This research study investigates the impact of corruption on some key activity sectors of the Nigerian economy between 1996 and 2013 using VAR technique. The empirical estimates demonstrate that corruption affects most significantly agriculture, services, wholesale and retail sectors in Nigeria. As well, the study shows that the control of corruption has significant effect in the reduction of corruption. The study recommends that Nigeria can use an amalgamation of ethics hotlines for reporting corruption, open-door policies to embolden subordinates to consult with bosses for guidance, a "zero-tolerance" policy for breaches, anticorruption training sessions, and complete transparency in governmental operations to minimalize infractions. Nigeria will require strong political will and vision, credibility, frontal assault, new staff, deregulation, unconventional methods, close coordination, harnessing technology and tailoring international experience to local conditions.
{"title":"Corruption Effects on Nigeria: Aggregate and Sectoral Estimates Using VAR","authors":"Raymond Osi Alenoghena, O. Evans","doi":"10.18533/JEFS.V3I02.94","DOIUrl":"https://doi.org/10.18533/JEFS.V3I02.94","url":null,"abstract":"This research study investigates the impact of corruption on some key activity sectors of the Nigerian economy between 1996 and 2013 using VAR technique. The empirical estimates demonstrate that corruption affects most significantly agriculture, services, wholesale and retail sectors in Nigeria. As well, the study shows that the control of corruption has significant effect in the reduction of corruption. The study recommends that Nigeria can use an amalgamation of ethics hotlines for reporting corruption, open-door policies to embolden subordinates to consult with bosses for guidance, a \"zero-tolerance\" policy for breaches, anticorruption training sessions, and complete transparency in governmental operations to minimalize infractions. Nigeria will require strong political will and vision, credibility, frontal assault, new staff, deregulation, unconventional methods, close coordination, harnessing technology and tailoring international experience to local conditions.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129967536","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}
Globalization is a buzzword today encompassing every sphere of modern life denoting integration of economies under free trade, privatization and liberalization. Unlike many other theories, globalization has its merits along with its demerits especially for intensifying discrimination against different groups. In this regard, in a world irrespective of society and culture where a major portion of women posits a vulnerable and less-benefited role in every sphere of life, it is essential to inquire into the globalization process with a gender perspective. This process could be termed as ‘Gendering Globalization’, where different implications of globalization, whether positive, negative, or neutral would be critically examined in reference to different literature, research and compiled data theoretically. Following this methodology, this study endeavors to find out the effects and more importantly the process of globalization of gender. Finally, it gives some recommendations to relate growth, gender and globalization in a purpose of ‘Re-Gendering Globalization’ as a development goal.
{"title":"Re-gendering globalization: Overcoming the phenomenon of gendering globalization","authors":"S. Afrin, Mahmudul Hasan Fouiji, Muhammad Raquib","doi":"10.18533/JEFS.V3I03.125","DOIUrl":"https://doi.org/10.18533/JEFS.V3I03.125","url":null,"abstract":"Globalization is a buzzword today encompassing every sphere of modern life denoting integration of economies under free trade, privatization and liberalization. Unlike many other theories, globalization has its merits along with its demerits especially for intensifying discrimination against different groups. In this regard, in a world irrespective of society and culture where a major portion of women posits a vulnerable and less-benefited role in every sphere of life, it is essential to inquire into the globalization process with a gender perspective. This process could be termed as ‘Gendering Globalization’, where different implications of globalization, whether positive, negative, or neutral would be critically examined in reference to different literature, research and compiled data theoretically. Following this methodology, this study endeavors to find out the effects and more importantly the process of globalization of gender. Finally, it gives some recommendations to relate growth, gender and globalization in a purpose of ‘Re-Gendering Globalization’ as a development goal.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125827332","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}
Information and communication technologies (ICTs) have been increasingly promoted as a key solution for comprehensive development, poverty eradication and the empowerment of historically disadvantaged groups, such as women and minorities in the South Asia. ICT is a significant area of concern for women empowerment and growth of a country. This paper studied the status of ICT and women empowerment in South Asian countries. Based on empirical research this paper found that ICT has a positive impact on women empowerment.
