The Influence of Iran's Entrance into the WTO on Major Indexes of Tehran Stock Exchange

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The Influence of Iran's Entrance into the WTO on Major Indexes of Tehran Stock Exchange"

Transcription

1 2013, TexRoad Publicaion ISSN: Journal of Applied Environmenal and Biological Sciences The Influence of Iran's Enrance ino he WTO on Major Indexes of Tehran Sock Exchange Darush Javid 1 and Aefe Maleki 2* 1 Assisan Professor in deparmen of accouning, Malayer branch, Islamic Azad Universiy, Malayer Iran 2 Deparmen of Accouning, Boroujerd Branch, Islamic Azad Universiy, Broujerd, Iran Received: Augus Acceped: Augus ABSTRACT Joining he World Trade Organizaion (WTO) will cerainly have major impacs on he counry s economy and saying away from i resuls in missing he chance of playing an imporan role in global decisions and reducing naion's share of world rade. Counries have realized ha privaizaion causes he securiy markes o boom. Invesors evaluae invesmen performance by using sock exchange indexes. This sudy aims o examine Iran's enrance ino he WTO on major indexes of Tehran sock exchange. The paricipans consis of (150) accouning professors and sudens and expers. A quesionnaire was used for collecing daa during he fall of To examine validiy of quesions he KMO es was used. In order o es hypoheses One- sample T-es and Friedman-es were used. Saisical analyses showed ha foreign invesmen by20/25 ranking average is he imporan facor in Iran's enrance ino WTO and joining WTO by 3/6 average and 0/595 sandard deviaion has posiive impacs on Sock Exchange s Major indexes. KEYWORDS: Enrance, Sock Exchange s Major indexes, WTO, Tehran Sock Exchange. INTRODUCTION The need o expand inernaional rade is so grea ha saying ou of he communicaion loop is impossible. The World Trade Organizaion has aken responsibiliy for meeing his need in he economic sphere (Shirkavand, (2000)). By joining he WTO many companies have been able o cross boundaries hrough join invesmen and cooperaion wih local companies wihou sharing in asses have influenced by independen companies' aciviies. In addiion o removing rade barriers and he free flow of goods, services and producion facors can also be achieved. By expanding compeiive markes and joining WTO, counries have realized he necessiy of privaizing public firms wih he aim of developing capial marke hrough boosing sock marke, exending share ownership, encouraging differen groups' people o make invesmen and increasing financial markes efficiency. One of he consequences of globalizaion is capials ha are exchanged wihou any resricion. Since people don like keeping exra cash because of opporuniy cos and decrease in value, hey prefer o inves in several ways such as securiies. In capial marke, sock indices display marke condiions like a hermomeer, and hereby invesors use hem in order o idenify he marke rend, evaluae he pas, and in some cases predic he fuure(kiany,(2010). STATEMENT OF THE PROBLEM Joining WTO means ha all counries follow he same regulaions in heir rading operaions wih oher member saes, and respec he rade laws and economic srucure of heir rading parners. Today, no counry can subsis alone and wihou cooperaion wih he inernaional communiy because no counry has compeiive advanages in all fields including producions, echnology, capial and ec. Regarding he imporan role of rade in inernaional economy and he effors made by differen counries o increase heir share in global rade in order o profi more from world rade, mos counries seek o presen a posiive image so ha hey can receive more subsanial porions of he global rade, herefore, as an imporan inernaional organizaion, WTO is a key player which makes commercial laws and aemps o creae a favorable rade environmen by removing barriers and providing more compeiive environmen. Enrance ino WTO may provide grea opporuniies such as faser and cheaper access o he informaion, aracing foreign invesmen, managing exernal debs o provide adequae resources for developmen, removing rade barriers, educaion, and developmen of Produciviy. I also involves hreas such as exchange rae flucuaions, problems relaed o low charges of goods and services, risk of firms bankrupcy when compeing wih heir compeiors. Today, capial, regardless of geographic boundaries is easily ransferred and invesors are looking for more profis and increasing heir capial, herefore hey are willing o venure beyond he geographic boundaries. One field ha invesors choose o inves in is he sock exchange. As menioned earlier, foreign invesmen can provide grea opporuniies.increase in capial *Corresponding Auhor: Aefe Maleki, Deparmen of Accouning, Boroujerd Branch, Islamic Azad Universiy, Broujerd, Iran, E- mail: 52

2 Javid and Maleki, 2013 marke liquidiy causes urnover o rise up and marke efficiency improves as a resul, consequenly, he cos of financing domesic companies is reduced and he demand for securiies rises hrough increasing he sock price. However, here are risks such as domesic and inernaional crises, ineres and exchange rae flucuaions, and increased risk of ownership and dominance of foreign companies over domesic companies. Invesors use indexes o evaluae he marke climae and in some cases hey even predic fuure o assess pas. In fac, he major sock indexes are considered as he mos imporan crieria for evaluaing he performance of invesmen in he sock marke and even non-financial invesmens.sudying he effec of Iran's enrance ino he WTO can help officials o make appropriae decisions and ake he necessary seps in order o make furher profis. LITERATURE REVIEW Jalaee and sabaqpour (2009) in he research examined he effec of FDI on economic growh hrough financial markes.they concluded ha by incorporaing he indexes and ener he economic growh model, FDI has a negaive impac on economic growh and improving financial markes resul in enhancing he sabiliy of impac FDI on Iran's economic growh. Toraby and mohammadzade-asl (2010) sudied he globalizaion role in aracing foreign invesmen and economic growh. The resuls revealed ha here is direc relaionship beween FDI flows and invesing in porfolio and economic growh in counries wih higher degree of globalizaion and srucural facors, globalizaion, policy and globalizaion measures o arac capial and economic growh in counries wih a lower degree of globalizaion has a higher imporance. Mahdavi e al (2010) in heir work examined he impac of financial marke developmen in impac of FDI on economic growh in hos counries using panel daa. The resuls showed ha in erms of financial marke, in developed counries, FDI has posiive impac on economy growh and in less developed counries his impac isn nifican. Sajjady e al (2010) invesigaed he relaionship beween macroeconomic variables and he Cash reurn on sock -Tehran Sock Exchange.They concluded ha here are posiive relaion beween macroeconomic variables (inflaion, liquidiy, exchange rae and oil income) and he Cash reurn on sock. Vaaanen e al (2010) in he research sudied he inernalizaion of rade and company performance in Russia. The resuls suggesed ha globalizaion has a considerable effec on company s performance measures. By globalizing of performance companies enhance he produciviy and profiabiliy of labor force. Besides, by joining Russia he world marke he posiive effecs of growh is gradual. Mossa,I (2004) examined he degree of aracing foreign invesmen in differen markes. He found ha developing markes will arac more foreign invesmen flows han large marke and counries ha pay more imporan o he educaion and, R&D and have managed o absorb he flow. Ranceir e al (2004) in heir work sudied he impacs of releasing financial markes and capial flows on economy growh. The resuls indicaed ha he impacs of releasing financial markes have posiive effec on economy growh bu, he effec is weak because of crises and is consequences. Sada Amini e al (2012) examined he effecs of rade liberalizaion on curren accoun balance of paymens and economic growh in Iran. In his sudy, by exploring he relaionship beween rade balance and economic growh, he effec of rade liberalizaion on economic growh has been invesigaed. Time series daa had been used o esimae he model in he years Using auo regressive disribued lags (ARDL), he exisence of long-erm relaionship beween variables has been invesigaed. Furhermore, using he error correcion mehod (ECM), he exisence of shor-erm relaionship beween variables has been invesigaed. The resuls show ha, he effec of rade liberalizaion on he rade balance is posiive and nifican in he long run as well as on economic growh. Bu, he effec of rade liberalizaion on he curren accoun balance of paymens is no nifican. Javid and Bigham (2013) in he research examined he effec of advanced manufacuring sraegies and informaion echnology on financial performance of he companies which have been acceped in Tehran sock exchange. This research is based on his hypohesis: here is nifican relaionship beween advanced manufacuring sraegies and financial performance indicaor in Tehran sock exchange. For analyzing daa Principle componen, regression analysis and correlaion have been used. The resuls show ha advanced manufacuring sraegies and informaion echnology affeced he financial performance. RESEARCH HYPOTHESES Main Hypohesis: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange Major indexes. Sub-Hypohesis 1: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange price index. Sub-Hypohesis 2: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange cash reurn. 53

