Both Excel skill and financial modeling skill are essential for finance students. When building a financial model in Excel, it is important to keep it clear, concise and consistent. But an even better model would be flexible, robust, and dynamic. This paper uses three detailed examples to demonstrate how finance professors can equip students with advanced Excel skill and financial modeling skill at the same time in finance classes, and in turn, helps the students be competitive when they are on the job market and be successful in their future careers.
{"title":"Equipping Students with Advanced Excel Skills in the Classroom – Building Flexible, Robust, and Self-Adaptive Financial Models","authors":"Chengping Zhang","doi":"10.2139/ssrn.3734611","DOIUrl":"https://doi.org/10.2139/ssrn.3734611","url":null,"abstract":"Both Excel skill and financial modeling skill are essential for finance students. When building a financial model in Excel, it is important to keep it clear, concise and consistent. But an even better model would be flexible, robust, and dynamic. This paper uses three detailed examples to demonstrate how finance professors can equip students with advanced Excel skill and financial modeling skill at the same time in finance classes, and in turn, helps the students be competitive when they are on the job market and be successful in their future careers.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122812395","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 perform a series of five strategic analyses of Japanese Megabanks. This paper is the third analysis in the series, where we explore to what extent Japanese Megabanks and RUFG have a ‘core competencies’ that are valuable, rare, inimitable, non-substitutable and whose benefits are organisationally appropriable? How is this core competence different from that of key competitor’s? How do we see this core competence being developed to match strategic challenges over the next five years?
{"title":"Strategic Analysis of Japanese Megabanks – Core Competency Development for Competitive Advantage","authors":"N. Burgess","doi":"10.2139/ssrn.3645553","DOIUrl":"https://doi.org/10.2139/ssrn.3645553","url":null,"abstract":"We perform a series of five strategic analyses of Japanese Megabanks. This paper is the third analysis in the series, where we explore to what extent Japanese Megabanks and RUFG have a ‘core competencies’ that are valuable, rare, inimitable, non-substitutable and whose benefits are organisationally appropriable? How is this core competence different from that of key competitor’s? How do we see this core competence being developed to match strategic challenges over the next five years?","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131102013","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}
Romanian Abstract: O histogramă poate fi un instrument util în sesizarea unor proprietăţi ale seriilor de timp financiare. Această lucrare prezintă construirea unei histograme asociate randamentelor logaritmice ale valorilor zilnice ale ratei de schimb dintre leul românesc şi euro din perioada 17 martie 2017 – 17 martie 2020.
English Abstract: A histogram could be an useful tool in revealing some properties of the financial time series. This paper presents the making of a histogram associated to logarithmic returns of the Romanian leu – euro exchange rate daily values for the period 17th March 2017 –16th March 2020.
{"title":"Statistica descriptivă a seriilor de timp financiare: Aplicaţii, Partea a treia (Descriptive Statistics of the Financial Time Series: Exercises, Part 3)","authors":"R. Stefanescu, Ramona Dumitriu","doi":"10.2139/ssrn.3559056","DOIUrl":"https://doi.org/10.2139/ssrn.3559056","url":null,"abstract":"<b>Romanian Abstract:</b> O histogramă poate fi un instrument util în sesizarea unor proprietăţi ale seriilor de timp financiare. Această lucrare prezintă construirea unei histograme asociate randamentelor logaritmice ale valorilor zilnice ale ratei de schimb dintre leul românesc şi euro din perioada 17 martie 2017 – 17 martie 2020.<br><br><b>English Abstract:</b> A histogram could be an useful tool in revealing some properties of the financial time series. This paper presents the making of a histogram associated to logarithmic returns of the Romanian leu – euro exchange rate daily values for the period 17th March 2017 –16th March 2020.<br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129735602","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}
Futures are contracts to buy or sell things in the future. Holding a futures contract gives an exposure very similar to holding the physical asset since the two prices are related by arbitrage (buying the asset and selling the future or visa-versa).
