International Journal of Management Excellence (IJME)
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Yield spread as a leading indicator of Tunisian industrial production
Get PDFCan the yield spread, which has been found to predict with surprising accuracy the movement of key macroeconomic variables of developed countries, also predict such variables for an emerging country. This paper is an attempt to answer empirically this question for the Tunisian economy. It also examines international financial linkages and how the euro area yield curve helps to predict domestic macro financial variables. Although the phenomenon has been widely examined in developed market economies, similar studies are virtually absent in the case of emerging economies. In part, this is because in developing economies with administrated interest rates, the yield curve has been either completely absent or not market determined and thus did not form a suitable test case. In the Tunisian financial market, there has been considerable improvement in terms of volumes, variety of instruments, numbers of participants and dissemination of information, and a yield curve particularly in case of government securities started emerging since 2000.In our study, two approaches are implemented. The first one, widely used, consists in regressing the growth rate of the coincident indicator on the leading indicator. In the second one, we examine the usefulness of the yield spread in predicting whether or not the economy will be in recession in the future. So, in that particular case we use a Probit model. For both approaches we use the in-sample forecasting ability as well as the out-of-sample accuracy of the outcomes.The results are somewhat tentative but consistent with the similar studies conducted in case of other countries. Findings of the study provide evidence that the yield curve could be considered as a leading indicator of real growth or recessions in Tunisian context, and consequently may be useful for both to private investors and to policy makes for forecasting purposes and, perhaps more importantly to understand the ongoing process of international financial integration
Examining Validity of Known Dividend Models in Indian Companies
Get PDFDividend declaration is considered as one of the key focus areas of the firm’s financial policy. The core of dividend policy includes the decision like whether to distribute profits to the shareholders in the form of dividend or to retain. The dividend decision, one of the widely researched topics, yet named as dividend puzzle, has been a center of attraction for the past number of decades. The outcome of the past researches has resulted in development of number of models trying to explain the dividend behavior of the companies. Some of the well-known dividend models are: Lintner’s model, Brittain’s model, Watt’s model and Aharony’s and Swary’s model. Considering the importance of the models, an attempt has been made to study their applicability in Indian conditions. This study investigates whether these models can be used to explain Indian companies’ dividend payments or not. 172 companies listed with BSE with continuous dividend payments from 2004-08 have been selected in four industrial sectors: Engineering, FMCG, IT and Textiles. The study bring forth that out of all the models, Lintner’s model does have a good fit in the selected Indian companies
Market Risk Quantifications: Historical Simulation Approach on the Malaysian Stock Exchange
Get PDFThis paper presents the evaluation of market risk quantifications using Value-at-Risk (VaR) approach on historical data of selected stocks traded in the first board of the Malaysian stock exchange. The data sample covers from the period ranging from year 2008 until 2012 while the holding periods and confidence levels are stated at three and two different positions respectively. Based on the historical simulation technique, mix results are shown when different holding periods are used. The study also shows the critical consideration when selecting the observation periods length and confidence levels in determining the VaR values
4x4 Time-Domain MIMO encoder with OFDM Scheme in WIMAX Context
Get PDFThe Standard Worldwide Interoperability for Microwave Access (WiMAX) offers the opportunity to develop applications that require more bandwidth and increased communication up to 50 km. Through literature reviews, the coding block is done in the frequency domain of the OFDM chain in a wireless communication system. This solution offers outstanding performance within the meaning of binary error rate and throughput. We propose to design a Simulink model of 4x4 OFDM transmission chain for WIMAX context and using a coding block in the temporal domain to test system performance and compare it to the one used in the frequency domain .We use the IEEE 802.16 standard [1] for the construction of the OFDM symbol, the generation of the preamble and the choice of the cyclic prefix length. Our choice is situated to test the performances of the system when the coding block is in the temporal domain. Our simulated chain offers a slightly better performance than the chain where the MIMO encoder is located in the frequency domain. This approach provides the ability to expand the number of transmitting antennas without revising all of the calculations
The Development of Agent Based Modeling Framework For Simulating Disaster Response Teamwork.