3 Sub-Hypohesis 3: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange price and cash reurn indexes. Sub-Hypohesis 4: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange indusry index. Sub-Hypohesis 5: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange 50 op companies. THE SAMPLE, POPULATION AND METHODOLOGY The presen paper is an applied sudy and a survey in naure. Library mehod was used o compile lieraure in Secion 2.Since Iran has no joined he WTO ye, so a quesionnaire was used o measure variables, collec he relevan informaion and obain he resuls wihin 4 and 5 secions. All quesions were dened based on a Liker scale. Quesions are composed of variables (indexes) exraced from he lieraure. Cronbach's alpha coefficien was used o assess he reliabiliy by 0/95. For daa analysis, descripive and inferenial saisics were used. In his sudy, afer exracing 22 variables from he lieraure, exploraory facor analyses of he daa was carried ou, hen daa were roaed by Varimax mehod.for his purpose, The KMO Measure of Sampling Adequacy Tes was used ha shows parial correlaion beween variables. The 5-choice Liker scale was used o examine he research s subjec, moreover because of he quaniaive daa, daa analysis was carried ou using one-sample -es(for he mean) which our hypohesis is confirmed if he mean is greaer han a cerain exen. In addiion, Friedman es was used for measuring he same ranking quesions wih respec o he assumpions ha he resuls of his es deermines he variables which affec joining WTO. The populaion of he presen research consiss of he accouning sudens and professors and professionals working in sock marke. Since he sudy populaion is unlimied, Cochran's formula was used o esimae he sample size and he sample size of 150 was obained a 95% confidence level. Z 2 2. P. q n d n (1 / 96 ) 2.(0 / (0 / 08) 2 5).( 0 / 5) 150 FINDINGS The daa in his sudy were roaed by Varimax using KMO-es. I measures sampling adequacy and checks parial correlaion beween variables. I deermines wheher he common variance of some laen facors is underlying, his index ranges beween 0-1. Resuls KMO 0/873 Barle s 0/2736 Sig Table1-KMO-es o he suiabiliy of he research quesions Loadings 0/426 0/656 0/633 0/616 0/567 0/592 0/661 0/630 0/611 0/696 0/698 componen Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q18 Q19 Q20 As shown in he above able he KMO value is greaer han 0/5 and Barle s es nifican level is less han %1, on he oher hand, facors' scores for each quesion is more han 0/3,so quesions 1 o 22 are appropriae o measure variables. Sub-Hypohesis 1: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange price index Table 2 : -es o describe daa for sub-hypohesis 1 Q21 Table 3 : -es for sub-hypohesis 1 Loadings 0/761 0/795 0/594 0/625 0/593 0/490 0/599 00/534 0/671 00/569 0/588 0/065 0/806 3/ componen Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Confidence inerval 0/95 0/253 0/514 0/384 5/82 54

4 Javid and Maleki, 2013 The resuls of he above ables show ha he average response o his hypohesis is 3/384 while he base mean equals 3, so we observe ha he average response of 0/384 is greaer han he base mean. Then H 0 is rejeced and H 1 is confirmed a %1 -level. Therefore, according o his hypohesis, by 99% confidence one can say ha he obained means were more han 3. Consequenly, paricipans agree wih he sub-hypohesis1. Sub-Hypohesis 2: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange cash reurn. Table 4 : -es o describe daa for sub-hypohesis 0/064 0/792 3/ Table 5 : sub-hypohesis 2 -es Confidence inerval 0/95 0/289 0/545 0/417 6/45 The resuls of ables 4 and 5show ha he average response o sub-h2 is 3/417 bu he base mean equals 3, so we see ha he average responds of 0/417 is greaer han he base mean. Then he null hypohesis is rejeced and he alernaive hypohesis is acceped a %1 -level.therefore, according o his hypohesis, by 99% confidence one can say he obained means answers were more han 3. Tha is, paricipans agree wih he hypohesis-1. Sub-Hypohesis 3: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange price and cash reurn indexes. Table 6: -es o describe daa for sub-hypohesis 3 0/060 0/374 3/ Confidence inerval 0/95 0/336 0/576 Table 7: sub-hypohesis 3 -es 0/456 The resuls of ables 6 and 7 repor ha he average response o sub- H3 is 3/452 bu he base mean equals 3, so we observe ha he average responds of 0/452 is greaer han he base mean. Then H o is rejeced and H 1 is confirmed a %1 -level.therefore, according o his hypohesis, by 99% confidence one can say he obained means answers were more han3, or answers have been lef high and very high. Consequenly, paricipans agree wih he hypohesis-3. Sub-Hypohesis 4: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange indusry index. Table8: -es o describe daa for sub-hypohesis 4 Table 9: sub-hypohesis 4 -es 0/057 0/699 3/ /53 Confidence inerval 0/95 0/365 0/591 0/478 8/37 The resuls of ables 8 and 9show ha he average response o sub-h4 is 3/475 bu he base mean equals 3, so we observe ha he average responds of 0/475 is greaer han he base mean. Then he null hypohesis is rejeced and he alernaive hypohesis is confirmed a %1 -level.therefore, according o his hypohesis, by 99% confidence one can say ha mean answers were more han3, or answers have been lef high and very high. Consequenly, paricipans agree wih he hypohesis-4. Sub-Hypohesis 5: Iran's enrance ino he WTO has an impac on he Sock Exchange 50 op companies. 55

