Asian Economic and Financial Review

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Online ISSN: 2222-6737
Print ISSN: 2305-2147
Total Citation: 1219

No.9

Canonical Coalition Game Theory for Optimal Portfolio Selection


Pages: 1254-1259
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Canonical Coalition Game Theory for Optimal Portfolio Selection

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Habip Kocak 
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Habip Kocak  (2014). Canonical Coalition Game Theory for Optimal Portfolio Selection. Asian Economic and Financial Review, 4(9): 1254-1259. DOI:
Special mathematical techniques have been developed in order to analyze conflict-competition situations. Game theory provides a formal analytical framework with a set of mathematical tools to study the complex intersections among rational players (Osborne, 2004). The purpose of developing this theory is to examine the rational ways of behaving for conflicting groups or individuals and to make sure that one of these groups is the winner. Throughout the past decades, game theory has made revolutionary impact on a large number of disciplines ranging from economics, engineering, political science, philosophy or even psychology (Myerson, 1991).Several approaches have been produced to the Portfolio selection problem, which became popular among researchers with the article of Harry M. Markowitz, published in Journal of finance in 1952, which occupies an essential place in the literature. Canonical Coalition Game Theory is among these approaches. In this paper the optimality of a portfolio partnership which will be created by stocks with identical targets but different risk capabilities will be examined with Coalition Game Theory. The obtained optimal gain will be distributed depending on risk coefficients using Shapley vector.
Contribution/ Originality
This study is one of very few studies which have investigated application of Cooperative Game Theory to Portfolio Selection Problem. This is a new approach to literature, which has applied in London Stock Exchange.
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A Study on the Differences in Adopting Cash Refund Capital Reduction and Stock Repurchase By Companies in Bull and Bear Stock Markets


Pages: 1237-1253
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A Study on the Differences in Adopting Cash Refund Capital Reduction and Stock Repurchase By Companies in Bull and Bear Stock Markets

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Ma-Ju Wang --- Yu-Fan Chan
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Ma-Ju Wang --- Yu-Fan Chan (2014). A Study on the Differences in Adopting Cash Refund Capital Reduction and Stock Repurchase By Companies in Bull and Bear Stock Markets. Asian Economic and Financial Review, 4(9): 1237-1253. DOI:
This paper investigates the characteristic differences of variables relating to financial performance and corporate governance of companies in Taiwan implementing the policies of cash refund capital reduction or stocks repurchase, under considerations of market situations of bull and bear markets. Conversely, this paper employs Logistic regression to analyze how financial performance and corporate governance variables affect company decisions to choose the policies of cash fund capital reduction or stocks repurchase. According to the statistics, companies are more likely to conduct cash refund capital reduction in a bullish market period and stock repurchase in a bear market. The evidence results find that, companies have better profitability, lower debt ratio, higher foreign ownership, and increased potential growth opportunities in the period of cash refund capital reduction. Especially, in a bear market, the excellent characteristics of the sample company can be better highlighted by cash refund capital reduction. In the period of stock repurchase, the characteristic of a relatively higher level of privy ownership can be observed. According to the regression results, companies tend to adopt cash refund capital reduction when corporate profitability is better and have higher levels of foreign ownership. A company with greater cash flow per share and equity pledge ratio is more likely to adopt stock repurchase.
Contribution/ Originality
The study contributes in the existing literature to explore some financial characteristics of the company by taking two capital reduction strategies that include cash refund capital reduction and stock repurchase, and to consider the differences of these characteristics in bull and bear markets.
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Analysis of Macroeconomic Factors for the Establishment of Industrial Parks and Their Effects on Regional Development: Empirical Study from Slovakia


Pages: 1220-1236
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Analysis of Macroeconomic Factors for the Establishment of Industrial Parks and Their Effects on Regional Development: Empirical Study from Slovakia

