Search results for: efficient market hypothesis

Authors: Dimitris Balios, Stefanos Tantos

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Economic growth and social evolution are connected to trust relationships in a society. The quality of the accounting information, the tax information system and the tax audit mechanism evolve multiple benefits in an economy. Tax evasion, the illegal practice where people and companies do not pay taxes, is a crime because of the negative effect in economy and society. In this paper, we describe a theoretical framework on the characteristics of a fair and efficient tax auditing information system which could be a tool against tax evasion, a tool for an economy to grow, especially in countries that face fluctuations in economic activity. We conclude that a fair and efficient tax auditing information system increases the reliability of tax administration, improves taxpayers’ tax compliance and causes a developmental trajectory for the economy.

Keywords: Auditing information system, auditing mechanism, tax evasion, taxation, quality of accounting information.

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Authors: I. Rodionov, A. Semenov, E. Gosteva, O. Sokolova

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The venture capital becomes more and more advanced and effective source of the innovation project financing, connected with a high-risk level. In the developed countries, it plays a key role in transforming innovation projects into successful businesses and creating the prosperity of the modern economy. In Russia, there are many necessary preconditions for creation of the effective venture investment system: the network of the public institutes for innovation financing operates; there is a significant number of the small and medium-sized enterprises, capable to sell production with good market potential. However, the current system does not confirm the necessary level of efficiency in practice that can be substantially explained by the absence of the accurate plan of action to form the national venture model and by the lack of experience of successful venture deals with profitable exits in Russian economy. This paper studies the influence of various factors on the venture industry development by the example of the IT-sector in Russia. The choice of the sector is based on the fact, that this segment is the main driver of the venture capital market growth in Russia, and the necessary set of data exists. The size of investment of the second round is used as the dependent variable. To analyse the influence of the previous round, such determinant as the volume of the previous (first) round investments is used. There is also used a dummy variable in regression to examine that the participation of an investor with high reputation and experience in the previous round can influence the size of the next investment round. The regression analysis of short-term interrelations between studied variables reveals prevailing influence of the volume of the first round investments on the venture investments volume of the second round. The most important determinant of the value of the second-round investment is the value of first–round investment, so it means that the most competitive on the Russian market are the start-up teams that can attract more money on the start, and the target market growth is not the factor of crucial importance. This supports the point of view that VC in Russia is driven by endogenous factors and not by exogenous ones that are based on global market growth.

Keywords: Venture industry, venture investment, determinants of the venture sector development, IT-sector.

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Authors: Simon B. N. Thompson

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Cortisol is essential to the regulation of the immune system and yawning is a pathological symptom of multiple sclerosis (MS). Electromyography activity (EMG) in the jaw muscles typically rises when the muscles are moved and with yawning is highly correlated with cortisol levels in healthy people. Saliva samples from 59 participants were collected at the start and after yawning, or at the end of the presentation of yawning-provoking stimuli, in the absence of a yawn, together with EMG data and questionnaire data: Hospital Anxiety and Depression Scale, Yawning Susceptibility Scale, General Health Questionnaire, demographic, health details. Exclusion criteria: chronic fatigue, diabetes, fibromyalgia, heart condition, high blood pressure, hormone replacement therapy, multiple sclerosis, stroke. Significant differences were found between the saliva cortisol samples for the yawners, t (23) = -4.263, p = 0.000, as compared with the non-yawners between rest and post-stimuli, which was nonsignificant. Significant evidence was found to support the Thompson Cortisol Hypothesis suggesting that rises in cortisol levels are associated with yawning. Further research is exploring the use of cortisol as an early diagnostic tool for MS. Ethics approval granted and professional code of conduct, confidentiality, and safety issues are approved therein.

Keywords: Cortisol, Multiple Sclerosis, Yawning, Thompson’s Cortisol Hypothesis.

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Authors: Bertalan Forstner, Dr. Hassan Charaf

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In the world of Peer-to-Peer (P2P) networking different protocols have been developed to make the resource sharing or information retrieval more efficient. The SemPeer protocol is a new layer on Gnutella that transforms the connections of the nodes based on semantic information to make information retrieval more efficient. However, this transformation causes high clustering in the network that decreases the number of nodes reached, therefore the probability of finding a document is also decreased. In this paper we describe a mathematical model for the Gnutella and SemPeer protocols that captures clustering-related issues, followed by a proposition to modify the SemPeer protocol to achieve moderate clustering. This modification is a sort of link management for the individual nodes that allows the SemPeer protocol to be more efficient, because the probability of a successful query in the P2P network is reasonably increased. For the validation of the models, we evaluated a series of simulations that supported our results.