5 Table10 : -es o describe daa for sub-hypohesis 5 0/061 0/757 3/ Table 11 : sub-hypohesis 5 -es Confidence inerval 0/95 0/565 0/443 0/678 9/13 The resuls of he above ables show ha he average response o sub-h5 is 3/56 bu he base mean equals 3, so we observe ha he average responds of 0/56 is greaer han he base mean. Then H 0 is rejeced and H 1 is confirmed a %1 -level.therefore, according o his hypohesis, by 99% confidence one can say ha he obained means answers were more han 3, ha is paricipans agree wih he hypohesis-5. Main Hypohesis: Iran's enrance ino he WTO has an impac on he Tehran Sock Exchange main indexes. Table 12 : -es o describe daa for main hypohesis 0/048 0/595 3/ /95 Confidence inerval 0/504 0/696 Table 13: Main hypohesis -es 0/600 The resuls of ables 12 and 13 illusrae ha he average response o he main hypohesis is 3/60 while he base The resuls of ables 12 and 13 illusrae ha he average response o he main hypohesis is 3/60 while he base mean equals 3, hence we observe ha he average responds of 0/60 is greaer han he base mean. Then H 0 is rejeced and H 1 is confirmed a %1 -level.therefore, according o his hypohesis, by 99% confidence one can say ha he obained means answers were more han 3.Consequenly, paricipans agree wih his hypohesis Comparison es of research quesions nificance Table 14: Rank average of Friedman -es o compare he nificance of he research quesions, he main hypohesis Table15: Friedman es for comparison of research quesions 12/33 The resuls repored in able 15 reveal ha he Friedman-es has been nifican a %1 -level, so here is a difference beween quesions in erms of nificance.as shown in ranking able (able 14) quesion 3-he foreign invesmen variable- enjoys he highes rank among all variables. Since joining he WTO has such Mean Rank quesions Mean Rank quesions 14/48 Q12 15/37 Q1 14/32 Q13 15/08 Q2 14/32 Q14 20/25 Q3 14/32 Q15 17/56 Q4 14/29 Q16 15/13 Q5 14/29 Q17 15/02 Q6 16/41 Q18 13/54 Q7 15/46 Q18 13/49 Q8 14/99 Q19 15/99 Q9 12/82 Q20 14/71 Q10 15/73 Q21 14/39 Q chi-square N

6 Javid and Maleki, 2013 consequences as increasing inernaional rade flows, foreign direc invesmen, echnology ransfer and ec, in opinion of our paricipans foreign invesmen is he mos imporan resul of joining he WTO. Table16: Mean Rank and Friedman es for Comparison of sub -hypoheses quesions chi-square N Mean rank Q 2/82 7 2/ / /26 9 3/ / / / / /57 1 2/ / /51 5 2/43 6 2/ / / / / / /63 3 3/ / / / /9 22 Sub-H 1 Sub-H 2 Sub-H 3 Sub-H 4 Sub-H5 The resuls shown in able16 show ha he Friedman-es is nifican a %1 -level, so here is a difference among quesions in erms of imporance. As i can be seen quesion 9 - demand for purchasing share variable- has he highes rank. As joining he WTO led o improving he privae secor wih developing he domesic capial marke hrough boosing he Sock Exchange, exending sock ownership and engaging greaer number of people in invesmen, so according o his es, demand for buying sock is he mos imporan consequence of joining WTO. Friedman es for sub-hypohesis 2, 3 and 4 isn' meaningful a %1 level. Which means no difference exiss beween research quesions. Sub-hypoheses 5 is nifican a %1 level of nificance, hence here is a difference beween research quesions. Quesion 3 foreign invesmen variable -is asned he highes rank, according o he es, foreign invesmen is he mos imporan consequence of joining he WTO. CONCLUSION Based on he resuls, Iran's enrance ino he WTO will increase he number of forward conracs, call and pu opions and demand for buying share, hus sock price and he indexes of Tehran Sock Exchange will rise and by reducing invesmen risks, increasing yield on share, profiabiliy, increasing cash reurn and more cash flows from invesing, he sock yields index increase,as a resul, i causes he cos of goods and services o drop, increases sales, raises price and cash yield,and consequenly, price and cash yield indexes rise.besides, share value of all indusrial companies and indusries wih compeiive -advanage and leading indusries boom, herefore, he index of indusry rises. I also increases he amoun of foreign invesmen and sock prices of 50 op companies and develops non-oil expors; herefore, he index of 50 op companies' increases oo. In addiion, Friedman -es showed ha foreign invesmen is he mos imporan benefi of WTO. Comparing he resuls wih hose of similar sudies The resuls of presen sudy are consisen wih Jalaee and sabaqpour, Ranceir, e al, Sajjady, e al, Vaaanen, e al, Mossa, and Toraby and mohammadzade-asl researches ; however, hese resuls are inconsisen wih Mahdavy, e al in less developed counries. SUGGESTIONS The resuls of he sudy sugges ha: Forward conracs and policies are drawn up well, improving he qualiy and variey of producs of companies wih he aim of increasing share price and demand. Creae he appropriae condiions for reducing invesmen risks and increasing he sock reurn. 57

7 Paying more aenion o produc den and developmen, as well as using more high qualiy maerials, which reduce he cos of hiring skilled labor, goods and producs. Moreover, using more effecive markeing mehods o raise producs sale. Indusries wih comparaive advanages and leading indusries can have a successful presence in inernaional markes and increase heir equiy, so an aemp should be made o mainain his presence in global markes. Weak indusries should be srenghened and suppored so ha enrance ino WTO is no affeced. srenghening he organizaions associaed wih expors, reforming expor and impor laws in order o increase non-oil expors as well as supporing op 50 companies in an aemp o increase he value of heir sock liquidiy, moreover, providing he foundaions for foreign invesmen and reforming he financial, moneary and exchange polices All he sudy's hypoheses were confirmed, hus i is recommended he auhoriies make a serious aemp o fulfill he requiremens for promoion and developmen of he sock marke o faciliae he process of joining he World Trade Organizaion. Recommendaions for he fuure researches: Since many member saes equal Iran wih respec o required condiions for joining he WTO have joined he WTO; herefore, i is recommended ha he fuure researchers compare he indexes influencing sock exchange before and afer joining he WTO in hese counries o idenify he changes in hose counries sock Exchange. In his sudy, he possible impacs of WTO on he Tehran Sock Exchange index were examined; herefore, i is recommended ha he possible impacs of joining WTO on floaing sock and he index's of op 30 companies will be invesigaed. The influence of joining WTO on he Tehran s OTC (Over The Couner marke) marke indices will be evaluaed. Counries on a par wih Iran which have joined WTO will be compared wih Iran. Acknowledgmen The auhors declare ha hey have no conflics of ineres in he research. REFERENCES 1- Jalaee, Abd-Almajid, Sabaqpour, Mina,2010, "Examining impac of FDI on Iran s economic growh hrough financial markes, Economic Journal,No33 2- Javid, darush, Bigham, Habibe,2013, " The Sudy of Advanced Manufacuring Sraegy and Is Effec on Financial Performance in Tehran s Sock Exchange", Journal of Basic and Applied Scienific Research, 3(6), Juha Vaaanen,Daria Podmenina, Rajesh,2010,"Inernaionalizaion And Company Performance A Sudy of Emerging Russian Mulinaionals Business Review", Journal Impac Facors Relaed,vol.17Lss:2,PP Kiany,Reza, 2010, " Repor on analyzing Sock Exchange Indexes free floaing sock approach ", Iran s Capial Marke Research & Developmen Associaion 5- Mahdavi, Rouh-Allah, Jahangard, Esfandiar, 2010," Impac of financial marke developmen in impac of FDI on economic growh in hos counries using panel daa", Economic Modeling Research Journal, No2 6- Moosa,I.., 2004, " The Deerminaion OF Foreign Direc Invesmen In mena Counries An Exreme Bounds Analysis. Over view And policy Messages, The Developmen Poenial OF Surging Capial Flows " Inernaional Finance Team OF Word Banks Developmen Prospecs Group Working Paper, No44 7- Rancier, R., Tornell, A., & Wesermann,F, 2006, " Decomposing The Effecs of Financial Liberalizaion : Crises VS. Growh "., NBER Working Paper, No, Sajjady,housein e al, 2010, " The relaionship beween macroeconomic variables and he Cash reurn on sock -Tehran Sock Exchange" Economic Sciences Journal,No2 9- Shirakvand, saied,2000," joining Iran he WTO, consequences and pracical. " Managemen Knowledge Journal,No Sada Amini e al,2012," The Effec of Trade Liberalizaion on Balance of Paymen and Economic Growh in Iran", Journal of Basic and Applied Scienific Research, 2(7), Toraby,aghi, Mohmmadzade,Nazi, 2009, " The role of globalizaion in aracing exernal capial and economic growh", Economic Journal,No2 58

