Pub Date : 2019-12-31DOI: 10.36019/9780813570006-012
E. Botha, C. Couret
— The methodological base are acmeological approach, which is based on the idea of unity of the personal and professional development of the person, the identification of resources and conditions of the mo-bilization of the human installing its highest achievements in the most complete self-realization (A.A. Derkach, N.V. Kuzmina, E.V. Seleznyova and others) and labor psychology approach to the professional development of the human as the subject of work (E.A. Klimov, A.K. Markova, L.M. Mitina, V.D. Shadrikov and others). Methods: theoretical analysis of the literature. The results: disclosed the content of the category of readiness for professional work; described constructs personal and professional development of the human: motivation, activity, reflective, creative. Scope: the system of professional education.
{"title":"About the Authors","authors":"E. Botha, C. Couret","doi":"10.36019/9780813570006-012","DOIUrl":"https://doi.org/10.36019/9780813570006-012","url":null,"abstract":"— The methodological base are acmeological approach, which is based on the idea of unity of the personal and professional development of the person, the identification of resources and conditions of the mo-bilization of the human installing its highest achievements in the most complete self-realization (A.A. Derkach, N.V. Kuzmina, E.V. Seleznyova and others) and labor psychology approach to the professional development of the human as the subject of work (E.A. Klimov, A.K. Markova, L.M. Mitina, V.D. Shadrikov and others). Methods: theoretical analysis of the literature. The results: disclosed the content of the category of readiness for professional work; described constructs personal and professional development of the human: motivation, activity, reflective, creative. Scope: the system of professional education.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85184436","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 : 2019-09-10DOI: 10.1515/jbvela-2019-0018
Stanley P. Stephenson, Gauri Prakash-Canjels
Abstract Much has been written about various remedies in litigation involving intellectual property (“IP”) infringements, some economic and other non-economic. A common remedy across different types of IP is lost profits. This paper explores similarities and differences among different types of IP infringement: patent, copyright, trademark, and trade secrets. Common elements needed in any lost profits claim, especially causality, are presented and along with damages implications for plaintiff and infringer by type of IP. These are a few of issues considered along with brief discussion of key statutes, cases, and the alternative of damages based on reasonable royalty rates.
{"title":"Lost Profits in Intellectual Property Cases","authors":"Stanley P. Stephenson, Gauri Prakash-Canjels","doi":"10.1515/jbvela-2019-0018","DOIUrl":"https://doi.org/10.1515/jbvela-2019-0018","url":null,"abstract":"Abstract Much has been written about various remedies in litigation involving intellectual property (“IP”) infringements, some economic and other non-economic. A common remedy across different types of IP is lost profits. This paper explores similarities and differences among different types of IP infringement: patent, copyright, trademark, and trade secrets. Common elements needed in any lost profits claim, especially causality, are presented and along with damages implications for plaintiff and infringer by type of IP. These are a few of issues considered along with brief discussion of key statutes, cases, and the alternative of damages based on reasonable royalty rates.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/jbvela-2019-0018","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42341075","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 : 2019-02-16DOI: 10.1515/jbvela-2018-0009
Sergio Bravo
Abstract A widely used methodology for estimating the beta of companies with the Capital Asset Pricing Model (CAPM) uses comparable firms based only on industry or sector classifications (Bancel, F., and U. R. Mittoo. 2014. “The Gap between the Theory and Practice of Corporate Valuation: Survey of European Experts.” Journal of Applied Corporate Finance 26, no. 4 (Fall): 106–17. doi:https://doi.org/10.1111/jacf.12095, 112; KPMG. 2017. “Cost of Capital Study 2017: Diverging Markets, Converging Business Models.” Accessed September 28, 2018. https://assets.kpmg.com/content/dam/kpmg/ch/pdf/cost-of-capital-study-2017-en.pdf, 37). We hypothesize that even within industries, there is a significant relationship between the cost of equity and the life cycle of a firm. We argue that these variables are correlated because different life-cycle stages exhibit different degrees of systematic risk. Therefore, as the firm moves along its life cycle, its unlevered beta decreases. We define the stages of the firm life cycle based on a modification of the theoretical typology of (Miller, D., and P. Friesen. 1984. “A Longitudinal Study of the Corporate Life-Cycle.” Management Sciences 30 (10): 1161–83. http://www.jstor.org/stable/2631384, 1162–3) and then classify a sample of listed companies into these stages using (Dickinson, V. 2011. “Cash Flow Patterns as a Proxy for Firm Life-Cycle.” The Accounting Review 86 (6): 1969–94. doi:https://doi.org/10.2308/accr-10130) cash flow statements methodology. We construct value-weighted portfolios that are formed based on our life-cycle stages classification, adapting the procedure of (Fama, E., and K. R. French. 1993. “Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33 (1): 3–56. doi:https://doi.org/10.1016/0304-405X(93)90023-5). Finally, we compare the betas (levered and unlevered) of these portfolios to determine whether there are statistically significant differences. Our results show clear evidence of a relationship between betas and the corporate life cycle and that this relationship is robust to both changes in the period of analysis and omitted variables bias (when controlling with the four-factor model of (Carhart, M. M. 1997. “On Persistence in Mutual Fund Performance.” The Journal of Finance 52 (1): 57–82. doi:https://doi.org/10.1111/j.1540-6261.1997.tb03808.x). We believe our results show an important shortcoming in a widely used methodology among practitioners for estimating the CAPM.
