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The Assessment of the Default Risk for the Banks of the Romanian Banking System
Sorin Mădălin Vlad,
Gheorghe Ruxanda
Issue:
Volume 3, Issue 1, February 2015
Pages:
1-9
Received:
25 December 2014
Accepted:
10 January 2015
Published:
21 January 2015
Abstract: By the current study we analyze the performance and plausibility of the empirical results provided by the [5] Duffie and Lando (2001) credit risk structural model with asymmetric information. By construction, such a model can allow the endogenous understanding of the default event (typically for a structural model), the plausibility of the default intensity existence (typically for a reduced form model), as well as the tractability of analytical formulas to be used at the estimation of the credit risk parameters. Under this framework we analyze the empirical model results, by the quantitative creditworthiness assessment of the banks from the Romanian banking system, as financial institutions of a low default portfolio. For the model implementation we apply a special calibration approach for the accounting white noise parameter. The empirical study is being conducted by the use of the banks’ financial statement time series over the last Romanian economic cycle, during the period 2002 – 2012.
Abstract: By the current study we analyze the performance and plausibility of the empirical results provided by the [5] Duffie and Lando (2001) credit risk structural model with asymmetric information. By construction, such a model can allow the endogenous understanding of the default event (typically for a structural model), the plausibility of the default ...
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The Impact of Financial Leverage and Market Size on Stock Returns on the Dhaka Stock Exchange: Evidence from Selected Stocks in the Manufacturing Sector
Mohammad Nayeem Abdullah,
Kamruddin Parvez,
Tarana Karim,
Rahat Bari Tooheen
Issue:
Volume 3, Issue 1, February 2015
Pages:
10-15
Received:
19 December 2014
Accepted:
12 January 2015
Published:
22 January 2015
Abstract: This paper examines the impact of financial leverage and market size of selected stocks on stock returns. Ordinary Least Square (OLS) regression models were used to examine the relationship between the dependent and independent variables. The leverage of the selected firms was estimated from the annual financial reports covering a period of five years from 2008 to 2012 of five corporations operating in the manufacturing sector. Furthermore, average monthly stock prices of the selected stocks between 2008-2012 for Fu-Wang Ceramic, Fine Foods Limited, Olympic Industries, Metro Spinning and Rahim Textiles. The study established a significantly negative relationship between leverage and stock return when the overall industrial data is used. However at the individual firm level the relationship was not stable. Four out of the five selected companies (i.e. Fu-Wang Ceramic, Fine Foods Limited, Olympic Industries and Metro Spinning) all had negative leverage coefficients. Rahim Textile however, had a positive leverage coefficient. The paper also found the relationship between size and stock returns to be significantly positive. However, the size effect within the manufacturing sector was limited.
Abstract: This paper examines the impact of financial leverage and market size of selected stocks on stock returns. Ordinary Least Square (OLS) regression models were used to examine the relationship between the dependent and independent variables. The leverage of the selected firms was estimated from the annual financial reports covering a period of five ye...
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Economic Status and Use of Complimentary Energy Sources to Electricity among Households within Nakuru Municipality
Maina J. Kairu,
Oyugi Tobias
Issue:
Volume 3, Issue 1, February 2015
Pages:
16-26
Received:
6 January 2015
Accepted:
13 January 2015
Published:
23 January 2015
Abstract: This study sought to investigate the relationship between economic status and use of complimentary energy sources to electricity among households within Nakuru Municipality. The study was premised on the desire of Kenya to be a middle income economy by the year 2030, in which case a substantial capacity of electrical energy will be required to power the anticipated industrial activity hence the need to conserve electrical energy which would in turn be utilized in the manufacturing sectors. Households are considered to play a role in inefficient usage of electricity. Literature reviewed has revealed that in rural areas of Kenya 52% use kerosene for lighting and 60% for cooking, this study however has found out that electricity is dominantly used for lighting within households of the Municipal Council of Nakuru (MCN), the households prefer solar energy as an alternative to electricity. However affordability is a challenge owing to the prohibitive capital cost compounded by house ownership issue. This study adopted correlational survey design and relied on both qualitative and quantitative data. Descriptive and Chi–Square Tests were used in data analysis to establish the relationship between the two variables. The population of the study was the entire houses owned by the MCN which in total add up to 5434 houses. A representative random sample size of 358 households was used in the study. Data was collected using Questionnaires and key informants interviews. The study found out that electricity was commonly used for lighting and normal domestic use. The study revealed a positive relationship between economic status of households and usage of complimentary energy sources to electricity among the households. The researcher recommended a further study on the evaluation of electricity usage among owner occupied residential houses that have a greater flexibility of choosing the kind of electrical installation as opposed to tenants.
Abstract: This study sought to investigate the relationship between economic status and use of complimentary energy sources to electricity among households within Nakuru Municipality. The study was premised on the desire of Kenya to be a middle income economy by the year 2030, in which case a substantial capacity of electrical energy will be required to powe...
