“Strategy is the red thread through the activities of an organization - An Ssofg, 1965’; strategy is extremely important role in the operation of every organization, every enterprise: strategy contributed to help a business organization become more active in anticipating the changes of environment from which they can control their activities. In the current economic market, a good strategy helps increasing the competitiveness of businesses, ensuring a strong dominance of enterprise. [1] In the trend of integration and competition, the same with other companies are operating in Vietnam, Thanh Hoa Agribank has many opportunities for growth while facing new business environment more complex and risky. Competitive pressures increased when domestic banks are constantly expanding the scope of operation, growing both in quantity and quality, many foreign credit organizations are willing to participate in the Vietnam market will create a new competitive pressures increasingly strident. In this context, the question for each bank is planning a suitable business strategy to stand firmly in the market and continue to grow. For these above reasons, I decised to choose the paper "Strategy for business development of Agribank Thanh Hoa to 2020" for reseach.
{"title":"Strategy for Business Development of Agribank Thanh Hoa to 2020","authors":"Nguyen Xuan Duong, Le Quang Hieu","doi":"10.12691/IJEFM-6-2-1","DOIUrl":"https://doi.org/10.12691/IJEFM-6-2-1","url":null,"abstract":"“Strategy is the red thread through the activities of an organization - An Ssofg, 1965’; strategy is extremely important role in the operation of every organization, every enterprise: strategy contributed to help a business organization become more active in anticipating the changes of environment from which they can control their activities. In the current economic market, a good strategy helps increasing the competitiveness of businesses, ensuring a strong dominance of enterprise. [1] In the trend of integration and competition, the same with other companies are operating in Vietnam, Thanh Hoa Agribank has many opportunities for growth while facing new business environment more complex and risky. Competitive pressures increased when domestic banks are constantly expanding the scope of operation, growing both in quantity and quality, many foreign credit organizations are willing to participate in the Vietnam market will create a new competitive pressures increasingly strident. In this context, the question for each bank is planning a suitable business strategy to stand firmly in the market and continue to grow. For these above reasons, I decised to choose the paper \"Strategy for business development of Agribank Thanh Hoa to 2020\" for reseach.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116367154","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}
Bouaziz Nacer, Djenina Amor Djenina Amor, Djellaba Ali, S. Tarek
The study attempts to shed light on a topic that has raised a lot of interest among the international accounting community, namely the possibility of adopting international accounting standards in the American business environment, coinciding with the international convergence project between FASB & IASB, which began in 2002 and still to this day has not taken its place. The study found that the goal of reaching one set of accounting standards through the convergence project is not a practical or achievable goal for the foreseeable future, and the USA does not intend to adopt international accounting standards but is trying to press its industry path in line with its business environment rather than directly follows.
{"title":"IFRS in the U.S. Business Environment - Vision for the Future","authors":"Bouaziz Nacer, Djenina Amor Djenina Amor, Djellaba Ali, S. Tarek","doi":"10.12691/ijefm-6-1-3","DOIUrl":"https://doi.org/10.12691/ijefm-6-1-3","url":null,"abstract":"The study attempts to shed light on a topic that has raised a lot of interest among the international accounting community, namely the possibility of adopting international accounting standards in the American business environment, coinciding with the international convergence project between FASB & IASB, which began in 2002 and still to this day has not taken its place. The study found that the goal of reaching one set of accounting standards through the convergence project is not a practical or achievable goal for the foreseeable future, and the USA does not intend to adopt international accounting standards but is trying to press its industry path in line with its business environment rather than directly follows.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126053030","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 presents empirical analysis of the relationship between sectoral public expenditure and economic growth in Tanzania. It uses time series data spanning over the period from 1968 - 2011. In this paper real gross domestic product (GDP) is used as a proxy of economic growth. The investigation focuses on analysis of relationship between public expenditure on education, agriculture, transport and communication and the rest of the sectors (ROS) and economic growth. Augmented Dicker-Fuller, Phillips-Perron, Johansen co-integration test and vector error correction model are used to capture short and long-run dynamics of economic growth. Our result indicates that public expenditure plays no significant role in accelerating economic growth in Tanzania for the last 44 years. These finding may give some overview of policy implications to the Tanzania policymakers on optimizing the effects of government expenditure in economic growth.