使用资本资产定价模型(CAPM)来估计公司贝塔系数的一种广泛使用的方法是使用仅基于行业或部门分类的可比公司(Bancel, F., and U. R. Mittoo. 2014)。公司估值理论与实践的差距:欧洲专家调查。应用企业金融学报,第26期。4(秋季):106-17。doi: https://doi.org/10.1111/jacf.12095, 112;毕马威(KPMG)。2017. 《2017资本成本研究:市场分化,商业模式融合》2018年9月28日发布。https://assets.kpmg.com/content/dam/kpmg/ch/pdf/cost -资本-研究- 2017 en.pdf 37)。我们假设,即使在行业内,股权成本和企业的生命周期之间也存在显著的关系。我们认为这些变量是相关的,因为不同的生命周期阶段表现出不同程度的系统风险。因此,随着企业沿着其生命周期移动,它的无杠杆贝塔会减少。我们根据Miller, D.和P. Friesen(1984)的理论类型学修正来定义企业生命周期的阶段。《企业生命周期的纵向研究》管理科学,30(10):1161-83。http://www.jstor.org/stable/2631384, 1162-3),然后分类上市公司的样本到这些阶段使用(Dickinson, V. 2011。“现金流模式作为企业生命周期的代理。”会计评论86(6):1969 - 1994。doi:https://doi.org/10.2308/accr-10130)现金流量表方法。我们根据我们的生命周期阶段分类构建价值加权投资组合,采用Fama, E.和K. R. French. 1993的程序。“股票和债券收益中的常见风险因素”。金融经济学报,33(1):3-56。doi: https://doi.org/10.1016/0304 - 405 x(93) 90023 - 5)。最后,我们比较了这些投资组合的贝塔系数(杠杆和未杠杆),以确定是否存在统计学上的显著差异。我们的研究结果表明,贝塔系数与企业生命周期之间存在明确的关系,而且这种关系对分析期间的变化和忽略变量偏差(当使用Carhart, m.m. 1997)的四因素模型进行控制时)都是稳健的。"关于共同基金业绩的持续性"金融学报,52(1):57-82。doi: https://doi.org/10.1111/j.1540-6261.1997.tb03808.x)。我们相信我们的结果显示了在从业者中广泛使用的用于估计CAPM的方法的一个重要缺点。
{"title":"The Corporate Life Cycle and the Cost of Equity","authors":"Sergio Bravo","doi":"10.1515/jbvela-2018-0009","DOIUrl":"https://doi.org/10.1515/jbvela-2018-0009","url":null,"abstract":"Abstract A widely used methodology for estimating the beta of companies with the Capital Asset Pricing Model (CAPM) uses comparable firms based only on industry or sector classifications (Bancel, F., and U. R. Mittoo. 2014. “The Gap between the Theory and Practice of Corporate Valuation: Survey of European Experts.” Journal of Applied Corporate Finance 26, no. 4 (Fall): 106–17. doi:https://doi.org/10.1111/jacf.12095, 112; KPMG. 2017. “Cost of Capital Study 2017: Diverging Markets, Converging Business Models.” Accessed September 28, 2018. https://assets.kpmg.com/content/dam/kpmg/ch/pdf/cost-of-capital-study-2017-en.pdf, 37). We hypothesize that even within industries, there is a significant relationship between the cost of equity and the life cycle of a firm. We argue that these variables are correlated because different life-cycle stages exhibit different degrees of systematic risk. Therefore, as the firm moves along its life cycle, its unlevered beta decreases. We define the stages of the firm life cycle based on a modification of the theoretical typology of (Miller, D., and P. Friesen. 1984. “A Longitudinal Study of the Corporate Life-Cycle.” Management Sciences 30 (10): 1161–83. http://www.jstor.org/stable/2631384, 1162–3) and then classify a sample of listed companies into these stages using (Dickinson, V. 2011. “Cash Flow Patterns as a Proxy for Firm Life-Cycle.” The Accounting Review 86 (6): 1969–94. doi:https://doi.org/10.2308/accr-10130) cash flow statements methodology. We construct value-weighted portfolios that are formed based on our life-cycle stages classification, adapting the procedure of (Fama, E., and K. R. French. 1993. “Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33 (1): 3–56. doi:https://doi.org/10.1016/0304-405X(93)90023-5). Finally, we compare the betas (levered and unlevered) of these portfolios to determine whether there are statistically significant differences. Our results show clear evidence of a relationship between betas and the corporate life cycle and that this relationship is robust to both changes in the period of analysis and omitted variables bias (when controlling with the four-factor model of (Carhart, M. M. 1997. “On Persistence in Mutual Fund Performance.” The Journal of Finance 52 (1): 57–82. doi:https://doi.org/10.1111/j.1540-6261.1997.tb03808.x). We believe our results show an important shortcoming in a widely used methodology among practitioners for estimating the CAPM.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/jbvela-2018-0009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45488470","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 : 2019-01-01DOI: 10.1142/10.36924sbe.2019.2206
