Abstract: The goal of this paper is to specify factors influencing
the profitability of selected banks. Next, a model will be created to
help establish variables that have a demonstrable influence on the
development of the selected banks' profitability ratios. Czech banks
and their international parent companies were selected for analyzing
profitability. Banks categorized as large banks (according to the
Czech National Bank's system, which ranks banks according to
balance sheet total) were selected to represent the Czech banks. Two
ratios, the return on assets ratio (ROA) and the return on equity ratio
(ROE) are used to assess bank profitability. Six endogenous and four
external indicators were selected from among other factors that
influence bank profitability. The data analyzed were for 2001–2013.
First, correlation analysis, which was supposed to eliminate
correlated values, was conducted. A large number of correlated
values were established on the basis of this analysis. The strongly
correlated values were omitted. Despite this, the subsequent
regression analysis of profitability for the individual banks that were
selected did not confirm that the selected variables influenced their
profitability. The studied factors' influence on bank profitability was
demonstrated only for Ceskoslovenska Obchodni Banka and Société
Générale using regression analysis. For Československa Obchodni
Banka, it was demonstrated that inflation level and the amount of the
central bank's interest rate influenced the return on assets ratio and
that capital adequacy and market concentration influenced the return
on equity ratio for Société Générale.
Abstract: The research explores the relationship between
management responsibility and corporate governance of listed
companies in Kazakhstan. This research employs firm level data of
selected listed non-financial firms and firm level data “operational”
financial sector, consisted from banking sector, insurance companies
and accumulated pension funds using multivariate regression analysis
under fixed effect model approach. Ownership structure includes
institutional ownership, managerial ownership and private investor’s
ownership. Management responsibility of the firm is expressed by the
decision of the firm on amount of leverage. Results of the cross
sectional panel study for non-financial firms showed that only
institutional shareholding is significantly negatively correlated with
debt to equity ratio. Findings from “operational” financial sector
show that leverage is significantly affected only by the CEO/Chair
duality and the size of financial institutions, and insignificantly
affected by ownership structure. Also, the findings show, that there is
a significant negative relationship between profitability and the debt
to equity ratio for non-financial firms, which is consistent with
pecking order theory. Generally, the found results suggest that
corporate governance and a management responsibility play
important role in corporate performance of listed firms in
Kazakhstan.
Abstract: A teeming set of doctors that graduated from various
universities within and outside Nigeria with the hope of practicing in
the country, has their hope shattered because of poor financing, lack
of medical equipments and a very weak healthcare systems. Such
hydra headed challenges, allows room for quackery which
increasingly contributes to the cause of mortality in Nigeria. With a
view of reversing the challenges of healthcare delivery and financing
in Nigeria, African Health Market for Equity (AHME), a project
funded by the Bill and Melinda Gates foundation [With contribution
from Department For International Development (DFID)] and
currently implemented in three African Countries (Nigeria, Kenya
and Ghana) over a Five (5) year period supports the healthcare sector
via Medical credit fund (MCF). The study examines the impact of
credit policy and medical credit funding on Nigerian health market.
Ordinary least square analysis, correlation and granger causality tests
were employed to measure the extent to which the Nigerian
healthcare market has been influenced. Medical credit fund
significantly and positively influenced average monthly turnover of
private healthcare providers and Commercial bank’s lending rate had
a weak relationship with access to credit/approved loans (13.46%).
The programme has so far made 13.91% progress, which is very
poor, considering the minimum targeted private health care providers
(437.6) and expected number of loan approvals (180.4) for the two
years. Medical credit policy in Nigeria should be revised to include
private healthcare providers in rural area for more positive impact
and increased returns. Good brand advert and sensitization of the
programme to stakeholders and health pressure group, and an
extension of the programme beyond five years is necessary to better
address the issues raised in the study.
Abstract: Waste Load Allocation (WLA) strategies usually
intend to find economic policies for water resource management.
Water quality trading (WQT) is an approach that uses discharge
permit market to reduce total environmental protection costs. This
primarily requires assigning discharge limits known as total
maximum daily loads (TMDLs). These are determined by monitoring
organizations with respect to the receiving water quality and
remediation capabilities. The purpose of this study is to compare two
approaches of TMDL assignment for WQT policy in small catchment
area of Haraz River, in north of Iran. At first, TMDLs are assigned
uniformly for the whole point sources to keep the concentrations of
BOD and dissolved oxygen (DO) at the standard level at checkpoint
(terminus point). This was simply simulated and controlled by
Qual2kw software. In the second scenario, TMDLs are assigned
using multi objective particle swarm optimization (MOPSO) method
in which the environmental violation at river basin and total treatment
costs are minimized simultaneously. In both scenarios, the equity
index and the WLA based on trading discharge permits (TDP) are
calculated. The comparative results showed that using economically
optimized TMDLs (2nd scenario) has slightly more cost savings rather
than uniform TMDL approach (1st scenario). The former annually
costs about 1 M$ while the latter is 1.15 M$. WQT can decrease
these annual costs to 0.9 and 1.1 M$, respectively. In other word,
these approaches may save 35 and 45% economically in comparison
with command and control policy. It means that using multi objective
decision support systems (DSS) may find more economical WLA,
however its outcome is not necessarily significant in comparison with
uniform TMDLs. This may be due to the similar impact factors of
dischargers in small catchments. Conversely, using uniform TMDLs
for WQT brings more equity that makes stakeholders not feel that
much envious of difference between TMDL and WQT allocation. In
addition, for this case, determination of TMDLs uniformly would be
much easier for monitoring. Consequently, uniform TMDL for TDP
market is recommended as a sustainable approach. However,
economical TMDLs can be used for larger watersheds.
Abstract: Waste load allocation (WLA) policies may use multiobjective
optimization methods to find the most appropriate and
sustainable solutions. These usually intend to simultaneously
minimize two criteria, total abatement costs (TC) and environmental
violations (EV). If other criteria, such as inequity, need for
minimization as well, it requires introducing more binary
optimizations through different scenarios. In order to reduce the
calculation steps, this study presents value index as an innovative
decision making approach. Since the value index contains both the
environmental violation and treatment costs, it can be maximized
simultaneously with the equity index. It implies that the definition of
different scenarios for environmental violations is no longer required.
Furthermore, the solution is not necessarily the point with minimized
total costs or environmental violations. This idea is testified for Haraz
River, in north of Iran. Here, the dissolved oxygen (DO) level of river
is simulated by Streeter-Phelps equation in MATLAB software. The
WLA is determined for fish farms using multi-objective particle
swarm optimization (MOPSO) in two scenarios. At first, the trade-off
curves of TC-EV and TC-Inequity are plotted separately as the
conventional approach. In the second, the Value-Equity curve is
derived. The comparative results show that the solutions are in a
similar range of inequity with lower total costs. This is due to the
freedom of environmental violation attained in value index. As a
result, the conventional approach can well be replaced by the value
index particularly for problems optimizing these objectives. This
reduces the process to achieve the best solutions and may find better
classification for scenario definition. It is also concluded that decision
makers are better to focus on value index and weighting its contents
to find the most sustainable alternatives based on their requirements.
Abstract: In this study, attempt has been made to investigate the
relationship specifically the causal relation between fund unit prices
of Islamic equity unit trust fund which measure by fund NAV and the
selected macro-economic variables of Malaysian economy by using
VECM causality test and Granger causality test. Monthly data has
been used from Jan, 2006 to Dec, 2012 for all the variables. The
findings of the study showed that industrial production index,
political election and financial crisis are the only variables having
unidirectional causal relationship with fund unit price. However the
global oil price is having bidirectional causality with fund NAV.
Thus, it is concluded that the equity unit trust fund industry in
Malaysia is an inefficient market with respect to the industrial
production index, global oil prices, political election and financial
crisis. However the market is approaching towards informational
efficiency at least with respect to four macroeconomic variables,
treasury bill rate, money supply, foreign exchange rate, and
corruption index.
Abstract: The objective of the paper is to measure and compare market orientation of Swiss and Czech banks, as well as examine statistically the degree of influence it has on competitiveness of the institutions. The analysis of market orientation is based on the collecting, analysis and correct interpretation of the data. Descriptive analysis of market orientation describe current situation. Research of relation of competitiveness and market orientation in the sector of big international banks is suggested with the expectation of existence of a strong relationship. Partially, the work served as reconfirmation of suitability of classic methodologies to measurement of banks’ market orientation.
Two types of data were gathered. Firstly, by measuring subjectively perceived market orientation of a company and secondly, by quantifying its competitiveness. All data were collected from a sample of small, mid-sized and large banks. We used numerical secondary character data from the international statistical financial Bureau Van Dijk’s BANKSCOPE database.
Statistical analysis led to the following results. Assuming classical market orientation measures to be scientifically justified, Czech banks are statistically less market-oriented than Swiss banks. Secondly, among small Swiss banks, which are not broadly internationally active, small relationship exist between market orientation measures and market share based competitiveness measures. Thirdly, among all Swiss banks, a strong relationship exists between market orientation measures and market share based competitiveness measures. Above results imply existence of a strong relation of this measure in sector of big international banks. A strong statistical relationship has been proven to exist between market orientation measures and equity/total assets ratio in Switzerland.
Abstract: A brief review of the empirical studies on the methodology of the stock market decision support would indicate that they are at a threshold of validating the accuracy of the traditional and the fuzzy, artificial neural network and the decision trees. Many researchers have been attempting to compare these models using various data sets worldwide. However, the research community is on the way to the conclusive confidence in the emerged models. This paper attempts to use the automotive sector stock prices from National Stock Exchange (NSE), India and analyze them for the intra-sectorial support for stock market decisions. The study identifies the significant variables and their lags which affect the price of the stocks using OLS analysis and decision tree classifiers.
Abstract: In the study presented institutional context is discussed in terms of companies’ entry mode choice. In contrary to many previous analyses, instead of using one or two aggregated variables, a set of eleven determinants is used to establish equity and non-equity internationalization friendly conditions. Based on secondary data, 140 countries are analyzed and grouped into clusters revealing similar framework. The range of the economies explored is wide as it covers all regions distinguished by The World Bank. The results can prove a useful alternative for operationalization of institutional variables in further research concerning entry modes or strategic management in international markets.
Abstract: The aim of the present article is to determine the impact of the external and internal factors of bank performance on the profitability indicators of the CEE countries banks in the period from 2006 to 2012. On the basis of research conducted abroad on bank and macroeconomic profitability indicators, in order to obtain research results, the authors evaluated return on average assets (ROAA) and return on average equity (ROAE) indicators of the CEE countries banks. The authors analyzed profitability indicators of banks using descriptive methods, SPSS data analysis methods, as well as data correlation and linear regression analysis. The authors concluded that most internal and external indicators of bank performance have no direct influence the profitability of the banks in the CEE countries. The only exceptions are credit risk and bank size, which affect one of the measures of bank profitability – return on average equity.
Abstract: The United Nations has defined the inclusive community as “…promoting growth with equity, a place where everyone, regardless of their economic means, gender, race, ethnicity or religion, is enabled and empowered to fully participate in the social, economic and political opportunities that cities have to offer”. In this paper, the concept of walkability is viewed as an important tool towards the planning and future development of more inclusive communities. Walking is the cheapest and cleanest mode of travel available to all providing large benefits to both health and local economic development. To demonstrate the validity of this strategy a set of parameters, selected from existing research, were measure, compared and discussed in the existing and proposed scenarios of a Portuguese small town using GIS software.
Abstract: Malaysia has successfully applied economic planning
to guide the development of the country from an economy of
agriculture and mining to a largely industrialised one. Now, with its
sights set on attaining the economic level of a fully developed nation
by 2020, the planning system must be made even more efficient and
focused.
It must ensure that every investment made in the country, contribute
towards creating the desirable objective of a strong, modern,
internationally competitive, technologically advanced, post-industrial
economy. Cities in Malaysia must also be fully aware of the enormous
competition it faces in a region with rapidly expanding and
modernising economies, all contending for the same pool of potential
international investments.
Efficiency of urban governance is also fundamental issue in
development characterized by sustainability, subsidiarity, equity,
transparency and accountability, civic engagement and citizenship, and
security. As described above, city competitiveness is harnessed
through 'city marketing and city management'.
High technology and high skilled industries, together with finance,
transportation, tourism, business, information and professional
services shopping and other commercial activities, are the principal
components of the nation-s economy, which must be developed to a
level well beyond where it is now. In this respect, Kuala Lumpur being
the premier city must play the leading role.
Abstract: This study aims to investigate empirically the valuerelevance
of accounting information to domestic investors in Tehran
stock exchange from 1999 to 2006. During the present research
impacts of two factors, including positive vs. negative earnings and
the firm size are considered as well. The authors used earnings per
share and annual change of earnings per share as the income
statement indices, and book value of equity per share as the balance
sheet index. Return and Price models through regression analysis are
deployed in order to test the research hypothesis. Results depicted
that accounting information is value-relevance to domestic investors
in Tehran Stock Exchange according to both studied models.
However, income statement information has more value-relevance
than the balance sheet information. Furthermore, positive vs. negative
earnings and firm size seems to have significant impact on valuerelevance
of accounting information.
Abstract: This research is aimed to describe the application of robust regression and its advantages over the least square regression method in analyzing financial data. To do this, relationship between earning per share, book value of equity per share and share price as price model and earning per share, annual change of earning per share and return of stock as return model is discussed using both robust and least square regressions, and finally the outcomes are compared. Comparing the results from the robust regression and the least square regression shows that the former can provide the possibility of a better and more realistic analysis owing to eliminating or reducing the contribution of outliers and influential data. Therefore, robust regression is recommended for getting more precise results in financial data analysis.
