Search results for: financial constraints

Authors: Rute Abreu, Fátima David, Liliane Cristina Segura

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The Deposit Guarantee Fund (DGF) and its communication with the Society, in general, and with the deposit client of Financial Institutions, in particular, is discussed through the challenges of the accounting and financial report. The Bank of Portugal promotes the Portuguese Deposit Guarantee Fund (PDGF) as a financial institution that enhanced the market confidence and stability on the deposit-insurance system. Due to the nature of their functions, it must be subject to regulation and supervision that provides a first line of defense against adversely affect confidence on the Portuguese financial market. First, this research provides evidence of the effectiveness of the protection mechanisms on the deposit insurance system, which provides high and equal protection to all stakeholders. Second, it emphasizes the need of requirements of rigorous accounting process and effective financial report to reduce the moral hazard implications. Third, this research focuses on the need of total disclosure of the financial information which gives higher transparency and protection to deposit client of financial institutions.

Keywords: Deposit Guarantee Fund, Portugal, Accounting, Financial Report.

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Authors: Tasawar Nawaz

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Promotion of socioeconomic justice through redistribution of wealth is one of the most salient features of Islamic economic system. Islamic financial institutions known as Islamic banks are used to implement this in practice under the guidelines of Islamic Shariah law. Islamic banking systems strive to promote and achieve financial inclusion among the society by offering interest-free banking and risk-sharing financing solutions. Shariah-compliant micro finance is one of the most popular financial instruments used by Islamic banks to enhance access to finance. Benevolent loan (or Qard-al-Hassanah) is one of the popular financial tools used by the Islamic banks to promote financial inclusion. This aspect of Islamic banking is empirically examined in this paper with specific reference to firm’s resources, largely defined here as intellectual capital. The paper finds that Islamic banks promote financial inclusion by exploiting available resources especially, the human intellectual capital.

Keywords: Financial inclusion, intellectual capital, Qard-al-Hassanah, Islamic banking.

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Authors: Mubarak Alhajri

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This paper addresses certain inherent limitations of local priority hysteresis switching logic. Our main result establishes that under persistent excitation assumption, it is possible to relax constraints requiring strict positivity of local priority and hysteresis switching constants. Relaxing these constraints allows the adaptive system to reach optimality which implies the performance improvement. The unconstrained local priority hysteresis switching logic is examined and conditions for global convergence are derived.

Keywords: Adaptive control, convergence, hysteresis constant, hysteresis switching.

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Authors: N. Phanthuna V. Phupha N. Rugthaicharoencheep, S. Lerdwanittip

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This paper presents an optimization technique to economic load dispatch (ELD) problems with considering the daily load patterns and generator constraints using a particle swarm optimization (PSO). The objective is to minimize the fuel cost. The optimization problem is subject to system constraints consisting of power balance and generation output of each units. The application of a constriction factor into PSO is a useful strategy to ensure convergence of the particle swarm algorithm. The proposed method is able to determine, the output power generation for all of the power generation units, so that the total constraint cost function is minimized. The performance of the developed methodology is demonstrated by case studies in test system of fifteen-generation units. The results show that the proposed algorithm scan give the minimum total cost of generation while satisfying all the constraints and benefiting greatly from saving in power loss reduction

Keywords: Particle Swarm Optimization, Economic Load Dispatch, Generator Constraints.

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Authors: Piotr Prewysz-Kwinto

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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: Derivatives, exchange traded products, financial instruments, financial market, risk, stock exchange.

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Authors: Vasudev Das

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The specific problem is that private and public organizational leaders often do not understand the importance of sonic therapeutic intervention in preventing financial fraud. The study aimed to explore sonic therapeutic intervention practitioners' lived experiences regarding the value of sonic therapeutic intervention in preventing financial fraud. The data collection methods were semi-structured interviews of purposeful samples and documentary reviews, which were analyzed thematically. Four themes emerged from the analysis of interview transcription data: Sonic therapeutic intervention enabled self-control, pro-spiritual values, consequentiality mindset, and post-conventional consciousness. The itemized four themes helped non-engagement in financial fraud. Implications for positive social change include enhanced financial fraud management, more significant financial leadership, and result-oriented decision-taking in the financial market. Also, the study results can improve the increased de-escalation of anxiety/stress associated with defrauding.