Shafinah Rahim
Book Review By Hossein Askari, Zamir Iqbal and, Abbas Mirakhor Wiley Finance Series, 2015. 402 pp., ISBN: 978-1-118-73296-0 The first two chapters revisits the different types and evolutions of economic systems, highlighting the current state of global economy with its major failure to tackle the most concerns in economies; distribution of incomes, caused by irrational assumptions leading to regret of societal wellbeing, environmental degradation and recurring financial crises. Focus is directed the Islamic Economic Paradigm as an alternative to managing resources efficiently in ways that upholds justice for all members of a nation in a sustainable manner. Salient features including agenttrustee relationship, rule compliance, scarcity, freedom of choice, and the Law in a nutshell are briefly previewed to build the case for the subsequent chapters.
{"title":"Introduction to Islamic Economics: Theory and Application","authors":"Shafinah Rahim","doi":"10.1142/10.36924sbe.2019.2206","DOIUrl":"https://doi.org/10.1142/10.36924sbe.2019.2206","url":null,"abstract":"Book Review \u0000By Hossein Askari, Zamir Iqbal and, Abbas Mirakhor Wiley Finance Series, 2015. 402 pp., ISBN: 978-1-118-73296-0 \u0000The first two chapters revisits the different types and evolutions of economic systems, highlighting the current state of global economy with its major failure to tackle the most concerns in economies; distribution of incomes, caused by irrational assumptions leading to regret of societal wellbeing, environmental degradation and recurring financial crises. Focus is directed the Islamic Economic Paradigm as an alternative to managing resources efficiently in ways that upholds justice for all members of a nation in a sustainable manner. Salient features including agenttrustee relationship, rule compliance, scarcity, freedom of choice, and the Law in a nutshell are briefly previewed to build the case for the subsequent chapters.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"54 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82286080","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 analyze the prohibition of gold credit products as the current issue in the world of Islamic Economics and finance and its implications for the interest of the society in using Islamic banking products in Indonesia (a case study in Bank Syariah Mandiri in Semarang City). This research uses the Logistic Regression method to analyze the impact of the prohibition of gold credit products on society's interest in using Islamic banking products. The results indicate that even though there was a prohibition ruling of buying gold credit products after being previously allowed, the interest of the society in using Islamic banking products did not decrease at all. What underlines the society’s consideration of not reducing their interests in using Islamic banking products is the abundance of alternative Islamic banking products that can be chosen by them according to their preferences. The result of this research can potentially contribute to the revision or renewal of Islamic economics and finance legal policies made by Dewan Syariah Nasional Majelis Ulama Indonesia (DSN MUI) namely the Fatwa DSN MUI Number 77/DSN-MUI/VI/2010 about Sale and Purchase of Non-Cash Gold.