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Effect of Gender Differences on Job Satisfaction of the Female Employees in Pakistan
Nayab Fatima,
Shahid Iqbal,
Sadaf Younis Akhwand,
Muhammad Suleman,
Muhammad Ibrahim
Issue:
Volume 3, Issue 1, February 2015
Pages:
27-33
Received:
7 January 2015
Accepted:
15 January 2015
Published:
27 January 2015
Abstract: The objective of this research is to further determine the gender differences while controlling the effect of selected variables on job satisfaction using data gathered from employees working in the Non-Governmental Organizations (NGOs) and public sector schools of selected Districts of Southern Punjab. This research was based on primary data which was collected from 90 employees (45 females and 45 males) working with the Ngo’s and Schools. The research results showed that there is a positive significant relationship between selected independent variables with dependent variable. The research results also indicated that in Pakistan, male employees are more satisfied with their jobs as compared to female employees. This study is helpful for management to revise their policies to eliminate the differences of job benefits for males and females in order to increase the job satisfaction of female employees.
Abstract: The objective of this research is to further determine the gender differences while controlling the effect of selected variables on job satisfaction using data gathered from employees working in the Non-Governmental Organizations (NGOs) and public sector schools of selected Districts of Southern Punjab. This research was based on primary data which...
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Green Banking: Going Green
Issue:
Volume 3, Issue 1, February 2015
Pages:
34-42
Received:
10 January 2015
Accepted:
15 January 2015
Published:
27 January 2015
Abstract: Green Banking is any form of banking from which the country and nation gets environmental benefits. A conventional bank becomes a green bank by directing its core operations toward the betterment of environment. Green Banking has become a buzz word in today’s banking world. It means developing inclusive banking strategies which will ensure substantial economic development and promoting environmental-friendly practices as well. This paper focuses on the Green Banking activities of the commercial banks of Bangladesh and we also tried to reason why this policy was adopted and make a comparison among he green banking practices of the commercial banks as well. The policy guidelines will also be focused. The regulations regarding Green Banking is going to be discussed as well.
Abstract: Green Banking is any form of banking from which the country and nation gets environmental benefits. A conventional bank becomes a green bank by directing its core operations toward the betterment of environment. Green Banking has become a buzz word in today’s banking world. It means developing inclusive banking strategies which will ensure substant...
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The Use of ICT Technologies Enhances Employees’ Performance in the Greek Hotel Industry
Issue:
Volume 3, Issue 1, February 2015
Pages:
43-56
Received:
16 December 2014
Accepted:
29 January 2015
Published:
6 February 2015
Abstract: A large number of studies have been produced lately aiming to understand and explain the factors influencing the acceptance of IT by the employees of the hotel industry and create model examples, mainly based on TAM (Technology Acceptance Model) (Davis), TTF (Technology Acceptance Model) (Goodhue and Thomson) and their expansions and variations. The research effectuated mainly used empirical data from the United States, North and West Europe as well as East Asia, while a relative lack in papers is observed with regard to data coming from other touristic zones, like the Mediterranean, which, according to the EU is visited by nearly 30% Sata A. (2004) of the world tourism annually. The present paper intends to make up for that relevant insufficiency, being based on data coming from the touristic zone of Greece. Furthermore the purpose of this paper is to investigate the potential of Perceived Information Technology Beliefs, in combination with the employees’ particular personal and individual characteristics, which are included in the Personal Characteristics and Subjective Norms factors, through a TAM, to affect Behavioural Intention (BI) to accept and use the Information Technologies (IT). Our findings, with the exception of the (non-significance) of Self-Efficacy, suggest that, in the Greek Tourism Sector, the harmonization of Personal Characteristics together with the other driving factors positively contributes, through a TAM, to the enhancement of Behavioural Intention; consequently, one of the first policy measures in the Sector should be the expansion of staff training in Information Technologies.
Abstract: A large number of studies have been produced lately aiming to understand and explain the factors influencing the acceptance of IT by the employees of the hotel industry and create model examples, mainly based on TAM (Technology Acceptance Model) (Davis), TTF (Technology Acceptance Model) (Goodhue and Thomson) and their expansions and variations. Th...
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The Effects of Budget Deficit on Current Account: Case Study (Palestinian Territories 1996 – 2012)
Khalil Ahmed El-Namrouty,
Ahmed Mahmoud Saidam
Issue:
Volume 3, Issue 1, February 2015
Pages:
57-67
Received:
16 January 2015
Accepted:
29 January 2015
Published:
13 February 2015
Abstract: The researchers examined the effects of public budget deficit on current account in the Palestinian Territories (1996 - 2012). To determine the appropriate economic tools that can be used to reduce the current account chronic deficit, the nature and components of the Palestinian Authority’s expenditures and revenues will be studied. Statistical analysis approach is used to illustrate the impact of public budget deficit on current account. This was implemented after checking the stationary of time series by adopting unit root test (Augmented Dickey Fuller). The study findings confirm the positive relationship between public budget deficit and current account in the Palestinian Territories. It appears that an increase in public budget deficit by one USD million will increase the current account deficit by USD 3.08 million. In addition, balance of trade deficit increased by USD 465.3 thousand when the other independent variables such as government and private investments in the model remain constant.
Abstract: The researchers examined the effects of public budget deficit on current account in the Palestinian Territories (1996 - 2012). To determine the appropriate economic tools that can be used to reduce the current account chronic deficit, the nature and components of the Palestinian Authority’s expenditures and revenues will be studied. Statistical ana...
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