{"title":"Economic Growth and Public Spending on Selected Sectors in Tanzania","authors":"A. Kimea, Richard Fue Kiangi","doi":"10.12691/ijefm-6-1-2","DOIUrl":"https://doi.org/10.12691/ijefm-6-1-2","url":null,"abstract":"This paper presents empirical analysis of the relationship between sectoral public expenditure and economic growth in Tanzania. It uses time series data spanning over the period from 1968 - 2011. In this paper real gross domestic product (GDP) is used as a proxy of economic growth. The investigation focuses on analysis of relationship between public expenditure on education, agriculture, transport and communication and the rest of the sectors (ROS) and economic growth. Augmented Dicker-Fuller, Phillips-Perron, Johansen co-integration test and vector error correction model are used to capture short and long-run dynamics of economic growth. Our result indicates that public expenditure plays no significant role in accelerating economic growth in Tanzania for the last 44 years. These finding may give some overview of policy implications to the Tanzania policymakers on optimizing the effects of government expenditure in economic growth.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126127334","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 research is to study the effect of currency crises on economic growth. To do this, we opted for a dynamic panel data model and impulse response functions for a sample of seventeen emerging countries over a period from 1980 to 2014. The main results of the various empirical investigations show that there is a Negative effect of currency crises on short-term economic growth.
{"title":"The Effects of Currency Crises on Economic Growth: A Dynamic Panel Data Analysis","authors":"A. Hamida, Tarek Sadraoui","doi":"10.12691/IJEFM-6-1-1","DOIUrl":"https://doi.org/10.12691/IJEFM-6-1-1","url":null,"abstract":"The purpose of this research is to study the effect of currency crises on economic growth. To do this, we opted for a dynamic panel data model and impulse response functions for a sample of seventeen emerging countries over a period from 1980 to 2014. The main results of the various empirical investigations show that there is a Negative effect of currency crises on short-term economic growth.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133459041","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}
M. Rahman, Ramón Sanguino Galván, Ascensión Barroso Martínez
Spain is currently facing its worst financial and economic crisis in the last fifty years. The Spanish economic recession began in 2008 during the world financial crisis of 2007-08. The main cause of Spain's crisis was the burst of the housing bubble. The recession has implied a strong increase of the unemployment rate in Spain that surpassed 25% in 2012, the highest rate in western economies in that year. Therefore, this research aims at exploring the root causes, consequences and recoveries of the economic recession for the sustainable economic growth in Spain. In this study we systematically examine previous research on these topics of economic recession. This study also provides a theoretical basis for further studies on economic recession existing in other developed countries.
{"title":"Economic Recession in Spain: Exploring the Root Causes, Consequences and Recoveries for the Sustainable Economic Growth","authors":"M. Rahman, Ramón Sanguino Galván, Ascensión Barroso Martínez","doi":"10.12691/IJEFM-5-2-5","DOIUrl":"https://doi.org/10.12691/IJEFM-5-2-5","url":null,"abstract":"Spain is currently facing its worst financial and economic crisis in the last fifty years. The Spanish economic recession began in 2008 during the world financial crisis of 2007-08. The main cause of Spain's crisis was the burst of the housing bubble. The recession has implied a strong increase of the unemployment rate in Spain that surpassed 25% in 2012, the highest rate in western economies in that year. Therefore, this research aims at exploring the root causes, consequences and recoveries of the economic recession for the sustainable economic growth in Spain. In this study we systematically examine previous research on these topics of economic recession. This study also provides a theoretical basis for further studies on economic recession existing in other developed countries.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131292749","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 research paper empirically investigates the effects of interest rates, exchange rates and inflation rates on stock market performance of Pakistan by using annual time series data covering the 1991-2017 periods. The prime intention of this research was to inspect the long-run and short-run relationships between the KSE-100 index and macroeconomic variables by employing the econometric techniques of Autoregressive Distributed Lag (ARDL) bounds testing procedure to cointegration and the Error Correction Model (ECM), respectively. By applying the ARDL model, the empirical results revealed the fact that there was a negative and significant impact of interest rate on the market index, whereas; the exchange rate and the inflation rate have a positive impact on stock market volatility in the long-run. Furthermore, the ECM analysis pointed out that an estimated coefficient of the error correction term was significant with expected negative sign and showed that 46.53% deviation of the stock market index are corrected in the short-run per year. The study recommended that the monetary authorities should further reduce the bank rate up to the lowest rate in order to stimulate the stock market performance, which in turn; will boost the existing investment level and will encourage the new investment into the stock market. In addition, this policy will also ensure in the reduction of higher inflation rates. And the study found that the reduction in bank rate and stabilization in exchange rate is essential to local and foreign investors in the short-run.
