This article puts forward the possibility that bank-client corruption tends to raise lending rates. If it does and if bank-official corruption counteracts this tendency, bank lending corruption might be seen as a self-regulatory phenomenon, having little if none at all influence on the real economy. An anti-lending corruption policy is deemed to be necessary only under a zero-lower-bound associated monetary policy and in any case, it should treat the two types of banking-sector corruption symmetrically. The negative effects of bank sector fraud on economic growth should be related to the large volume of cybercrime and money laundering rather than to fraud surrounding bank lending. Classification JEL: D21; D73; E43
{"title":"Is bank lending corruption self-regulatory?","authors":"Erotokritos Varelas","doi":"10.18533/JEFS.V5I3.285","DOIUrl":"https://doi.org/10.18533/JEFS.V5I3.285","url":null,"abstract":"This article puts forward the possibility that bank-client corruption tends to raise lending rates. If it does and if bank-official corruption counteracts this tendency, bank lending corruption might be seen as a self-regulatory phenomenon, having little if none at all influence on the real economy. An anti-lending corruption policy is deemed to be necessary only under a zero-lower-bound associated monetary policy and in any case, it should treat the two types of banking-sector corruption symmetrically. The negative effects of bank sector fraud on economic growth should be related to the large volume of cybercrime and money laundering rather than to fraud surrounding bank lending. Classification JEL: D21; D73; E43","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131615044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this note, we recall that unions traditionally pursue a policy of pushing higher average wages and, at the same time, for a compression of the structure of wages and salaries, which is some sort of equity. Given the precipitous fall of union density in many, if not all, OECD countries, the actual good climate for minimum wage policy comes at no surprise. Despite the fact that unions do dislike the intervention of labor market policy to the detriment of tariff autonomy, we can show that minimum wages are capable of serving both of the above-mentioned goals of unions and also help increase the overall wage quota in the economy. Hence, it can be concluded that the unions have a double dividend when inviting policy makers to pursue a policy of minimum wages: both the average wage rate can be increased and the dispersion of wages be lowered, ceteris paribus.
{"title":"Hitting two birds with one stone: A tale on the (not so) secret miracle of minimum wages","authors":"Friedrich L. Sell, M. Öllinger","doi":"10.18533/JEFS.V5I3.289","DOIUrl":"https://doi.org/10.18533/JEFS.V5I3.289","url":null,"abstract":"In this note, we recall that unions traditionally pursue a policy of pushing higher average wages and, at the same time, for a compression of the structure of wages and salaries, which is some sort of equity. Given the precipitous fall of union density in many, if not all, OECD countries, the actual good climate for minimum wage policy comes at no surprise. Despite the fact that unions do dislike the intervention of labor market policy to the detriment of tariff autonomy, we can show that minimum wages are capable of serving both of the above-mentioned goals of unions and also help increase the overall wage quota in the economy. Hence, it can be concluded that the unions have a double dividend when inviting policy makers to pursue a policy of minimum wages: both the average wage rate can be increased and the dispersion of wages be lowered, ceteris paribus.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"615 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134009478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Forecasting models are built on either multivariate parametric or nonparametric methodologies. We attempt to optimize the accuracy of the forecasts combining these approaches to make a robust hybrid forecasting model in predicting the likelihood of financial distress for companies in the Canadian oil and gas market. The proposed approach combined the forecasts out of a multivariate logit model based on the conventional Altman’s Z-score with a nonparametric Artificial Neural Network (ANN) technique. The sample firms are publicly traded and listed on the Toronto Stock Exchange (TSX) and span over a period from first quarter of 1999 to the last quarter of 2014. The results of a proposed three-stage estimation process for the period of 2015-2020 indicated that besides the fact that Canadian energy sector will go through ups and downs regarding the likelihood of financial distress, this industry would face a hard time by late 2020. Results show that the forecasting accuracy out of the proposed three-stage forecasting technique is significantly superior to the outcomes of any individual forecasting techniques, i.e. ANN and logit models.