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective Available online a www.pelagiaresearchlibrary.com European Journal Experimenal Biology, 202, 2 (5):88789 ISSN: 2248 925 CODEN (USA): EJEBAU Idealisic characerisics Islamic Azad Universiy masers Islamshahr

More information

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES Mehme Nuri GÖMLEKSİZ Absrac Using educaion echnology in classes helps eachers realize a beer and more effecive learning. In his sudy 150 English eachers were

More information

SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES

SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES Inernaional Journal of Accouning Research Vol., No. 7, 4 SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES Mohammad Ebrahimi Erdi, Dr. Azim Aslani,

More information

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments BALANCE OF PAYMENTS DATE: 2008-05-30 PUBLISHER: Balance of Paymens and Financial Markes (BFM) Lena Finn + 46 8 506 944 09, lena.finn@scb.se Camilla Bergeling +46 8 506 942 06, camilla.bergeling@scb.se

More information

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Profi Tes Modelling in Life Assurance Using Spreadshees PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Erik Alm Peer Millingon 2004 Profi Tes Modelling in Life Assurance Using Spreadshees

More information

DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR

DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Invesmen Managemen and Financial Innovaions, Volume 4, Issue 3, 7 33 DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Ahanasios

More information

Chapter 1.6 Financial Management

Chapter 1.6 Financial Management Chaper 1.6 Financial Managemen Par I: Objecive ype quesions and answers 1. Simple pay back period is equal o: a) Raio of Firs cos/ne yearly savings b) Raio of Annual gross cash flow/capial cos n c) = (1

More information

The Effect of Working Capital Management on Reducing the Stock Price Crash Risk(Case Study: Companies Listed in Tehran Stock Exchange)

The Effect of Working Capital Management on Reducing the Stock Price Crash Risk(Case Study: Companies Listed in Tehran Stock Exchange) Inernaional Research Journal of Applied and Basic Sciences 2013 Available online a www.irjabs.com ISSN 2251-838X / Vol, 6 (9): 1222-1228 Science Explorer Publicaions The Effec of Working Capial Managemen

More information

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs Journal of Finance and Accounancy Conrarian insider rading and earnings managemen around seasoned equiy offerings; SEOs ABSTRACT Lorea Baryeh Towson Universiy This sudy aemps o resolve he differences in

More information

The Grantor Retained Annuity Trust (GRAT)

The Grantor Retained Annuity Trust (GRAT) WEALTH ADVISORY Esae Planning Sraegies for closely-held, family businesses The Granor Reained Annuiy Trus (GRAT) An efficien wealh ransfer sraegy, paricularly in a low ineres rae environmen Family business

More information

Investigation of Human Resource Management Practices (HRM) in Hospitals of Jalgaon District

Investigation of Human Resource Management Practices (HRM) in Hospitals of Jalgaon District BUSINESS AND TECHNOLOGY (IJSSBT), Vol. 1,.2, FEBRUARY 213 Invesigaion of Human Resource Managemen Pracices (HRM) in Hospials of Jalgaon Disric Saroj B. Pail*; Dr. P.T.Choudhari** *Research Scholar, rh

More information

4. International Parity Conditions

4. International Parity Conditions 4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

More information

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005 FONDATION POUR LES ETUDES ET RERS LE DEVELOPPEMENT INTERNATIONAL Measuring macroeconomic volailiy Applicaions o expor revenue daa, 1970-005 by Joël Cariolle Policy brief no. 47 March 01 The FERDI is a

More information

The Determinants of Trade Credit: Vietnam Experience

The Determinants of Trade Credit: Vietnam Experience Proceedings of he Second Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences (AP15Vienam Conference) ISBN: 978-1-63415-833-6 Danang, Vienam, 10-12 July 2015 Paper ID: V536

More information

Performance Center Overview. Performance Center Overview 1

Performance Center Overview. Performance Center Overview 1 Performance Cener Overview Performance Cener Overview 1 ODJFS Performance Cener ce Cener New Performance Cener Model Performance Cener Projec Meeings Performance Cener Execuive Meeings Performance Cener

More information

1. Fund types and population covered

1. Fund types and population covered Performance and financial overview of invesmen funds - France 1 March 016 The Banque de France draws up he following informaion for invesmen funds: 1 monhly saisics on fund ousandings and flows, and on

More information

Impact of scripless trading on business practices of Sub-brokers.

Impact of scripless trading on business practices of Sub-brokers. Impac of scripless rading on business pracices of Sub-brokers. For furher deails, please conac: Mr. T. Koshy Vice Presiden Naional Securiies Deposiory Ld. Tradeworld, 5 h Floor, Kamala Mills Compound,

More information

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas The Greek financial crisis: growing imbalances and sovereign spreads Heaher D. Gibson, Sephan G. Hall and George S. Tavlas The enry The enry of Greece ino he Eurozone in 2001 produced a dividend in he

More information

Investigation of the effect of the degree of openness of the economy on real effective exchange rate Volatility: case study (the Iran economy)

Investigation of the effect of the degree of openness of the economy on real effective exchange rate Volatility: case study (the Iran economy) saqartvelos mecnierebata erovnuli akademiis moambe,. 9, #2, 2015 BULLETIN OF THE GEORGIAN NATIONAL ACADEMY OF SCIENCES, vols. 9, no. 2, 2015 Economy Invesigaion of he effec of he degree of openness of

More information

Chapter 6: Business Valuation (Income Approach)

Chapter 6: Business Valuation (Income Approach) Chaper 6: Business Valuaion (Income Approach) Cash flow deerminaion is one of he mos criical elemens o a business valuaion. Everyhing may be secondary. If cash flow is high, hen he value is high; if he

More information

The impact of foreign direct investment and trade on economic. growth Taking China, Korea, Malaysia, Philippines & Thailand for.

The impact of foreign direct investment and trade on economic. growth Taking China, Korea, Malaysia, Philippines & Thailand for. Dec. 2009, Volume 8, No.12 (Serial No.78) China-USA Business Review, ISSN 1537-1514, USA The impac of foreign direc invesmen and rade on economic growh Taking China, Korea, Malaysia, Philippines & Thailand

More information

Identify and ranking the factors that influence establishment of total quality management system in Payame Noor University of Lordegan

Identify and ranking the factors that influence establishment of total quality management system in Payame Noor University of Lordegan Idenify and ranking he facors ha influence esablishmen of oal qualiy sysem in Payame Noor Universiy of Lordegan Farhad Farhadi MA Suden, Deparmen of Managemen, Najafabad Branch, Islamic Azad Universiy,

More information

BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015. All officiell statistik finns på: www.scb.se Statistikservice: tfn 08-506 948 01

BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015. All officiell statistik finns på: www.scb.se Statistikservice: tfn 08-506 948 01 RKET BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015 All officiell saisik finns på: www.scb.se Saisikservice: fn 08-506 948 01 All official saisics can be found a: www.scb.se Saisics service, phone +46

More information

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets?

