86 research outputs found
Henri Temianka Correspondence; (fifield, jr.)
No full textThis collection contains material pertaining to the life, career, and activities of Henri Temianka, violin virtuoso, conductor, music teacher, and author. Materials include correspondence, concert programs and flyers, music scores, photographs, and books.https://digitalcommons.chapman.edu/temianka_correspondence/1956/thumbnail.jp
The relationship between South Asian stock returns and macroeconomic variables
No full textThis article investigates whether economic variables have explanatory power for share returns in South Asian stock markets. In particular, using data for four South Asian emerging stock markets over the period 1998 – 2012, the article examines the influence of a selection of local, regional and global economic variables in explaining equity returns; most previous studies that have examined this issue have tended to focus on only local and/or global factors. Important factors are identified by distilling the macroeconomic variables into principal components. Economic activities, real interest rates, real exchange rates and the trade balance represent local factors. Regional factors are represented by inter-regional trade and regional economic activity while global factors are represented by world financial asset returns and world economic activity. The Vector Autoregression results suggest that the South Asian markets examined are not efficient. Both local and regional factors can directly and indirectly explain Bangladeshi, Pakistani and Sri Lankan stock returns while the lagged returns of the Pakistani stock market and world economic activity can explain Indian stock returns
A cross-country analysis of IFRS reconciliation statements
No full textPurpose - One of the most fundamental changes to affect financial reporting in recent years has been the introduction of International Financial Reporting Standards (IFRS). This paper aims to examine the nature of the Income Statement and Net Equity IFRS adjustments for a sample of companies from the UK, Ireland and Italy following the introduction of IFRS. Design/methodology/approach - A sample of IFRS Reconciliation Statements are examined to identify the most significant IFRS adjustments. Using an index of conservatism, these amounts are further analysed to assess their impact on the accounting numbers reported under previous national GAAP. Findings - For all three countries, the IFRS profit was greater than that reported under previous national GAAP. IFRS also had a significant effect on net worth; while UK and Italian companies experienced an increase in equity upon the adoption of IFRS, the Irish firms in the sample recorded a decrease. The analysis also indicated that the impact of IFRS on profit and net worth was primarily attributable to a few core standards including IFRS 2, IFRS 3, IFRS 5, IAS 10, IAS 12, IAS 16, IAS 17, IAS 19, IAS 38 and IAS 39. Practical implications - A multi-country perspective for future IFRS research is required as the impact of individual IFRS varies in importance from one country to another. Originality/value - By analysing the IFRS that have had a significant impact on accounting numbers prepared under previous national GAAP, opportunities for future research are identified
An Investigation of the Weak Form of the Efficient Markets Hypothesis for the Kuwait Stock Exchange
No full textThis article investigates the weak form of the efficient market hypothesis (EMH) for the Kuwait Stock Exchange (KSE). In particular, it tests whether share returns on the KSE exhibit patterns which may be used to predict future share price changes. Ten filter rules are tested on weekly data for 42 firms over the period 1998–2011. The results suggest that the KSE was not weak-form efficient because patterns and trends were present in security prices. In addition, the results are consistent with the substantive literature which has argued that emerging stock markets are informationally inefficient, such as Fifield, Power and Sinclair (2005, 2008) and Xu (2010) and particularly those early studies of Al-Shamali (1989) and Al-Loughani and Moosa (1999) that looked at trading rules for the KSE.</p
Is There a Risk and Return Relation?
No full textTraditional finance theory posits that the relation between the risk and return of stocks is positive. Furthermore, investment practice is often based on the central contention that high (low) beta stocks earn higher (lower) returns. However, this fundamental relation is questioned by a several researchers who assert that the relation is, in fact, negative. Consequently, a growing body of research examines the nature of the stock return-risk relation using both market- and firm-level data. The results of this research are mixed. The purpose of this paper is to shed further light on this question by (i) examining both market- and firm-level price data; (ii) employing a battery of tests, including individual market, panel and quantile regressions; and (iii) analysing the nature of the relation during periods of high and low volatility and in bull and bear markets. The results indicate that there is no single robust relation between risk and return. Of note, the results suggest a positive relation when returns are high and during bear markets. Furthermore, the finding of a positive relation is stronger (i) at the market-level than the firm-level; and (ii) over long time periods. However, the analysis indicates that a negative relation exists at low return levels, during bull markets and, even more so, at the individual firm level. Overall, the results suggest that the risk-return relation is switching in nature and is primarily driven by changing risk preferences. Notably, a positive relation exists when macroeconomic risk plays a larger role
Power Above Gender: How Lady Macbeth Shapes Perceptions of Political Power
No full textArgumentative essay that addresses the tension between gender and power in Shakespeare's Macbeth.AgoraCopyright held by authors.GenderMacbethShakespeareAgora 202
The Influence of Foreign Investors on the Efficiency of the Saudi Stock Market
No full textThis article examines whether the level of weak-form efficiency of the Saudi stock market increased following liberalization in June 2015 when the market was opened up to foreign institutional investors. The results revealed that most sample companies and the market index did not follow a random walk over the sample period. However, the random walk hypothesis was not rejected after opening the market to foreign investors. This evidence implies that the steps taken by policy-makers to liberalize the Saudi stock market appear to have had a positive impact on the level of market efficiency
Sustainable Financial Inclusion in Nigeria:A Need to Go Beyond Access to Impact
No full textPurpose: This paper (1) evaluates the processes and strategies of Nigerian banks towards achieving financial inclusion; and (2) offers recommendations for policies that can lead to effective and sustainable financial inclusion.Design/Methodology/Approach: This paper conducts semi-structured interviews with senior executives of Nigerian banks to investigate their financial inclusion policies and practices.Findings: The paper highlighted Nigerian banks’ views on dimensions that measure financial inclusion and found that (1) they recognise that they play a pivotal role in providing access to formal financial services; however their efforts to promote financial inclusion are provider-focused rather than customer-focused; (2) they are keen to promote financial services usage; however, very little attention is paid to customer outcomes; (3) financial inclusion is viewed as synonymous with access and innovations are not aiming for impact; and (4) the sector is plagued with infrastructural challenges that breach service quality.Originality: The paper reports on the practices of Nigerian banks towards financial inclusion and provides recommendations for rethinking sustainable financial inclusion. To date, this issue has not been investigated in the substantive literature. Nigeria is an ideal research site for examining financial inclusion. In recent years, the banking sector has made rapid strides in implementing policies to promote the adoption and usage of formal financial services. However, over half of the country’s adult population remains outside the formal financial system
Further evidence on the efficiency of the Chinese stock markets: A note
No full textThis paper examines the efficiency of the Chinese A-share and B-share markets following the deregulation of the B-share market which widened ownership to include domestic investors. Applying parametric and non-parametric variance ratio tests to the daily data of 370 shares over 1996-2005, the paper finds that A-shares are more efficient than B-shares, although the efficiency of both markets has improved following the regulatory change. Overall, the results suggest that the Chinese stock markets are characterised by information asymmetry, although the timely access to high quality information that domestic investors enjoy has improved the efficiency of the B-share market.
Book reviews: René L. Schilling; "Wahrscheinlichkeit - Eine Einführung für Bachelor-Studenten". De Gruyter Studium, Walter de Gruyter GmbH, Berlin/Boston 2017, x+232 p., ISBN: 978-3-11-035065-4. Language: German; translated title: Probability – An Introduction for Bachelor Students.
No full textProfessor René L. Schilling from the Technical University in Dresden (Germany) is a well{known expert in the fifield of stochastic processes. This book continues the course of the author about measure and integration theory (Ma und Integral, published in 2015 with De Gruyter, Berlin). It is addressed to students of mathematics, natural sciences (especially physics), economics, and engineering, but also to any re- searcher interested in the field of probability theory and its applications
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