Liquid exchange traded futures markets exist for equity indices, currencies, government bonds, interest rates, and commodities and many other assets. In many cases futures are a more efficient way of gaining exposure to movements in the asset price.
This is a short course through theory and practice of futures in three chapters:
Chapter 1: Pricing: Methods for pricing futures contracts on different assets (mainly equities, bonds, and commodities). Chapter 2: Portfolio Management: Methods for managing a portfolio of futures. Chapter 3: Trading: Practical aspects of futures trading.
{"title":"A Short Course in Futures Pricing, Portfolio Management, and Trading","authors":"Joseph Clark","doi":"10.2139/ssrn.3558352","DOIUrl":"https://doi.org/10.2139/ssrn.3558352","url":null,"abstract":"Futures are contracts to buy or sell things in the future. Holding a futures contract gives an exposure very similar to holding the physical asset since the two prices are related by arbitrage (buying the asset and selling the future or visa-versa).<br><br>Liquid exchange traded futures markets exist for equity indices, currencies, government bonds, interest rates, and commodities and many other assets. In many cases futures are a more efficient way of gaining exposure to movements in the asset price.<br><br>This is a short course through theory and practice of futures in three chapters:<br><br>Chapter 1: Pricing: Methods for pricing futures contracts on different assets<br>(mainly equities, bonds, and commodities). <br>Chapter 2: Portfolio Management:<br>Methods for managing a portfolio of futures. <br>Chapter 3: Trading: Practical<br>aspects of futures trading.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"169 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114838260","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 argues that it is retirement time for the centenarian DuPont return analysis. It proposes an alternative based on depicting financial statements in a waterfall chart centered around total revenue. Waterfall charts may be drawn for different periods and companies, showing the relative position and dynamics of a company in relation to its industry and competitors. An advantage of the waterfall method is to highlight the link between total revenue and the balance sheet, and the role played by the turnover residuals. Illustrative charts are complemented with the respective analytics.
{"title":"Time to Retire for DuPont Analysis. A Waterfall Chart Alternative","authors":"Antonio Mendes","doi":"10.2139/ssrn.3555394","DOIUrl":"https://doi.org/10.2139/ssrn.3555394","url":null,"abstract":"This paper argues that it is retirement time for the centenarian DuPont return analysis. It proposes an alternative based on depicting financial statements in a waterfall chart centered around total revenue. Waterfall charts may be drawn for different periods and companies, showing the relative position and dynamics of a company in relation to its industry and competitors. An advantage of the waterfall method is to highlight the link between total revenue and the balance sheet, and the role played by the turnover residuals. Illustrative charts are complemented with the respective analytics.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124280322","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}
Pub Date : 2020-03-10DOI: 10.1108/SRJ-06-2019-0194
M. Camilleri
Purpose This study aims to explain how socially responsible investing (SRI) has evolved in the past few decades and sheds light on its latest developments. It describes different forms of SRI in the financial markets, and deliberates on the rationale for the utilization of positive and negative screenings of listed businesses and public organizations. Design/methodology/approach A comprehensive literature review suggests that the providers of financial capital are increasingly allocating funds toward positive impact and sustainable investments. Therefore, this descriptive paper provides a factual summary of the proliferation of SRI products in financial markets. Afterwards, it presents the opportunities and challenges facing the stakeholders of SRI. Findings This research presents a historic overview on the growth of SRI products in the financial services industry. It clarifies that the market for responsible investing has recently led to an increase in a number of stakeholders, including contractors, non-governmental organizations and research firms who are involved in the scrutinization of the businesses’ environmental, social and governance (ESG) behaviors. Originality/value This discursive contribution raises awareness on the screenings of positive impact and sustainable investments. The researcher contends that today’s socially responsible investors are increasingly analyzing the businesses’ non-financial performance, including their ESG credentials. In conclusion, this paper puts forward future research avenues in this promising field of study.