Keywords: Peer-to-Peer, model, performance, networkmanagement.

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Authors: M. M. Doustdar , M. Mojtahedpoor

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This paper addresses one important aspect of combustion system analysis, the spray evaporation and dispersion modeling. In this study we assume an empty cylinder which is as a simulator for a ramjet engine and the cylinder has been studied by cold flow. Four nozzles have the duties of injection which are located in the entrance of cylinder. The air flow comes into the cylinder from one side and injection operation will be done. By changing injection velocity and entrance air flow velocity, we have studied droplet sizing and efficient mass fraction of fuel vapor near and at the exit area. We named the mass of fuel vapor inside the flammability limit as the efficient mass fraction. Further, we decreased the initial temperature of fuel droplets and we have repeated the investigating again. To fulfill the calculation we used a modified version of KIVA-3V.

Keywords: Ramjet, droplet sizing, injection velocity, air flow velocity, efficient mass fraction.

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Authors: Chimaobi V. Okolo, Kenneth A. Okpala, Johnbull S. Ogboi

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A teeming set of doctors that graduated from various universities within and outside Nigeria with the hope of practicing in the country, has their hope shattered because of poor financing, lack of medical equipments and a very weak healthcare systems. Such hydra headed challenges, allows room for quackery which increasingly contributes to the cause of mortality in Nigeria. With a view of reversing the challenges of healthcare delivery and financing in Nigeria, African Health Market for Equity (AHME), a project funded by the Bill and Melinda Gates foundation [With contribution from Department For International Development (DFID)] and currently implemented in three African Countries (Nigeria, Kenya and Ghana) over a Five (5) year period supports the healthcare sector via Medical credit fund (MCF). The study examines the impact of credit policy and medical credit funding on Nigerian health market. Ordinary least square analysis, correlation and granger causality tests were employed to measure the extent to which the Nigerian healthcare market has been influenced. Medical credit fund significantly and positively influenced average monthly turnover of private healthcare providers and Commercial bank’s lending rate had a weak relationship with access to credit/approved loans (13.46%). The programme has so far made 13.91% progress, which is very poor, considering the minimum targeted private health care providers (437.6) and expected number of loan approvals (180.4) for the two years. Medical credit policy in Nigeria should be revised to include private healthcare providers in rural area for more positive impact and increased returns. Good brand advert and sensitization of the programme to stakeholders and health pressure group, and an extension of the programme beyond five years is necessary to better address the issues raised in the study.

Keywords: Credit, health market, medical credit facility, policy.

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Authors: Rao Fu, Jie Chen, Shutian Zeng, Yiping Zhuang, Agus Sudjianto

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Generative Adversarial Net (GAN) has proved to be a powerful machine learning tool in image data analysis and generation. In this paper, we propose to use Conditional Generative Adversarial Net (CGAN) to learn and simulate time series data. The conditions include both categorical and continuous variables with different auxiliary information. Our simulation studies show that CGAN has the capability to learn different types of normal and heavy-tailed distributions, as well as dependent structures of different time series. It also has the capability to generate conditional predictive distributions consistent with training data distributions. We also provide an in-depth discussion on the rationale behind GAN and the neural networks as hierarchical splines to establish a clear connection with existing statistical methods of distribution generation. In practice, CGAN has a wide range of applications in market risk and counterparty risk analysis: it can be applied to learn historical data and generate scenarios for the calculation of Value-at-Risk (VaR) and Expected Shortfall (ES), and it can also predict the movement of the market risk factors. We present a real data analysis including a backtesting to demonstrate that CGAN can outperform Historical Simulation (HS), a popular method in market risk analysis to calculate VaR. CGAN can also be applied in economic time series modeling and forecasting. In this regard, we have included an example of hypothetical shock analysis for economic models and the generation of potential CCAR scenarios by CGAN at the end of the paper.

Keywords: Conditional Generative Adversarial Net, market and credit risk management, neural network, time series.

