study abroad

Procedia PDF Downloads 118

Authors: Mokhtar Nikgoo

Abstract:

Civil engineering is one of the disciplines that shows the application of science in creating construction and civil engineering. That is, everything that returns to the population of a country, such as dams, airports, roads, bridges, towers, tunnels, telecommunication towers, buildings resistant to earthquakes, floods and fires, power plants and light, cheap and quality materials for construction. And the construction is included in the scope of work of the civil engineer. Civil engineering covers a wide range of tasks. That is, for the construction of buildings, bridges, towers, tunnels, roads, silos, or sewage networks, an efficient civil engineer is needed at the beginning, in addition to complying with the technical and operational aspects, he also works economically. Because being economical is a principle in civil engineering. Is. This field at the undergraduate level has three majors: civil-building, civil-mapping and civil-water.

Keywords: civil engineering, construction, surveying, mapping, pile

Procedia PDF Downloads 84

Authors: Bylhah Mugotitsa, Jim Todd, Agnes Kiragga, Jay Greenfield, Evans Omondi, Lukoye Atwoli, Reinpeter Momanyi

Abstract:

The INSPIRE network aims to build an open, ethical, sustainable, and FAIR (Findable, Accessible, Interoperable, Reusable) data science platform, particularly for longitudinal mental health (MH) data. While studies have been done at the clinical and population level, there still exists limitations in data and research in LMICs, which pose a risk of underrepresentation of mental disorders. It is vital to examine the existing longitudinal MH data, focusing on how FAIR datasets are. This landscape analysis aimed to provide both overall level of evidence of availability of longitudinal datasets and degree of consistency in longitudinal studies conducted. Utilizing prompters proved instrumental in streamlining the analysis process, facilitating access, crafting code snippets, categorization, and analysis of extensive data repositories related to depression, anxiety, and psychosis in Africa. While leveraging artificial intelligence (AI), we filtered through over 18,000 scientific papers spanning from 1970 to 2023. This AI-driven approach enabled the identification of 228 longitudinal research papers meeting inclusion criteria. Quality assurance revealed 10% incorrectly identified articles and 2 duplicates, underscoring the prevalence of longitudinal MH research in South Africa, focusing on depression. From the analysis, evaluating data and metadata adherence to FAIR principles remains crucial for enhancing accessibility and quality of MH research in Africa. While AI has the potential to enhance research processes, challenges such as privacy concerns and data security risks must be addressed. Ethical and equity considerations in data sharing and reuse are also vital. There’s need for collaborative efforts across disciplinary and national boundaries to improve the Findability and Accessibility of data. Current efforts should also focus on creating integrated data resources and tools to improve Interoperability and Reusability of MH data. Practical steps for researchers include careful study planning, data preservation, machine-actionable metadata, and promoting data reuse to advance science and improve equity. Metrics and recognition should be established to incentivize adherence to FAIR principles in MH research

Keywords: longitudinal mental health research, data sharing, fair data principles, Africa, landscape analysis

Procedia PDF Downloads 89

Authors: Ashenafi Beyene Fanta, Daniel Makina

Abstract:

Economic theory predicts that finance promotes economic growth. Although the finance-growth link is among the most researched areas in financial economics, our understanding of the link between the two is still incomplete. This is caused by, among others, wrong econometric specifications, using weak proxies of financial development, and inability to address the endogeneity problem. Studies on the finance growth link in South Africa consistently report economic growth driving financial development. Early studies found that economic growth drives financial development in South Africa, and recent studies have confirmed this using different econometric models. However, the monetary aggregate (i.e. M2) utilized used in these studies is considered a weak proxy for financial development. Furthermore, the fact that the models employed do not address the endogeneity problem in the finance-growth link casts doubt on the validity of the conclusions. For this reason, the current study examines the finance growth link in South Africa using data for the period 1990 to 2011 by employing a generalized method of moments (GMM) technique that is capable of addressing endogeneity, simultaneity and omitted variable bias problems. Unlike previous cross country and country case studies that have also used the same technique, our contribution is that we account for the development of bond markets and non-bank financial institutions rather than being limited to stock market and banking sector development. We find that bond market development affects economic growth in South Africa, and no similar effect is observed for the bank and non-bank financial intermediaries and the stock market. Our findings show that examination of individual elements of the financial system is important in understanding the unique effect of each on growth. The observation that bond markets rather than private credit and stock market development promotes economic growth in South Africa induces an intriguing question as to what unique roles bond markets play that the intermediaries and equity markets are unable to play. Crucially, our results support observations in the literature that using appropriate measures of financial development is critical for policy advice. They also support the suggestion that individual elements of the financial system need to be studied separately to consider their unique roles in advancing economic growth. We believe that our understanding of the channels through which bond market contribute to growth would be a fertile ground for future research.