Keywords: consciousness, consequentiality, rehabilitation, reintegration

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Authors: Maria Damian, Carmen G. Bonaci, Jiří Strouhal, Razvan V. Mustata, Dumitru Matis, Jiřina Bokšová

Abstract:

In the current context of globalization, a large number of companies sought to develop as a group in order to reach to other markets or meet the necessary criteria for listing on a stock exchange. The issue of consolidated financial statements prepared by a parent, an investor or a venture and the financial reporting standards guiding them therefore becomes even more important. The aim of our paper is to expose this issue in a consistent manner, first by summarizing the international accounting and financial reporting standards applicable before the 1st of January 2013 and considering the role of the crisis in shaping the standard setting process, and secondly by analyzing the newly issued/modified standards and main changes being brought

Keywords: Consolidated financial statements, control, IFRS 10, financial crisis.

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Authors: Ali Ihtiyar, Serdar Durdyev, Syuhaida Ismail

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Marketing is an essential issue to the survival of any real estate company in Turkey. There are some factors which are constraining the achievements of the marketing and sales strategies in the Turkey real estate industry. This study aims to identify and prioritise the most significant constraints to marketing in real estate sector and new strategies based on those constraints. This study is based on survey method, where the respondents such as credit counsellors, real estate investors, consultants, academicians and marketing representatives in Turkey were asked to rank forty seven sub-factors according to their levels of impact. The results of Multiattribute analytical technique indicated that the main subcomponents having impact on marketing in real estate sector are interest rates, real estate credit availability, accessibility, company image and consumer real income, respectively. The identified constraints are expected to guide the marketing team in a sales-effective way.

Keywords: Marketing, marketing constraints, Real estate marketing, Turkey real estate sector

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Authors: Joanna Błach, Anna Doś, Maria Gorczyńska, Monika Wieczorek-Kosmala

Abstract:

Financial innovations can be regarded as the cause and the effect of the evolution of the financial system. Most of financial innovations are created by various financial institutions for their own purposes and needs. However, due to their diversity, financial innovations can be also applied by various business entities (other than financial institutions). This paper focuses on the potential application of financial innovations by non-financial companies. It is assumed that financial innovations may be effectively applied in all fields of corporate financial decisions integrating financial management with the risk management process. Appropriate application of financial innovations may enhance the development of the company and increase its value by improving its financial situation and reducing the level of risk. On the other hand, misused financial innovations may become the source of extra risk for the company threatening its further operation. The main objective of the paper is to identify the major types of financial innovations offered to non-financial companies by the banking system in Poland. It also aims at identifying the main factors determining the creation of financial innovations in the banking system in Poland and indicating future directions of their development. This paper consists of conceptual and empirical part. Conceptual part based on theoretical study is focused on the determinants of the process of financial innovations and their application by the nonfinancial companies. Theoretical study is followed by the empirical research based on the analysis of the actual offer of the 20 biggest banks operating in Poland with regard to financial innovations offered to SMEs and large corporations. These innovations are classified according to the main functions of the integrated financial management, such as financing, investment, working capital management and risk management. Empirical study has proved that the biggest banks operating in the Polish market offer to their business customers many types and classes of financial innovations. This offer appears vast and adequate to the needs and purposes of the Polish non-financial companies. It was observed that financial innovations pertained to financing decisions dominate in the banks’ offer. However, due to high diversification of the offered financial innovations, business customers may effectively apply them in all fields and areas of integrated financial management. It should be underlined, that the banks’ offer is highly dispersed, which may limit the implementation of financial innovations in the corporate finance. It would be also recommended for the banks operating in the Polish market to intensify the education campaign aiming at increasing knowledge about financial innovations among business customers.

Keywords: Banking products and services, banking sector in Poland, corporate financial management, financial innovations, theory of innovation.

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Authors: Safa Adi

Abstract:

This paper will consider the problem of sequential mining patterns embedded in a database by handling the time constraints as defined in the GSP algorithm (level wise algorithms). We will compare two previous approaches GTC and PSP, that resumes the general principles of GSP. Furthermore this paper will discuss PG-hybrid algorithm, that using PSP and GTC. The results show that PSP and GTC are more efficient than GSP. On the other hand, the GTC algorithm performs better than PSP. The PG-hybrid algorithm use PSP algorithm for the two first passes on the database, and GTC approach for the following scans. Experiments show that the hybrid approach is very efficient for short, frequent sequences.