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets? Can Individual Invesors Use Technical Trading Rules o Bea he Asian Markes? INTRODUCTION In radiional ess of he weak-form of he Efficien Markes Hypohesis, price reurn differences are found o be insufficien

More information

THE EFFECT OF CORPORATE GOVERNANCE FACTORS ON CASH FLOW RESULTING FROM OPERATING ACTIVITIES AND FIRM FINANCING

THE EFFECT OF CORPORATE GOVERNANCE FACTORS ON CASH FLOW RESULTING FROM OPERATING ACTIVITIES AND FIRM FINANCING An Open Access, Online Inernaional Journal Available a www.cibech.org/sp.ed/jls/2014/04/jls.hm Research Aricle THE EECT O CORPORATE GOVERNANCE ACTORS ON CASH LOW RESULTING ROM OPERATING ACTIVITIES AND

More information

THE INTERPLAY BETWEEN DIRECTOR COMPENSATION AND CEO COMPENSATION

THE INTERPLAY BETWEEN DIRECTOR COMPENSATION AND CEO COMPENSATION The Inernaional Journal of Business and Finance Research VOLUME 8 NUMBER 2 2014 THE INTERPLAY BETWEEN DIRECTOR COMPENSATION AND CEO COMPENSATION Dan Lin, Takming Universiy of Science and Technology Lu

More information

How does working capital management affect SMEs profitability? This paper analyzes the relation between working capital management and profitability

How does working capital management affect SMEs profitability? This paper analyzes the relation between working capital management and profitability How does working capial managemen affec SMEs profiabiliy? Absrac This paper analyzes he relaion beween working capial managemen and profiabiliy for small and medium-sized firms by conrolling for unobservable

More information

Morningstar Investor Return

Morningstar Investor Return Morningsar Invesor Reurn Morningsar Mehodology Paper Augus 31, 2010 2010 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion

More information

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith**

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith** Relaionships beween Sock Prices and Accouning Informaion: A Review of he Residual Income and Ohlson Models Sco Pirie* and Malcolm Smih** * Inernaional Graduae School of Managemen, Universiy of Souh Ausralia

More information

One dictionary: Native language - English/English - native language or English - English

One dictionary: Native language - English/English - native language or English - English Faculy of Social Sciences School of Business Corporae Finance Examinaion December 03 English Dae: Monday 09 December, 03 Time: 4 hours/ 9:00-3:00 Toal number of pages including he cover page: 5 Toal number

More information

Price elasticity of demand for crude oil: estimates for 23 countries

Price elasticity of demand for crude oil: estimates for 23 countries Price elasiciy of demand for crude oil: esimaes for 23 counries John C.B. Cooper Absrac This paper uses a muliple regression model derived from an adapaion of Nerlove s parial adjusmen model o esimae boh

More information

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya.

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya. Principal componens of sock marke dynamics Mehodology and applicaions in brief o be updaed Andrei Bouzaev, bouzaev@ya.ru Why principal componens are needed Objecives undersand he evidence of more han one

More information

Evidence from the Stock Market

Evidence from the Stock Market UK Fund Manager Cascading and Herding Behaviour: New Evidence from he Sock Marke Yang-Cheng Lu Deparmen of Finance, Ming Chuan Universiy 250 Sec.5., Zhong-Shan Norh Rd., Taipe Taiwan E-Mail ralphyclu1@gmail.com,

More information

What is a swap? A swap is a contract between two counter-parties who agree to exchange a stream of payments over an agreed period of several years.

What is a swap? A swap is a contract between two counter-parties who agree to exchange a stream of payments over an agreed period of several years. Currency swaps Wha is a swap? A swap is a conrac beween wo couner-paries who agree o exchange a sream of paymens over an agreed period of several years. Types of swap equiy swaps (or equiy-index-linked

More information

Chapter 8: Regression with Lagged Explanatory Variables

Chapter 8: Regression with Lagged Explanatory Variables Chaper 8: Regression wih Lagged Explanaory Variables Time series daa: Y for =1,..,T End goal: Regression model relaing a dependen variable o explanaory variables. Wih ime series new issues arise: 1. One

More information

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand 36 Invesmen Managemen and Financial Innovaions, 4/4 Marke Liquidiy and he Impacs of he Compuerized Trading Sysem: Evidence from he Sock Exchange of Thailand Sorasar Sukcharoensin 1, Pariyada Srisopisawa,

More information

Oil Price Fluctuations and Firm Performance in an Emerging Market: Assessing Volatility and Asymmetric Effect

Oil Price Fluctuations and Firm Performance in an Emerging Market: Assessing Volatility and Asymmetric Effect Journal of Economics, Business and Managemen, Vol., No. 4, November 203 Oil Price Flucuaions and Firm Performance in an Emerging Marke: Assessing Volailiy and Asymmeric Effec Hawai Janor, Aisyah Abdul-Rahman,

More information

Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing

Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing The Universiy of Liverpool School of Archiecure and Building Engineering WINDS PROJECT COURSE SYNTHESIS SECTION 3 UNIT 11 Marke Analysis and Models of Invesmen. Produc Developmen and Whole Life Cycle Cosing

More information

Measuring the Effects of Exchange Rate Changes on Investment. in Australian Manufacturing Industry

Measuring the Effects of Exchange Rate Changes on Investment. in Australian Manufacturing Industry Measuring he Effecs of Exchange Rae Changes on Invesmen in Ausralian Manufacuring Indusry Robyn Swif Economics and Business Saisics Deparmen of Accouning, Finance and Economics Griffih Universiy Nahan

More information

Chapter 9 Bond Prices and Yield

Chapter 9 Bond Prices and Yield Chaper 9 Bond Prices and Yield Deb Classes: Paymen ype A securiy obligaing issuer o pay ineress and principal o he holder on specified daes, Coupon rae or ineres rae, e.g. 4%, 5 3/4%, ec. Face, par value

More information

NATIONAL BANK OF POLAND WORKING PAPER No. 120

NATIONAL BANK OF POLAND WORKING PAPER No. 120 NATIONAL BANK OF POLAND WORKING PAPER No. 120 Large capial inflows and sock reurns in a hin marke Janusz Brzeszczyński, Marin T. Bohl, Dobromił Serwa Warsaw 2012 Acknowledgemens: We would like o hank Ludwig

More information

Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Domestic Stock Market Activity

Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Domestic Stock Market Activity Migraion, Spillovers, and Trade Diversion: The mpac of nernaionalizaion on Domesic Sock Marke Aciviy Ross Levine and Sergio L. Schmukler Firs Draf: February 10, 003 This draf: April 8, 004 Absrac Wha is

More information

THE RELATION BETWEEN CASH HOLDINGS AND R&D EXPENDITURES ACCORDING TO OWNERSHIP STRUCTURE

THE RELATION BETWEEN CASH HOLDINGS AND R&D EXPENDITURES ACCORDING TO OWNERSHIP STRUCTURE Eurasian Business Review, 2(2), 202, 25-42 THE RELATION BETWEEN CASH HOLDINGS AND R&D EXPENDITURES ACCORDING TO OWNERSHIP STRUCTURE Hyuna Kim * and Sun-Young Park ** Absrac: In his paper, we examine how