Keywords: bond market, finance, financial sector, growth

Procedia PDF Downloads 422

Authors: G. L. C. Yap

Abstract:

Modelling realized volatility with high-frequency returns is popular as it is an unbiased and efficient estimator of return volatility. A computationally simple model is fitting the logarithms of the realized volatilities with a fractionally integrated long-memory Gaussian process. The Gaussianity assumption simplifies the parameter estimation using the Whittle approximation. Nonetheless, this assumption may not be met in the finite samples and there may be a need to normalize the financial series. Based on the empirical indices S&P500 and DAX, this paper examines the performance of the linear volatility model pre-treated with normalization compared to its existing counterpart. The empirical results show that by including normalization as a pre-treatment procedure, the forecast performance outperforms the existing model in terms of statistical and economic evaluations.

Keywords: Gaussian process, long-memory, normalization, value-at-risk, volatility, Whittle estimator

Procedia PDF Downloads 354

Authors: Saad Bin Nasir

Abstract:

The research will examine the role of corporate governance (CG) practices on firm’s financial performance. Population of this research will be manufacture sector of Pakistan. For the purposes of measurement of impact of corporate governance practices such as board size, board independence, ceo/chairman duality, will take as independent variables and for the measurement of firm’s performance return on assets and return on equity will take as dependent variables. Panel data regression model will be used to estimate the impact of CG on firm performance.

Keywords: corporate governance, board size, board independence, leadership

Procedia PDF Downloads 524

Authors: Shashwat Gangwal

Abstract:

This paper analyses the effect of adding Bitcoin, to the portfolio (stocks, bonds, Baltic index, MXEF, gold, real estate and crude oil) of an international investor by using daily data available from 2^nd of July, 2010 to 2^{nd of} August, 2016. We conclude that adding Bitcoin to portfolio, over the course of the considered period, always yielded a higher Sharpe ratio. This means that Bitcoin’s returns offset its high volatility. This paper, recognizing the fact that Bitcoin is a relatively new asset class, gives the readers a basic idea about the working of the virtual currency, the increasing number developments in the financial industry revolving around it, its unique features and the detailed look into its continuously growing acceptance across different fronts (Banks, Merchants and Countries) globally. We also construct optimal portfolios to reflect the highly lucrative and largely unexplored opportunities associated with investment in Bitcoin.

Keywords: bitcoin, financial instruments, portfolio management, risk adjusted return

Procedia PDF Downloads 231

Authors: Olufunke Olufunmilayo Ilemobayo, Barakat. O Abdulazeez

Abstract:

Profit making among poultry egg farmers has been a challenge to efficient distribution of scarce farm resources over the years, due majorly to low capital base, inefficient management, technical inefficiency, economic inefficiency, thus poultry egg production has moved into an underperformed situation, characterised by low profit margin. Though previous studies focus mainly on broiler production and efficiency of its production, however, paucity of information exist in the areas of profit efficiency in the study area. Hence, determinants of profit efficiency among poultry egg farmers in Ondo State, Nigeria were investigated. A purposive sampling technique was used to obtain primary data from poultry egg farmers in Owo and Akure local government area of Ondo State, through a well-structured questionnaire. socio-economic characteristics such as age, gender, educational level, marital status, household size, access to credit, extension contact, other variables were input and output data like flock size, cost of feeder and drinker, cost of feed, cost of labour, cost of drugs and medications, cost of energy, price of crate of table egg, price of spent layers were variables used in the study. Data were analysed using descriptive statistics, budgeting analysis, and stochastic profit function/inefficiency model. Result of the descriptive statistics shows that 52 per cent of the poultry farmers were between 31-40 years, 62 per cent were male, 90 per cent had tertiary education, 66 per cent were primarily poultry farmers, 78 per cent were original poultry farm owners and 55 per cent had more than 5 years’ work experience. Descriptive statistics on cost and returns indicated that 64 per cent of the return were from sales of egg, while the remaining 36 per cent was from sales of spent layers. The cost of feeding take the highest proportion of 69 per cent of cost of production and cost of medication the lowest (7 per cent). A positive gross margin of N5, 518,869.76, net farm income of ₦ 5, 500.446.82 and net return on investment of 0.28 indicated poultry egg production is profitable. Equipment’s cost (22.757), feeding cost (18.3437), labour cost (136.698), flock size (16.209), drug and medication cost (4.509) were factors that affecting profit efficiency, while education (-2.3143), household size (-18.4291), access to credit (-16.027), and experience (-7.277) were determinant of profit efficiency. Education, household size, access to credit and experience in poultry production were the main determinants of profit efficiency of poultry egg production in Ondo State. Other factors that affect profit efficiency were cost of feeding, cost of labour, flock size, cost of drug and medication, they positively and significantly influenced profit efficiency in Ondo State, Nigeria.

