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Total Articles 73 - 81 of 6582 | Total Books 1 | Total Conference Proceeding 81

Maintaining Order in the Microfinance Sector in Ghana

Author(s):Olivia Anku-Tsede
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 387-403
This study examines the processes of maintaining order in the microfinance sector, particularly, the processes of resolving disputes, the types and causes of disputes that arise between microfinance institutions, their clients and workers. The study used empirical evidence derived from microfinance institutions, their clients as well as employees and commission agents within the Greater Accra Region of Ghana to aid in the examination of how order is maintained as well as the processes of resolving disputes in the microfinance sector. The study suggests that the adoption of an informal alternative dispute resolution mechanism yields better and cheaper results than litigation or legal means. The study further suggests that, parties to a microfinance transaction are reluctant to resort to litigation and would rather borrow at high interest rates to pay off loans than litigate. The findings show that MFIs maintained order by keeping good working relationships with their clients and staff as well as conducting credit or background checks on both clients and staff before dealing with them. Record keeping was also found to be crucial in the maintenance of order in the microfinance sector.

How is the Risk Tolerance of Individual Investors in Kyrgyzstan?

Author(s):Ebru Caglayan --- Raziahan Abdieva
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 404-415
Investment and saving behaviour of individuals are important issues in the economies. Risk tolerance of investors affects the investment decisions. In Kyrgyzstan, a transition economy, while the investment resources are high, savings of individuals in financial organizations are low. This study analyses the risk tolerance of individual investors in Kyrgyzstan and determines the factors influencing investor types. In the study multinomial logit model is used to determine these factors. The findings of the study show that men take more risk than women in Kyrgyzstan. When the age increases people become less risk lover. Having non-wage income increases taking risk and increases in the rate of investment.  The findings also indicate that income has a positive effect on the risk loving sense.

Are Online Pharmacy Prices Really Lower in Mexico?

Author(s):Thomas M. Fullerton, Jr. --- Francisco J. Pallares --- Adam G. Walke
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 416-431
Empirical research on international pharmaceutical prices has uncovered numerous interesting commonalities and differences across international markets.  This study examines price differences for brand name medicines sold over the Internet in the United States and Mexico.  Web sites in both countries advertise their services in English and price their products in dollars.  Sample data for 50 top selling medicines are from October 2011 for equal dosages on a per unit basis, exclusive of shipping fees, handling charges, and taxes.  For a few medicines, the savings available to consumers who purchase them from companies in Mexico are very large.  For most medicines in the sample, the savings are comparable to those available from Internet sources in other countries.  Non-parametric test results indicate that the price differences are statistically significant.

Impacts of International Oil Price Changes on Vietnam?s Economy - An Input-Output Study

Author(s):Nguyen Van Chung
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 432-439
In this paper we investigate the impacts of international oil price changes on Vietnam?s economy by using an input-output analysis. The goals of our study are: 1. establishing a price sub-model and output sub-model in the input-output analysis framework; 2. analyzing impacts on both price and output sectors. The result shows that impact in the long run is much higher than in the short run. While the 10% increase in petroleum prices experiences negative results, the 5% increase in prices shows a positive effect, implying that a small change in oil prices may enjoy resource reallocation efficiency. In the short run the manufacturing sector will suffer if electricity and public utility prices reflect a 10% increase in oil prices.

Market Reaction to Dividend Initiation Announcements on the Ghana Stock Exchange: The Case of Industrial Analysis

Author(s):Yakubu Awudu Sare --- Seyram Pearl Kumah --- Andrews Salakpi
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 440-450
This study examines the market?s reaction to dividend initiation announcements. In particular, it considered the magnitude of abnormal returns during the days that surround announcements of dividend initiation. This study expects to reveal whether dividend initiation is important to investors on the Ghana Stock Exchange. It also expects to reveal whether the type of firm?s industry has influence on the investors? investment decision. This is accomplished by measuring the abnormal returns before, during and after dividend initiation announcements. Using an event study approach, the evidence shows that dividend initiation announcements are greeted positively by investors. Industry based analysis is made to ascertain if firms in different industries react differently to dividend initiation announcement. The industries included: manufacturing, financial service and the other industries. The results suggest that firms in the manufacturing industry experience stronger investors? reaction than firms in the other industries.