{"title":"Likelihood of financial distress in Canadian oil and gas market: An optimized hybrid forecasting approach","authors":"M. Mahbobi, Rashmit Singh G. Sukhmani","doi":"10.18533/JEFS.V5I3.272","DOIUrl":"https://doi.org/10.18533/JEFS.V5I3.272","url":null,"abstract":"Forecasting models are built on either multivariate parametric or nonparametric methodologies. We attempt to optimize the accuracy of the forecasts combining these approaches to make a robust hybrid forecasting model in predicting the likelihood of financial distress for companies in the Canadian oil and gas market. The proposed approach combined the forecasts out of a multivariate logit model based on the conventional Altman’s Z-score with a nonparametric Artificial Neural Network (ANN) technique. The sample firms are publicly traded and listed on the Toronto Stock Exchange (TSX) and span over a period from first quarter of 1999 to the last quarter of 2014. The results of a proposed three-stage estimation process for the period of 2015-2020 indicated that besides the fact that Canadian energy sector will go through ups and downs regarding the likelihood of financial distress, this industry would face a hard time by late 2020. Results show that the forecasting accuracy out of the proposed three-stage forecasting technique is significantly superior to the outcomes of any individual forecasting techniques, i.e. ANN and logit models.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"25 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120926691","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Indian mutual fund industry has come a long way since its inception in 1963. The industry witnessed sufficient growth on all parameters - the number of fund houses, the number of schemes, funds mobilized, assets under management, etc. Given the critical role of channeling household savings, the question is - has the Indian mutual industry succeeded in achieving its’ goal? This study addresses this concern. The detailed nature of the current study suggests that the mutual fund industry has recorded significant progress on all fronts yet it has not been able to utilize its potential fully. On almost on all parameters, it is far behind the developed economies and even most of the emerging economies of the world. Moreover, the industry faces a number of challenges like low penetration ratio, lack of product differentiation, lack of investor awareness and ability to communicate value to customers, lack of interest of retail investors towards mutual funds and evolving nature of the industry. Based on the analysis the study suggests some recommendation to address these challenges.
{"title":"Growth and performance of Indian mutual funds industry","authors":"B. Pandow","doi":"10.18533/JEFS.V5I02.251","DOIUrl":"https://doi.org/10.18533/JEFS.V5I02.251","url":null,"abstract":"The Indian mutual fund industry has come a long way since its inception in 1963. The industry witnessed sufficient growth on all parameters - the number of fund houses, the number of schemes, funds mobilized, assets under management, etc. Given the critical role of channeling household savings, the question is - has the Indian mutual industry succeeded in achieving its’ goal? This study addresses this concern. The detailed nature of the current study suggests that the mutual fund industry has recorded significant progress on all fronts yet it has not been able to utilize its potential fully. On almost on all parameters, it is far behind the developed economies and even most of the emerging economies of the world. Moreover, the industry faces a number of challenges like low penetration ratio, lack of product differentiation, lack of investor awareness and ability to communicate value to customers, lack of interest of retail investors towards mutual funds and evolving nature of the industry. Based on the analysis the study suggests some recommendation to address these challenges.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123922588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Empirical debate on Initial public offering (IPO) underpricing has never laid to rest. Motivated by the IPO underpricing phenomenon across various market, this paper examines the anomalous market behaviors of IPO in an emerging market setting such as Malaysia. The primary purpose of this paper is to analyze the existence and magnitude of the underpricing phenomenon and post listing performance of IPOs listed in Bursa Malaysia from 2008 to 2016. Moreover, this study aims to provide an insight primarily into the relationship between IPO initial and long-term stock performance and the four main determinants influencing underpricing, namely IPO size, market volatility, underwriter status and the reciprocal of IPO price. By analyzing a sample of 313 IPOs, the average market adjusted initial return is 9.4%. The regression-based analysis indicates positive relationship between underpricing and the explanatory variables, namely IPO size, market volatility, underwriter status and the reciprocal of IPO price. In addition, the findings of the present study lend support to the evidence of a fads hypothesis as the sample IPO was found to underperform the market over a 36-month period after listing and a univariate regression analysis further reveals that there is a negative relationship between initial market adjusted returns and returns over the 36-month period.
{"title":"Initial public offering (IPO) underpricing in Malaysian settings","authors":"Edward Wong Sek Khin, B. RickyWongW, Lee Sue Ting","doi":"10.18533/JEFS.V5I02.276","DOIUrl":"https://doi.org/10.18533/JEFS.V5I02.276","url":null,"abstract":"Empirical debate on Initial public offering (IPO) underpricing has never laid to rest. Motivated by the IPO underpricing phenomenon across various market, this paper examines the anomalous market behaviors of IPO in an emerging market setting such as Malaysia. The primary purpose of this paper is to analyze the existence and magnitude of the underpricing phenomenon and post listing performance of IPOs listed in Bursa Malaysia from 2008 to 2016. Moreover, this study aims to provide an insight primarily into the relationship between IPO initial and long-term stock performance and the four main determinants influencing underpricing, namely IPO size, market volatility, underwriter status and the reciprocal of IPO price. By analyzing a sample of 313 IPOs, the average market adjusted initial return is 9.4%. The regression-based analysis indicates positive relationship between underpricing and the explanatory variables, namely IPO size, market volatility, underwriter status and the reciprocal of IPO price. In addition, the findings of the present study lend support to the evidence of a fads hypothesis as the sample IPO was found to underperform the market over a 36-month period after listing and a univariate regression analysis further reveals that there is a negative relationship between initial market adjusted returns and returns over the 36-month period.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116465615","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Malmquist Index (MI) is a bilateral index that can be used to compare the production technology of two economies also as two different time status of one economy. Since, the nurse-to-bed ratio is the standard quantitative indicators of changes in technical efficiency, changes in technology, and total factor productivity in the medical service industry; we explore the link between the nurse-to-bed ratio and three MIs at the industry level using Twainese context. Our results show that the annual average nurse-to-bed ratio is inversely related to changes in efficiency in large cities. However, in medium-sized cities, annual changes in the average nurse-to-bed ratio are inversely related to the total factor productivity. We propose four assessment models to assist in the formulation of strategies aimed at improving the quality of care as well as productivity while considering the particulars of individual cities and regions Classification JEL: I13, I15, I18, O32
{"title":"Nursing manpower and productivity in medical service industry","authors":"Jui-Hsiang Wang, Chun-Chu Liu","doi":"10.18533/JEFS.V5I02.280","DOIUrl":"https://doi.org/10.18533/JEFS.V5I02.280","url":null,"abstract":"The Malmquist Index (MI) is a bilateral index that can be used to compare the production technology of two economies also as two different time status of one economy. Since, the nurse-to-bed ratio is the standard quantitative indicators of changes in technical efficiency, changes in technology, and total factor productivity in the medical service industry; we explore the link between the nurse-to-bed ratio and three MIs at the industry level using Twainese context. Our results show that the annual average nurse-to-bed ratio is inversely related to changes in efficiency in large cities. However, in medium-sized cities, annual changes in the average nurse-to-bed ratio are inversely related to the total factor productivity. We propose four assessment models to assist in the formulation of strategies aimed at improving the quality of care as well as productivity while considering the particulars of individual cities and regions Classification JEL: I13, I15, I18, O32","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124925293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper adopts a text mining approach to determine the concepts and operating process surrounding ‘Amutot law[1]’, for proposing a regulatory basis to account for financial flows of NFPs in U.S.A. Text mining result reveals that financial flows of charitable organizations can be monitored by making these NFPs to provide accurate information on contributions from foreign state entity and using accountants to monitor the nature of donations received by the organizations. Since Amutot law operates under market mechanisms, U.S government can gain substantial leverage to monitor terrorist financing channeled through various NFPs. This will also help protect the freedom to make contributions of American from diverse religious background. Classification JEL: H56; L31; M41; M42; M48.
{"title":"Accounting for not-for-profit organizations (NFPs) to prevent terrorist financing","authors":"Fuminobu Mizutani","doi":"10.18533/JEFS.V5I02.282","DOIUrl":"https://doi.org/10.18533/JEFS.V5I02.282","url":null,"abstract":"This paper adopts a text mining approach to determine the concepts and operating process surrounding ‘Amutot law[1]’, for proposing a regulatory basis to account for financial flows of NFPs in U.S.A. Text mining result reveals that financial flows of charitable organizations can be monitored by making these NFPs to provide accurate information on contributions from foreign state entity and using accountants to monitor the nature of donations received by the organizations. Since Amutot law operates under market mechanisms, U.S government can gain substantial leverage to monitor terrorist financing channeled through various NFPs. This will also help protect the freedom to make contributions of American from diverse religious background. Classification JEL: H56; L31; M41; M42; M48.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114076854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the relationships between inflation and economic growth in Cote d’Ivoire and makes some policy recommendations. The study uses annual data on economic growth and inflation over the period 1985 to 2010 and tests for the long-run and short-run relationships between inflation and economic growth by means of the ARDL bounds testing procedure. The findings are twofold. First , inflation imparts a positive and significant economic growth in the long-run. Second , in the short-run, inflation has a negative but insignificant effect on economic growth. Finally , to gain advantage from inflation, policy makers should target inflation at a level which is conducive to economic growth and promote economic growth through factors such as employment.
