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Total Articles 91 - 99 of 6582 | Total Books 1 | Total Conference Proceeding 81

The Impacts of Inflation Dynamics and Global Financial Crises on Stock Market Returns and Volatility: Evidence from Nigeria

Author(s):C.G Amaefula --- B.K Asare
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 641-650
The paper investigates the impacts of inflation dynamics and global financial crises on Stock market returns and volatility in Nigeria.  The data sets on monthly All Shares Index Prices of NSE, and consumers? price index (CPI) cover the period of January, 1985 to December, 2010. The GARCH (1, 1) model with multivariate regressors were adopted and the result shows that in the conditional mean equation; inflation exerts insignificant positive impact on stock market returns, inflation volatility exerts significant positive impact on stock market returns and during the global financial crises, inflation exerts significant negative effect on stock market returns. In the conditional variance equation, both inflation and its volatility have negative effects on the volatility of stock market returns, though significant for inflation and insignificant for inflation volatility. And during the global financial crises, inflation has significant positive impact on the conditional variance of stock market returns. The result implies that stock market returns can serve as a good hedge against volatile inflation, but this hedging propensity tends to be illusive if external shocks like the global financial crises affect the stock market condition negatively. However, it becomes imperative for investors to pay attention to variation of inflationary changes when predicting stock market returns and its vulnerability.

The Financial Performance of Cloud Computing

Author(s):I-Cheng Chang --- Chuang-Chun Liu --- Bao-Ru Guo
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 651-654
With advanced information technology, compare to the past operation, the significant difference is the companies no longer need to set up their own costly the large server, instead an external professional supplier "cloud computing" technology would be increasingly adopted nowadays. The main purpose of this study is to examine the financial performance whether would be improved after enterprises implemented cloud computing technology. According to the analysis results, we found that the cost structure and Return of Sales (ROS) of enterprises adopted cloud computing are significant improved.

Information Technology and Accounting Information System in the Nigerian Banking Industry

Author(s):Kabiru I. Dandago -- Abdullahi Sani Rufai 
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 655-670
Information technology has tremendously stimulated expansion of the banking networks and range of the offered services during recent years. The information technology has become a critical business resource because its absence could result in poor decisions and ultimately business failure. This study intends to find out the information technology influence on accounting information production in the Nigerian banking industry. Both primary and secondary data were used and Analysis of Variance (ANOVA) was used to test the hypothesis. Judgmental sampling method was used to obtain a representative sample of the population. Although for all Nigerian banks the efficiency has increased, the improvement of cost of efficiency is relatively much smaller than in the case of profit efficiency. It is also observed that accounting information technology can improve banks performance by reducing operational cost and by facilitating transactions among customers within the same or different network.  It is, therefore, concludedthat accounting information technology is relevant in simplifying issues and in the provision of quality information in the Nigerian banking industry. That explains why the banks spend a greater part of their resources on information technology and consider its application as a comparative edge in the competitive banking industry. This paper recommends that the impact of the progress in accounting information technology on banking service should not lead to a very strong increase of cost of their processing, which put in question possibility to achieve economy of scale by Nigerian banks. Also all Nigerian banks should continue to utilize and upgrade their information technology for efficient service delivery and profitability.

The Relationship between Block Holders and Firm Dividend Policy

Author(s):Gholamreza Zandi -- Alireza Shahabi 
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 671-680
Block holders have significant impacts on the firm’s policies, especially strategies regarding the payout policy. The purpose of this study is to investigate the relationship between ownership structure and firm dividend policy considering the role of block investors in the companies listed on the Tehran Stock Exchange (TSE). We selected 37 public listed companies with state block holders and match them with almost similar companies with non-state block holders in 2012. Running a multiple regression, we found that there is a positive relationship between both types of block holders and firm’s dividend policy. These results support the tax-based hypothesis.

