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Asian Economic and Financial Review
Publish by: Production and Hosting by Pak Publishing Group on behalf of Asian Economic and Social Socie
Online ISSN: 2222-6737
Print ISSN: 2305-2147
Online ISSN: 2222-6737
Print ISSN: 2305-2147
Print ISSN: 2305-2147
Total Citation: 1219
The Effects of Independent Managers, Institutional Shareholders and Audit Expenses on the Probability of Financial Crisis
Mehdi Arabsalehi, Alireza Rahrovi Dastjerdi
This paper examines the impact of independent managers, institutional shareholders and audit expenses on the probability of financial crisis of the listed companies in Tehran Stock Exchange (TSE). The target sample includes 75 firms of the listed companies in TSE during 2006 to 2010 years (1385 to 1389 Iranian calendar). To doing so in the first step, the logit regression model was conducted to fit a model to calculate the probability of financial crisis in these companies. Then using this model, the probability of financial crisis in these companies was calculated in each year. Finally, using simple linear regression, the effect of independent variables including independent managers, institutional shareholders and audit expenses on the financial crisis, has been tested. The result shows that independent managers and audit expenses, significantly affect the probability of financial crisis in company but the institutional shareholders does not.
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The Distribution of the Returns of Japanese Stocks and Portfolios
The behaviour of the distribution of stock returns is of fundamental importance in financial economics, in view of its direct bearing on the descriptive validity of any theoretical model. We analysed the behaviour of Japanese stock return distributions using the Pearson system of frequency curves to determine whether a) the distributions of the returns of the shares listed in the Nikkei 225 can be described by a single type of distribution; b) the length of the time period used for the analysis affects the behaviour of the distributions, and c) the distributions of the returns of portfolios of Japanese stocks follow similar patterns of behaviour. We found that all the shares listed on the Nikkei 225 may be described by the Pearson Type IV distribution. Other behaviours are occasionally observable but only when short time periods are used in the analysis, suggesting that the length of the period is not a variable that has any significant effect on the behaviour of Japanese stock returns. When the returns of portfolios of Japanese stocks are examined, the results are more robust and exceptions to the Pearson type IV rule are less common and are confined to very short time periods of analysis. We discuss the implications of our findings for financial modelling. To the best of our knowledge, we provide the first such analysis for the Japanese market.
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The Effect of Information Feedback Frequency and Investment Flexibility on Myopic Loss Aversion
Mu-Lan Wang, Hung-Hsi Huang, Shih-Chieh Hsu
The prospect theory proposed by (Kahneman and Tversky, 1979) stated that people are risk-averse when faced with profits and risk-loving when faced with loss. Benartzi and Thaler (1995) combined the Myopic Loss Aversion and Mental Accounting in explaining the equity premium puzzle. Gneezy and Potters (1997) found that the betting amount under high-frequency information feedback is higher than that under low-frequency information feedback. Haigh and List (2005) verified that the professional futures traders have higher tendency towards MLA than the students. Bellemare et al. (2005) also designed similar experiment to compare the betting behavior under the information feedback frequency and investment flexibility. According to the previous experiment design, this study provides an experiment named “colored balls guess” on 54 subjects (including 18 general people, 18 MBA students and 18 professional financial workers, respectively). Examined on the different information feedback frequency levels and investment flexibility, the main findings are as follows. First, the level of the information feedback frequency will affect the size of the bet. Second, the adjustment of investment flexibility is not obviously correlative to betting amounts. Third, the professional financial workers show comparatively less tendency towards Myopic Loss Aversion. Finally, compared to women, men have significant tendency towards Myopic Loss Aversion.
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The Impact of Monetary and Fiscal Policies on the Naira Exchage Rate Bewteen 1990 And 2009
Musa Success Jibrin, Ifurueze S. Meshack, Success Blessing Ejura
This study examines the effect of Monetary and Fiscal Policies on the Naira exchange rate between 1990 and 2009. This is because in recent times, there have been series of debate on the appropriate exchange rate for the Naira and the parameters for determining its exchange rate. What is more, the exchange rate has been declining steadily and the impact of the depreciation ranges from high cost of input into manufacturing process that results in high prices of finished goods. For the purpose of empirical analysis. Naira exchange rate was selected as the dependent variable while the Money Supply (MS), Foreign Exchange Rate (FOREX), Government Expenditure (Govt Exp), Gross Domestic Product (GDP) and Inflation Rate (INFC) were identified as the independent variables. The multiple regression analysis showed that each of the independent variables impacted either positively (+) or negative (-) when measured against the exchange rate and there was a high correlation co-efficient of 0.80 between the dependent and the identified independent variables. In view of the findings, it was recommended that government should proffer an enabling environment/or a good policy mix of instruments and the method of changing policies before the result of the first ones are realized should be discouraged.