本研究的目的是分析禁止黄金信贷产品作为伊斯兰经济和金融世界的当前问题,及其对印度尼西亚使用伊斯兰银行产品的社会利益的影响(以三宝朗市的伊斯兰教曼迪里银行为例)。本研究采用Logistic回归方法分析黄金信贷产品禁令对社会使用伊斯兰银行产品兴趣的影响。结果表明,即使在先前允许购买黄金信贷产品后,禁止购买黄金信贷产品,但社会对使用伊斯兰银行产品的兴趣丝毫没有下降。强调社会考虑不降低他们使用伊斯兰银行产品的兴趣的是,他们可以根据自己的喜好选择丰富的替代伊斯兰银行产品。这项研究的结果可能有助于修订或更新由Dewan Syariah Nasional Majelis Ulama Indonesia (DSN MUI)制定的伊斯兰经济和金融法律政策,即DSN MUI第77/DSN-MUI/VI/2010号关于非现金黄金买卖的法特瓦。
{"title":"Analysis of the Impact of Gold Credit Product Prohibition on the Society Interest in Using Islamic Banking Products","authors":"Muhammad Rizal Hidayat, Rizky Tri Utomo, K. Nisa'","doi":"10.36924/sbe.2019.2204","DOIUrl":"https://doi.org/10.36924/sbe.2019.2204","url":null,"abstract":"The purpose of this research is to analyze the prohibition of gold credit products as the current issue in the world of Islamic Economics and finance and its implications for the interest of the society in using Islamic banking products in Indonesia (a case study in Bank Syariah Mandiri in Semarang City). This research uses the Logistic Regression method to analyze the impact of the prohibition of gold credit products on society's interest in using Islamic banking products. The results indicate that even though there was a prohibition ruling of buying gold credit products after being previously allowed, the interest of the society in using Islamic banking products did not decrease at all. What underlines the society’s consideration of not reducing their interests in using Islamic banking products is the abundance of alternative Islamic banking products that can be chosen by them according to their preferences. The result of this research can potentially contribute to the revision or renewal of Islamic economics and finance legal policies made by Dewan Syariah Nasional Majelis Ulama Indonesia (DSN MUI) namely the Fatwa DSN MUI Number 77/DSN-MUI/VI/2010 about Sale and Purchase of Non-Cash Gold.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88814282","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 : 2019-01-01DOI: 10.1142/s2737566821900052
C. Arifianto, Veritia
The purpose of this research is to analyse the role of Koperasi Wana Lestari Menoreh (KWLM) in implementing certification, the role in Community Economic Development and the role of external parties to develop the KWLM it-self. This research is qualitative with a case study method at KWLM with five subjects as a member of KWLM and five subjects as a non-member of KWLM. Interviews were conducted in-depth using semi-structured questions. Data and information use key informants and reviewed by several experts. This study concludes that, first, KWLM has met FSC certification standards in accordance with the demands of the world market and consumers. Next, regarding community economic development, there are several principles according to Bruce (2001) that need to be improved in KWLM including the need for a comprehensive strategy, building human resources, building local capacity, integrating economic objectives, and empowering communities. Finally, the role of external parties, namely PT. Solusi Bisnis Indonesia (SOBI) is needed for the continuation of KWLM. Especially in bridging the certification process (FSC and SVLK) forest products and marketing KWLM member timber.
本研究的目的是分析Koperasi Wana Lestari Menoreh (KWLM)在实施认证方面的作用,在社区经济发展中的作用以及外部各方在发展KWLM本身方面的作用。本研究采用案例研究法在金杜lm进行定性研究,其中五名受试者为金杜lm成员,五名受试者为金杜lm非成员。访谈采用半结构化问题进行深入。数据和信息使用关键线人,并由几位专家审查。研究表明:第一,金杜符合世界市场和消费者的要求,达到了FSC认证标准。接下来,关于社区经济发展,根据Bruce(2001),有几个原则需要在金杜lm改进,包括需要一个全面的战略,建设人力资源,建设地方能力,整合经济目标,并赋予社区权力。最后,为了金杜lm的延续,需要外部政党,即印尼Solusi Bisnis (SOBI)的作用。特别是在衔接认证过程(FSC和SVLK)林产品和销售金杜会员木材方面。
{"title":"CO-OP’S Roles in Community Economic Development in Kulon Progo, Indonesia","authors":"C. Arifianto, Veritia","doi":"10.1142/s2737566821900052","DOIUrl":"https://doi.org/10.1142/s2737566821900052","url":null,"abstract":"The purpose of this research is to analyse the role of Koperasi Wana Lestari Menoreh (KWLM) in implementing certification, the role in Community Economic Development and the role of external parties to develop the KWLM it-self. This research is qualitative with a case study method at KWLM with five subjects as a member of KWLM and five subjects as a non-member of KWLM. Interviews were conducted in-depth using semi-structured questions. Data and information use key informants and reviewed by several experts. This study concludes that, first, KWLM has met FSC certification standards in accordance with the demands of the world market and consumers. Next, regarding community economic development, there are several principles according to Bruce (2001) that need to be improved in KWLM including the need for a comprehensive strategy, building human resources, building local capacity, integrating economic objectives, and empowering communities. Finally, the role of external parties, namely PT. Solusi Bisnis Indonesia (SOBI) is needed for the continuation of KWLM. Especially in bridging the certification process (FSC and SVLK) forest products and marketing KWLM member timber.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79373554","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}
Brunei is seeing a proliferation of bottled companies established in the country in the last decade, driven by cheap water supplies, easily available water filtering systems and demand by the public. This research found 16 ‘companies,’ ‘producing’ and distributing over 34 brands of bottled waters in the country. Since bottled water industry is ‘popular,’ it is necessary to understand how the industry is being monitored and regulated by the government as it involved products consumed by the public. Since most of the bottled water companies use water drawn from the pipes supplied by the government, it is also important to understand how the government is protecting, monitoring and regulating this valuable resource from exploitation. This paper is a preliminary research on the bottled water industry in Brunei Darussalam.
{"title":"Bottled Water Industry in Brunei Darussalam: The Unregulated Sector?","authors":"L. Pang","doi":"10.36924/sbe.2019.2205","DOIUrl":"https://doi.org/10.36924/sbe.2019.2205","url":null,"abstract":"Brunei is seeing a proliferation of bottled companies established in the country in the last decade, driven by cheap water supplies, easily available water filtering systems and demand by the public. This research found 16 ‘companies,’ ‘producing’ and distributing over 34 brands of bottled waters in the country. Since bottled water industry is ‘popular,’ it is necessary to understand how the industry is being monitored and regulated by the government as it involved products consumed by the public. Since most of the bottled water companies use water drawn from the pipes supplied by the government, it is also important to understand how the government is protecting, monitoring and regulating this valuable resource from exploitation. This paper is a preliminary research on the bottled water industry in Brunei Darussalam.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80578743","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 : 2019-01-01DOI: 10.1142/s2737566821900015
A. Hossain
This paper reviews three interrelated propositions advanced in the literature to explain the U.S. financial crisis of 2007 to 2009, and draws cogent implications for the roles of monetary and fiscal policies in improving macroeconomic management across countries to sustain global financial stability. The three propositions advanced to explain the U.S. financial crisis are: (1) the monetary-excess hypothesis (2) lax regulation and supervision of banks and financial institutions, and (3) large-scale foreign capital inflows. Of these interrelated explanations, the first appears to be the primary cause of the boom-bust cycle in the U.S. residential housing industry. It led to the financial crisis in an environment of lax regulation and supervision of banks and financial institutions, which intermediated large-scale inflows of foreign capital to finance large, sustained budget deficits. The U.S. financial crisis engulfed the global economy from 2007 to 2009. Its consequences continue to be felt internationally, especially in the context of the debate on the role of monetary policy in reviving an economy in recession in a low-inflationary environment. The body of literature that has emerged since the peak of the financial crisis suggests that the monetary and fiscal stimuli, aimed at rescuing the U.S. and other major economies from the recession, had limited effect. The key lesson that can be drawn from the U.S. financial crisis in a global setup is that rules-based monetary and fiscal policies can be more effective at not creating a boom-bust level of volatility in one or more economies. In addition, this paper concurs with the view that rules-based monetary and fiscal policies should be associated with improved financial regulation and supervision, in order to maintain global financial stability under the current regime of deregulated global capital markets.
{"title":"U.S. Monetary Policy and its Role in the Global Financial Crisis: An Assessment after Ten Years","authors":"A. Hossain","doi":"10.1142/s2737566821900015","DOIUrl":"https://doi.org/10.1142/s2737566821900015","url":null,"abstract":"This paper reviews three interrelated propositions advanced in the literature to explain the U.S. financial crisis of 2007 to 2009, and draws cogent implications for the roles of monetary and fiscal policies in improving macroeconomic management across countries to sustain global financial stability. The three propositions advanced to explain the U.S. financial crisis are: (1) the monetary-excess hypothesis (2) lax regulation and supervision of banks and financial institutions, and (3) large-scale foreign capital inflows. Of these interrelated explanations, the first appears to be the primary cause of the boom-bust cycle in the U.S. residential housing industry. It led to the financial crisis in an environment of lax regulation and supervision of banks and financial institutions, which intermediated large-scale inflows of foreign capital to finance large, sustained budget deficits. The U.S. financial crisis engulfed the global economy from 2007 to 2009. Its consequences continue to be felt internationally, especially in the context of the debate on the role of monetary policy in reviving an economy in recession in a low-inflationary environment. The body of literature that has emerged since the peak of the financial crisis suggests that the monetary and fiscal stimuli, aimed at rescuing the U.S. and other major economies from the recession, had limited effect. The key lesson that can be drawn from the U.S. financial crisis in a global setup is that rules-based monetary and fiscal policies can be more effective at not creating a boom-bust level of volatility in one or more economies. In addition, this paper concurs with the view that rules-based monetary and fiscal policies should be associated with improved financial regulation and supervision, in order to maintain global financial stability under the current regime of deregulated global capital markets.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76367087","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 has led to intense demand for diverse, multi-talent, and creative workforce to sustain market competitiveness, innovation, and corporate performance, while simultaneously intensifying challenges for higher education to transform. In Taiwan, universities have responded by formalizing and continuously restructuring their overall systems to cultivate creative talents for sustainable growth. The study has examined the practices that enable creative education at the National Chengchi University (NCCU) using data from different sources, i.e., semi-structured interviews, content analysis, and personal observations. Current findings suggest that creative education at NCCU is characterized by supporting environment and resources; interdisciplinary faculty teams; innovative HR practices for student recruitment; rich course content focused on students’ holistic development; teaching methods based on students’ experience, interaction, and teamwork; and conducive environment for creative learning.
{"title":"Exploring Creative Education Practices and Implications: A Case study of National Chengchi University, Taiwan","authors":"Hui Li, S. I. Khattak, Suan Hoh Chui","doi":"10.36924/sbe.2019.2202","DOIUrl":"https://doi.org/10.36924/sbe.2019.2202","url":null,"abstract":"Globalization has led to intense demand for diverse, multi-talent, and creative workforce to sustain market competitiveness, innovation, and corporate performance, while simultaneously intensifying challenges for higher education to transform. In Taiwan, universities have responded by formalizing and continuously restructuring their overall systems to cultivate creative talents for sustainable growth. The study has examined the practices that enable creative education at the National Chengchi University (NCCU) using data from different sources, i.e., semi-structured interviews, content analysis, and personal observations. Current findings suggest that creative education at NCCU is characterized by supporting environment and resources; interdisciplinary faculty teams; innovative HR practices for student recruitment; rich course content focused on students’ holistic development; teaching methods based on students’ experience, interaction, and teamwork; and conducive environment for creative learning.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86735872","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 has led to intense demand for diverse, multi-talent, and creative workforce to sustain market competitiveness, innovation, and corporate performance, while simultaneously intensifying challenges for higher education to transform. In Taiwan, universities have responded by formalizing and continuously restructuring their overall systems to cultivate creative talents for sustainable growth. The study has examined the practices that enable creative education at the National Chengchi University (NCCU) using data from different sources, i.e., semi-structured interviews, content analysis, and personal observations. Current findings suggest that creative education at NCCU is characterized by supporting environment and resources; interdisciplinary faculty teams; innovative HR practices for student recruitment; rich course content focused on students’ holistic development; teaching methods based on students’ experience, interaction, and teamwork; and conducive environment for creative learning.
{"title":"Innovation and the Power of Ignorance – The Case of Renewable Energy","authors":"Gordon R. Clarke","doi":"10.36924/sbe.2019.2203","DOIUrl":"https://doi.org/10.36924/sbe.2019.2203","url":null,"abstract":"Globalization has led to intense demand for diverse, multi-talent, and creative workforce to sustain market competitiveness, innovation, and corporate performance, while simultaneously intensifying challenges for higher education to transform. In Taiwan, universities have responded by formalizing and continuously restructuring their overall systems to cultivate creative talents for sustainable growth. The study has examined the practices that enable creative education at the National Chengchi University (NCCU) using data from different sources, i.e., semi-structured interviews, content analysis, and personal observations. Current findings suggest that creative education at NCCU is characterized by supporting environment and resources; interdisciplinary faculty teams; innovative HR practices for student recruitment; rich course content focused on students’ holistic development; teaching methods based on students’ experience, interaction, and teamwork; and conducive environment for creative learning.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"76 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83302731","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}