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Google’s Search Data and its Application in Finance
Issue:
Volume 2, Issue 1, February 2014
Pages:
1-7
Received:
1 November 2013
Published:
10 December 2013
Abstract: This paper examines the relationship of asset price determination via Google data. To capture this relation, I create a model and estimate several time series’ regressions. I use weekly data from 2004 to 2010 from 30 international banks. To my knowledge this is the first study which differentiates between Google’s search volume and Google’s search clicks. I show that asset prices are positively related to the rate of change in Google’s search volume, trading volume and the level of Google search clicks. Secondly, I demonstrate that the absolute level of Google’s search volume and Google’s search clicks behave differently regarding the asset price dynamics. Google’s search volume, which measures long-run searches, is negatively related while Google’s search clicks have a positive relationship to asset prices. Hence, Google’s data offer new insights on both measuring attention and pricing financial assets.
Abstract: This paper examines the relationship of asset price determination via Google data. To capture this relation, I create a model and estimate several time series’ regressions. I use weekly data from 2004 to 2010 from 30 international banks. To my knowledge this is the first study which differentiates between Google’s search volume and Google’s search ...
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An examination of Accounting Internship on Subsequent Academic Performance
P. M. C. Thilakerathne,
M. W. Madurapperuma
Issue:
Volume 2, Issue 1, February 2014
Pages:
8-15
Received:
4 December 2013
Published:
30 December 2013
Abstract: Increasingly, internship has become an essential component of the undergraduate degree programmes. It provides students with a smooth transition from on-campus environment to the working environment. It is often viewed as a ‘win-win’ situation for both the intern and the intern’s employers. Students are able to learn about the profession and gain practical experience while simultaneously being able to reflect on what they have learned in the classroom. Employers benefit from internships because interns are sources of future employees. The relationship between Internship and academic performance on accounting degree is significantly under-researched. This paper examines the effect of accounting student internships on subsequent academic performance in one of the national universities in Sri Lanka. For this purpose post-internship course unit performance of students with accounting internship experience were considered. Readily available data on internship status, gender and prior achievement of accounting special degree undergraduates were used. Linear regression models were constructed using the data with undergraduates. Research finds that internships do a have a positive impact on learning and higher scores tend to have a higher GPA and gender is negatively correlated with GPA signaling that male students performed better than female students.
Abstract: Increasingly, internship has become an essential component of the undergraduate degree programmes. It provides students with a smooth transition from on-campus environment to the working environment. It is often viewed as a ‘win-win’ situation for both the intern and the intern’s employers. Students are able to learn about the profession and gain p...
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Development of Growth Strategies for Social Enterprises
Chang-Lin Yang,
Leemen Lee,
Yun-Chen Lee
Issue:
Volume 2, Issue 1, February 2014
Pages:
16-21
Received:
6 December 2013
Published:
30 December 2013
Abstract: This study classifies different types of social enterprises to clarify the problems of different types and propose methods of improvement. This study divides social enterprises into four types: benchmark driven, profit seeking, self-sufficient and mission driven, based on business operating situation. Moreover, empirical research is conducted to demonstrate the social enterprise development diagram through in-depth interviews. The respondents were mainly senior managers and social entrepreneurs. According to the interview results, the main characteristics of SEs are: 1. must content with poor public understanding of social responsibility and the concept of social enterprises; 2. Most social enterprises operate alone and lack group strength; 3. Most social enterprises are small-scale and lack competition. Ways to improve social enterprises include: 1. promote the concept of social enterprises and social entrepreneurs; 2. promote the social symbiotic system; 3. provide social enterprises with government funds and other resources.
Abstract: This study classifies different types of social enterprises to clarify the problems of different types and propose methods of improvement. This study divides social enterprises into four types: benchmark driven, profit seeking, self-sufficient and mission driven, based on business operating situation. Moreover, empirical research is conducted to de...