{"title":"Impact of ICT on women empowerment in South Asia","authors":"Md Shamimul Islam","doi":"10.18533/JEFS.V3I03.166","DOIUrl":"https://doi.org/10.18533/JEFS.V3I03.166","url":null,"abstract":"Information and communication technologies (ICTs) have been increasingly promoted as a key solution for comprehensive development, poverty eradication and the empowerment of historically disadvantaged groups, such as women and minorities in the South Asia. ICT is a significant area of concern for women empowerment and growth of a country. This paper studied the status of ICT and women empowerment in South Asian countries. Based on empirical research this paper found that ICT has a positive impact on women empowerment.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125240145","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 analyse a sample of 129 Initial Public Offerings (IPOs) on the Italian Stock Exchange from January 2001 to December 2012. Results confirm the presence of underpricing in two thirds of the sample offerings but with an average level of 6.75% that is far below previous studies. Moreover we provide detailed temporal insights to show that the phenomenon is time-varying, albeit our sample does not show a positive correlation with hot market periods only. The average stock performance 30 days after the listing is lower than average first day return, evidence that is mainly explained by temporary actions of price support by underwriters. Finally, through a series of multivariate regression analyses we find that various factors exercise an influence on the IPO underpricing level, specifically: firm size, aftermarket risk, market demand, financial crisis and shares retention by existing shareholders.
{"title":"IPO underpricing and aftermarket performance in Italy","authors":"Alberto Dell’Acqua, L. Etro, E. Teti, M. Murri","doi":"10.18533/JEFS.V3I03.160","DOIUrl":"https://doi.org/10.18533/JEFS.V3I03.160","url":null,"abstract":"We analyse a sample of 129 Initial Public Offerings (IPOs) on the Italian Stock Exchange from January 2001 to December 2012. Results confirm the presence of underpricing in two thirds of the sample offerings but with an average level of 6.75% that is far below previous studies. Moreover we provide detailed temporal insights to show that the phenomenon is time-varying, albeit our sample does not show a positive correlation with hot market periods only. The average stock performance 30 days after the listing is lower than average first day return, evidence that is mainly explained by temporary actions of price support by underwriters. Finally, through a series of multivariate regression analyses we find that various factors exercise an influence on the IPO underpricing level, specifically: firm size, aftermarket risk, market demand, financial crisis and shares retention by existing shareholders.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128502266","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}
Is the unit value of traded goods representative of quality? To answer this question, we analyze unit value with respect to exporter country’s capacity to export, which is determined by its production cost, tariff, and distance. The change in a country’s export unit value is decomposed into the components associated with pure term-of-trade effect, quality effect, distance effect, and production cost effect. Our empirical results confirm that tariff, distance, and wages all significantly affect the unit values. Furthermore, by comparing CIF and FOB unit values, we show that quality is an important contributor on driving up the unit values: exporters increase unit price to distant trading partners through quality upgrading. This "Washington apple effect" is much larger than the pure distance effect or production cost increase.