{"title":"The Market for Socially Responsible Investing: A Review of the Developments","authors":"M. Camilleri","doi":"10.1108/SRJ-06-2019-0194","DOIUrl":"https://doi.org/10.1108/SRJ-06-2019-0194","url":null,"abstract":"\u0000Purpose\u0000This study aims to explain how socially responsible investing (SRI) has evolved in the past few decades and sheds light on its latest developments. It describes different forms of SRI in the financial markets, and deliberates on the rationale for the utilization of positive and negative screenings of listed businesses and public organizations.\u0000\u0000\u0000Design/methodology/approach\u0000A comprehensive literature review suggests that the providers of financial capital are increasingly allocating funds toward positive impact and sustainable investments. Therefore, this descriptive paper provides a factual summary of the proliferation of SRI products in financial markets. Afterwards, it presents the opportunities and challenges facing the stakeholders of SRI.\u0000\u0000\u0000Findings\u0000This research presents a historic overview on the growth of SRI products in the financial services industry. It clarifies that the market for responsible investing has recently led to an increase in a number of stakeholders, including contractors, non-governmental organizations and research firms who are involved in the scrutinization of the businesses’ environmental, social and governance (ESG) behaviors.\u0000\u0000\u0000Originality/value\u0000This discursive contribution raises awareness on the screenings of positive impact and sustainable investments. The researcher contends that today’s socially responsible investors are increasingly analyzing the businesses’ non-financial performance, including their ESG credentials. In conclusion, this paper puts forward future research avenues in this promising field of study.\u0000","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127329700","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}
Wang Shi, a business mogul who created his empire of wealth from scratch, relished in his fame and basked in the glory of his affluent business. Nothing lasts forever! After mastering the turbulent business of real estate development in his country and therefore enjoying a rising and robust stock price, China Vanke Co. Ltd ("Vanke") founder and Chairman of the Board of Directors, Wang Shi was suddenly presented with a scathing notice from the Hong Kong Stock Exchange: rival Baoneng Group ("Baoneng") filed the regulatory documentation indicating that it had nicodemously acquired 5% of his company and was looking to buy more. Vanke case became brutal and sparked national controversy over corporate governance and the role of Chinese government in capital markets.
{"title":"Disturbing the Peace: Anatomy of the Hostile Takeover of China Vanke Co.","authors":"Taurai Muvunza, Terrill L. Frantz","doi":"10.2139/ssrn.3547244","DOIUrl":"https://doi.org/10.2139/ssrn.3547244","url":null,"abstract":"Wang Shi, a business mogul who created his empire of wealth from scratch, relished in his fame and basked in the glory of his affluent business. Nothing lasts forever! After mastering the turbulent business of real estate development in his country and therefore enjoying a rising and robust stock price, China Vanke Co. Ltd (\"Vanke\") founder and Chairman of the Board of Directors, Wang Shi was suddenly presented with a scathing notice from the Hong Kong Stock Exchange: rival Baoneng Group (\"Baoneng\") filed the regulatory documentation indicating that it had nicodemously acquired 5% of his company and was looking to buy more. Vanke case became brutal and sparked national controversy over corporate governance and the role of Chinese government in capital markets.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129775664","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}
Working capital is those assets that are held by the corporate for the purpose of ensuring that its daily activities are well met, and its corporate goals are well accomplished. The report will assess how these working capitals can be well managed by the corporate and what is the importance of its management. The corporate will also take into view the previous peer journals which will help in gaining a better understanding of the research topic. While a link will be made with the sustainability aspect. For the research data generation, 20 SCOPUS and 5 SSRN articles will be assessed.