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Authors: Vishal Awasthi, Krishna Raj

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In many communication and signal processing systems, it is highly desirable to implement an efficient narrow-band filter that decimate or interpolate the incoming signals. This paper presents hardware efficient compensated CIC filter over a narrow band frequency that increases the speed of down sampling by using multiplierless decimation filters with polyphase FIR filter structure. The proposed work analyzed the performance of compensated CIC filter on the bases of the improvement of frequency response with reduced hardware complexity in terms of no. of adders and multipliers and produces the filtered results without any alterations. CIC compensator filter demonstrated that by using compensation with CIC filter improve the frequency response in passed of interest 26.57% with the reduction in hardware complexity 12.25% multiplications per input sample (MPIS) and 23.4% additions per input sample (APIS) w.r.t. FIR filter respectively.

Keywords: Multirate filtering, Narrow-band Signaling, Compensation Theory, CIC filter, Decimation, Compensation filter.

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Authors: Aparna Viswanath

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Electricity spot prices are highly volatile under optimal generation capacity scenarios due to factors such as nonstorability of electricity, peak demand at certain periods, generator outages, fuel uncertainty for renewable energy generators, huge investments and time needed for generation capacity expansion etc. As a result market participants are exposed to price and volume risk, which has led to the development of risk management practices. This paper provides an overview of risk management practices by market participants in electricity markets using financial derivatives.

Keywords: Financial Derivatives, Forward, Futures, Options, Risk Management.

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Authors: Jana Chvalkovska, Petr Jansky, Petr Teply

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The impact assessment in its various forms has recently become a very important part of policy-making and legislation in many different countries. Regulatory impact assessment (RIA) is yet another set of analytical methods deployed in the legislation of the European Union, of many developed countries as well as in many developing ones such as Mexico, Malaysia and Philippines. The aim of this paper is to provide a theoretical background for economic models in regulatory impact assessment and an overview of their application especially on the financial market in the Czech Republic. We found out an inadequate application of these models, what makes room for further research in this field.

Keywords: regulatory impact assessment, RIA, impact evaluation, building societies, Czech Republic

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Authors: Hiroshi Abe, Minoru Nakayama

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The frontal area in the brain is known to be involved in behavioral judgement. Because a Kanji character can be discriminated visually and linguistically from other characters, in Kanji character discrimination, we hypothesized that frontal event-related potential (ERP) waveforms reflect two discrimination processes in separate time periods: one based on visual analysis and the other based on lexcical access. To examine this hypothesis, we recorded ERPs while performing a Kanji lexical decision task. In this task, either a known Kanji character, an unknown Kanji character or a symbol was presented and the subject had to report if the presented character was a known Kanji character for the subject or not. The same response was required for unknown Kanji trials and symbol trials. As a preprocessing of signals, we examined the performance of a method using independent component analysis for artifact rejection and found it was effective. Therefore we used it. In the ERP results, there were two time periods in which the frontal ERP wavefoms were significantly different betweeen the unknown Kanji trials and the symbol trials: around 170ms and around 300ms after stimulus onset. This result supported our hypothesis. In addition, the result suggests that Kanji character lexical access may be fully completed by around 260ms after stimulus onset.

Keywords: Character discrimination, Event-related Potential, IndependentComponent Analysis, Kanji, Lexical access.

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Authors: Kittiwann Nimkerdphol, Masahiro Nakagawa

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Biological reactions of individuals of a testing animal to toxic substance are unique and can be used as an indication of the existing of toxic substance. However, to distinguish such phenomenon need a very complicate system and even more complicate to analyze data in 3 dimensional. In this paper, a system to evaluate in vitro biological activities to acute toxicity of stochastic self-affine non-stationary signal of 3D goldfish swimming by using fractal analysis is introduced. Regular digital camcorders are utilized by proposed algorithm 3DCCPC to effectively capture and construct 3D movements of the fish. A Critical Exponent Method (CEM) has been adopted as a fractal estimator. The hypothesis was that the swimming of goldfish to acute toxic would show the fractal property which related to the toxic concentration. The experimental results supported the hypothesis by showing that the swimming of goldfish under the different toxic concentration has fractal properties. It also shows that the fractal dimension of the swimming related to the pH value of FD Ôëê 0.26pH + 0.05. With the proposed system, the fish is allowed to swim freely in all direction to react to the toxic. In addition, the trajectories are precisely evaluated by fractal analysis with critical exponent method and hence the results exhibit with much higher degree of confidence.