{"title":"Inflation and economic growth in Cote d'Ivoire","authors":"Konan Leon N'dri","doi":"10.18533/JEFS.V5I02.271","DOIUrl":"https://doi.org/10.18533/JEFS.V5I02.271","url":null,"abstract":"This paper investigates the relationships between inflation and economic growth in Cote d’Ivoire and makes some policy recommendations. The study uses annual data on economic growth and inflation over the period 1985 to 2010 and tests for the long-run and short-run relationships between inflation and economic growth by means of the ARDL bounds testing procedure. The findings are twofold. First , inflation imparts a positive and significant economic growth in the long-run. Second , in the short-run, inflation has a negative but insignificant effect on economic growth. Finally , to gain advantage from inflation, policy makers should target inflation at a level which is conducive to economic growth and promote economic growth through factors such as employment.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"88 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131177767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this study is to examine the relationship between fears of flying and U.S. airline load factors to determine if there is a potential impact on corporate profits and the economy. Travelers with a reluctance towards flying represent a potential lost opportunity for airline companies, a source of operating profits, and positive economic impacts. This research examines the psychological reservations towards flying, how avoidance behaviors impact demand and the projected implications. The paper suggests revising conceptual financial considerations to assess whether stakeholders in the commercial U.S. air travel industry should attempt to recoup lost passengers who avoid flying out of fear. Classification JEL: D40; L91; L93; R41; R10.
{"title":"Lost opportunity: Fear of flying, airline profits, and the economy","authors":"G. Thompson, Annette E. Craven","doi":"10.18533/JEFS.V5I01.278","DOIUrl":"https://doi.org/10.18533/JEFS.V5I01.278","url":null,"abstract":"The purpose of this study is to examine the relationship between fears of flying and U.S. airline load factors to determine if there is a potential impact on corporate profits and the economy. Travelers with a reluctance towards flying represent a potential lost opportunity for airline companies, a source of operating profits, and positive economic impacts. This research examines the psychological reservations towards flying, how avoidance behaviors impact demand and the projected implications. The paper suggests revising conceptual financial considerations to assess whether stakeholders in the commercial U.S. air travel industry should attempt to recoup lost passengers who avoid flying out of fear. Classification JEL: D40; L91; L93; R41; R10.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"125 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124206522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We investigate the economic impact of the by-product of rapid urbanization especially focusing on the negative externalities created in the urban ecosystem i.e. contamination of potable water, air pollution, noise pollution, automobile pollution, solid waste and sewage water disposal. Specifically, the domestic water consumption and sewage water disposal are the two variables of interest since these variables have a has a direct bearing on human health but has received scant attention in the literature, so far. Hence, our paper addresses issues like drinking water consumption, quantity disposal of waste water, diseases affected and costs of treatment. Using an intensive field survey, we estimate the loss of opportunity cost for a sample of 140 households. Our result concludes that the provision drinking water and availability of drainage facilities are weakened in the peripheral part of urbanization which associated with high health treatment cost. Moreover, in a slum, even with the proximity of availing these facilities is closer but the socially and economically vulnerable groups are deprived this basic facility. Classification JEL: H52, Q26, Q53
{"title":"Economic analysis of domestic water consumption, sewage water disposal and its health impact","authors":"S. Boopathi, S. Vijay","doi":"10.18533/jefs.v4i6.107","DOIUrl":"https://doi.org/10.18533/jefs.v4i6.107","url":null,"abstract":"We investigate the economic impact of the by-product of rapid urbanization especially focusing on the negative externalities created in the urban ecosystem i.e. contamination of potable water, air pollution, noise pollution, automobile pollution, solid waste and sewage water disposal. Specifically, the domestic water consumption and sewage water disposal are the two variables of interest since these variables have a has a direct bearing on human health but has received scant attention in the literature, so far. Hence, our paper addresses issues like drinking water consumption, quantity disposal of waste water, diseases affected and costs of treatment. Using an intensive field survey, we estimate the loss of opportunity cost for a sample of 140 households. Our result concludes that the provision drinking water and availability of drainage facilities are weakened in the peripheral part of urbanization which associated with high health treatment cost. Moreover, in a slum, even with the proximity of availing these facilities is closer but the socially and economically vulnerable groups are deprived this basic facility. Classification JEL: H52, Q26, Q53","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130288148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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