{"title":"Unit Values in International Trade and Product Quality","authors":"C. Hong","doi":"10.18533/JEFS.V3I02.63","DOIUrl":"https://doi.org/10.18533/JEFS.V3I02.63","url":null,"abstract":"Is the unit value of traded goods representative of quality? To answer this question, we analyze unit value with respect to exporter country’s capacity to export, which is determined by its production cost, tariff, and distance. The change in a country’s export unit value is decomposed into the components associated with pure term-of-trade effect, quality effect, distance effect, and production cost effect. Our empirical results confirm that tariff, distance, and wages all significantly affect the unit values. Furthermore, by comparing CIF and FOB unit values, we show that quality is an important contributor on driving up the unit values: exporters increase unit price to distant trading partners through quality upgrading. This \"Washington apple effect\" is much larger than the pure distance effect or production cost increase.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"15 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132715526","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}
For several years risk reporting of banks has been high on the agenda. Banks must disclose information on their risk exposure to enhance market discipline. As a precondition for this positive effect of risk reporting, the risk information provided by the banks must be relevant for the depositors' and other investors’ judgments and decisions. In this paper, we analyze whether this is really true. Using an experimental design we show that risk information may influence the individuals’ judgments and decisions. We find that positive (negative) risk information lead to more positive (more negative) evaluations. In the case of conspiring risk and financial statement information the judgments and decisions are most pronounced. However, this enhancing effect of risk information is not significant. Considering opposing risk and financial statement information we find that positive (negative) risk information lead to more positive/less negative (more negative/less positive) judgments and decisions. Risk information can even reverse the effect of opposing financial statement information on the individuals’ judgment of the banks’ risk exposure.
{"title":"Relevance of risk information for depositors’ judgment and decision-making","authors":"K. Jordan, Susanne Homölle","doi":"10.18533/JEFS.V3I03.158","DOIUrl":"https://doi.org/10.18533/JEFS.V3I03.158","url":null,"abstract":"For several years risk reporting of banks has been high on the agenda. Banks must disclose information on their risk exposure to enhance market discipline. As a precondition for this positive effect of risk reporting, the risk information provided by the banks must be relevant for the depositors' and other investors’ judgments and decisions. In this paper, we analyze whether this is really true. Using an experimental design we show that risk information may influence the individuals’ judgments and decisions. We find that positive (negative) risk information lead to more positive (more negative) evaluations. In the case of conspiring risk and financial statement information the judgments and decisions are most pronounced. However, this enhancing effect of risk information is not significant. Considering opposing risk and financial statement information we find that positive (negative) risk information lead to more positive/less negative (more negative/less positive) judgments and decisions. Risk information can even reverse the effect of opposing financial statement information on the individuals’ judgment of the banks’ risk exposure.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128989750","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 studies stock price reaction to share repurchases announced by U.S. banks between January 2002 and December 2008. Using the standard event study method, we find that the average abnormal return around share repurchase announcements is positive in both normal and crisis times. We also find that the average abnormal return is significantly higher in crisis times. Our results are consistent with the signaling hypothesis for share repurchases.
{"title":"Stock price reaction to share repurchase announcements by banks in normal and crisis times","authors":"Jijun Niu","doi":"10.18533/JEFS.V3I02.156","DOIUrl":"https://doi.org/10.18533/JEFS.V3I02.156","url":null,"abstract":"This paper studies stock price reaction to share repurchases announced by U.S. banks between January 2002 and December 2008. Using the standard event study method, we find that the average abnormal return around share repurchase announcements is positive in both normal and crisis times. We also find that the average abnormal return is significantly higher in crisis times. Our results are consistent with the signaling hypothesis for share repurchases.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133712678","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 study the extent to which voluntary disclosure of information in IPO prospectuses of mining companies is associated with lower IPO underpricing. We study the disclosure of information at IPO, looking at the IPO prospectus which is the fundamental document providing investors with information about the company. While its format and main contents are largely fixed by law, there is considerable scope for voluntary disclosure. Mining is a highly capital intensive endeavor and access to equity capital is a key requirement for the development of a mine. We find that the quality of information disclosure, as well as the characteristics of the mining companies, indeed affects underpricing.