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Non-linear Volatility and Dynamics of the Tunisian Stock Market
Kalai Lamia,
Jilani Faouzi
Issue:
Volume 2, Issue 1, February 2014
Pages:
22-32
Received:
1 December 2013
Published:
30 December 2013
Abstract: Measuring and controlling risk is one of the most attractive issues in finance. With the persistence of uncontrolled and erratic stocks movements, volatility is perceived as a barometer of daily fluctuations. An objective measure of this variable seems then needed to control risks and cover those that are considered the most important. Non-linear autoregressive modeling is our first evaluation approach. In particular, we test the presence of “persistence” of conditional variance and the presence of a degree of a leverage effect. In order to resolve for the problem of “asymmetry” in volatility, the retained specifications point to the importance of stocks reactions in response to news. Effects of shocks on volatility highlight also the need to study the “long term” behavior of conditional variance of stocks returns and articulate the presence of long memory and dependence of time series in the long run. We note that the integrated fractional autoregressive model allows for representing time series that show long-term conditional variance thanks to fractional integration parameters. In order to stop at the dynamics that manage time series, a comparative study of the results of the different models will allow for better understanding volatility structure over the Tunisia stock market, with the aim of accurately predicting fluctuation risks.
Abstract: Measuring and controlling risk is one of the most attractive issues in finance. With the persistence of uncontrolled and erratic stocks movements, volatility is perceived as a barometer of daily fluctuations. An objective measure of this variable seems then needed to control risks and cover those that are considered the most important. Non-linear a...
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Lease Financing of Bangladesh: A Descriptive Analysis
Md. Ariful Islam,
Md. Rayhan Islam,
Mahmudul Hasan Siddiqui
Issue:
Volume 2, Issue 1, February 2014
Pages:
33-42
Received:
10 December 2013
Published:
10 January 2014
Abstract: Leasing industry is one of the flourishing sector of Bangladesh. The leasing companies on the average are doing pretty well since inception in this country. Leasing has gained its popularity for several reasons. The first and most important of all is that leasing can be thought of as an alternative source of fund which is most of the cases cheaper, and for the companies which don’t have a high credit rating or a visible positive past track record, this may be the main source of financing. Another thing is, lease is an alternative to investment. If you need a particular asset for running or expanding your business, you may choose to lease it rather than purchase it. And you can cancel the lease options in the face of changing macroeconomic factors, such as obsolescence, new technologies, changing business needs or market conditions etc. Lease is nowadays treated by the developed markets as a provider of 100% financing and they have a notion that lease displaces debt. Leasing actually reduces the leverage needs of a firm. We can understand that the leasing market is still very small in Bangladesh and the actual potential market is highly untapped. Since people are not well aware of different types of lease products, they look for other alternative before leasing. But now it’s time for us to break away from tradition and utilize leasing in our businesses fully so that we can realize its benefits. We believe that leasing sector in Bangladesh will grow, as people become more knowledgeable and more willing to look for alternative sources of financing.
Abstract: Leasing industry is one of the flourishing sector of Bangladesh. The leasing companies on the average are doing pretty well since inception in this country. Leasing has gained its popularity for several reasons. The first and most important of all is that leasing can be thought of as an alternative source of fund which is most of the cases cheaper,...
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Stock Market Volatility: Comparison Between Dhaka Stock Exchange and Chittagong Stock Exchange
Md. Ariful Islam,
Md. Rayhan Islam,
Mahmudul Hasan Siddiqui
Issue:
Volume 2, Issue 1, February 2014
Pages:
43-52
Received:
15 December 2013
Published:
30 January 2014
Abstract: This paper is a comparison the volatility of price between Dhaka stock exchange (DSE) and Chittagong Stock Exchange (CSE). I did this study on volatility as a part of academic course of Research Methodology and Dissertation. The main objective of this study is to determine whether the markets are same volatile or not. Volatility is the most basic statistical measure. It can be used to measure the market risk of a single instrument or entire portfolio of investment. Investors, regulators, brokers, dealers and the media have all express concern over the level of stock market volatility. After market crash of 1996, individuals as well as corporate investors along with the regulators have become conscious about the volatility and felt importance of information regarding market to take good investment decision. This paper also discussed about the preliminary concept of volatility. For analysis of data I have consider only year 2004. Standard deviation, coefficient of Variation, F-test and monthly return is calculated. All the result shows the same picture. CSE is more volatile than DSE. The CSE30 and DSE20 also show the same result. Interesting finding is that general price is less volatile than CSE30 and DSE20. It implies that the top 20 and 30 securities influence the whole market. If the price of these securities increases, the price index increases. Ups and downs of the price of these securities in CSE is higher than that of DSE. Although investors are suffering from lack of information about the quality of securities, they take investment decision considering the general price index of two markets. Some time it may mislead the investor the differences of indexes of two markets. As the base of these two indices is different they can consider the percentage change in indexes and standard deviation of the indexes. Though the calculation is based on only the index one individual investor can calculate the return from individual security and then can take the portfolio investment decision. In this study individual securities are not considered as it would take massive calculating and data collection operation. Despite of these limitations it can easily be told that Chittagong Stock Exchange is more volatile than Dhaka Stock Exchange.
Abstract: This paper is a comparison the volatility of price between Dhaka stock exchange (DSE) and Chittagong Stock Exchange (CSE). I did this study on volatility as a part of academic course of Research Methodology and Dissertation. The main objective of this study is to determine whether the markets are same volatile or not. Volatility is the most basic s...
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Growth of Private Commercial Banks in Bangladesh
Md. Ariful Islam,
Mahmudul Hasan Siddiqui,
Md. Rayhan Islam
Issue:
Volume 2, Issue 1, February 2014
Pages:
53-67
Received:
14 December 2013
Published:
30 January 2014
Abstract: Now-a-days PCBs have succeeded to occupy a handsome portion of the total banking sector through their 23 years journey. For that matter, the study is done to verify how successfully PCBs have come across to today’s position. After liberation in 1971 all banks except few foreign banks’ branches were nationalized and reorganized. But the step of nationalization is viewed as a discouraging picture of NCBs because of some careless management activities. For that reason, PCBs had appeared in 1982 in the banking sector to improve the NCBs’ performance as well as the overall condition of the banking sector. The whole period has been segmented in to two parts and the growth of PCBs has been tried to find out according to the segments. Firstly, the denationalization and privatization period (1982-1989) and secondly, the financial liberalization period (1990-2004). We have tried to measure the growth of PCBs in the above mentioned time periods. To ascertain the PCBs’ growth we have used their branch expansion, deposit mobilization capability and credit deployment quality. With the help of these three components we can observe whether PCBs share in the total banking sector has been increased. We have also inquired that whether the performance of PCBs is better than that of NCBs. The study also covers NPL problems faced by the banks, and to what extent PCBs have recovered their NPL condition and what should be the further action to restrain the problem. Though PCBs have been playing the leading position, with the largest number of banks (30) in the banking sector, their overall performance is not as much appreciable as it should be. For that reason, PCBs should behold their full concentration to overcome their shortcomings.
Abstract: Now-a-days PCBs have succeeded to occupy a handsome portion of the total banking sector through their 23 years journey. For that matter, the study is done to verify how successfully PCBs have come across to today’s position. After liberation in 1971 all banks except few foreign banks’ branches were nationalized and reorganized. But the step of nati...
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Importance of Agricultural Credit for Rural Development of Bangladesh: A descriptive Approach
Md. Ariful Islam,
Md. Rayhan Islam,
Mahmudul Hasan Siddiqui,
Luthful Karim
Issue:
Volume 2, Issue 1, February 2014
Pages:
68-83
Received:
22 December 2013
Published:
30 January 2014
Abstract: Adequate availability of credit on time is an important requirement for the rural people, particularly under conditions of scarcity of resources and uncertainty. Convenient and safes-saving facilities are perhaps even more important to smooth out the peaks and troughs in incomes and expenditures in the rural arena. Lack of savings facilities also force families to rely on inefficient, inconvenient and costly alternatives. Agricultural credit can be a solution for this perspective. In Bangladesh most of the agricultural credits are the small-scale loans for the poor entrepreneurs. It allows them to access in the lending institutions to borrow fund and start their own business for rural development. Several financial institutions developed several strategies, including provision of small loans to the rural poor without collateral. These loans are repayable in predetermined installments. Borrowers are organized into groups, which reduces the risk of being default. These credits also help disseminating valuable information about the borrowers and their living standards. In Bangladesh mainly nationalized Banks and specialized Banks are currently burdened with classified loans. But the collateral free financing offers a new opportunity to invest their funds with little risk. Previous experiences of financial institution show that small credits have proven feasible of lending to the poor for rural development. Therefore, we can say that if they can engage themselves efficiently, agricultural credit will accelerate the developmental activities in rural areas of Bangladesh.
Abstract: Adequate availability of credit on time is an important requirement for the rural people, particularly under conditions of scarcity of resources and uncertainty. Convenient and safes-saving facilities are perhaps even more important to smooth out the peaks and troughs in incomes and expenditures in the rural arena. Lack of savings facilities also f...