{"title":"Effects of Macroeconomic Variables on the Stock Market Volatility: The Pakistan Experience","authors":"Waqar Khalid, Saifullah Khan","doi":"10.12691/IJEFM-5-2-4","DOIUrl":"https://doi.org/10.12691/IJEFM-5-2-4","url":null,"abstract":"This research paper empirically investigates the effects of interest rates, exchange rates and inflation rates on stock market performance of Pakistan by using annual time series data covering the 1991-2017 periods. The prime intention of this research was to inspect the long-run and short-run relationships between the KSE-100 index and macroeconomic variables by employing the econometric techniques of Autoregressive Distributed Lag (ARDL) bounds testing procedure to cointegration and the Error Correction Model (ECM), respectively. By applying the ARDL model, the empirical results revealed the fact that there was a negative and significant impact of interest rate on the market index, whereas; the exchange rate and the inflation rate have a positive impact on stock market volatility in the long-run. Furthermore, the ECM analysis pointed out that an estimated coefficient of the error correction term was significant with expected negative sign and showed that 46.53% deviation of the stock market index are corrected in the short-run per year. The study recommended that the monetary authorities should further reduce the bank rate up to the lowest rate in order to stimulate the stock market performance, which in turn; will boost the existing investment level and will encourage the new investment into the stock market. In addition, this policy will also ensure in the reduction of higher inflation rates. And the study found that the reduction in bank rate and stabilization in exchange rate is essential to local and foreign investors in the short-run.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134431155","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}
Although the economy of China’s minority provinces have developed very fast in recent years, the scale of their foreign direct investment(FDI) is relatively small. In-depth analysis on the utilization of FDI in the minority provinces can help thoroughly understand their weakness and problems, which is helpful for taking countermeasures accordingly to improve the scale and level of minority provinces’ utilization of FDI.
{"title":"Analysis on the Utilization of Foreign Direct Investment in the Minority Provinces of China","authors":"Liu Xiuling, Zhu Ruixue, Cai Li","doi":"10.12691/IJEFM-5-2-3","DOIUrl":"https://doi.org/10.12691/IJEFM-5-2-3","url":null,"abstract":"Although the economy of China’s minority provinces have developed very fast in recent years, the scale of their foreign direct investment(FDI) is relatively small. In-depth analysis on the utilization of FDI in the minority provinces can help thoroughly understand their weakness and problems, which is helpful for taking countermeasures accordingly to improve the scale and level of minority provinces’ utilization of FDI.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116481098","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 paper is to test through an empirical analysis the Rational Expectations-Permanent Income Hypothesis. To do this, we referred to the General approach of Abel and Mishkin (1983). Our econometric tests are based on annual data over the period [1985-2015] related to households in Algeria. Our results show the rejection of the general approach’s model which leads to the rejection of the Rational Expectations-Permanent Income Hypothesis. As finding, Algerian households do not form rational expectations about their future income.
{"title":"Empirical Test of the Rational Expectations-permanent Income Hypothesis: Abel and Mishkin’s General Approach: Evidence from Algeria","authors":"T. Djeddi, Tayeb Louafi, S. Brika","doi":"10.12691/IJEFM-5-2-2","DOIUrl":"https://doi.org/10.12691/IJEFM-5-2-2","url":null,"abstract":"The purpose of this paper is to test through an empirical analysis the Rational Expectations-Permanent Income Hypothesis. To do this, we referred to the General approach of Abel and Mishkin (1983). Our econometric tests are based on annual data over the period [1985-2015] related to households in Algeria. Our results show the rejection of the general approach’s model which leads to the rejection of the Rational Expectations-Permanent Income Hypothesis. As finding, Algerian households do not form rational expectations about their future income.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129754564","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 presents a comparative evaluation of the predictive performance of conventional univariate VaR models including unconditional normal distribution model, exponentially weighted moving average (EWMA/RiskMetrics), Historical Simulation, Filtered Historical Simulation, GARCH-normal and GARCH Students t models in terms of their forecasting accuracy. The paper empirically determines the extent to which the aforementioned methods are reliable in estimating one-day ahead Value at Risk (VaR). The analysis is based on daily closing prices of the USD/KES exchange rates over the period starting January 03, 2003 to December 31, 2016. In order to assess the performance of the models, the rolling window of approximately four years (n=1000 days) is used for backtesting purposes. The backtesting analysis covers the sub-period from November 2008 to December 2016, consequently including the most volatile periods of the Kenyan shilling and the historical all-time high in September 2015. The empirical results demonstrate that GJR-GARCH-t approach and Filtered Historical Simulation method with GARCH volatility specification perform competitively accurate in estimating VaR forecasts for both standard and more extreme quantiles thereby generally out-performing all the other models under consideration.