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Dana Kiselakova --- Alexander Kiselak 
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Dana Kiselakova --- Alexander Kiselak  (2014). Analysis of Macroeconomic Factors for the Establishment of Industrial Parks and Their Effects on Regional Development: Empirical Study from Slovakia. Asian Economic and Financial Review, 4(9): 1220-1236. DOI:
The aim of this study is to identify and analyze the key macroeconomic factors affecting the establishment and entrepreneurship in industrial parks with positive effects on sustainable regional development in Slovakia as member of the EU and euro area. The relationship of dependence between factors  of regional growth, investments, and investment costs for setting up industrial parks and effects on regional development is surveyed by variables of the regression analysis (years 2001-2011) and construction of linear regression models to meet real macroeconomic development in Slovakia. To conclude, identified main localization factors relevant to the management of support and establishment of industrial parks in Slovakia are: status of foreign direct investments, employment of persons, governmental financial support ? investment incentives, marketing strategy to attract investors, overall readiness and availability of the industrial area with focus on the positive effects of regional development, using regional GDP per capita, in particular to reduce regional unemployment rate.
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Credit Portfolio Selection According to Sectors in Risky Environments: Markowitz Practice


Pages: 1208-1219
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Credit Portfolio Selection According to Sectors in Risky Environments: Markowitz Practice

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Halim Kazan --- Kultigin Uludag
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Halim Kazan --- Kultigin Uludag (2014). Credit Portfolio Selection According to Sectors in Risky Environments: Markowitz Practice. Asian Economic and Financial Review, 4(9): 1208-1219. DOI:
In this study, it was researched that how the rate of repayment of loans will be increased and how the credit risk will be minimized in banking sector, by using Markowitz Portfolio Theory. Construction, textile and wholesale and retail sectors were examined under the central bank data. Portfolio groups were selected and risks( variances of Portfolio groups) were evaluated according to Markowitz portfolio theory. Markowitz portfolio theory is effective than the other portfolio selection instruments. Although Classical risk measurement tools measure risks, but they do not be able to answer how the risks can be reduced. On the other hand, Markowitz portfolio model, which is used in this study, show how the risks can be reduced.


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The Effect of Economic Factors on Mental Disorder Resulting To Crime


Pages: 1201-1207
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Seyed Mahmoud Mir-Khalili --- Milad Aavani
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Seyed Mahmoud Mir-Khalili --- Milad Aavani (2014). The Effect of Economic Factors on Mental Disorder Resulting To Crime. Asian Economic and Financial Review, 4(9): 1201-1207. DOI:
Nowadays, social criteria such as economic situation, educational degree, and marital status and so on play a significant role in individual development and growth in community. Lack of such parameters provides background for mental tensions of individual and consequently appears mental disorders. It becomes more important that prevalence of mental disorders arising from lack of culture and social pathologies will occur in case of not being preventive strategies. This research tries to investigate economic status of mental patients and effect on crime considering statistical society of Azadi Hospital.Research methodology is descriptive- analytical. Economic status of families at the time of crime would occur in experimental group is included; 10.60 % of weak, 29.80 % of lower middle, 40.40 % of middle, 19.10 % of good economic status.On the other hand, economic status among control group is 10.50 % for weak class, 31.60 % for low class, 42.10 for middle class and 15.80 % for up class of economic status, there is a meaningful difference between then upon data obtained.
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Has Economics Lost Its Own Identity?


Pages: 1190-1200
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Has Economics Lost Its Own Identity?

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Slavica Manic
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Slavica Manic (2014). Has Economics Lost Its Own Identity?. Asian Economic and Financial Review, 4(9): 1190-1200. DOI:
Dealing with economic science from the methodological point of view represents an unusual challenge. Primarily owing to the fact that there is a whole spectrum of opinions on how economics is supposed to be studied. Besides, the very idea of the methodology and the way it evolved over time gave the opportunity to consider direction in which economic science moves.
Deprived of previously analyzed (and until recently neglected) knowledge of the philosophy of science, and prone to bypassing certain economic facts, economics has lost its own identity finding itself in a situation that could be described as “vague”. Although it succeeds (thanks to the insistence on exactness) to sustain imperial status in relation to other social sciences, economic science almost simultaneously has become just a “trophy” for those disciplines being exact a long time ago. Such a positioning of economics constitutes the initial impulse for writing this paper. Certainly, it is illusory to expect that it is feasible to elaborate in detail everything that touches the above-mentioned issues. That is why the claims of this article are far more modest. The aim is to make a review of relevant literature that offers different views comparing to orthodox one which dominates economic science. Since absolute truth is not guaranteed to any science (complete confidence, as a rule, comes from ignorance), we believe that reference to such standpoints (supporting the thesis that economic science does not develop in a constructive way) is desirable because it can initiate a new debate and possibly produce fresh and/or more appropriate ideas on how economics should be further developed.

