This study reports survivorship bias for the momentum effect. Effectively, this study shows that the Portuguese stock market does not exhibit the “momentum effect” when all listed stocks are considered spanning the period from January 1991 to December 2016. However, this phenomenon was detected when only survivor stocks are used. This study also shows that average returns for momentum portfolios were similar before and after the 2007 financial crisis.
{"title":"Survivorship bias on the Momentum Effect: Evidence from the Portuguese Market","authors":"Carlos F. Alves, Emanuel Marques Filipe","doi":"10.54646/bijfmr.002","DOIUrl":"https://doi.org/10.54646/bijfmr.002","url":null,"abstract":"This study reports survivorship bias for the momentum effect. Effectively, this study shows that the Portuguese stock market does not exhibit the “momentum effect” when all listed stocks are considered spanning the period from January 1991 to December 2016. However, this phenomenon was detected when only survivor stocks are used. This study also shows that average returns for momentum portfolios were similar before and after the 2007 financial crisis.","PeriodicalId":432118,"journal":{"name":"BOHR International Journal of Finance and Market Research","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115466824","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}
Business failure and bankruptcy are the two words that create panic among stakeholders of the organization. However, with a challenging environment, businesses feel the heat and struggle to make big in the long run. It is recommended to foresee the warning signs and predict business failures to avoid company-specific catastrophes. Numerous predictive models were developed over the last six to seven decades, and among many, Altman’s Z-score model is considered one of the highly reliable models in predicting business failure. The purpose of the research is to find out the financial performance of the companies selected for the study and to identify whether business failure can be predicted in advance to manage future risks. This paper considers Altman’s Z-score model that is used to predict business failures of public companies. A total of 10 hospitality organizations listed in the National Stock Exchange of India are considered for the study. The study analyzes the 5-year financial data from the 2018 to 2022 period. The study reveals that hospitality companies in India are undergoing a difficult phase post-pandemic. Nine out of ten companies selected for the study showed signs of bankruptcy as Altman’s Z-score of companies considered for the study is lower than 1.8 which is in the distress zone.
{"title":"Application of Altman’s Z-score model in predicting business failures of selective hospitality companies in India","authors":"Ashley D. Souza, Chandrashekhar R","doi":"10.54646/bijfmr.2023.20","DOIUrl":"https://doi.org/10.54646/bijfmr.2023.20","url":null,"abstract":"Business failure and bankruptcy are the two words that create panic among stakeholders of the organization. However, with a challenging environment, businesses feel the heat and struggle to make big in the long run. It is recommended to foresee the warning signs and predict business failures to avoid company-specific catastrophes. Numerous predictive models were developed over the last six to seven decades, and among many, Altman’s Z-score model is considered one of the highly reliable models in predicting business failure. The purpose of the research is to find out the financial performance of the companies selected for the study and to identify whether business failure can be predicted in advance to manage future risks. This paper considers Altman’s Z-score model that is used to predict business failures of public companies. A total of 10 hospitality organizations listed in the National Stock Exchange of India are considered for the study. The study analyzes the 5-year financial data from the 2018 to 2022 period. The study reveals that hospitality companies in India are undergoing a difficult phase post-pandemic. Nine out of ten companies selected for the study showed signs of bankruptcy as Altman’s Z-score of companies considered for the study is lower than 1.8 which is in the distress zone.","PeriodicalId":432118,"journal":{"name":"BOHR International Journal of Finance and Market Research","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115612357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the age of digitization, mobile stock trading has gained popularity quickly. This study sought to determine which mobile trading app was the most popular, why users preferred certain trading apps, and what issues users ran into when trading on their mobile apps. To examine the primary data, this study included factor analysis and the Duncan test. The study consists of 85 convenient sampling of Bangalore city. The findings indicate a significant positive relationship between attitude, perceived behavioral control, trading app, more information, network speedand connectivity, superficial benefits, and intention to select mobile stock trading apps. It finds that faith add senormous descriptive power to perceived behavioral control, mindset, and persuasion in explaining investors’adoption intention of mobile trading apps.