{"title":"A Comparative Performance of Conventional Methods for Estimating Market Risk Using Value at Risk","authors":"Cyprian O. Omari","doi":"10.12691/IJEFM-5-2-1","DOIUrl":"https://doi.org/10.12691/IJEFM-5-2-1","url":null,"abstract":"This paper presents a comparative evaluation of the predictive performance of conventional univariate VaR models including unconditional normal distribution model, exponentially weighted moving average (EWMA/RiskMetrics), Historical Simulation, Filtered Historical Simulation, GARCH-normal and GARCH Students t models in terms of their forecasting accuracy. The paper empirically determines the extent to which the aforementioned methods are reliable in estimating one-day ahead Value at Risk (VaR). The analysis is based on daily closing prices of the USD/KES exchange rates over the period starting January 03, 2003 to December 31, 2016. In order to assess the performance of the models, the rolling window of approximately four years (n=1000 days) is used for backtesting purposes. The backtesting analysis covers the sub-period from November 2008 to December 2016, consequently including the most volatile periods of the Kenyan shilling and the historical all-time high in September 2015. The empirical results demonstrate that GJR-GARCH-t approach and Filtered Historical Simulation method with GARCH volatility specification perform competitively accurate in estimating VaR forecasts for both standard and more extreme quantiles thereby generally out-performing all the other models under consideration.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123997675","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}
K. Ncibi, Tarek Sadraoui, Mili Faycel, Amor Djenina
Artificial neural networks (ANNs) optimization represent an attractive area that attract many researchers in different disciplines, this in the aim to improve the performance of this model. In literature, there is no fix theory that illustrates how to construct this non linear model. Thus, all proposed construction was based on empirical illustration. Multilayer perceptron (MLP) is one of the most used models in ANNs area. It was described as a good non linear approximator with a power ability to lean well non linear system, and most of research was limited to a 3 layers MLP, by describing that 3 layers are sufficient to have good approximation. In this context we are interested to this model construction for solving supervised classification tasks in data mining. This construction requires a preprocessing phase that seems to scribe be important for the final performance. This paper present a process of MLP construction based on two phases: a preparation phase and an optimization phase. The first one describes a process of data cleaning, discretization, normalization, expansion, reduction and features selection. The second phase aims to optimize the set of weights based on some combination of hybrid algorithms such back-propagation algorithm, a local search and different evolution. An empirical illustration will be done to in order to validate the proposed model. At the end, a comparison with others known classifiers will be done to justify the validity of the proposed model.
{"title":"A Multilayer Perceptron Artificial Neural Networks Based a Preprocessing and Hybrid Optimization Task for Data Mining and Classification","authors":"K. Ncibi, Tarek Sadraoui, Mili Faycel, Amor Djenina","doi":"10.12691/IJEFM-5-1-3","DOIUrl":"https://doi.org/10.12691/IJEFM-5-1-3","url":null,"abstract":"Artificial neural networks (ANNs) optimization represent an attractive area that attract many researchers in different disciplines, this in the aim to improve the performance of this model. In literature, there is no fix theory that illustrates how to construct this non linear model. Thus, all proposed construction was based on empirical illustration. Multilayer perceptron (MLP) is one of the most used models in ANNs area. It was described as a good non linear approximator with a power ability to lean well non linear system, and most of research was limited to a 3 layers MLP, by describing that 3 layers are sufficient to have good approximation. In this context we are interested to this model construction for solving supervised classification tasks in data mining. This construction requires a preprocessing phase that seems to scribe be important for the final performance. This paper present a process of MLP construction based on two phases: a preparation phase and an optimization phase. The first one describes a process of data cleaning, discretization, normalization, expansion, reduction and features selection. The second phase aims to optimize the set of weights based on some combination of hybrid algorithms such back-propagation algorithm, a local search and different evolution. An empirical illustration will be done to in order to validate the proposed model. At the end, a comparison with others known classifiers will be done to justify the validity of the proposed model.","PeriodicalId":298738,"journal":{"name":"international journal of research in computer application & management","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124142273","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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