Keywords: 3D locomotion, bioassay, critical exponent method, CEM, fractal analysis, goldfish.

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Authors: Markéta Gregušová, Vladimíra Schindlerová, Ivana Šajdlerová, Petr Mohyla, Jan Kedroň

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Company managers are always looking for more and more opportunities to succeed in today's fiercely competitive market. To maintain your place among the successful companies on the market today or to come up with a revolutionary business idea is much more difficult than before. Each new or improved method, tool, or approach that can improve the functioning of business processes or even of the entire system is worth checking and verification. The use of simulation in the design of manufacturing systems and their management in practice is one of the ways without increased risk, which makes it possible to find the optimal parameters of manufacturing processes and systems. The paper presents an example of use of simulation for solution of the bottleneck problem in the concrete company.

Keywords: Practical applications, business processes, systems, simulation.

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Authors: W. Sutopo, M. Hisjam, Yuniaristanto

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In general, small-scale vegetables farmers experience problems in improving the safety and quality of vegetables supplied to high-class consumers in modern retailers. They also lack of information to access market. The farmers group and/or cooperative (FGC) should be able to assist its members by providing training in handling and packing vegetables and enhancing marketing capabilities to sell commodities to the modern retailers. This study proposes an agri-food supply chain (ASC) model that involves the corporate social responsibility (CSR) activities to cultivate the capabilities of farmers to access market. Multi period ASC model is formulated as Weighted Goal Programming (WGP) to analyze the impacts of CSR programs to empower the FGCs in managing the small-scale vegetables farmers. The results show that the proposed model can be used to determine the priority of programs in order to maximize the four goals to be achieved in the CSR programs.

Keywords: agri-food supply chain, corporate social responsibility, small-scale vegetables farmers, weighted goal programming.

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Authors: A. Strateičuks, V. Kaže, R. Škapars

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State tax revenues in most countries started to decrease during the recession. Government of Latvia decided to compensate the decline by increasing rates of several taxes including excise tax on strong alcohol. The total increase in 2009 constituted 42% and the rate increased from 896€ to 1 266€ for 100l of absolute alcohol. Since then this has had a negative impact on consumption volumes and the split between legal and illegal market. The legal alcohol sales decreased by almost 50% (by volume), consequentially having negative effect on the State revenues from VAT and excise tax. Estimated results for 2010 are indicating 54 million € decrease in VAT, excise tax and other taxes versus 2008 (excise tax -19 million €, VAT -30 million €, other taxes -5 million €). The paper aims to analyze impact of the increase in excise tax on consumption patterns, State revenues and competitiveness of the local companies to draw up proposals for the state authorities regarding more effective tax policies. The analysis reveals a relationship between excise tax rate, illegal alcohol market and State revenues. The results can be used to improve excise tax system and effectiveness in Latvia.

Keywords: State revenues, alcohol market, excise tax, competitiveness, consumption.

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Authors: Grigoris Giannarakis, Nikolaos Litinas, Ioannis Theotokas

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This study attempts to clarify major perspectives of Corporate Social Responsibility (CSR) in the Greek market related to companies that have sufficient CSR. An empirical analysis was undertaken, based on literature review and previous observations and surveys, in order to provide a general analysis of the CSR concept in Greece. The results of Accountability Rating institution were used in order to identify companies that adopt an integrated social responsibility approach. Companies that responded to the survey are both regional and international and belong to different industrial fields. Some of the main survey results reveal: multiple aspects for the CSR concept, weak consensus as regards the importance of stakeholders and benefits from the CSR implementation, the important role of CSR in the decision procedure and CSR practices concerning social issues that affect mostly company-s competitiveness. Sharing companies- experience could address common social issues through CSR best practices and develop new knowledge.

Keywords: Corporate Social Responsibility, Greece, Kendall's co-efficient of concordance.

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Authors: Larisa N. Pop, Irina M. Ban

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This paper aims to present the main instruments used in the economic literature for measuring the price risk, pointing out on the advantages brought by the conditional variance in this respect. The theoretical approach will be exemplified by elaborating an EGARCH model for the price returns of wheat, both on Romanian and on international market. To our knowledge, no previous empirical research, either on price risk measurement for the Romanian markets or studies that use the ARIMA-EGARCH methodology, have been conducted. After estimating the corresponding models, the paper will compare the estimated conditional variance on the two markets.