{"title":"Working Capital Management and Sustainability: A Mini-Review","authors":"Suhail Alnuaimi, Haitham Nobanee","doi":"10.2139/ssrn.3539427","DOIUrl":"https://doi.org/10.2139/ssrn.3539427","url":null,"abstract":"Working capital is those assets that are held by the corporate for the purpose of ensuring that its daily activities are well met, and its corporate goals are well accomplished. The report will assess how these working capitals can be well managed by the corporate and what is the importance of its management. The corporate will also take into view the previous peer journals which will help in gaining a better understanding of the research topic. While a link will be made with the sustainability aspect. For the research data generation, 20 SCOPUS and 5 SSRN articles will be assessed.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124802821","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}
Briefly, Block-chain technology is a technology in which digital information is stored in a public shared data-base. This technology got famous mainly after introducing the first cryptocurrency which is the Bitcoin. The bitcoin uses this technology in keep tracking the records securely. First, this paper will give a brief idea about blockchain generally and show how it works. Then, it will discuss some general applications of blockchain. In addition to making a mini-review of this technology generally and especially in the banking industry. Like other services and products, which have been completely changed because of “digitalization and technology”, such as; shopping, ordering and delivering food, movies and TV industry, navigation services… etc. Blockchain can completely change and transform the banking services because it has High security, high transaction transparency, decentralized system and can achieve transactions more efficiently. In addition, the correlation between blockchain technology, Fin-Techs and sustainability will be discussed. Finally, the expected future and the challenges of accepting and implementing blockchain technology in the financial industry and services will be discussed.
{"title":"Blockchain Applications in Banking Industry: A Mini-Review","authors":"Salah Albeshr, Haitham Nobanee","doi":"10.2139/ssrn.3539152","DOIUrl":"https://doi.org/10.2139/ssrn.3539152","url":null,"abstract":"Briefly, Block-chain technology is a technology in which digital information is stored in a public shared data-base. This technology got famous mainly after introducing the first cryptocurrency which is the Bitcoin. The bitcoin uses this technology in keep tracking the records securely. First, this paper will give a brief idea about blockchain generally and show how it works. Then, it will discuss some general applications of blockchain. In addition to making a mini-review of this technology generally and especially in the banking industry. Like other services and products, which have been completely changed because of “digitalization and technology”, such as; shopping, ordering and delivering food, movies and TV industry, navigation services… etc. Blockchain can completely change and transform the banking services because it has High security, high transaction transparency, decentralized system and can achieve transactions more efficiently. In addition, the correlation between blockchain technology, Fin-Techs and sustainability will be discussed. Finally, the expected future and the challenges of accepting and implementing blockchain technology in the financial industry and services will be discussed.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"176 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115793805","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}
It is evident in virtually all parts of the world that sustainable development only happens when there is continuous progress in the collective contributions of local citizens towards fulfilling this objective. The voluntary involvement of local citizens in assorted development projects only happens in the atmosphere of mutual trust and loyalty which is found in social capital. Interestingly, social capital only develops spontaneously and cannot be enforced by business establishments or national governments as doing so will eliminate the desire for voluntary cooperation and promote the anticipation of side payments among involved citizens. This research article will present different economic and development projects around the world whose success can be attributed to social capital with the aim of demonstrating the significance of this factor in the maintenance of sustainability practices. The main objective of this paper is to reveal the crucial role that social capital plays in ensuring the success of assorted community development projects. The findings of this study show that in different parts of the world, the collective consciousness that characterizes social capital is necessary for development projects across different industries to succeed.
{"title":"Social and Sustainability Capital: A Mini-Review","authors":"Maitha Alkuwaiti, Haitham Nobanee","doi":"10.2139/ssrn.3538828","DOIUrl":"https://doi.org/10.2139/ssrn.3538828","url":null,"abstract":"It is evident in virtually all parts of the world that sustainable development only happens when there is continuous progress in the collective contributions of local citizens towards fulfilling this objective. The voluntary involvement of local citizens in assorted development projects only happens in the atmosphere of mutual trust and loyalty which is found in social capital. Interestingly, social capital only develops spontaneously and cannot be enforced by business establishments or national governments as doing so will eliminate the desire for voluntary cooperation and promote the anticipation of side payments among involved citizens. This research article will present different economic and development projects around the world whose success can be attributed to social capital with the aim of demonstrating the significance of this factor in the maintenance of sustainability practices. The main objective of this paper is to reveal the crucial role that social capital plays in ensuring the success of assorted community development projects. The findings of this study show that in different parts of the world, the collective consciousness that characterizes social capital is necessary for development projects across different industries to succeed.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125299128","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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