{"title":"Underpricing and voluntary disclosure: The case of mining IPOs in Australia","authors":"L. Bottazzi","doi":"10.18533/JEFS.V3I02.153","DOIUrl":"https://doi.org/10.18533/JEFS.V3I02.153","url":null,"abstract":"We study the extent to which voluntary disclosure of information in IPO prospectuses of mining companies is associated with lower IPO underpricing. We study the disclosure of information at IPO, looking at the IPO prospectus which is the fundamental document providing investors with information about the company. While its format and main contents are largely fixed by law, there is considerable scope for voluntary disclosure. Mining is a highly capital intensive endeavor and access to equity capital is a key requirement for the development of a mine. We find that the quality of information disclosure, as well as the characteristics of the mining companies, indeed affects underpricing.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133929646","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}
An important assumption of the signaling hypothesis is that dividend change announcements are positively correlated with share price reactions and future changes in earnings. However, Miller and Modigliani (1961)sustains that, dividend policy is irrelevant in arriving at a firm value, if the capital market is perfect. The purpose of this paper is to assess the potency of the dividend irrelevance theory on the Ghana stock market by using the Johansen-Juselius cointegration methodology on daily data of dividends, earnings and stock prices from January 2011 to December 2013. The results establish that equity prices in Ghana are not in sync with dividend announcements. However, the incorporation of earnings in the cointegration model provides varying result. The findings indicate that equity price change movements in Ghana are not responsive to dividend news.
{"title":"The Response of Stock Prices to Dividend News on the Ghana Stock Market: An Empirical Assessment","authors":"Gideon Boako","doi":"10.18533/JEFS.V3I02.157","DOIUrl":"https://doi.org/10.18533/JEFS.V3I02.157","url":null,"abstract":"An important assumption of the signaling hypothesis is that dividend change announcements are positively correlated with share price reactions and future changes in earnings. However, Miller and Modigliani (1961)sustains that, dividend policy is irrelevant in arriving at a firm value, if the capital market is perfect. The purpose of this paper is to assess the potency of the dividend irrelevance theory on the Ghana stock market by using the Johansen-Juselius cointegration methodology on daily data of dividends, earnings and stock prices from January 2011 to December 2013. The results establish that equity prices in Ghana are not in sync with dividend announcements. However, the incorporation of earnings in the cointegration model provides varying result. The findings indicate that equity price change movements in Ghana are not responsive to dividend news.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"81 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116350574","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}
By general agreement, one of the main obstacles to the growth of producer cooperatives is difficult investment financing, due to inadequate Capitalisation levels and the resulting inability to lodge sufficient collateral with lenders. Moreover, worker-owned firms are considered not very reliable because they suffer from problems of moral hazard and insufficient commitment. Unfortunately, the literature on this issue is not extensive and has weaknesses that are highlighted in the paper. By means of its critical analysis, it is possible to provide evidence that the funding difficulties caused by the particular structure of cooperative firms can be effectively tackled by creating an institutional framework within which cooperatives would be offered a wider range of organizational options comparable to those open to traditional enterprises. Finally, it is proved that the willingness of the members to fund the operations of their cooperative with loan capital may not be enough to mobilize external credit. For member financings to persuade potential providers of funds to place trust in a firm, third-party claims must necessarily qualify as senior debt and be repaid before the claims of the partners are settled.
{"title":"Investment financing in cooperative firms","authors":"G. Cuomo","doi":"10.18533/JEFS.V3I02.154","DOIUrl":"https://doi.org/10.18533/JEFS.V3I02.154","url":null,"abstract":"By general agreement, one of the main obstacles to the growth of producer cooperatives is difficult investment financing, due to inadequate Capitalisation levels and the resulting inability to lodge sufficient collateral with lenders. Moreover, worker-owned firms are considered not very reliable because they suffer from problems of moral hazard and insufficient commitment. Unfortunately, the literature on this issue is not extensive and has weaknesses that are highlighted in the paper. By means of its critical analysis, it is possible to provide evidence that the funding difficulties caused by the particular structure of cooperative firms can be effectively tackled by creating an institutional framework within which cooperatives would be offered a wider range of organizational options comparable to those open to traditional enterprises. Finally, it is proved that the willingness of the members to fund the operations of their cooperative with loan capital may not be enough to mobilize external credit. For member financings to persuade potential providers of funds to place trust in a firm, third-party claims must necessarily qualify as senior debt and be repaid before the claims of the partners are settled.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126299513","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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