Keywords: Database, GTC algorithm, PSP algorithm, sequential patterns, time constraints.

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Authors: Popoola, C. F., Akinsanya, K., Babarinde, S. B., Farinde, D. A.

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This study investigated published financial statement as correlate of investment decision among commercial bank stakeholders in Nigeria. A correlation research design was used in the study. 180 users of published financial statement were purposively sampled from Lagos and Ibadan. Data generated were analyzed using Pearson correlation and regression. The findings of the study revealed that, balance sheet is negatively related with investment decision (r= -.483; p<.01) while income statement (r= .249; p<.001), notes on the account (r= .230; p<.001), cash flow statement (r= .202; p<.001), value added statement (r= .328; p<.001) and five-year financial summary (r= .191; p<.01) are positively related with investment decision. Findings also revealed that components of published financial statement significantly predicted good investment decision (R²= .983; F_(5,175)=284.5; p<.05) for commercial bank stakeholders. Therefore, it was suggested that Nigeria banks and professional bodies should instigate programs that will increase the knowledge of stakeholders on published financial statement.

Keywords: Commercial banks, Financial statement, Income Statement, Investment decision, Stakeholders.

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Authors: Songtao Chang, Yongji Wang, Lei Liu, Dangjun Zhao

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Reentry trajectory optimization is a multi-constraints optimal control problem which is hard to solve. To tackle it, we proposed a new algorithm named CDEN(Constrained Differential Evolution Newton-Raphson Algorithm) based on Differential Evolution( DE) and Newton-Raphson.We transform the infinite dimensional optimal control problem to parameter optimization which is finite dimensional by discretize control parameter. In order to simplify the problem, we figure out the control parameter-s scope by process constraints. To handle constraints, we proposed a parameterless constraints handle process. Through comprehensive analyze the problem, we use a new algorithm integrated by DE and Newton-Raphson to solve it. It is validated by a reentry vehicle X-33, simulation results indicated that the algorithm is effective and robust.

Keywords: reentry vehicle, trajectory optimization, constraint optimal, differential evolution.

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Authors: Yosia Mulumba, Klaus Schmidt

Abstract:

Financial Inclusion is considered a key pillar for development in most countries around the world. Access to affordable financial services in a country’s economy can be a driver to overcome poverty and reduce income inequalities, and thus increase economic growth. Nevertheless, the number of financially excluded populations in developing countries continues to be very high. This paper explores the role of Financial Technology (Fintech) as a key driver for achieving financial inclusion in developing countries post the COVID-19 pandemic with an emphasis on four East African countries: Kenya, Tanzania, Uganda, and Rwanda. The research paper is inspired by the positive disruption caused by the pandemic, which has compelled societies in East Africa to adapt and embrace the use of financial technology innovations, specifically Mobile Money Services (MMS), to access financial services. MMS has been further migrated and integrated with other financial technology innovations such as Mobile Banking, Micro Savings, and Loans, and Insurance, to mention but a few. These innovations have been adopted across key sectors such as commerce, health care, or agriculture. The research paper will highlight the Mobile Network Operators (MNOs) that are behind MMS, along with numerous innovative products and services being offered to the customers. It will also highlight the regulatory framework under which these innovations are being governed to ensure the safety of the customers' funds.

Keywords: Financial inclusion, financial technology, regulatory framework, mobile money services.

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Authors: Tomoaki Hashimoto

Abstract:

Recently, feedback control systems using random dither quantizers have been proposed for linear discrete-time systems. However, the constraints imposed on state and control variables have not yet been taken into account for the design of feedback control systems with random dither quantization. Model predictive control is a kind of optimal feedback control in which control performance over a finite future is optimized with a performance index that has a moving initial and terminal time. An important advantage of model predictive control is its ability to handle constraints imposed on state and control variables. Based on the model predictive control approach, the objective of this paper is to present a control method that satisfies probabilistic state constraints for linear discrete-time feedback control systems with random dither quantization. In other words, this paper provides a method for solving the optimal control problems subject to probabilistic state constraints for linear discrete-time feedback control systems with random dither quantization.

Keywords: Optimal control, stochastic systems, discrete-time systems, probabilistic constraints, random dither quantization.