Keywords: conditional variance, GARCH models, price risk, volatility

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Authors: Konstantinos Liagkouras, Konstantinos Metaxiotis

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In this paper we present a classification of the various technologies applied for the solution of the portfolio selection problem according to the discipline and the methodological framework followed. We provide a concise presentation of the emerged categories and we are trying to identify which methods considered obsolete and which lie at the heart of the debate. On top of that, we provide a comparative study of the different technologies applied for efficient portfolio construction and we suggest potential paths for future work that lie at the intersection of the presented techniques.

Keywords: Portfolio selection, optimization techniques, financial models, stochastics, heuristics.

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Authors: Myungsook Klassen

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Training neural networks to capture an intrinsic property of a large volume of high dimensional data is a difficult task, as the training process is computationally expensive. Input attributes should be carefully selected to keep the dimensionality of input vectors relatively small. Technical indexes commonly used for stock market prediction using neural networks are investigated to determine its effectiveness as inputs. The feed forward neural network of Levenberg-Marquardt algorithm is applied to perform one step ahead forecasting of NASDAQ and Dow stock prices.

Keywords: Stock Market Prediction, Neural Networks, Levenberg-Marquadt Algorithm, Technical Indexes

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Authors: Z. Pooranian, A. Barati, A. Movaghar

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Wireless sensor networks include small nodes which have sensing ability; calculation and connection extend themselves everywhere soon. Such networks have source limitation on connection, calculation and energy consumption. So, since the nodes have limited energy in sensor networks, the optimized energy consumption in these networks is of more importance and has created many challenges. The previous works have shown that by organizing the network nodes in a number of clusters, the energy consumption could be reduced considerably. So the lifetime of the network would be increased. In this paper, we used the Queen-bee algorithm to create energy efficient clusters in wireless sensor networks. The Queen-bee (QB) is similar to nature in that the queen-bee plays a major role in reproduction process. The QB is simulated with J-sim simulator. The results of the simulation showed that the clustering by the QB algorithm decreases the energy consumption with regard to the other existing algorithms and increases the lifetime of the network.

Keywords: Queen-bee, sensor network, energy efficient, clustering.

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Authors: G. Erkomaishvili

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The paper discusses mineral water consumer market and development policy in Georgia, the tools and measures, which will contribute to production of mineral waters and increase its export. The paper studies and analyses current situation in mineral water production sector as well as the factors affecting increase and reduction of its export. It’s noted that in order to gain and maintain competitive advantage, it’s necessary to provide continuous supply of high quality goods with modern design, open new distribution channels to enter new markets, carry out broad promotional activities, organize e-commerce. Economic policy plays an important role in protecting markets from counterfeit goods. The state also plays an important role in attracting foreign direct investments. Stable business environment and export oriented strategy is the basis for the country’s economic growth. Based on the research, the paper suggests the strategy for improving competitiveness of Georgian mineral waters; relevant conclusions and recommendations are provided.

Keywords: Mineral waters, consumer market for mineral waters, export of mineral waters, mineral water development policy in Georgia.

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Authors: Peng Yew Wong

Abstract:

House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor.

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Authors: Andy Handouyahia, Tony Haddad, Frank Eaton

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Recent quasi-experimental evaluation of the Canadian Active Labour Market Policies (ALMP) by Human Resources and Skills Development Canada (HRSDC) has provided an opportunity to examine alternative methods to estimating the incremental effects of Employment Benefits and Support Measures (EBSMs) on program participants. The focus of this paper is to assess the efficiency and robustness of inverse probability weighting (IPW) relative to kernel matching (KM) in the estimation of program effects. To accomplish this objective, the authors compare pairs of 1,080 estimates, along with their associated standard errors, to assess which type of estimate is generally more efficient and robust. In the interest of practicality, the authorsalso document the computationaltime it took to produce the IPW and KM estimates, respectively.

Keywords: Treatment effect, causal inference, observational studies, Propensity score based matching, Kernel Matching, Inverse Probability Weighting, Estimation methods for incremental effect.