Get PDFThe humans and their environmental health safety has always become the most important aspect in human life’s especially in towards the issues of the effects/threats of vulnerable risk, which causes devastation/destruction to humans health and their ecological regions such as disaster which is a hazard. A disaster is a consequences combination of a natural or artificial hazards and as well human factors that were vulnerable to be caused by the lack of in appropriate disaster management plans, which yield as well leads to financial, infrastructural, economical, social and human damages or destructions. Teamwork has always becoming massively important in the organizations due to its beneficial outcomes. Although a team performance levels were been determined by the complexity of interactions between the attributes of its individual members, the communication and dynamics between team’s members, the working environment, and the team’s working tasks. As the organizations evolved, so too does their interactive nature of the team working. During the past two decades, the field development in some agencies and organizations has become increasingly been undertaken by the integrated product unit teams. Such increasing complexity means that the interactive nature of the research methods for studying teamwork must also evolved as a good research area of study. Accordingly, this paper highlight and proposes the used of an agent-based modeling (ABS) concept of approach for simulating teamwork within a disaster environment, this informed by the research conducted on organizational units and their simulating agents. The model parameters concept includes the number of agent variables behavior at each levels, i.e individual level (competency, motivation, availability, response rate), team level (communication, shared mental models, trust), and task level (difficulty, workflow), which jointly determine teamwork performance (quality, time to complete the task, time spent working on the task). However, this paper will also discusses and elaborate the ABS model, and the current practice in which the model is predominantly used to manage/control disaster management. In resolving the issues identified, an ABS approach to agent-parameters behavior is been proposed to modeled the emergence cases of team working simulation, where the team members work cooperatively depends on the communication of agents in the simulation environment known as agents or parameters. It then analyses the processes by behavior of these parameters as intelligent agent’s entities, which were going to be used in development of the ABS model
Leadership and Innovation: The Needed Role for the Engineer and Scientist in Our Society
Get PDFThe proliferation of new technologies, one of the primary keys to modern societal growth, relies on the development of two individual but highly interrelated competencies: leadership and innovation. These two are the basis for the successful development of most of the major technologies in production today and, at their best, they are also the genesis behind most of the large commercial and industrial organizations currently operating in the global marketplace. It is the state of health of these two linked competencies that often determine the longevity and profitability of these organizations. The question should then be what role does, and will, the engineer and scientist play in this leadership driven innovation play and how will we be the architects of our own future. Have we done enough and what will scientist and engineers need to do in the future to continue a growth-based legacy
Consumer Behavior and Psychological Empowerment: Proposing a Measurement Scale
Get PDFThis paper proposes a new conception of consumer psychological empowerment while substantiating and defining its different facets. To this end, we conducted 18 interviews with biological food consumers which have been recorded and transcribed and analyzed using the Sphinx software. The results indicate how this new concept behaves and which consists of four dimensions and two sub-dimensions issued from the literature and the exploratory research: meaning, impact, self-determination, intrinsic motivation, extrinsic motivation and competence. These dimensions interact with each other to form the concept of consumer psychological empowerment (CPE). This latter may be taken as a new element in understanding consumers’ expectations towards organic food consumption
Examining Quality Issues in 3G Services in India: An Empirical Study
Get PDFInternet and mobile telephony has transformed the human life and the way business conducted conventionally. India has witnessed a tremendous rise in the internet and mobile penetration. Especially mobile technology has reached the nooks and corners of the country where internet is still a farfetched dream. 3G services are the advanced services that facilitate internet access on 3G compatible devices like Smartphone’s, tablets and PCs etc. The article is an attempt to comprehend the present scenario of 3G services in India and to assess its standing in comparison to the global counterparts. In addition, the shortcomings of the 3G quality services in India are highlighted along with the regulatory protocols regarding the same
Curriculum Development & Pedagogy for Developing World Class Management Education in South Asia
Get PDFThe international environment is becoming more competitive and demanding. In addition, higher education and innovation are becoming more critical for countries to be able to benefit from the increasingly globalised international environment. Therefore, South Asian countries have to improve their skills and innovation capabilities in terms of management education system.World class Business Management education by curriculum design and pedagogy in south Asia:I suggest 10 points which should be the focus area in creating word class business management education in south Asia that includes academic delivery and curriculum, quality of business management faculties, cutting edge initiative for professional development, business management curriculum in sync with market needs, corporate relations, events/fest, B School and public-private and cross-border research partnerships, information and communications technology in the delivery of program, more Positive Institutional Culture, faculty Incentive and evaluation Systems and traineeship/ Summer Project
The Measurement of Impacts of External Financing on The Risk Level of Viet Nam Construction Material Industry During and After The Global Crisis 2007-2011
Get PDFThis research paper aims to analyze the impacts of external financing on market risk for the listed firms in the Viet nam construction material industry, esp. after the financial crisis 2007-2009. First, by using quantitative and analytical methods to estimate asset and equity beta of total 57 listed companies in Viet Nam construction material industry with a proper traditional model, we found out that the beta values, in general, for many institutions are acceptable.Second, under 3 different scenarios of changing leverage (in 2011 financial reports, 30% up and 20% down), we recognized that the risk level, measured by equity and asset beta mean, decreases when leverage increases to 30% and vice versa.Third, by changing leverage in 3 scenarios, we recognized the dispersion of risk level increases (measured by equity beta var) if the leverage increases to 30%.Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance