Abstract: Using Turkish data, in this study it is investigated that
whether a firm’s ownership structure has an impact on its stock
prices after the crisis. A linear regression model is conducted on the
data of non-financial firms that are trading in Istanbul Stock
Exchange 100 Index (ISE 100) index. The findings show that, all
explanatory variables such as inside ownership, largest ownership,
concentrated ownership, foreign shareholders, family controlled and
dispersed ownership are not very important to explain stock prices
after the crisis. Family controlled firms and concentrated ownership
is positively related to stock price, dispersed ownership, largest
ownership, foreign shareholders, and inside ownership structures
have negative interaction between stock prices, but because of the p
value is not under the value of 0.05 this relation is not significant. In
addition, the analysis shows that, the shares of firms that have inside,
largest and dispersed ownership structure are outperform comparing
with the other firms. Furthermore, ownership concentrated firms
outperform to family controlled firms.
Abstract: The article describes a case study on one of Czech
Republic-s manufacturing middle size enterprises (ME), where due to
the European financial crisis, production lines had to be redesigned
and optimized in order to minimize the total costs of the production
of goods. It is considered an optimization problem of minimizing the
total cost of the work load, according to the costs of the possible
locations of the workplaces, with an application of the Greedy
algorithm and a partial analogy to a Set Packing Problem. The
displacement of working tables in a company should be as a one-toone
monotone increasing function in order for the total costs of
production of the goods to be at minimum. We use a heuristic
approach with greedy algorithm for solving this linear optimization
problem, regardless the possible greediness which may appear and
we apply it in a Czech ME.
Abstract: The objectives of this research are to search the
management pattern of Bang Khonthi lodging entrepreneurs for
sufficient economy ways, to know the threat that affects this sector
and design fit arrangement model to sustain their business with
Samut Songkram style. What will happen if they do not use this
approach? Will they have a financial crisis? The data and information
are collected by informal discussions with 8 managers and 400
questionnaires. A mixed methods of both qualitative research and
quantitative research are used. Bent Flyvbjerg-s phronesis is utilized
for this analysis. Our research will prove that sufficient economy can
help small business firms to solve their problems. We think that the
results of our research will be a financial model to solve many
problems of the entrepreneurs and this way will can be a model for
other provinces of Thailand.
Abstract: Basel III (or the Third Basel Accord) is a global
regulatory standard on bank capital adequacy, stress testing and
market liquidity risk agreed upon by the members of the Basel
Committee on Banking Supervision in 2010-2011, and scheduled to
be introduced from 2013 until 2018. Basel III is a comprehensive set
of reform measures. These measures aim to; (1) improve the banking
sector-s ability to absorb shocks arising from financial and economic
stress, whatever the source, (2) improve risk management and
governance, (3) strengthen banks- transparency and disclosures.
Similarly the reform target; (1) bank level or micro-prudential,
regulation, which will help raise the resilience of individual banking
institutions to periods of stress. (2) Macro-prudential regulations,
system wide risk that can build up across the banking sector as well
as the pro-cyclical implication of these risks over time. These two
approaches to supervision are complementary as greater resilience at
the individual bank level reduces the risk system wide shocks.
Macroeconomic impact of Basel III; OECD estimates that the
medium-term impact of Basel III implementation on GDP growth is
in the range -0,05 percent to -0,15 percent per year. On the other hand
economic output is mainly affected by an increase in bank lending
spreads as banks pass a rise in banking funding costs, due to higher
capital requirements, to their customers. Consequently the estimated
effects on GDP growth assume no active response from monetary
policy. Basel III impact on economic output could be offset by a
reduction (or delayed increase) in monetary policy rates by about 30
to 80 basis points. The aim of this paper is to create a framework
based on the recent regulations in order to prevent financial crises.
Thus the need to overcome the global financial crisis will contribute
to financial crises that may occur in the future periods. In the first
part of the paper, the effects of the global crisis on the banking
system examine the concept of financial regulations. In the second
part; especially in the financial regulations and Basel III are analyzed.
The last section in this paper explored the possible consequences of
the macroeconomic impacts of Basel III.
Abstract: The article deals with the problems of political and
economic processes in Kazakhstan since independence in the context
of globalization. It analyzes the geopolitical situation and selfpositioning
processes in the world after the end of the "cold war". It
examines the problems of internal economization of the Republic for
20 years of independence. The authors argue that the reforms
proceeded in the economic sphere have brought ambiguous and
tangible results. Despite the difficult economic and political conditions
facing a world economical crisis the country has undergone
fundamental and radical transformations in the whole socio-economic
system
Abstract: After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.
Abstract: There are little subjects in macroeconomics that are so
widely discussed, but at the same time controversial and without a
clear solution such as the choice of exchange rate regime. National
authorities need to take into consideration numerous fundamentals,
trying to fulfil goals of economic growth, low and stable inflation
and international stability. This paper focuses on the countries of ex-
Yugoslavia and their exchange rate history as independent states. We
follow the development of the regimes in 6 countries during the
transition through the financial crisis of the second part of the 2000s
to the prospects of their final goal: full membership in the European
Union. Main question is to what extent has the exchange regime
contributed to their economic success, considering other objective
factors.
Abstract: Green incentives are included in the “American
Recovery and Reinvestment Act of 2009" (ARRA). It is, however,
unclear how these government incentives can be carried out most
effectively according to market-based principles and if they can serve
as a catalyst for an accelerated green transformation and an ultimate
solution to the current U.S. and global economic and financial crisis.
The article will compare the existing U.S. green economic policies
with those in Germany, identify problems, and suggest improvements
to allow the green stimulus incentives to achieve the best results in
the process of an accelerated green transformation. The author argues
that the current U.S. green stimulus incentives can only be most
successful if they are carried out as part of a visionary,
comprehensive, long-term, and consistent strategy of the green
economic transformation.
Abstract: The interdependences among stock market indices
were studied for a long while by academics in the entire world. The
current financial crisis opened the door to a wide range of opinions
concerning the understanding and measurement of the connections
considered to provide the controversial phenomenon of market
integration. Using data on the log-returns of 17 stock market indices
that include most of the CEE markets, from 2005 until 2009, our
paper studies the problem of these dependences using a new
methodological tool that takes into account both the volatility
clustering effect and the stochastic properties of these linkages
through a Dynamic Conditional System of Simultaneous Equations.
We find that the crisis is well captured by our model as it provides
evidence for the high volatility – high dependence effect.
Abstract: The current situation in the eurozone raises a number of topics for discussion and to help in finding an answer to the question of whether a common currency is a more suitable means of coping with the impact of the financial crisis or whether national currencies are better suited to this. The economic situation in the EU is now considerably volatile and, due to problems with the fulfilment of the Maastricht convergence criteria, it is now being considered whether, in their further development, new member states will decide to distance themselves from the euro or will, in an attempt to overcome the crisis, speed up the adoption of the euro. The Czech Republic is one country with little interest in adopting the euro, justified by the fact that a better alternative to dealing with this crisis is an independent monetary policy and its ability to respond flexibly to the economic situation not only in Europe, but around the world. One attribute of the crisis in the Czech Republic and its mitigation is the freely floating exchange rate of the national currency. It is not only the Czech Republic that is attempting to alleviate the impact of the crisis, but also new EU member countries facing fresh questions to which theory have yet to provide wholly satisfactory answers. These questions undoubtedly include the problem of inflation targeting and the choice of appropriate instruments for achieving financial stability. The difficulty lies in the fact that these objectives may be contradictory and may require more than one means of achieving them. In this respect we may assume that membership of the euro zone might not in itself mitigate the development of the recession or protect the nation from future crises. We are of the opinion that the decisive factor in the development of any economy will continue to be the domestic economic policy and the operability of market economic mechanisms. We attempt to document this fact using selected countries as examples, these being the Czech Republic, Poland, Hungary, and Slovakia.
Abstract: The financial crisis has decreased the opportunities of
small businesses to acquire financing through conventional financial
actors, such as commercial banks. This credit constraint is partly the
reason for the emergence of new alternatives of financing, in addition
to the spreading opportunities for communication and secure
financial transfer through Internet. One of the most interesting venues
for finance is termed “crowdfunding". As the term suggests
crowdfunding is an appeal to prospective customers and investors to
form a crowd that will finance projects that otherwise would find it
hard to generate support through the most common financial actors.
Crowdfunding is in this paper divided into different models; the
threshold model, the microfinance model, the micro loan model and
the equity model. All these models add to the financial possibilities of
emerging entrepreneurs.