The Effects of Firm Specific Factors and Macroeconomics on Profitability of Property-Liability Insurance Industry in Taiwan

Author(s):Chen-Ying Lee
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 681-691
This article investigates the relationship between firm specific factors and macroeconomics on profitability in Taiwanese property-liability insurance industry using the panel data over the1999 through 2009 time period. Using operating ratio and return on assets (ROA) for the two kinds of profitability indicators to measure insurers’ profitability. The results show that underwriting risk, reinsurance usage, input cost, return on investment (ROI) and financial holding group have significant influence on profitability in both operating ratio and ROA models. The insurance subsidiaries of financial holding group compared with other insurance companies, showing lower profitability. In addition, economic growth rate has significant influence on profitability in operating ratio model but insignificant influence on profitability in ROA model. The findings contribute to insurance operation in the property-liability insurance industry and should be of interest to regulators, investors and policyholders.

Synchronization of Economic Systems with Fractional Order Dynamics Using Active Sliding Mode Control

Author(s):Atefeh Marvi Moghadam -- Saeed Balochian
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 692-704
Synchronization of chaos has widely spread as an important issue in nonlinear systems and is one of the most important branches on the problem of controlling of chaos. In this paper, among different chaotic systems the economy chaotic system has been selected. The main aim of this paper is the designing based on the active sliding mode control for the synchronization of fractional-order chaotic systems. The chaos in the economic series could have serious and very different consequences in common macro-economy models. In this paper, this article expressed the various positions of synchronization in economic system that include of changes in the coefficients of the system ,changes in the initial conditions of the system and different fractional-order synchronization on the economic system. . in which Synchronization is shown in some examples.

The Short - And Long -Term Effects of Trade Taxes on Vertical Specialization

Author(s):Deniz AYTAC -- Sabiha KILIC
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 732-743
The aim of this study is to evaluate the effects of taxes on international trade in the short- and long-term on vertical specialization in the case of Turkey, which signed the GATT agreement and entered into the customs union in the process of its accession to the EU. Balassa’s measure of relative exports-imports has been used in the study as the measure of vertical specialization. The relationship between the measure of vertical specialization and customs and import duties has been tested with the ARDL approach for the period 1989-2012. This analysis has shown that there is not a statistically significant relationship between the variables in the short term but that there is a positive and significant relationship between them in the long term. In this sense, it may be stated that taxes on international trade have in Turkey a limited but positive effect on vertical specialization in the long term, even if not in the short term.

The Impact of Trade Liberalization on Demand and Price Volatility in Pakistan: Co Integration Approach for Compensation Hypothesis

Author(s):Hira Mujahid -- Shaista Alam
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 744-754
The important modification of the compensation hypothesis rests on the principle; increased trade openness increase the domestic economic volatility. The economic theory recommend increase of international trade require integration into huge, even markets, and involve risk diversification, in fact it may support rather than reduce stability. By the same indication, however, economic theory also suggests that smaller economies should familiar with greater levels of volatility than larger economies, this study quantify the relationship proposed in case of Pakistan containing dataset since 1966-2009. The verification presented here suggests that the level of domestic economic volatility is not only because of international trade integration, there are some other factors too; however trade integration may have eased rather than emphasizing on creating domestic economic volatility.

Analyzing the Effect of Economic Variables on Total Tax Revenues in Iran

Author(s):Mehdi Basirat -- Fatemeh Aboodi -- Abdulmajid Ahangari
Journal: Asian Economic and Financial Review
Publisher:
Abstract
| Pages: 755-767
As the government’s source of revenue, taxes play a major role in the construction and economic development of a country. Accurate knowledge of factors affecting tax revenues provides the policymakers with a clear horizon for economic planning. This study mainly aimed to examine the effect of economic variables on total tax revenues between 1974 and 2011. Accordingly, the Auto regression Distributed Lag (ARDL) Model was used. Results indicated that exchange rate with 0.71398, import with 0.53781, and the value-added of industry sector with 1.0841 had a positive significant relationship with total tax revenues. Moreover, the value-added of agriculture sector with 1.1801 had a negative significant relationship with total tax revenues.
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