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Authors: Vilma Deltuvaitė

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Comparisons of financial development across countries are central to answering many of the questions on factors leading to economic development. For this reason this study analyzes the implications of financial system’s development on country’s economic development. The aim of the article: to analyze the impact of financial system’s development on economic development. The following research methods were used: systemic, logical and comparative analysis of scientific literature, analysis of statistical data, time series model (Autoregressive Distributed Lag (ARDL) Model). The empirical results suggest about positive short and long term effect of stock market development on GDP per capita.

Keywords: Banking sector, economic development, financial system’s development, stock market, private bond market.

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Authors: Majid Abdolrazzagh-Nezhad, Salwani Abdullah

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The job-shop scheduling problem (JSSP) is an important decision facing those involved in the fields of industry, economics and management. This problem is a class of combinational optimization problem known as the NP-hard problem. JSSPs deal with a set of machines and a set of jobs with various predetermined routes through the machines, where the objective is to assemble a schedule of jobs that minimizes certain criteria such as makespan, maximum lateness, and total weighted tardiness. Over the past several decades, interest in meta-heuristic approaches to address JSSPs has increased due to the ability of these approaches to generate solutions which are better than those generated from heuristics alone. This article provides the classification, constraints and objective functions imposed on JSSPs that are available in the literature.

Keywords: Job-shop scheduling, classification, constraints, objective functions.

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Authors: José A. D. Machuca, Bernabé Escobar-Pérez, Pedro Garrido Vega, Darkys E. Lujan García

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Starting with an analysis of the financial and operational indicators that can be found in the specialised literature, this study aims to contribute to improvements in the performance measurement systems used when the unit of analysis is the manufacturing plant. For this a search was done in the highest impact Journals of Production and Operations Management and Management Accounting , with the aim of determining the financial and operational indicators used to evaluate performance when Advanced Production Practices have been implemented, more specifically when the practices implemented are Total Quality Management, JIT/Lean Manufacturing and Total Productive Maintenance. This has enabled us to obtain a classification of the two types of indicators based on how much each is used. For the financial indicators we have also prepared a proposal that can be adapted to manufacturing plants- accounting features. In the near future we will propose a model that links practices implementation with financial and operational indicators and these two last with each other. We aim to will test this model empirically with the data obtained in the High Performance Manufacturing Project.

Keywords: Advanced Production Practices, Financial Indicators, Non-Financial Indicators

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Authors: Ying-Hsiu Chen, Pao-Peng Hsu

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This paper adopts a two-stage data envelopment analysis to explore the impacts of financial development and bank operating scale on bank efficiencies. The sample comprises unbalanced panel data of 32 Taiwanese listed domestic commercial banks over the period 1998 to 2013. Empirical results show that pure technical efficiency is positively related to financial development, whereas the effect of financial development on scale efficiency is insignificant. Enlargement of bank operating scale improves bank efficiencies, but the efficiency gains are decreased gradually when the scale increases. Increases in capital adequacy ratio and market power of loans lead into a growth of bank efficiencies.

Keywords: Financial development, Operating scale, Efficiency, DEA.

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Authors: Levan Sabauri

Abstract:

In this paper, we discuss the deteriorated standing of engineering companies, some of the reasons behind it and the problems facing engineering enterprises during the financial crisis. We show the part that financial analysis plays in the detection of the main factors affecting the standing of a company, classify internal problems and the reasons influencing efficiency thereof. The publication contains the analysis of municipal engineering companies in post-Soviet transitional economies. In the wake of the 2008 world financial crisis the issue became even more poignant. It should be said though that even before the problem had been no less acute for some post-Soviet states caught up in a lengthy transitional period. The paper highlights shortcomings in the management of transportation companies, with new, more appropriate methods suggested. In analyzing the financial stability of a company, three elements need to be considered: current assets, investment policy and structural management of the funding sources leveraging the stability, should be focused on. Inappropriate management of the three may create certain financial problems, with timely and accurate detection thereof being an issue in terms of improved standing of an enterprise. In this connection, the publication contains a diagram reflecting the reasons behind the deteriorated financial standing of a company, as well as a flow chart thereof. The main reasons behind low profitability are also discussed.