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Determining the Contribution of Corporate Social Responsibility on Organizational Performance
Ijeoma,
N. B.,
Oghoghomeh,
T.
Issue:
Volume 2, Issue 1, February 2014
Pages:
84-91
Received:
15 December 2013
Published:
20 February 2014
Abstract: This study was on determining the contribution of corporate social responsibility on organizational performance. The purpose of this study was to determine the contribution of corporate social responsibility on company’s profit after tax and to ascertain if there exists significant contribution of corporate social responsibility on company’s profit after tax. The source of data for this study was secondary data obtained from Central Bank of Nigeria Statistical Bulletin 2010 and annual reports 2008-2012 of three selected public limited companies operating in Nigeria. The statistical tool employed was the regression analysis and the line graph analysis. From the result of the analysis it was found that corporate social responsibility was able to explain and contribute significantly to company’s performance more in OANDO Group Nig. Plc since it was able to explain about 96.1% of the behavior of profit after tax in OANDO Group Nig. Plc, 21.4 % in Guiness Nig. Plc and 9.5% in Total Nig. Plc. This result implies that OANDO Group Nig. Plc was observed to spend more in terms of corporate social responsibility amongst the observed company’s and in turn corporate social responsibility contributing to its performance. Also, it was found that Guniess Nig. Plc recorded the largest profit after tax over the observed period followed by OANDO Group Nig. Plc. It can be generalized that sustainability reports does have an association with company performance. Social performance disclosure has an association with company’s performance as was found by the result of OANDO Group Nig. Plc. For companies, improving sustainability performance is important and it is equally important as improving company’s financial performance. Sustainability means the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. It means that, in running the business, a company need to concern to the needs of future generations. Though reporting on its environmental performance may expose a company to criticisms and also have minimal effect in the short run. It is advisable that the company continues to disclose its environmental performance because in the long run it would help in achieving sustainability.
Abstract: This study was on determining the contribution of corporate social responsibility on organizational performance. The purpose of this study was to determine the contribution of corporate social responsibility on company’s profit after tax and to ascertain if there exists significant contribution of corporate social responsibility on company’s profit...
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Re-ranking of Corporate Governance Ratings of BIST XKURY Companies Based on TOPSIS Method of Ordering
Veysel Kula,
Ender Baykut
Issue:
Volume 2, Issue 1, February 2014
Pages:
103-110
Received:
23 January 2014
Published:
20 February 2014
Abstract: This study aims at re-defining the corporate governance ratings of companies listed in Borsa Istanbul Corporate Governance Index (BIST XKURY). Corporate governance ratings are computed by taking the weighted average of four sub-categories, with the weights subjectively determined by the Capital Market Board. As each company in the index has the overall rating of more than eight, the ratings are only narrowly dispersed within a thin rating band of eight to ten, lacking ability in providing decision makers helpful information in terms of comparative strength of companies. This problem could be addressed by the use of TOPSIS based ranking.Using the ratings of 46 companies for 2013 in the index, TOPSIS method provides a new rank order that has a richer information content. By means of new scores, decision makers could evaluate how far companies closer to the ideal positive and negative solutions.
Abstract: This study aims at re-defining the corporate governance ratings of companies listed in Borsa Istanbul Corporate Governance Index (BIST XKURY). Corporate governance ratings are computed by taking the weighted average of four sub-categories, with the weights subjectively determined by the Capital Market Board. As each company in the index has the ov...
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The Impact of Energy Dissipation to the Stability in Financial System
Issue:
Volume 2, Issue 1, February 2014
Pages:
111-116
Received:
26 January 2014
Published:
28 February 2014
Abstract: Financial system has a characteristic of dissipative structure theory. In the nonlinear motion process, financial system is extremely easy to produce energy dissipation, which would lead to the emergence of system instability. In this paper, the dissipative structure characteristic of financial system would be analyzed in the first, and the energy function of financial system would be given. Then the energy dissipation and the energy exchange in financial system would be studied. At last, the influence of energy dissipation to system stability would be given. Financial system instability is related to the total entropy and the impact resistance ability of system. We can control system stability by these two factors. The research is importance to the study of financial stability theory and the control of financial system stability.
Abstract: Financial system has a characteristic of dissipative structure theory. In the nonlinear motion process, financial system is extremely easy to produce energy dissipation, which would lead to the emergence of system instability. In this paper, the dissipative structure characteristic of financial system would be analyzed in the first, and the energy ...
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