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Process capital of Mongolia: Year 2005-2014
Get PDFAbstract. The purpose of this study is to explore and explain what the process capital of Mongolia is, and its national wealth that affect and being affected by national competitive advantage. Using secondary data from worldwide sources in the last 10 years, process capital at national level of analysis was analyzed. Mongolians try to use the limited capital of mining first, but they need to develop knowledge about the more structural part of this nation’s capital framework just to assist industry of limited resources. We propose that this is an important part for business decision-making of policy generation that can be a reference for foreign investors.Keywords. Process capital, National wealth, Intangible assets, Mongolia.JEL. M10, M11, M14
Efficiency and Volatility of the Stock Market in Bangladesh: A Macroeconometric Analysis
Get PDFAbstract. This study investigates the weak form efficiency of Efficient Market Hypothesis (EMH) employing Autocorrelation test, Runs test and Unit Root tests, and the nature of volatility characteristics of stock returns applying GARCH family models in Bangladesh stock market using daily all share price index return data of Dhaka Stock Exchange (DSE) from 02 January 1993 to 27 January 2013. This studyalso examines the semi-strong form of the EMH of DSE based on macroeconomic variable version of the Arbitrage Pricing Theory (APT) applying Cointegration tests, Vector Error Correction Model (VECM) and Granger causality tests, and the volatility of the DSE returns in response to the volatility of the macroeconomic variables employing GARCH family models using monthly data from January 2001 to December 2012.In addition, the short run and long run relationships between macroeconomic variables and aggregate stock prices in Bangladesh have also been determined. Employing both nonparametric tests (Runs test and Phillips-Perron test) and parametric tests (Autocorrelation test and Augmented Dickey-fuller test), this study finds that the DSE of Bangladesh is not weak form efficient. Taking the outcome of VAR models into account, it is found that all selected macroeconomic variables do significantly explain the stock prices of the Bangladesh stock market. As a consequence, it may be concluded that the Bangladesh stock market is not efficient in the semi-strong form of EMH. Results of the estimated MA(1)-GARCH(1,1) and MA(1)-EGARCH(1,1) models reveal that stock market returns of Bangladesh exhibit leptokurtosis, volatility clustering and leverage effect. Results of six GARCH-S models indicate that thevolatility of DSE return is significantly influenced by the volatility of macroeconomic variables, such as, exchange rate, broad money supplyandstock returns of India.Keywords. Efficient market hypothesis, Stock prices, Vector error correction model, GARCH family models, Volatility.JEL. C58, E44, F36, G10, G14
The Development and Application of Transaction Cost Economics in Taiwan
Get PDFAbstract. This study collected 89 papers related to transaction cost theory published between 1992 and 2013 from 19 journals in the Taiwan Social Sciences Citation Index database, and used bibliometrics and network analysis to examine the theory’s applications and development. The results show that the theory has mostly been applied in studies on technology management, transaction information, stocks/foreign exchange/investment, business transfers, strategies, opportunistic behaviors, performance, theoretical integration, human resources, relations, knowledge management, and consumer behaviors. Of these topics, strategies had the most samples; followed by stocks/foreign exchange/investment, which accounted for 19.10% of the total; followed by relations, with 17.98%; and technology management, with 11.24%. The greatest numbers of publications were observed in 1997 and 2007. Connections between the authors appeared to be weak and cross-referencing was rare. Apparently, more time is required for the formation of a research community with strong coherence and knowledge integration capabilities.Keywords. Bibliometrics, Network analysis, Transaction cost theory.JEL. M10, L33, L52
Democracy: An opportunity or a threat to Iran's economic structure
No full textAbstract. The main aim of this study is to evaluate the role of democracy in Iran’s economic structure during 1983 to 2012. Iran’s economic structure is divided into two oil and non-oil parts and is investigated in the governments of Seyed Ali Khamenei, Ali Akbar Hashemi Rafsanjani, Seyed Mohammad Khatami, and Mahmoud Ahmadinejad. In this context, the government of Mr. Khamenei is selected as the base government and other governments are compared to that. Results of the oil part showed that the government of Mr. Khatami had a better performance in terms of capital, labor and political risk. With regard to oil exports, the two other governments have had the same performance as the base government. Results of the non-oil part showed that the effect of exports on economic growth in the governments of Mr. Hashemi Rafsanjani and Ahmadinejad is like the base government; while it is significantly different from the base government in the government of Mr. Khatami. Labor has had a negative effect in Mr. Hashemi Rafsanjani and Ahmadinejad’s governments, while its impact on economic growth is positive in Khatami's government. Political risks had the greatest effect on economic growth in the government of Mr. Ahmadinejad (relative to Mr. Hashemi Rafsanjani and Mr. Khatami’s governments). Keywords. Cabinet changes, Political risks, Oil economy, Non-oil economy.JEL. G15, G12, F52