Keywords: Efficiency, financial management, financial analysis funding structure, financial sustainability, investment policy, profitability, solvency, working capital.

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Authors: Yuzhi Cai

Abstract:

In this talk, we introduce a newly developed quantile function model that can be used for estimating conditional distributions of financial returns and for obtaining multi-step ahead out-of-sample predictive distributions of financial returns. Since we forecast the whole conditional distributions, any predictive quantity of interest about the future financial returns can be obtained simply as a by-product of the method. We also show an application of the model to the daily closing prices of Dow Jones Industrial Average (DJIA) series over the period from 2 January 2004 - 8 October 2010. We obtained the predictive distributions up to 15 days ahead for the DJIA returns, which were further compared with the actually observed returns and those predicted from an AR-GARCH model. The results show that the new model can capture the main features of financial returns and provide a better fitted model together with improved mean forecasts compared with conventional methods. We hope this talk will help audience to see that this new model has the potential to be very useful in practice.

Keywords: DJIA, Financial returns, predictive distribution, quantile function model.

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Authors: Jaroslav Pavlíček

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Company strategy expresses a basic idea of how to reach company objectives. A whole range of models of strategic management are used in practice. The concept of strategic management should fulfill some basic requirements to make it applicable for both the typical, but also more specific company environment. The financial strategy plays an important role in corporate strategy. The paper develops a methodology of strategic model implementing into the category of micro, small and medium-sized enterprises (SMEs). Furthermore, the methodology recommends procedures while solving an up-to-date worldwide task of the definition of the company strategy and its financial strategy.

Keywords: corporate strategy, financial strategy, corporate planning

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Authors: Wen-Yin Huang, Jia-Jie Liu, Jou-Ming Chang

Abstract:

Faults in a network may take various forms such as hardware/software errors, vertex/edge faults, etc. Folded hypercube is a well-known variation of the hypercube structure and can be constructed from a hypercube by adding a link to every pair of nodes with complementary addresses. Let FFv (respectively, FFe) be the set of faulty nodes (respectively, faulty links) in an n-dimensional folded hypercube FQn. Hsieh et al. have shown that FQn - FFv - FFe for n ≥ 3 contains a fault-free cycle of length at least 2n -2|FFv|, under the constraints that (1) |FFv| + |FFe| ≤ 2n - 4 and (2) every node in FQn is incident to at least two fault-free links. In this paper, we further consider the constraints |FFv| + |FFe| ≤ 2n - 3. We prove that FQn - FFv - FFe for n ≥ 5 still has a fault-free cycle of length at least 2n - 2|FFv|, under the constraints : (1) |FFv| + |FFe| ≤ 2n - 3, (2) |FFe| ≥ n + 2, and (3) every vertex is still incident with at least two links.

Keywords: Folded hypercubes, interconnection networks, cycle embedding, faulty elements.

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Authors: Mădălina Maria Gîrbină, Cătălin Nicolae Albu, Nadia Albu

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After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.

Keywords: financial education, corporate governance, board

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Authors: Lars Silver, Björn Berggren, Andreas Fili

Abstract:

The financial crisis has decreased the opportunities of small businesses to acquire financing through conventional financial actors, such as commercial banks. This credit constraint is partly the reason for the emergence of new alternatives of financing, in addition to the spreading opportunities for communication and secure financial transfer through Internet. One of the most interesting venues for finance is termed “crowdfunding". As the term suggests crowdfunding is an appeal to prospective customers and investors to form a crowd that will finance projects that otherwise would find it hard to generate support through the most common financial actors. Crowdfunding is in this paper divided into different models; the threshold model, the microfinance model, the micro loan model and the equity model. All these models add to the financial possibilities of emerging entrepreneurs.

Keywords: Entrepreneurship, crowdfunding, equity finance, bank finance.