Abstract: Company mergers and acquisitions reached their peak
in the twenty-first century. Mergers and acquisitions have become one
of the competitive strategies for external growth. In general, it is
believed that mergers and acquisitions can create synergies. However,
they require complete information technology system and service
integration, especially in the banking industry. Much of the research
has focused on performance evaluation, shareholder equity allocation,
or even the increase of company market value after the merger and
acquisition, whereas few scholars have focused on information system
integration post merger and acquisition. This study indicates the role
of information systems after a merger and acquisition, explaining the
benefits of information system integration using a merger and
acquisition case in the banking industry as an example. In addition, we
discuss factors that affect the performance of information system
integration, and utilize system dynamics to interpret the relationship
among factors that affect information system integration performance
in the banking industry after a merger and acquisition.
Abstract: The purpose of this paper is to investigate the
influence of a number of variables on the conditional mean and
conditional variance of credit spread changes. The empirical analysis
in this paper is conducted within the context of bivariate GARCH-in-
Mean models, using the so-called BEKK parameterization. We show
that credit spread changes are determined by interest-rate and equityreturn
variables, which is in line with theory as provided by the
structural models of default. We also identify the credit spread
change volatility as an important determinant of credit spread
changes, and provide evidence on the transmission of volatility
between the variables under study.
Abstract: The purposes of this research were 1) to study
consumer-based equity of luxury brands, 2) to study consumers-
purchase intention for luxury brands, 3) to study direct factors
affecting purchase intention towards luxury brands, and 4) to study
indirect factors affecting purchase intention towards luxury brands
through brand consciousness and brand equity to analyze information
by descriptive statistic and hierarchical stepwise regression analysis.
The findings revealed that the eight variables of the framework which
were: need for uniqueness, normative susceptibility, status
consumption, brand consciousness, brand awareness, perceived
quality, brand association, and brand loyalty affected the purchase
intention of the luxury brands (at the significance of 0.05). Brand
Loyalty had the strongest direct effect while status consumption had
the strongest indirect effect affecting the purchase intention towards
luxury brands. Brand consciousness and brand equity had the
mediators through the purchase intention of the luxury brands (at the
significance of 0.05).
Abstract: Open and distance learning is a fairly new concept in
Malawi. The major public provider, the Malawi College of Distance
Education, rolled out its activities only about 40 years ago. Over the
years, the demand for distance education has tremendously increased.
The present government has displayed positive political will to uplift
ODL as outlined in the Malawi Growth and Development Strategy as
well as the National Education Sector Plan. A growing national
interest in education coupled with political stability and a booming
ICT industry also raise hope for success. However, a fragile economy
with a GNI per capita of -US$ 200 over the last decade, poor public
funding, erratic power supply and lack of expertise put strain on
efforts towards the promotion of ODL initiatives. Despite the
challenges, the nation appears determined to go flat out and explore
all possible avenues that could revolutionise education access and
equity through ODL.
Abstract: This research seeks to investigate the frequency and
profitability of index arbitrage opportunities involving the SET50
futures, SET50 component stocks, and the ThaiDEX SET50 ETF
(ticker symbol: TDEX). In particular, the frequency and profit of
arbitrage are measured in the following three arbitrage tests: (1)
SET50 futures vs. ThaiDEX SET50 ETF, (2) SET50 futures vs.
SET50 component stocks, and (3) ThaiDEX SET50 ETF vs. SET50
component stocks are investigated. For tests (2) and (3), the problems
involve conic optimization and quadratic programming as subproblems.
This research is first to apply conic optimization and
quadratic programming techniques in the context of index arbitrage
and is first to investigate such index arbitrage in the Thai equity and
derivatives markets. Thus, the contribution of this study is twofold.
First, its results would help understand the contribution of the
derivatives securities to the efficiency of the Thai markets. Second,
the methodology employed in this study can be applied to other
geographical markets, with minor adjustments.
Abstract: Scheduling algorithm is a key technology in satellite
switching system with input-buffer. In this paper, a new scheduling
algorithm and its realization are proposed. Based on Crossbar
switching fabric, the algorithm adopts serial scheduling strategy and
adjusts the output port arbitrating strategy for the better equity of every
port. Consequently, it increases the matching probability. The
algorithm can greatly reduce the scheduling delay and cell loss rate.
The analysis and simulation results by OPNET show that the proposed
algorithm has the better performance than others in average delay and
cell loss rate, and has the equivalent complexity. On the basis of these
results, the hardware realization and simulation based on FPGA are
completed, which validate the feasibility of the new scheduling
algorithm.