A Predictive Analysis of the Indian FMCG Sector using Time Series Decomposition - Based Approach
Get PDFAbstract. Stock price movements being random in its nature, prediction of stock prices using time series analysis presents a very difficult and challenging problem to the research community. However, over the last decade, due to rapid development and evolution of sophisticated algorithms for complex statistical analysis of large volume of time series data, and availability of high-performance hardware and parallel computing architecture, it has become possible to efficiently process and effectively analyze voluminous and highly diverse stock market time series data effectively, in real-time. Robust predictive models are being built for accurate forecasting of values of highly random variables such as stock price movements. This paper has presented a highly reliable and accurate forecasting framework for predicting the time series index values of the fast moving consumer goods (FMCG) sector in India. A time series decomposition approach is followed to understand the behavior of the FMCG sector time series for the period January 2010 till December 2016. Based on the structural analysis of the time series, six methods of forecast are designed. These methods are applied to predict the time series index values for the months of 2016. Extensive results are presented to demonstrate the effectiveness ofthe proposed decomposition approaches of time series and the efficiency of the six forecasting methods.Keywords. Time series decomposition, Trend, Seasonal, Random, Holt Winters Forecasting model, Auto Regression (AR), Moving Average (MA), Auto Regressive Integrated Moving Average (ARIMA), Partial Auto Correlation Function (PACF), Auto Correlation Function (ACF).JEL. G11, G14, G17, C63
The 18th Annual Conference on Finance and Accounting
Get PDFAbstract. In this paper, the evaluation of the 18th Annual Conference on Finance and Accounting held on 26 May 2017 in Prague, Czech Republic will be mentioned.Keywords. Accounting, Finance, Czech Republic.JEL. M40, G10
A critique on the “where-what” perspective for organizational memory research
Get PDFAbstract. The following issues regarding to organization memory were mainly discussed in extant literature: 1. What is organization memory – organizations as knowledge bases. 2. Where is the memory stored? This article offers a compact commentary for these two questions, revisiting from a where-what perspective – that we should consider the nature of the context where known memory is embedded then we could really know the nature of what that knowledge piece is. Implications for research were elaborated.Keywords. Organization memory, Knowledge bases, Known memory.JEL. D80, L22, L23
New Economics Books
Get PDFA wide ranged Editor Selection of economic books published within the last 3 months by the publishers (for now; Cambridge University Press, Edward Elgar, Elsevier, MIT Press, Palgrave MacMillan, Springer, Wiley, and World Scientific) which are reached out “the consensus of no copyright infringement exists” could be found under this title. Afterwards, JEL will continue to publish the economic books published within the last 3 months as listing them in its quarter edition. This is expected to enable the journal readers to follow the related literature and be aware of the new books. The list will continue to expand as accepting the books of new co-operated publishers and personal applications. The list order is organized according to book titles’ alphabetic priority
Emigrant’s remittances, Dutch Disease and capital accumulation: The case of Mekong countries
Get PDFAbstract. This paper examines the sectoral and intertemporal impacts of international emigrant remittances by using a vector auto-regression (VAR) estimation focusing on Cambodia, Lao PDR, Myanmar and Vietnam (CLMV countries). The reason for targeting the CLMV countries is that they have still depended largely on remittance-earnings from their emigrant workers in their economies, and that the macroeconomic impacts of received remittances would be critical for their sustainable growth. The empirical study identified the decline in manufacturing-service ratio (the Dutch Disease effect) as a sectoral effect of remittances, and also the decline in investment-consumption ratio (the deteriorated capital accumulation effect) as their intertemporal effect, judging from the causalities and dynamic responses from remittances to both ratio in the VAR estimation outcomes. The strategic implication is that the CLMV countries should establish a framework to mobilize their remittance-earnings for more productive use.Keywords. Emigrant’s remittances, Dutch Disease, Capital accumulation, Vector auto-regression estimation. JEL. F22, F66, O53