More information

Forecasting the dynamics of financial markets. Empirical evidence in the long term

Forecasting the dynamics of financial markets. Empirical evidence in the long term Leonardo Franci (Ialy), Andi Duqi (Ialy), Giuseppe Torluccio (Ialy) Forecasing he dynamics of financial markes. Empirical evidence in he long erm Absrac This sudy aims o verify wheher here are any macroeconomic

More information

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

More information

The Impact of Flood Damages on Production of Iran s Agricultural Sector

The Impact of Flood Damages on Production of Iran s Agricultural Sector Middle-Eas Journal of Scienific Research 12 (7): 921-926, 2012 ISSN 1990-9233 IDOSI Publicaions, 2012 DOI: 10.5829/idosi.mejsr.2012.12.7.1783 The Impac of Flood Damages on Producion of Iran s Agriculural

More information

Anticipating the future from the past: the valuation implication of mergers and acquisitions 1

Anticipating the future from the past: the valuation implication of mergers and acquisitions 1 Anicipaing he fuure from he pas: he valuaion implicaion of mergers and acquisiions 1 Ning Zhang Deparmen of Accouning, Fuqua School of Business Duke Universiy June, 2012 Preliminary and commens welcome

More information

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR The firs experimenal publicaion, which summarised pas and expeced fuure developmen of basic economic indicaors, was published by he Minisry

More information

Investor sentiment of lottery stock evidence from the Taiwan stock market

Investor sentiment of lottery stock evidence from the Taiwan stock market Invesmen Managemen and Financial Innovaions Volume 9 Issue 1 Yu-Min Wang (Taiwan) Chun-An Li (Taiwan) Chia-Fei Lin (Taiwan) Invesor senimen of loery sock evidence from he Taiwan sock marke Absrac This

More information

Appendix D Flexibility Factor/Margin of Choice Desktop Research

Appendix D Flexibility Factor/Margin of Choice Desktop Research Appendix D Flexibiliy Facor/Margin of Choice Deskop Research Cheshire Eas Council Cheshire Eas Employmen Land Review Conens D1 Flexibiliy Facor/Margin of Choice Deskop Research 2 Final Ocober 2012 \\GLOBAL.ARUP.COM\EUROPE\MANCHESTER\JOBS\200000\223489-00\4

More information

Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity

Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity Migraion, Spillovers, and Trade Diversion: The mpac of nernaionalizaion on Sock Marke Liquidiy Ross Levine and Sergio L. Schmukler Firs Draf: February 10, 2003 This draf: March 30, 2003 Absrac Wha is he

More information

Journal Of Business & Economics Research September 2005 Volume 3, Number 9

Journal Of Business & Economics Research September 2005 Volume 3, Number 9 Opion Pricing And Mone Carlo Simulaions George M. Jabbour, (Email: jabbour@gwu.edu), George Washingon Universiy Yi-Kang Liu, (yikang@gwu.edu), George Washingon Universiy ABSTRACT The advanage of Mone Carlo

More information

The Impact of Promotional Mix Elements on Consumers Purchasing Decisions

The Impact of Promotional Mix Elements on Consumers Purchasing Decisions Inernaional usiness and Managemen Vol. 8, No. 2, 2014, pp. 143-151 DOI:10.3968/4800 ISSN 1923-841X [Prin] ISSN 1923-8428 [Online] www.cscanada.ne www.cscanada.org The Impac of Promoional Mix Elemens on

More information

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613.

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613. Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

More information

Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Domestic Stock Market Activity

Migration, Spillovers, and Trade Diversion: The Impact of Internationalization on Domestic Stock Market Activity Migraion, Spillovers, and rade Diversion: he mpac of nernaionalizaion on Domesic Sock Marke Aciviy Ross Levine and Sergio L. Schmukler January 6, 006 Absrac his paper sudies he relaion beween inernaionalizaion

More information

Risk Modelling of Collateralised Lending

Risk Modelling of Collateralised Lending Risk Modelling of Collaeralised Lending Dae: 4-11-2008 Number: 8/18 Inroducion This noe explains how i is possible o handle collaeralised lending wihin Risk Conroller. The approach draws on he faciliies

More information

An Empirical Study on Capital Structure and Financing Decision- Evidences from East Asian Tigers

An Empirical Study on Capital Structure and Financing Decision- Evidences from East Asian Tigers An Empirical Sudy on Capial Srucure and Financing Decision- Evidences from Eas Asian Tigers Dr. Jung-Lieh Hsiao and Ching-Yu Hsu, Naional Taipei Universiy, Taiwan Dr. Kuang-Hua Hsu, Chaoyang Universiy

More information

The Application of Multi Shifts and Break Windows in Employees Scheduling

The Application of Multi Shifts and Break Windows in Employees Scheduling The Applicaion of Muli Shifs and Brea Windows in Employees Scheduling Evy Herowai Indusrial Engineering Deparmen, Universiy of Surabaya, Indonesia Absrac. One mehod for increasing company s performance

More information

Macroeconomic functions of the Russian stock market

Macroeconomic functions of the Russian stock market December, 2. 6. 2013 Macroeconomic funcions of he Russian sock marke Adam Marszk Faculy of Managemen and Economics Gdańsk Universiy of Technology Gdańsk, Poland amarszk@zie.pg.gda.pl Absrac The purpose

More information

Journal Of Business & Economics Research Volume 1, Number 11

Journal Of Business & Economics Research Volume 1, Number 11 Profis From Buying Losers And Selling Winners In The London Sock Exchange Anonios Anoniou (E-mail: anonios.anoniou@durham.ac.ak), Universiy of Durham, UK Emilios C. Galariois (E-mail: emilios.galariois@dirham.ac.uk),

More information

Vector Autoregressions (VARs): Operational Perspectives

Vector Autoregressions (VARs): Operational Perspectives Vecor Auoregressions (VARs): Operaional Perspecives Primary Source: Sock, James H., and Mark W. Wason, Vecor Auoregressions, Journal of Economic Perspecives, Vol. 15 No. 4 (Fall 2001), 101-115. Macroeconomericians

More information

Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac.

Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac. Course Name : HUMAN RESOURCE MANAGEMENT Course Code: 10B1WPD75 Course Credi: (-0-0) Semeser: VII Course Type: Elecive (All B. Tech. sudens) Deparmen: Humaniies and Social Sciences Course Coordinaor: Dr.

More information

The Real Business Cycle paradigm. The RBC model emphasizes supply (technology) disturbances as the main source of

The Real Business Cycle paradigm. The RBC model emphasizes supply (technology) disturbances as the main source of Prof. Harris Dellas Advanced Macroeconomics Winer 2001/01 The Real Business Cycle paradigm The RBC model emphasizes supply (echnology) disurbances as he main source of macroeconomic flucuaions in a world

More information

Publicly-Traded versus Privately-Held: Implications for Bank Profitability, Growth, Risk, and Accounting Conservatism

Publicly-Traded versus Privately-Held: Implications for Bank Profitability, Growth, Risk, and Accounting Conservatism ly-traded versus Privaely-Held: Implicaions for Bank Profiabiliy, Growh, Risk, and Accouning Conservaism D. Craig Nichols Assisan Professor of Accouning Johnson Graduae School of Managemen Cornell Universiy

More information

Premium Income of Indian Life Insurance Industry

Premium Income of Indian Life Insurance Industry Premium Income of Indian Life Insurance Indusry A Toal Facor Produciviy Approach Ram Praap Sinha* Subsequen o he passage of he Insurance Regulaory and Developmen Auhoriy (IRDA) Ac, 1999, he life insurance

More information

SKF Documented Solutions

SKF Documented Solutions SKF Documened Soluions Real world savings and we can prove i! How much can SKF save you? Le s do he numbers. The SKF Documened Soluions Program SKF is probably no he firs of your supplier parners o alk

More information

Article The determinants of cash flows in Greek bond mutual funds. International Journal of Economic Sciences and Applied Research

Article The determinants of cash flows in Greek bond mutual funds. International Journal of Economic Sciences and Applied Research econsor www.econsor.eu Der Open-Access-Publikaionsserver der ZBW Leibniz-Informaionszenrum Wirschaf The Open Access Publicaion Server of he ZBW Leibniz Informaion Cenre for Economics Grose, Chrisos Aricle

More information

INTRODUCTION TO FORECASTING

INTRODUCTION TO FORECASTING INTRODUCTION TO FORECASTING INTRODUCTION: Wha is a forecas? Why do managers need o forecas? A forecas is an esimae of uncerain fuure evens (lierally, o "cas forward" by exrapolaing from pas and curren

More information

Markit Excess Return Credit Indices Guide for price based indices

Markit Excess Return Credit Indices Guide for price based indices Marki Excess Reurn Credi Indices Guide for price based indices Sepember 2011 Marki Excess Reurn Credi Indices Guide for price based indices Conens Inroducion...3 Index Calculaion Mehodology...4 Semi-annual

More information

Individual Health Insurance April 30, 2008 Pages 167-170

Individual Health Insurance April 30, 2008 Pages 167-170 Individual Healh Insurance April 30, 2008 Pages 167-170 We have received feedback ha his secion of he e is confusing because some of he defined noaion is inconsisen wih comparable life insurance reserve

More information

LEASING VERSUSBUYING

LEASING VERSUSBUYING LEASNG VERSUSBUYNG Conribued by James D. Blum and LeRoy D. Brooks Assisan Professors of Business Adminisraion Deparmen of Business Adminisraion Universiy of Delaware Newark, Delaware The auhors discuss

More information

INTERNATIONAL REAL ESTATE REVIEW 2003 Vol. 6 No. 1: pp. 43-62. Banking System, Real Estate Markets, and Nonperforming Loans

INTERNATIONAL REAL ESTATE REVIEW 2003 Vol. 6 No. 1: pp. 43-62. Banking System, Real Estate Markets, and Nonperforming Loans Banking Sysem, Real Esae Markes, and Nonperforming Loans 43 INTERNATIONAL REAL ESTATE REVIEW 2003 Vol. 6 No. 1: pp. 43-62 Banking Sysem, Real Esae Markes, and Nonperforming Loans Wen-Chieh Wu Deparmen

More information

CEEP-BIT WORKING PAPER SERIES. The crude oil market and the gold market: Evidence for cointegration, causality and price discovery

CEEP-BIT WORKING PAPER SERIES. The crude oil market and the gold market: Evidence for cointegration, causality and price discovery CEEP-BIT WORKING PAPER SERIES The crude oil marke and he gold marke: Evidence for coinegraion, causaliy and price discovery Yue-Jun Zhang Yi-Ming Wei Working Paper 5 hp://www.ceep.ne.cn/english/publicaions/wp/

More information

VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT

VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT Pierre Erasmus Absrac Value-based (VB) financial performance measures are ofen advanced as improvemens

More information

Does informed trading occur in the options market? Some revealing clues

Does informed trading occur in the options market? Some revealing clues Does informed rading occur in he opions marke? Some revealing clues Blasco N.(1), Corredor P.(2) and Sanamaría R. (2) (1) Universiy of Zaragoza (2) Public Universiy of Navarre Absrac This paper analyses

More information

Does Stock Price Synchronicity Represent Firm-Specific Information? The International Evidence

Does Stock Price Synchronicity Represent Firm-Specific Information? The International Evidence Does Sock Price Synchroniciy Represen Firm-Specific Informaion? The Inernaional Evidence Hollis Ashbaugh-Skaife Universiy of Wisconsin Madison 975 Universiy Avenue Madison, WI 53706 608-63-7979 hashbaugh@bus.wisc.edu

More information

policies are investigated through the entire product life cycle of a remanufacturable product. Benefiting from the MDP analysis, the optimal or

policies are investigated through the entire product life cycle of a remanufacturable product. Benefiting from the MDP analysis, the optimal or ABSTRACT AHISKA, SEMRA SEBNEM. Invenory Opimizaion in a One Produc Recoverable Manufacuring Sysem. (Under he direcion of Dr. Russell E. King and Dr. Thom J. Hodgson.) Environmenal regulaions or he necessiy

More information

Research Article Optimal Geometric Mean Returns of Stocks and Their Options

Research Article Optimal Geometric Mean Returns of Stocks and Their Options Inernaional Journal of Sochasic Analysis Volume 2012, Aricle ID 498050, 8 pages doi:10.1155/2012/498050 Research Aricle Opimal Geomeric Mean Reurns of Socks and Their Opions Guoyi Zhang Deparmen of Mahemaics

More information

MALAYSIAN FOREIGN DIRECT INVESTMENT AND GROWTH: DOES STABILITY MATTER? Jarita Duasa 1

MALAYSIAN FOREIGN DIRECT INVESTMENT AND GROWTH: DOES STABILITY MATTER? Jarita Duasa 1 Journal of Economic Cooperaion, 8, (007), 83-98 MALAYSIAN FOREIGN DIRECT INVESTMENT AND GROWTH: DOES STABILITY MATTER? Jaria Duasa 1 The objecive of he paper is wofold. Firs, is o examine causal relaionship

More information

WORKING CAPITAL ACCRUALS AND EARNINGS MANAGEMENT 1

WORKING CAPITAL ACCRUALS AND EARNINGS MANAGEMENT 1 Invesmen Managemen and Financial Innovaions, Volume 4, Issue 2, 2007 33 WORKING CAPITAL ACCRUALS AND EARNINGS MANAGEMENT Joseph Kersein *, Aul Rai ** Absrac We reexamine marke reacions o large and small

More information

CALENDAR ANOMALIES IN EMERGING BALKAN EQUITY MARKETS

CALENDAR ANOMALIES IN EMERGING BALKAN EQUITY MARKETS INTERNATIONAL ECONOMICS & FINANCE JOURNAL Vol. 6, No. 1, January-June (2011) : 67-82 CALENDAR ANOMALIES IN EMERGING BALKAN EQUITY MARKETS Andreas G. Georganopoulos *, Dimiris F. Kenourgios ** and Anasasios

More information

Monetary Policy & Real Estate Investment Trusts *

Monetary Policy & Real Estate Investment Trusts * Moneary Policy & Real Esae Invesmen Truss * Don Bredin, Universiy College Dublin, Gerard O Reilly, Cenral Bank and Financial Services Auhoriy of Ireland & Simon Sevenson, Cass Business School, Ciy Universiy