A Cointegration Test for Turkish Foreign Exchange Market Efficiency

Author(s):Macide Cicek
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 451-471
This study examines the within-country market efficiency of the Turkish foreign exchange markets on the basis of the forward rate unbiasedness hypothesis, in case of the Turkish lira/US dollar and the Turkish lira/Euro for the period February 5, 2005 through July 26, 2013 by Johansen cointegration method. Unit root test results support the market efficiency in its weak-form. However, the existence of cointegration between the forward rates and its corresponding future spot rates with a unitary cointegrating vector and there exists no systematic expectation errors provide evidence for forward rate unbiasedness hypothesis and thus against market efficiency in semi-strong form. In the Turkish lira/US dollar foreign exchange market, the speed of adjustment towards long run equilibrium is a bit faster, and also the forward rates explain a bit more proportion of the movements of the spot rates in comparison with the Turkish lira/Euro market.

The Study of Staff Satisfaction in Consulting Center System-A Case Study of Job Consulting Centers in Ho Chi Minh City, Vietnam

Author(s):Chia Nan Wang --- Nhu Ty Nguyen --- Tran Thanh Tuyen
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 472-491
The topic of job satisfaction has been investigated over the years. However, the environmental impact of the work of job consulting centre?s employee satisfaction is beginning to attract the attention of the researcher. Job consulting centre has become an integral part of most organizations today, play an important role in supplying-jobs services. This study aims to examine the key factors that are closely associated with job satisfaction of employees working at job consulting centre as well as to suggest proper solutions to enhance the performance of these organizations.The current investigation is implemented by surveying the employees and then made a comparison of their satisfaction level on all aspects of the work. The questionnaire is composed of three important parts: Demographics, Satisfaction Level and Overall Satisfaction. The data are carried out by using descriptive statistic, exploratory factor analysis, reliability analysis, multiple linear regressions, and correlations analysis, to get all purposes of the research.The results show that Administration, Working Condition, Staff Interaction are factors that have the strongest impact on the overall satisfaction. These research findings have emphasized the necessity of conducting more researches on job satisfaction of staff in the job consulting centres. Being aware of the difficulties, which exists in their workers? lives and consider this as an emergency situation, the policy makers with their future suitable policies will gradually create a comfortable working environment for employees. When employees? motivation in working is improving, and this could make better service-providing in job consulting for a big city like Ho Chi Minh City.

Reit Performance Analysis: Are other Factor Determinants Constant?

Author(s):Olusegun Olaopin Olanrele
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 492-502
This main focus of this paper is to propose a regression analysis for the appraisal of REIT performance. The quantitative data required for the study were extracted from the annual financial reports of AMFIRST REIT, a REIT company listed in the Bursa Securities Commission, for the period 2007 to 2013. A regression analysis on the data and the study rejected the assumption of holding other factor constant when analysing REIT performance, all factor determinants have simultaneous effect on REIT performance. The findings are useful for the REIT industry to predicting the minimum expected return from the beginning of a financial year. However, this paper is the result of the study at micro (individual) level and cannot be adopted as an aggregate for National REIT performance. There is need to extend the study to more REIT companies for an aggregate conclusion.

The Impact of Trader Behavior on Options Price Volatility

Author(s):Ping-Hung Chou --- Pei-Shan Wu --- Teng-Tsai Tu
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 503-516
Because relatively few studies have examined the behavior among different types of traders in the options market, this investigation conducts an empirical study examining the impact of trader type on price volatility in the TXO market. It has been more than 10 years since the TXO market started in 2001. Compared with mature foreign options markets, the TXO market is considered as an emerging market and most transactions in the market are speculative in nature.This study investigates whether informed investors choose to trade options because of their higher leverage, which makes them attractive to speculators seeking to benefit from variations in the underlying price. This study also examines whether institutional investors are better informed than individual investors. In addition, this study attempts to illuminate the role played by market makers, whether as traditional specialists to provide liquidity and thus stabilize the price, or as opportunistic traders. Furthermore, this study aims to discover the relationship between trading duration and options price volatility, to clarify whether liquidity-based trading or informed-based trading dominates the TXO market. The empirical results suggest that institutional investors are better informed than individual investors. Meanwhile, market makers are liquidity providers in the put market, but liquidity demanders in the OTM and ATM call markets. Furthermore, the results verify that liquidity-based trading dominates the OTM call and put markets.
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