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Manufacturing Performance in Nigeria: Implication for Sustainable Development
Olorunfemi Sola, Tomola M. Obamuyi, Felix O. Adekunjo, E.O Ogunleye
The study examined manufacturing performance for sustainable economic development in Nigeria, while the specific objectives are as follows: i) to look at the growth rate and contribution of manufacturing to GDP. ii) to examine trend in both manufacturing and employment. iii) to determine the structure of capacity utilization. iv) to determine factors influencing manufacturing performance. Panel data analysis was used on secondary data from 1980-2008 that was extracted from CBN Statistical Bulletin. The results indicate positive relationship between manufacturing and each of capacity utilization and import as 1 percent change in capacity utilization and import lead to 43081 and 3.8 percent change in manufacturing respectively. However, there is a negative relationship between manufacturing and each of investment, exchange rate, and export. A 1 percent change in investment, exchange rate and export lead to 0.04, 12729, 0.3 percent reduction in manufacturing respectively. The t-values for investment, capacity utilization and import were used to test the hypothesis that each coefficient is different from 0. This is rejected; since the t-value are lower than 1.96 (at 95% confidence level). This showed that investment, capacity utilization and import were major determinants of manufacturing performance for the period. The study concludes that the key to reversing the poor performance of Nigerian manufacturing is to provide incentives for firms to become more export oriented.
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The Determinants of Profit Forecast by Tunisian Companies
This paper aims to examine the impact of the determinants of profit forecast by companies on the level of detail of information published by the leaders. It analyzes the contribution of publications to reduce information asymmetry between managers and investors. From a sample of 50 companies listed in the stock exchange of Tunis in 2010, our results show that the most successful companies are able to provide detailed and reliable profit forecasts better than others ones in order to maximize their financial value. They also show that companies belonging to high-tech sectors provide more detailed and credible than others. These results suggest that the publication of reliable information is an important determinant of investor behavior.
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Value Measurement and Disclosures in Fair Value Accounting
John A. Enahoro, Jumoke Jayeoba
Value measurement and disclosures in accounting is further effort and method to objectively determine quality of financial reporting which have continued for many decades. Quality characteristics are the bedrock on which accounting theories are formulated, since it is important to prepare and present financial statement with a view to meeting its objectives. Although, this study is literature approach, having explored rationale for fair value accounting, IFRS 13 sets out a framework for measuring fair value; and requires disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, the IFRS 13 establishes a fair value hierarchy that categorizes into three levels the inputs to valuation techniques. The process of valuing an instrument to its fair value depends on how easy it is to determine a price for that instrument. Since fair value is the price at which a willing buyer and seller agree to trade, finding the right price is important to valuation.
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The Effect of Macroeconomic & Market Specific Dynamics on Stock Market Development in Global Growth Generator Countries
As the global financial crisis dethrones the developed world from its economic supremacy, by leading the global economic recovery and growth, the global growth generator (3G) countries are expected to fill the vacuum. Capital market i.e. stock market development can play a crucial role in augmenting such growth in these 3G countries. This study aims at augmenting the determinants of stock market development in the 3G countries so that policy makers can be aided for developing a functioning and stable stock market. Using panel ARDL model for 8 (eight) out of 11(eleven) 3G countries over a period of 1980-2011, the study confirms that several macroeconomics i.e. foreign direct investment, real interest rate and stock market operating characteristics have a significant long run contribution to the development of stock market and thereupon a sustained economic growth.
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Investigating the Interaction between Foreign Direct Investment and Human Capital on Growth: Evidence from Nigeria
Onyeagu Augustina Nkechi, Okeiyika Kenechukwu Okezie
The objectives of this study is to empirically examine the relationship between FDI, HCD and Economic growth in Nigeria and to ascertain the long run sustainability of FDI- induced growth process..Our result show that FDI in Nigeria, has a negatively significant to growth in the long run, meaning that the contribution of FDI in to Nigeria are small in the long run. The negative significant effects of human capital in Nigeria, with overall growth in the long run, suggest that there is shortage of skilled labour in the country. The ECM coefficient is -0.13 and its not significant, meaning that the speed to adjust towards equilibrium is not in moderate condition. The R2 (0.9930) and adjusted R2 (0.9816) is very high and this fulfill the condition of goodness of fit. The F-statistics 86.9792(0.0000) is highly significant at 1% critical level, this show that there is significant relationship between the dependent variable and independent variables. The Normality test show that the residual is normally distributed (Jaqua-Bera statistics = 0.4755(0.7884).We recommend that appropriate policy should be made to improve on the development of human capital in other to benefit more from the presence of foreign investors in to Nigeria.,
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Exports and Imports in Qatar: Evidence from Cointegration and Error Correction Model
Abdulla S. Al-Khulaifi
This paper investigates the existence of long-run relationship between exports and imports in Qatar’s economy using Johansen cointegration approach. Qatar is a small open economy that depends on the outside world for exporting its oil, natural gas and its hydrocarbons and to import consumer and capital goods. Exports compose a major proportion of GDP. Annual data for the period from 1980-2011 were used. ADF and Phillip-Perron unit root tests were applied to time series data and variables were found to be integrated of order one. Exports and imports were found to be cointegrated and hence, a long-run relationship exists between exports and imports, and Qatar is not in violation of its international budget constraints. An error correction model was specified and imports were found to Granger cause exports in the long-run.
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