More information

Influence of the Dow returns on the intraday Spanish stock market behavior

Influence of the Dow returns on the intraday Spanish stock market behavior Influence of he Dow reurns on he inraday Spanish sock marke behavior José Luis Miralles Marcelo, José Luis Miralles Quirós, María del Mar Miralles Quirós Deparmen of Financial Economics, Universiy of Exremadura

More information

Internal and External Factors for Credit Growth in Macao

Internal and External Factors for Credit Growth in Macao Inernal and Exernal Facors for Credi Growh in Macao Nicholas Cheang Research and Saisics Deparmen, Moneary Auhoriy of Macao Absrac Commercial banks are dominan eniies in he Macao financial secor. They

More information

Determinants of Capital Structure: Comparison of Empirical Evidence from the Use of Different Estimators

Determinants of Capital Structure: Comparison of Empirical Evidence from the Use of Different Estimators Serrasqueiro and Nunes, Inernaional Journal of Applied Economics, 5(1), 14-29 14 Deerminans of Capial Srucure: Comparison of Empirical Evidence from he Use of Differen Esimaors Zélia Serrasqueiro * and

More information

Corporate governance reform and earnings management

Corporate governance reform and earnings management Invesmen Managemen and Financial Innovaions, Volume 8, Issue 4, 2011 Juo-Lien Wang (Taiwan), Her-Jiun Sheu (Taiwan), Huimin Chung (Taiwan) Corporae governance reform and earnings managemen Absrac This

More information

Abstract. Review of Literatures. Free Cash Flows (FCF)

Abstract. Review of Literatures. Free Cash Flows (FCF) 123 A COMPARATIVE STUDY BETWEEN FREE CASH FLOWS AND EARNINGS MANAGEMENT Dr. Amalendu Bhundia Reader in Commerce; Fakir Chad College Under Universiy of Calcua, Diamond Harbour, Souh 24-Parganas, Pin. 743331,

More information

Estimating Time-Varying Equity Risk Premium The Japanese Stock Market 1980-2012

Estimating Time-Varying Equity Risk Premium The Japanese Stock Market 1980-2012 Norhfield Asia Research Seminar Hong Kong, November 19, 2013 Esimaing Time-Varying Equiy Risk Premium The Japanese Sock Marke 1980-2012 Ibboson Associaes Japan Presiden Kasunari Yamaguchi, PhD/CFA/CMA

More information

ARCH 2013.1 Proceedings

ARCH 2013.1 Proceedings Aricle from: ARCH 213.1 Proceedings Augus 1-4, 212 Ghislain Leveille, Emmanuel Hamel A renewal model for medical malpracice Ghislain Léveillé École d acuaria Universié Laval, Québec, Canada 47h ARC Conference

More information

The Effect of Price Changes in the Short-Term Trades In Tehran Stock Exchange

The Effect of Price Changes in the Short-Term Trades In Tehran Stock Exchange Ausralian Journal of Basic and Applied Sciences, 7(2): 791-795, 213 ISSN 1991-8178 The Effec of Price Changes in he Shor-Term Trades In Tehran Sock Exchange Hoda Aminian School of Mahemaics and Compuer

More information

TRADE-OFF THEORY VERSUS PECKING ORDER THEORY: CAPITAL STRUCTURE DECISIONS IN A PERIPHERAL REGION OF PORTUGAL

TRADE-OFF THEORY VERSUS PECKING ORDER THEORY: CAPITAL STRUCTURE DECISIONS IN A PERIPHERAL REGION OF PORTUGAL TRADE-OFF THEORY VERSUS PECKING ORDER THEORY: CAPITAL STRUCTURE DECISIONS IN A PERIPHERAL REGION OF PORTUGAL Zélia Serrasqueiro 1, Ana Caeano 2 1 Deparmen of Managemen and Economics, Faculy of Social and

More information

Applied Econometrics and International Development Vol. 10-2 (2010) mail: idiluz@yeditepe.edu.tr

Applied Econometrics and International Development Vol. 10-2 (2010) mail: idiluz@yeditepe.edu.tr Applied Economerics and Inernaional Developmen Vol. 10-2 (2010) DETERMINANTS OF CURRENT ACCOUNT: THE RELATION BETWEEN INTERNAL AND EXTERNAL BALANCES IN TURKEY UZ, Idil 1 Absrac This paper considers he

More information

The Behavior of China s Stock Prices in Response to the Proposal and Approval of Bonus Issues

The Behavior of China s Stock Prices in Response to the Proposal and Approval of Bonus Issues The Behavior of China s Sock Prices in Response o he Proposal and Approval of Bonus Issues Michelle L. Barnes a* and Shiguang Ma b a Federal Reserve Bank of Boson Research, T-8 600 Alanic Avenue Boson,

More information

The Interest Rate Risk of Mortgage Loan Portfolio of Banks

The Interest Rate Risk of Mortgage Loan Portfolio of Banks The Ineres Rae Risk of Morgage Loan Porfolio of Banks A Case Sudy of he Hong Kong Marke Jim Wong Hong Kong Moneary Auhoriy Paper presened a he Exper Forum on Advanced Techniques on Sress Tesing: Applicaions

More information

strategy T R U LY P E R S O N A L I Z E D

strategy T R U LY P E R S O N A L I Z E D Fund Selec Premier sraegy T R U LY P E R S O N A L I Z E D Invesing for your presen and fuure financial needs can seem overwhelming. I shouldn be, and i doesn have o be. Implemening a well-conceived invesmen

More information

ABSTRACT: Key words: real options; corporate valuation; abnormal returns, case study; capital budgeting. JEL: G31

ABSTRACT: Key words: real options; corporate valuation; abnormal returns, case study; capital budgeting. JEL: G31 The Differenial Effec of Revenue Rises and Cos Savings on Invesors Valuaion of Growh Opions. Evidence from a comparaive case in he elecriciy business ABSTRACT: This paper seeks o analyze he way invesors

More information

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal Quarerly Repor on he Euro Area 3/202 II.. Deb reducion and fiscal mulipliers The deerioraion of public finances in he firs years of he crisis has led mos Member Saes o adop sizeable consolidaion packages.

More information

Inflation and Economic Growth: Inflation Threshold Level Analysis for Ethiopia

Inflation and Economic Growth: Inflation Threshold Level Analysis for Ethiopia Inernaional Journal of Ehics in Engineering & Managemen Educaion Websie: www.ijeee.in (ISSN: 2348-4748, Volume 2, Issue 5, May 2015) Inflaion and Economic Growh: Inflaion Threshold Level Analysis for Ehiopia

More information

Vida Mojtahedzadeh*, Seyed Hossein Alavi Tabari and Maryam Asgharzadeh Badr. Abstract

Vida Mojtahedzadeh*, Seyed Hossein Alavi Tabari and Maryam Asgharzadeh Badr. Abstract A Comparison beween Accouning, Business Adminisraion and Theoreical Economics Sudens on he Impac of Their Majors on Personal Saisfacion in Acquiring General Skills Vida Mojahedzadeh*, Seyed Hossein Alavi

More information

Nowadays, almost all health organizations do not have

Nowadays, almost all health organizations do not have Original Aricle The Developmen of Nurse Residency Program OBJECTIVE: To sudy new graduae nurses work problems; o design raining program courses as well as he experimenal evaluaion of he effeciveness of

More information