{"title":"Investor’s preference toward mobile stock trading applications","authors":"V. S, H. S","doi":"10.54646/bijfmr.2023.22","DOIUrl":"https://doi.org/10.54646/bijfmr.2023.22","url":null,"abstract":"In the age of digitization, mobile stock trading has gained popularity quickly. This study sought to determine which mobile trading app was the most popular, why users preferred certain trading apps, and what issues users ran into when trading on their mobile apps. To examine the primary data, this study included factor analysis and the Duncan test. The study consists of 85 convenient sampling of Bangalore city. The findings indicate a significant positive relationship between attitude, perceived behavioral control, trading app, more information, network speedand connectivity, superficial benefits, and intention to select mobile stock trading apps. It finds that faith add senormous descriptive power to perceived behavioral control, mindset, and persuasion in explaining investors’adoption intention of mobile trading apps.","PeriodicalId":432118,"journal":{"name":"BOHR International Journal of Finance and Market Research","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130520996","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 study develops an insolvency model to predict the possible wilful non-payment of debt obligations that turn into bad assets. This paper reveals that financially weak firms have been in deep financial distress somewhere between two to three years prior to their declaration as a wilful defaulter by the initial credit institution and its reporting on the same to the credit information companies. The Cox proportional hazards model (PHM) has been employed, which is a well-known and profusely applied approach not just in medical science but also in forecasting firm bankruptcy. This widely recognized model has been utilized to estimate the effects of different covariates influencing the times-to-event data. The application of Bayesian methods has the benefit in dealing with censored data in small sample over frequentists’ approach. Herein, Bayesian survival framework is applied incorporating normal priors that generally performs better than the traditional likelihood estimation to forecast wilful default. Subsequently, Markov Chain Monte Carlo (MCMC) sampling enables to provide the Bayesian estimator. In the Bayesian structure, the Survival model is used with the help of hazard function. The gamma distribution is selected as the prior for the standard hazard equation in PHM. In order to solve for posterior distribution, the Metropolis Hastings scheme is followed that avoids solving complicated equations with OpenBugs platform.
{"title":"A Survival Model for Wilful Default Prediction – Bayesian Approach","authors":"Arvind Shrivastava, N. Kumar","doi":"10.54646/bijfmr.008","DOIUrl":"https://doi.org/10.54646/bijfmr.008","url":null,"abstract":"This study develops an insolvency model to predict the possible wilful non-payment of debt obligations that turn into bad assets. This paper reveals that financially weak firms have been in deep financial distress somewhere between two to three years prior to their declaration as a wilful defaulter by the initial credit institution and its reporting on the same to the credit information companies. The Cox proportional hazards model (PHM) has been employed, which is a well-known and profusely applied approach not just in medical science but also in forecasting firm bankruptcy. This widely recognized model has been utilized to estimate the effects of different covariates influencing the times-to-event data. The application of Bayesian methods has the benefit in dealing with censored data in small sample over frequentists’ approach. Herein, Bayesian survival framework is applied incorporating normal priors that generally performs better than the traditional likelihood estimation to forecast wilful default. Subsequently, Markov Chain Monte Carlo (MCMC) sampling enables to provide the Bayesian estimator. In the Bayesian structure, the Survival model is used with the help of hazard function. The gamma distribution is selected as the prior for the standard hazard equation in PHM. In order to solve for posterior distribution, the Metropolis Hastings scheme is followed that avoids solving complicated equations with OpenBugs platform.","PeriodicalId":432118,"journal":{"name":"BOHR International Journal of Finance and Market Research","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134473063","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}
India is a young, human-resources-rich nation. With regard to our country’s economic growth, India continues tolag behind due to various issues such as homelessness, unemployment, analphabetism, infrastructure for medicalcare, etc. Youth play a crucial role in the country’s economic growth. The Green Skill Development Programme(GSDP) of the Ministry of Environment, Forests, and Climate Change (MoEF and CC) is an environmental andforestry skills development initiative to encourage young people in India to procure employment and/or self-employment. The system aims to develop long-term workers who are technically skilled and committed tosustainability. In June 2017, the GSDP pilot project was launched. In the current situation, it has been discoveredthat the majority of young people being trained face a severe labor shortage due to a lack of skills and technicalknowledge. Most of them do not know what is happening with today’s technology. Attempts to supply sustainabilityskills are made through the GSDP, which are also known as “green skills.” These are the skill sets, expertise, values,and attitudes that the workers need to develop and foster sustainable social, ecological, and economic conditionsin business, industry, and the community. Such companies favor workers who possess green skills to achieve theirmission. In this study, an effort is made to define the primary green skills sought by the green sector, determine howsuccessful the GSDPs have been, and identify the foremost challenges experienced by the youth in participatingin the government-sponsored GSDPs.