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Can Emerging Market Protectionism Be Beneficial?


Pages: 1175-1189
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Can Emerging Market Protectionism Be Beneficial?

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Daw Ma
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Daw Ma (2014). Can Emerging Market Protectionism Be Beneficial?. Asian Economic and Financial Review, 4(9): 1175-1189. DOI:
This paper employs a sequential trade competition model to analyze differential trade effects on an emerging market. We find that free trade is not able to alter the ex post dominance of the foreign incumbents and, conversely, emerging market protectionism will reduce the dominance, and the total world welfare will not be worse off. We also find that a strong import dependency even with competitive domestic production exists in the emerging market unless the foreign competitors are few in number. 


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Financing Obstacles of Bangladeshi Firms: Evidence from Pre-Crisis and Post-Crisis Periods


Pages: 1158-1174
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Elvin Afandi --- Majid Kermani
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Elvin Afandi --- Majid Kermani (2014). Financing Obstacles of Bangladeshi Firms: Evidence from Pre-Crisis and Post-Crisis Periods. Asian Economic and Financial Review, 4(9): 1158-1174. DOI:
Access to finance appears to be among the most severe obstacles of the private firms’ growth particularly in developing and less developed countries. Using the micro data over 1,500 enterprises, our study aims to understand the determinants of firm-level access to external finance before and after the global financial crisis 2008-09, and how in general the crisis affected the financing obstacles across the firms in Bangladesh. We find that the small, domestically owned enterprises and firms with small capacity utilization are facing higher financing obstacles than other firms. There is statistically significant increase in financing obstacles of Bangladeshi firms, which can perhaps be explained by the “implicit” or indirect effect of the global financial crisis.  We found that the root cause of increase in financing obstacles of Bangladeshi firms in post-crisis period is at least partly related to banks’ credit procedures, which became tighter and more sophisticated.


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The Effect of HIV/Aids on Economic Growth of Southern African Countries


Pages: 1146-1157
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Mahlet Gezahegn --- Mukti Upadhyay
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Mahlet Gezahegn --- Mukti Upadhyay (2014). The Effect of HIV/Aids on Economic Growth of Southern African Countries. Asian Economic and Financial Review, 4(9): 1146-1157. DOI:
This paper contributes to the existing literature by investigating the effect of health on overall economic growth in southern African nations. We examine interactions between health and economic growth by including both education and health among factors of production in a neoclassical growth model. Our findings, based on generalized least squares estimation of panel data models, suggest HIV/AIDS substantially and adversely affects the accumulation of human capital and thereby retards growth of per capita income significantly. While human capital remains crucial for growth, the effectiveness of policy depends on whether its focus is on the particular component of human capital, such as health for southern Africa, which serves as the more binding constraint on the rate of an economy’s growth.


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A Comparative Study of the Structure of Supervising the Financial Markets in Iran and the Selected Countries


Pages: 1131-1145
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Elham Abasgholi beik --- Zahra Zadehnasir
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Elham Abasgholi beik --- Zahra Zadehnasir (2014). A Comparative Study of the Structure of Supervising the Financial Markets in Iran and the Selected Countries. Asian Economic and Financial Review, 4(9): 1131-1145. DOI:
Financial markets are the most important sectors of each country’s economy. Having the desired economic growth rate will be impossible without an efficient institution. The most basic interaction efficiency and proper functioning of a country’s financial regulatory system is a complete and powerful supervision authority and agencies. The results indicate that the majority of countries in addition by having separate supervisory institutions for banking, insurance and stock market, due to be a multi financial institutions are moving toward the integration Of financial supervision. On the otherwise in heading countries the body of financial supervision has been changed in recent years.

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