Keywords: cost and returns, economic inefficiency, profit margin, technical inefficiency

Procedia PDF Downloads 129

Authors: Yu-Shan Hsu

Abstract:

This paper studies a two-sector growth model with a technology of social constant returns and with a utility that features either a zero or a positive income effect on the demand for leisure. The purpose is to investigate how the existence of aggregate instability or equilibrium indeterminacy depends on both the intensity of the income effect on the demand for leisure and the value of the labor supply elasticity. The main finding is that when there is a factor intensity reversal between the private perspective and the social perspective, indeterminacy arises even if the utility has a positive income effect on leisure demand. Moreover, we find that a smaller value of the labor supply elasticity increases the range of the income effect on leisure demand and thus increases the possibility of equilibrium indeterminacy. JEL classification: E3; O41

Keywords: indeterminacy, non-separable preferences, income effect, labor supply elasticity

Procedia PDF Downloads 177

Authors: Kuen-Ming Shu, Cheng-Yu Chen

Abstract:

A vibrating-fork sensor can measure the level height of solids and liquids and operates according to the principle that vibrations created by piezoelectric ceramics are transmitted to the vibrating fork, which produces resonance. When the vibrating fork touches an object, its resonance frequency changes and produces a signal that returns to a controller for immediate adjustment, so as to effectively monitor raw material loading. The design of the vibrating fork in a vibrating-fork material sensor is crucial. In this paper, ANSYS finite element analysis software is used to perform modal analysis on the vibrations of the vibrating fork. In addition, to design and produce a superior vibrating fork, the dimensions and welding shape of the vibrating fork are compared in a simulation performed using the Taguchi method.

Keywords: vibrating fork, piezoelectric ceramics, sound wave, ANSYS, Taguchi method, modal analysis

Procedia PDF Downloads 249

Authors: Wen-Shan Lin, Shu-Lu Hsu

Abstract:

Environmental concern and consumer rights have entailed e-tailers to adopt better strategies to facilitate product returns from customers. As the demand for reverse logistics (RL) continues to grow, little is known about what motivates e-tailers to enhance their RL capabilities and about the role RL capabilities plays in enabling e-tailers to achieve better customer satisfaction and economic performance. Based on resource-based theory and institutional theory, this article proposes that the following factors play a critical role in influencing the RL capability of e-tailers: (a) Financial resource commitment to RL, (b) managerial resource commitment to RL, and (c) institutional pressure to implement RL. Based on the role of these factors, the study provides a framework and propositions that serve to guide future research addressing the link among resources, institutional pressure, and RL capability.

Keywords: reverse logistics, e-tailing, resource-based theory, institutional theory

Procedia PDF Downloads 449

Authors: Mohammad Iqbal Maiik

Abstract:

Islamic marketing ethics combines the principle of value maximization with the principles of equity and justice for the welfare of the society. Adherence to the Islamic ethics in the Islamic banking industry can help elevate the standards of both behavior and living of bankers and customers alike. In a rapidly changing marketing environment, the need to be customer-focused has never been as important as it is today. At present where customers are becoming more demanding and increasingly mobile between competing financial providers, being customer-focused is not enough. Islamic banks and more specifically their customer-contact employees (customer relation advisers or officers) need to be perceived by their customers as being Islamic. This study represents an initial step in analyzing the role of Islamic ethical sales behavior as it may be perceived by the customers of Islamic Banks.

Keywords: Islam, ethics, marketing, Islamic banks

Procedia PDF Downloads 420