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Authors: Davinder Singh, Jaimal Singh Khamba, Tarun Nanda

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MSMEs are regarded as the sunrise sector of the Indian economy in view of its large potential for growth and likely socio economic impact specifically on employment and income generation. In today’s competitive business environment, global competition forces companies to continuously seek ways of improving their products and services. The pressure on organizations to adapt to new technologies and external threats requires resourcefulness, creativity and innovation. Market has become more open, competitive and customers more demanding. Without continuous technology innovation, no organization can ever remain competitive. Innovations reflect a critical way in which organizations respond to either technological or market challenges. The need of the market is to deliver high quality products through continuous changing in features in product, improve existing products, reduce their cost, and improve employee skills, training, technology infrastructure and financial policies. Therefore, the key factor of organization’s ability to change is innovation. The study presents a detailed review of literature on the role of technology innovation in improving manufacturing performance of industries.

Keywords: Competitive, Manufacturing performance, MSMEs, Technological Innovation.

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Authors: Emanuela Paranhos Lima, Vitaly Félix Rodríguez Esquerre

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In this work, efficient directional coupler composed of dielectric waveguides and metallic film has been analyzed in details by simulations using finite element method (FEM). The structure consists of a step-index fiber with dielectric core, silica cladding, and a metal nanowire parallel to the core. The results show that an efficient conversion of optical dielectric modes to long range plasmonic is possible. Low insertion losses in conjunction with short coupling length and a broadband operation can be achieved under certain conditions. This kind of couplers has potential applications for the design of photonic integrated circuits for signal routing between dielectric/plasmonic waveguides, sensing, lithography, and optical storage systems. A high efficient focusing of light in a very small region can be obtained.

Keywords: Directional coupler, finite element method, metallic nanowire, plasmonic, surface plasmon polariton.

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Authors: K. E. Oyetade, S. D. Eyono Obono

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Age ratings are very helpful in providing parents with relevant information for the purchase and use of digital technologies by the children; this is why the non-definition of age ratings for the use of ICTs by children in schools is a major concern; and this problem serves as a motivation for this study whose aim is to examine the factors affecting the perceptions of educators on the learners’ youngest age for the introduction of ICTs in schools. This aim is achieved through two types of research objectives: the identification and design of theories and models on age ratings, and the empirical testing of such theories and models in a survey of educators from the Camperdown district of the South African KwaZulu-Natal province. A questionnaire is used for the collection of the data of this survey whose validity and reliability is checked in SPSS prior to its descriptive and correlative quantitative analysis. The main hypothesis supporting this research is the association between the demographics of educators, their personality, and their perceptions on the learners’ youngest age for the introduction of ICTs in schools; as claimed by existing research; except that the present study looks at personality from three dimensions: self-actualized personalities, fully functioning personalities, and healthy personalities. This hypothesis was fully confirmed by the empirical study conducted by this research except for the demographic factor where only the educators’ grade or class was found to be associated with the personality of educators.

Keywords: Age ratings, Educators, E-learning, Personality Theories.

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Authors: S. Al Wadi, Mohd Tahir Ismail, Samsul Ariffin Abdul Karim

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It is well known that during the developments in the economic sector and through the financial crises occur everywhere in the whole world, volatility measurement is the most important concept in financial time series. Therefore in this paper we discuss the volatility for Amman stocks market (Jordan) for certain period of time. Since wavelet transform is one of the most famous filtering methods and grows up very quickly in the last decade, we compare this method with the traditional technique, Fast Fourier transform to decide the best method for analyzing the volatility. The comparison will be done on some of the statistical properties by using Matlab program.

Keywords: Fast Fourier transforms, Haar wavelet transform, Matlab (Wavelet tools), stocks market, Volatility.

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Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: Asset allocation, asset performance, sukuk, zero beta asset.

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Authors: A. Bodak, A. Cierniak-Emerych, M. Gableta, A. Pietroń-Pyszczek, K. Piwowar-Sulej

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Modern organizations operate under the pressure of dynamic and often unpredictable changes, both in external and internal environment. Market success, in this context, requires a particular competence in the form of flexibility, interpreted here both on the level of individuals and on the level of organization. This paper addresses the changes taking place in the sphere of employment, as observed in economic entities operating on Polish market. Based on own empirical studies, the authors focus on the progressing trend of ‘flexibilization’ of employment, particularly in the context of transformations in organizational structure, designed to facilitate the transition into management by projects and differentiation of labor forms.

Keywords: Flexibility of employment, changes in organizational structure, forms of employment, social effects of flexibility.

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

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The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: Corporate reputation, fuzzy logic, fuzzy model, stock market investors.

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