{"title":"An empirical study on the green skill development programme and its inclusiveness in green industries for effective green marketing and sustainable development: key success factors and challenges","authors":"M. S, D. Jebasingh","doi":"10.54646/bijfmr.2023.17","DOIUrl":"https://doi.org/10.54646/bijfmr.2023.17","url":null,"abstract":"India is a young, human-resources-rich nation. With regard to our country’s economic growth, India continues tolag behind due to various issues such as homelessness, unemployment, analphabetism, infrastructure for medicalcare, etc. Youth play a crucial role in the country’s economic growth. The Green Skill Development Programme(GSDP) of the Ministry of Environment, Forests, and Climate Change (MoEF and CC) is an environmental andforestry skills development initiative to encourage young people in India to procure employment and/or self-employment. The system aims to develop long-term workers who are technically skilled and committed tosustainability. In June 2017, the GSDP pilot project was launched. In the current situation, it has been discoveredthat the majority of young people being trained face a severe labor shortage due to a lack of skills and technicalknowledge. Most of them do not know what is happening with today’s technology. Attempts to supply sustainabilityskills are made through the GSDP, which are also known as “green skills.” These are the skill sets, expertise, values,and attitudes that the workers need to develop and foster sustainable social, ecological, and economic conditionsin business, industry, and the community. Such companies favor workers who possess green skills to achieve theirmission. In this study, an effort is made to define the primary green skills sought by the green sector, determine howsuccessful the GSDPs have been, and identify the foremost challenges experienced by the youth in participatingin the government-sponsored GSDPs.","PeriodicalId":432118,"journal":{"name":"BOHR International Journal of Finance and Market Research","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116308125","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 have used a multiple regression model to identify the impacts of the variables of credit risk management on the Nigerian deposit money banks’ performance from 2000 to 2020. The estimation was completed using the ordinary least squares method with E-Views 12. The data was sourced from the Nigerian Stock Exchange for information and the Statistical Bulletin of the Central Bank of Nigeria. The outcome determined that return on equity (ROE) is negatively correlated with the nonperforming loan/loan and advances ratio. Last but not least, the ROE measurements of the deposit money banks in Nigeria show a substantial correlation between the ratios of advances and loans to nonperforming loans, loan loss provision to loans and advances, and capital adequacy. These ratios are positively correlated with each other and negatively correlated with the capital adequacy ratio. We advise effective surveillance of pre- and post-deposit financial institution loans for the early detection of problematic debts that won & rsquo;t be repaid according to schedule and for the thorough analysis of prospective projects as indicated in the financial statement given by the intended client (cash budget, income statement). Accurate identification of realistic projects and repayment terms based on the customer’s past performance will be achieved.
{"title":"Credit Risk Management and the Performance of Nigerian Deposit Money Banks","authors":"J. Ndubuisi","doi":"10.54646/bijfmr.015","DOIUrl":"https://doi.org/10.54646/bijfmr.015","url":null,"abstract":"We have used a multiple regression model to identify the impacts of the variables of credit risk management on the Nigerian deposit money banks’ performance from 2000 to 2020. The estimation was completed using the ordinary least squares method with E-Views 12. The data was sourced from the Nigerian Stock Exchange for information and the Statistical Bulletin of the Central Bank of Nigeria. The outcome determined that return on equity (ROE) is negatively correlated with the nonperforming loan/loan and advances ratio. Last but not least, the ROE measurements of the deposit money banks in Nigeria show a substantial correlation between the ratios of advances and loans to nonperforming loans, loan loss provision to loans and advances, and capital adequacy. These ratios are positively correlated with each other and negatively correlated with the capital adequacy ratio. We advise effective surveillance of pre- and post-deposit financial institution loans for the early detection of problematic debts that won & rsquo;t be repaid according to schedule and for the thorough analysis of prospective projects as indicated in the financial statement given by the intended client (cash budget, income statement). Accurate identification of realistic projects and repayment terms based on the customer’s past performance will be achieved.","PeriodicalId":432118,"journal":{"name":"BOHR International Journal of Finance and Market Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123146085","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}
N. G., Podapala Siva Reddy, Mulupur Sai Rama Krishna
Finance is the lifeblood and lifeline of any business entity either commercial or non-commercial. The Survival, Stability and Sustainability of a firm is highly associated with its financial wellness. It can be observed through its ability to pay(re) short-term as well as long term liabilities, meeting the regular financial obligations, to increase the value of firm and ability to generate profit. Financial analysis, evaluation, and assessment help in determines the financial position and financial strength of a firm. Among the plenty of methods and tolls available for financial performance, ratio analysis is more useful and meaningful. These ratios make it possible to analyze the evolution of the financial situation of a firm (trend analysis), cross-sectional analysis and comparative analysis.
{"title":"Performance Analysis through Financial Modelling","authors":"N. G., Podapala Siva Reddy, Mulupur Sai Rama Krishna","doi":"10.54646/bijfmr.006","DOIUrl":"https://doi.org/10.54646/bijfmr.006","url":null,"abstract":"Finance is the lifeblood and lifeline of any business entity either commercial or non-commercial. The Survival, Stability and Sustainability of a firm is highly associated with its financial wellness. It can be observed through its ability to pay(re) short-term as well as long term liabilities, meeting the regular financial obligations, to increase the value of firm and ability to generate profit. Financial analysis, evaluation, and assessment help in determines the financial position and financial strength of a firm. Among the plenty of methods and tolls available for financial performance, ratio analysis is more useful and meaningful. These ratios make it possible to analyze the evolution of the financial situation of a firm (trend analysis), cross-sectional analysis and comparative analysis.","PeriodicalId":432118,"journal":{"name":"BOHR International Journal of Finance and Market Research","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127928632","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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