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Authors: David Calderón Villegas, Thomas Kalitzky

Abstract:

Run-of-river (RoR) hydropower projects represent a viable, clean, and cost-effective alternative to dam-based plants and provide decentralized power production. However, RoR schemes’ cost-effectiveness depends on the proper selection of site and design flow, which is a challenging task because it requires multivariate analysis. In this respect, this study presents the development of an investment decision support tool for assessing the optimal size of an RoR scheme considering the technical, environmental, and cost constraints. The net present value (NPV) from a project perspective is used as an objective function for supporting the investment decision. The tool has been tested by applying it to an actual RoR project recently proposed in Colombia. The obtained results show that the optimum point in financial terms does not match the flow that maximizes energy generation from exploiting the river's available flow. For the case study, the flow that maximizes energy corresponds to a value of 5.1 m3/s. In comparison, an amount of 2.1 m3/s maximizes the investors NPV. Finally, a sensitivity analysis is performed to determine the NPV as a function of the debt rate changes and the electricity prices and the CapEx. Even for the worst-case scenario, the optimal size represents a positive business case with an NPV of 2.2 USD million and an internal rate of return (IRR) 1.5 times higher than the discount rate. 

Keywords: small hydropower, renewable energy, RoR schemes, optimal sizing, financial analysis

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with behaviour of the segment 50+ in the financial market in the Czech Republic. This segment could be said as the strong market power and it can be a crucial business potential for financial business units. The main defined objective of this paper is analysis of the customers´ behaviour of the segment 50- 60 years in the financial market in the Czech Republic and proposal making of the suitable marketing approach to satisfy their demands in the area of product, price, distribution and marketing communication policy. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of financial services marketing, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing approach to selected sub segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: Population aging in the Czech Republic, Segment 50-60 years, Financial services marketing, Marketing research, Marketing approach.

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Authors: R. K. Tuli

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In present communication, we have developed the suitable constraints for the given the mean codeword length and the measures of entropy. This development has proved that Renyi-s entropy gives the minimum value of the log of the harmonic mean and the log of power mean. We have also developed an important relation between best 1:1 code and the uniquely decipherable code by using different measures of entropy.

Keywords: Codeword, Instantaneous code, Prefix code, Uniquely decipherable code, Best one-one code, Mean codewordlength

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Authors: T. Niracharapa

Abstract:

The research studied and examined the competitiveness of the animation industry in Thailand. Data were collected based on articles, related reports and websites, news, research, and interviews of key persons from both public and private sectors. The diamond model was used to analyze the study. The major factor driving the Thai animation industry forward includes a quality workforce, their creativity and strong associations. However, discontinuity in government support, infrastructure, marketing, IP creation and financial constraints were factors keeping the Thai animation industry less competitive in the global market.

Keywords: Animation, competitiveness, digital content, Thailand.

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Authors: C. A. Corzo, N. Zhang, F. Corzo

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Insider abuse has recently been reported as one of the more frequently occurring security incidents, suggesting that more security is required for detecting and preventing unauthorised financial transactions entered by authorised users. To address the problem, and based on the observation that all authorised interbanking financial transactions trigger or are triggered by other transactions in a workflow, we have developed a security solution based on a redefined understanding of an audit workflow. One audit workflow where there is a log file containing the complete workflow activity of financial transactions directly related to one financial transaction (an electronic deal recorded at an e-trading system). The new security solution contemplates any two parties interacting on the basis of financial transactions recorded by their users in related but distinct automated financial systems. In the new definition interorganizational and intra-organization interactions can be described in one unique audit trail. This concept expands the current ideas of audit trails by adapting them to actual e-trading workflow activity, i.e. intra-organizational and inter-organizational activity. With the above, a security auditing service is designed to detect integrity drifts with and between organizations in order to detect unauthorised financial transactions entered by authorised users.

Keywords: Intrusion Detection and Prevention, Authentica-transtionand Identification.

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Authors: Alhamdi Alfi Fajri

Abstract:

The purpose of this study is to analyze and to give empirical proof about the effect of fair value implementation on financial asset against information asymmetry in Indonesia’s banking sector. This research tested the effect of fair value implementation on financial asset based on Statement of Financial Accounting Standard (PSAK) No. 55 and the fair value reliability measurement based on PSAK No. 60 against level of information asymmetry. The scope of research is Indonesia’s banking sector. The test’s result shows that the use of fair value based on PSAK No. 55 is significantly associated with information asymmetry. This positive relation is higher than the amortized cost implementation on financial asset. In addition, the fair value hierarchy based on PSAK No. 60 is significantly associated with information asymmetry. This research proves that the more reliable measurement of fair value on financial asset, the more observable fair value measurement and reduces level of information asymmetry.

Keywords: Fair value, PSAK No. 55, PSAK No. 60, information asymmetry, banks.

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